TW-Advisory: 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.
TW-Advisory
Largest movements
- Current investments +€215,000
up €215,000 (+430%), from €50,000 to €265,000
- Cash -€94,448
down €94,448 (-56.4%), from €167,464 to €73,016
mainly Current investments (-€215,000) and Other debts (-€80,000)
- Receivables within one year -€21,499
down €21,499 (-50.1%), from €42,894 to €21,394
of which Trade receivables: -€11,725
- Reserves +€183,719
up €183,719 (+99.9%), from €183,983 to €367,702
of which Distributable reserves: +€183,719
- Other debts -€80,000
down €80,000 (-99.6%), from €80,306 to €306
- Debts after one year -€9,019
down €9,019 (-9.1%), from €98,843 to €89,825
- Current portion of long-term debt -€7,571
down €7,571 (-45.6%), from €16,590 to €9,019
- Trade debts +€7,325
up €7,325 (+332%), from €2,208 to €9,533
- Gross operating margin +€148,230
up €148,230 (+147%), from €100,770 to €249,000
- Taxes +€37,396
up €37,396 (+203%), from €18,406 to €55,801
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.
Derived cash bridge
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 | €415,505 | €514,648 | +€99,144 | +23.9% |
| Fixed assets | 21/28 | €153,953 | €154,313 | +€360 | +0.2% |
| Tangible fixed assets | 22/27 | €153,953 | €154,313 | +€360 | +0.2% |
| Land and buildings | 22 | €131,826 | €132,239 | +€412 | +0.3% |
| Plant, machinery and equipment | 23 | €13,886 | €12,508 | -€1,378 | -9.9% |
| Furniture and vehicles | 24 | €8,240 | €9,566 | +€1,326 | +16.1% |
| Current assets | 29/58 | €261,552 | €360,335 | +€98,783 | +37.8% |
| Amounts receivable within one year | 40/41 | €42,894 | €21,394 | -€21,499 | -50.1% |
| Trade receivables | 40 | €31,240 | €19,515 | -€11,725 | -37.5% |
| Other amounts receivable | 41 | €11,653 | €1,879 | -€9,774 | -83.9% |
| Current investments | 50/53 | €50,000 | €265,000 | +€215,000 | +430% |
| Cash at bank and in hand | 54/58 | €167,464 | €73,016 | -€94,448 | -56.4% |
| Deferred charges and accrued income | 490/1 | €1,194 | €925 | -€270 | -22.6% |
| Total equity and liabilities | 10/49 | €415,505 | €514,648 | +€99,144 | +23.9% |
| Equity | 10/15 | €202,583 | €386,302 | +€183,719 | +90.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,983 | €367,702 | +€183,719 | +99.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €183,983 | €367,702 | +€183,719 | +99.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €212,921 | €128,346 | -€84,575 | -39.7% |
| Amounts payable after more than one year | 17 | €98,843 | €89,825 | -€9,019 | -9.1% |
| Financial debts | 170/4 | €98,843 | €89,825 | -€9,019 | -9.1% |
| Amounts payable within one year | 42/48 | €114,078 | €38,522 | -€75,556 | -66.2% |
| Current portion of amounts payable after more than one year | 42 | €16,590 | €9,019 | -€7,571 | -45.6% |
| Trade debts | 44 | €2,208 | €9,533 | +€7,325 | +332% |
| Suppliers | 440/4 | €2,208 | €9,533 | +€7,325 | +332% |
| Taxes, remuneration and social security | 45 | €14,974 | €19,663 | +€4,689 | +31.3% |
| Taxes | 450/3 | €14,974 | €19,663 | +€4,689 | +31.3% |
| Other amounts payable | 47/48 | €80,306 | €306 | -€80,000 | -99.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,176 | +€3,176 | |
| Remuneration, social security and pensions | 62 | - | €627 | +€627 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,836 | €8,991 | -€1,845 | -17.0% |
| Other operating charges | 640/8 | €1,431 | €1,440 | +€9 | +0.6% |
| Gross operating margin | 9900 | €100,770 | €249,000 | +€148,230 | +147% |
| Operating profit (loss) | 9901 | €88,503 | €237,943 | +€149,439 | +169% |
| Financial income | 75/76B | €528 | €2,842 | +€2,314 | +438% |
| Recurring financial income | 75 | €528 | €2,842 | +€2,314 | +438% |
| Financial charges | 65/66B | €1,537 | €1,264 | -€272 | -17.7% |
| Recurring financial charges | 65 | €1,537 | €1,264 | -€272 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €87,495 | €239,520 | +€152,025 | +174% |
| Income taxes | 67/77 | €18,406 | €55,801 | +€37,396 | +203% |
| Profit (loss) for the period | 9904 | €69,089 | €183,719 | +€114,629 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €69,089 | €183,719 | +€114,629 | +166% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.