TWAALF: what changed
What changed
TWAALF
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
-€10,644
2024 · -€1,531-€9,113
Equity
€283,199
2024 · €293,842-€10,644
Cash
€11,606
2024 · €11,165+€441
Balance sheet total
€347,232
2024 · €395,490-€48,258
Largest movements
Assets
- Receivables within one year -€71,842
down €71,842 (-79.4%), from €90,442 to €18,600
of which Other amounts receivable: -€73,052
- Financial fixed assets +€49,124
up €49,124 (+21.4%), from €229,777 to €278,901
- Tangible fixed assets -€17,167
down €17,167 (-32.2%), from €53,363 to €36,196
- Deferred charges and accrued income -€8,814
down €8,814 (-82.0%), from €10,743 to €1,930
Equity and liabilities
- Provisions -€16,311
down €16,311 (-53.9%), from €30,284 to €13,973
- Debts after one year -€14,461
down €14,461 (-53.2%), from €27,159 to €12,698
- Profit (loss) carried forward -€10,644
down €10,644 (-94.2%), from -€11,298 to -€21,941
- Tax, wage and social debts -€5,982
down €5,982 (-41.5%), from €14,429 to €8,447
of which Taxes: -€3,582
Income statement
- Gross operating margin -€9,018
down €9,018 (-91.6%), from -€9,849 to -€18,867
- Taxes -€5,426
down €5,426 (-85.9%), from €6,315 to €889
- Provisions +€3,895
up €3,895 (+19.3%), from -€20,206 to -€16,311
- Financial income -€3,141
down €3,141 (-16.4%), from €19,153 to €16,012
- Other operating charges -€1,433
down €1,433 (-38.8%), from €3,689 to €2,256
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1,531
Gross operating margin
-€9,018
Depreciation
+€992
Provisions
-€3,895
Other operating charges
+€1,433
Financial income
-€3,141
Financial charges
-€909
Taxes
+€5,426
Result 2025
-€10,644
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€63,222
Investment
-€49,124
Financing
-€13,658
Cash 2024
€11,165
From operations (derived)
+€63,222
Net result for the year
-€10,644
Depreciation
+€17,167
Receivables within one year
+€71,842
Deferred charges and accrued income
+€8,814
Provisions
-€16,311
Trade debts
-€852
Tax, wage and social debts
-€5,982
Other debts
-€812
Investment (derived)
-€49,124
Investment in fixed assets (net)
-€49,124
Financing
-€13,658
Debts after one year
-€14,461
Current portion of long-term debt
+€803
Cash 2025
€11,606
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,490 | €347,232 | -€48,258 | -12.2% |
| Fixed assets | 21/28 | €283,141 | €315,097 | +€31,956 | +11.3% |
| Tangible fixed assets | 22/27 | €53,363 | €36,196 | -€17,167 | -32.2% |
| Furniture and vehicles | 24 | €53,363 | €36,196 | -€17,167 | -32.2% |
| Financial fixed assets | 28 | €229,777 | €278,901 | +€49,124 | +21.4% |
| Current assets | 29/58 | €112,350 | €32,136 | -€80,214 | -71.4% |
| Amounts receivable within one year | 40/41 | €90,442 | €18,600 | -€71,842 | -79.4% |
| Trade receivables | 40 | €7,538 | €8,748 | +€1,210 | +16.1% |
| Other amounts receivable | 41 | €82,903 | €9,852 | -€73,052 | -88.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €11,165 | €11,606 | +€441 | +4.0% |
| Deferred charges and accrued income | 490/1 | €10,743 | €1,930 | -€8,814 | -82.0% |
| Total equity and liabilities | 10/49 | €395,490 | €347,232 | -€48,258 | -12.2% |
| Equity | 10/15 | €293,842 | €283,199 | -€10,644 | -3.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €5,140 | €5,140 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,140 | €5,140 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,140 | €5,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,298 | -€21,941 | -€10,644 | -94.2% |
| Provisions and deferred taxes | 16 | €30,284 | €13,973 | -€16,311 | -53.9% |
| Provisions for liabilities and charges | 160/5 | €30,284 | €13,973 | -€16,311 | -53.9% |
| Major repairs and maintenance | 162 | €30,284 | €13,973 | -€16,311 | -53.9% |
| Amounts payable | 17/49 | €71,364 | €50,061 | -€21,303 | -29.9% |
| Amounts payable after more than one year | 17 | €27,159 | €12,698 | -€14,461 | -53.2% |
| Financial debts | 170/4 | €27,159 | €12,698 | -€14,461 | -53.2% |
| Amounts payable within one year | 42/48 | €44,205 | €37,363 | -€6,843 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €13,658 | €14,461 | +€803 | +5.9% |
| Trade debts | 44 | €5,065 | €4,214 | -€852 | -16.8% |
| Suppliers | 440/4 | €5,065 | €4,214 | -€852 | -16.8% |
| Taxes, remuneration and social security | 45 | €14,429 | €8,447 | -€5,982 | -41.5% |
| Taxes | 450/3 | €12,029 | €8,447 | -€3,582 | -29.8% |
| Remuneration and social security | 454/9 | €2,400 | €0 | -€2,400 | -100% |
| Other amounts payable | 47/48 | €11,054 | €10,242 | -€812 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,159 | €17,167 | -€992 | -5.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,206 | -€16,311 | +€3,895 | +19.3% |
| Other operating charges | 640/8 | €3,689 | €2,256 | -€1,433 | -38.8% |
| Gross operating margin | 9900 | -€9,849 | -€18,867 | -€9,018 | -91.6% |
| Operating profit (loss) | 9901 | -€11,492 | -€21,980 | -€10,489 | -91.3% |
| Financial income | 75/76B | €19,153 | €16,012 | -€3,141 | -16.4% |
| Recurring financial income | 75 | €19,153 | €16,012 | -€3,141 | -16.4% |
| Financial charges | 65/66B | €2,877 | €3,786 | +€909 | +31.6% |
| Recurring financial charges | 65 | €2,877 | €3,786 | +€909 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | €4,784 | -€9,754 | -€14,539 | |
| Income taxes | 67/77 | €6,315 | €889 | -€5,426 | -85.9% |
| Profit (loss) for the period | 9904 | -€1,531 | -€10,644 | -€9,113 | -595% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,531 | -€10,644 | -€9,113 | -595% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.