TNW: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TNW
Largest movements
- Cash -€27,040
down €27,040 (-58.9%), from €45,932 to €18,892
mainly Investment in fixed assets (net) (-€29,001) and Contributions, distributions and other (-€29,000)
- Tangible fixed assets +€10,853
up €10,853 (+3.6%), from €301,082 to €311,934
of which Furniture and vehicles: +€16,956
- Reserves -€27,116
down €27,116 (-20.6%), from €131,803 to €104,687
- Tax, wage and social debts -€21,933
down €21,933 (-78.3%), from €28,003 to €6,070
- Debts after one year +€19,202
up €19,202 (+10.9%), from €175,984 to €195,186
of which Financial debts: +€20,302
- Accrued charges and deferred income +€11,702
new in 2025: €11,702
- Current portion of long-term debt +€4,521
up €4,521 (+32.5%), from €13,922 to €18,442
- Gross operating margin +€4,612
up €4,612 (+21.8%), from €21,198 to €25,810
- Depreciation +€3,057
up €3,057 (+20.3%), from €15,092 to €18,149
- Financial charges -€2,072
down €2,072 (-42.2%), from €4,911 to €2,839
- Taxes +€962
up €962 (+1695.1%), from €57 to €1,019
- Other operating charges +€895
up €895 (+87.4%), from €1,025 to €1,920
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €361,592 | €347,052 | -€14,540 | -4.0% |
| Fixed assets | 21/28 | €301,082 | €311,934 | +€10,853 | +3.6% |
| Tangible fixed assets | 22/27 | €301,082 | €311,934 | +€10,853 | +3.6% |
| Land and buildings | 22 | €281,219 | €273,372 | -€7,847 | -2.8% |
| Plant, machinery and equipment | 23 | - | €1,743 | +€1,743 | |
| Furniture and vehicles | 24 | €19,863 | €36,819 | +€16,956 | +85.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €60,510 | €35,118 | -€25,392 | -42.0% |
| Stocks and contracts in progress | 3 | €2,365 | €2,239 | -€126 | -5.3% |
| Stocks | 30/36 | €2,365 | €2,239 | -€126 | -5.3% |
| Amounts receivable within one year | 40/41 | €11,198 | €9,776 | -€1,422 | -12.7% |
| Trade receivables | 40 | €11,198 | €9,776 | -€1,422 | -12.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €45,932 | €18,892 | -€27,040 | -58.9% |
| Deferred charges and accrued income | 490/1 | €1,014 | €4,211 | +€3,196 | +315.1% |
| Total equity and liabilities | 10/49 | €361,592 | €347,052 | -€14,540 | -4.0% |
| Equity | 10/15 | €141,803 | €114,687 | -€27,116 | -19.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €131,803 | €104,687 | -€27,116 | -20.6% |
| Distributable reserves | 133 | €131,803 | €104,687 | -€27,116 | -20.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €219,789 | €232,365 | +€12,576 | +5.7% |
| Amounts payable after more than one year | 17 | €175,984 | €195,186 | +€19,202 | +10.9% |
| Financial debts | 170/4 | €173,988 | €194,290 | +€20,302 | +11.7% |
| Other amounts payable | 178/9 | €1,996 | €896 | -€1,100 | -55.1% |
| Amounts payable within one year | 42/48 | €43,804 | €25,476 | -€18,328 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €13,922 | €18,442 | +€4,521 | +32.5% |
| Financial debts | 43 | - | €7 | +€7 | |
| Credit institutions | 430/8 | - | €7 | +€7 | |
| Trade debts | 44 | €1,880 | €957 | -€923 | -49.1% |
| Suppliers | 440/4 | €1,880 | €957 | -€923 | -49.1% |
| Taxes, remuneration and social security | 45 | €28,003 | €6,070 | -€21,933 | -78.3% |
| Taxes | 450/3 | €28,003 | €6,070 | -€21,933 | -78.3% |
| Accrued charges and deferred income | 492/3 | - | €11,702 | +€11,702 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,092 | €18,149 | +€3,057 | +20.3% |
| Other operating charges | 640/8 | €1,025 | €1,920 | +€895 | +87.4% |
| Gross operating margin | 9900 | €21,198 | €25,810 | +€4,612 | +21.8% |
| Operating profit (loss) | 9901 | €5,082 | €5,742 | +€660 | +13.0% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €4,911 | €2,839 | -€2,072 | -42.2% |
| Recurring financial charges | 65 | €4,911 | €2,839 | -€2,072 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €176 | €2,903 | +€2,727 | +1549.5% |
| Income taxes | 67/77 | €57 | €1,019 | +€962 | +1695.1% |
| Profit (loss) for the period | 9904 | €119 | €1,884 | +€1,765 | +1480.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119 | €1,884 | +€1,765 | +1480.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.