Twaalf: 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.
Twaalf
Largest movements
- Receivables within one year -€266,857
down €266,857 (-95.7%), from €278,940 to €12,084
of which Trade receivables: -€278,774
- Debts after one year -€274,381
down €274,381 (-31.9%), from €859,879 to €585,499
- Profit (loss) carried forward -€34,356
down €34,356 (-10.0%), from €344,343 to €309,987
- Gross operating margin -€78,579
down €78,579, from €69,234 to -€9,345
- Taxes -€42,108
down €42,108, from €42,093 to -€16
- Depreciation +€2,152
up €2,152 (+12.1%), from €17,803 to €19,955
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 | €2,000,933 | €1,715,587 | -€285,345 | -14.3% |
| Fixed assets | 21/28 | €1,719,181 | €1,701,705 | -€17,476 | -1.0% |
| Tangible fixed assets | 22/27 | €153,132 | €135,657 | -€17,476 | -11.4% |
| Land and buildings | 22 | €153,132 | €135,657 | -€17,476 | -11.4% |
| Financial fixed assets | 28 | €1,566,048 | €1,566,048 | = | 0.0% |
| Current assets | 29/58 | €281,752 | €13,882 | -€267,870 | -95.1% |
| Amounts receivable within one year | 40/41 | €278,940 | €12,084 | -€266,857 | -95.7% |
| Trade receivables | 40 | €278,774 | - | -€278,774 | |
| Other amounts receivable | 41 | €167 | €12,084 | +€11,917 | +7,140% |
| Cash at bank and in hand | 54/58 | €2,812 | €1,799 | -€1,013 | -36.0% |
| Total equity and liabilities | 10/49 | €2,000,933 | €1,715,587 | -€285,345 | -14.3% |
| Equity | 10/15 | €1,112,853 | €1,078,497 | -€34,356 | -3.1% |
| Contributions | 10/11 | €641,510 | €641,510 | = | 0.0% |
| Reserves | 13 | €127,000 | €127,000 | = | 0.0% |
| Distributable reserves | 133 | €127,000 | €127,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €344,343 | €309,987 | -€34,356 | -10.0% |
| Amounts payable | 17/49 | €888,080 | €637,090 | -€250,990 | -28.3% |
| Amounts payable after more than one year | 17 | €859,879 | €585,499 | -€274,381 | -31.9% |
| Financial debts | 170/4 | €859,879 | €585,499 | -€274,381 | -31.9% |
| Amounts payable within one year | 42/48 | €18,989 | €33,527 | +€14,538 | +76.6% |
| Current portion of amounts payable after more than one year | 42 | €6,963 | €6,687 | -€276 | -4.0% |
| Trade debts | 44 | €89 | €1,948 | +€1,859 | +2,085% |
| Suppliers | 440/4 | €89 | €1,948 | +€1,859 | +2,085% |
| Taxes, remuneration and social security | 45 | €8,579 | €24,892 | +€16,313 | +190% |
| Taxes | 450/3 | €8,579 | €24,892 | +€16,313 | +190% |
| Other amounts payable | 47/48 | €3,357 | - | -€3,357 | |
| Accrued charges and deferred income | 492/3 | €9,212 | €18,065 | +€8,853 | +96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,803 | €19,955 | +€2,152 | +12.1% |
| Other operating charges | 640/8 | €3,010 | €3,106 | +€96 | +3.2% |
| Gross operating margin | 9900 | €69,234 | -€9,345 | -€78,579 | |
| Operating profit (loss) | 9901 | €48,420 | -€32,406 | -€80,826 | |
| Financial income | 75/76B | €34 | €0 | -€34 | -99.9% |
| Recurring financial income | 75 | €34 | €0 | -€34 | -99.9% |
| Financial charges | 65/66B | €1,489 | €1,965 | +€476 | +32.0% |
| Recurring financial charges | 65 | €1,489 | €1,965 | +€476 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €46,965 | -€34,371 | -€81,336 | |
| Income taxes | 67/77 | €42,093 | -€16 | -€42,108 | |
| Profit (loss) for the period | 9904 | €4,872 | -€34,356 | -€39,228 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,872 | -€34,356 | -€39,228 |
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 23 October 2026 via checked.be.