Twaalfde Man: 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.
Twaalfde Man
Largest movements
- Receivables within one year +€107,904
up €107,904 (+121%), from €89,085 to €196,989
of which Trade receivables: +€114,899
- Intangible fixed assets +€16,216
new in 2025: €16,216
- Cash -€9,397
down €9,397 (-99.0%), from €9,491 to €94
mainly Receivables within one year (-€107,904) and Investment in fixed assets (net) (-€35,471)
- Tangible fixed assets +€8,851
up €8,851 (+86.7%), from €10,207 to €19,058
of which Furniture and vehicles: +€12,877
- Deferred charges and accrued income -€3,290
down €3,290 (-40.4%), from €8,152 to €4,862
- Debts after one year +€35,000
up €35,000, from €0 to €35,000
- Tax, wage and social debts +€34,322
up €34,322 (+80.1%), from €42,847 to €77,169
of which Taxes: +€23,686
- Profit (loss) carried forward +€31,190
up €31,190 (+172%), from €18,154 to €49,345
- Current portion of long-term debt -€16,814
down €16,814 (-100%), from €16,814 to €0
- Other debts +€15,444
up €15,444 (+124%), from €12,413 to €27,857
- Gross operating margin +€75,102
up €75,102 (+35.9%), from €209,404 to €284,506
- Staff costs +€60,963
up €60,963 (+43.9%), from €138,957 to €199,920
- Depreciation +€6,275
up €6,275 (+152%), from €4,130 to €10,405
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 | €125,186 | €245,469 | +€120,284 | +96.1% |
| Fixed assets | 21/28 | €18,458 | €43,525 | +€25,066 | +136% |
| Intangible fixed assets | 21 | - | €16,216 | +€16,216 | |
| Tangible fixed assets | 22/27 | €10,207 | €19,058 | +€8,851 | +86.7% |
| Plant, machinery and equipment | 23 | €8,108 | €4,081 | -€4,027 | -49.7% |
| Furniture and vehicles | 24 | €2,099 | €14,977 | +€12,877 | +613% |
| Financial fixed assets | 28 | €8,251 | €8,251 | = | 0.0% |
| Current assets | 29/58 | €106,727 | €201,944 | +€95,217 | +89.2% |
| Amounts receivable within one year | 40/41 | €89,085 | €196,989 | +€107,904 | +121% |
| Trade receivables | 40 | €79,022 | €193,921 | +€114,899 | +145% |
| Other amounts receivable | 41 | €10,063 | €3,068 | -€6,995 | -69.5% |
| Cash at bank and in hand | 54/58 | €9,491 | €94 | -€9,397 | -99.0% |
| Deferred charges and accrued income | 490/1 | €8,152 | €4,862 | -€3,290 | -40.4% |
| Total equity and liabilities | 10/49 | €125,186 | €245,469 | +€120,284 | +96.1% |
| Equity | 10/15 | €25,654 | €56,845 | +€31,190 | +122% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,154 | €49,345 | +€31,190 | +172% |
| Amounts payable | 17/49 | €99,531 | €188,625 | +€89,093 | +89.5% |
| Amounts payable after more than one year | 17 | €0 | €35,000 | +€35,000 | |
| Financial debts | 170/4 | €0 | €35,000 | +€35,000 | |
| Amounts payable within one year | 42/48 | €99,531 | €153,625 | +€54,093 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €16,814 | €0 | -€16,814 | -100% |
| Financial debts | 43 | €4,964 | €17,964 | +€12,999 | +262% |
| Credit institutions | 430/8 | €4,964 | €17,964 | +€12,999 | +262% |
| Trade debts | 44 | €22,493 | €30,635 | +€8,142 | +36.2% |
| Suppliers | 440/4 | €22,493 | €30,635 | +€8,142 | +36.2% |
| Taxes, remuneration and social security | 45 | €42,847 | €77,169 | +€34,322 | +80.1% |
| Taxes | 450/3 | €12,463 | €36,150 | +€23,686 | +190% |
| Remuneration and social security | 454/9 | €30,384 | €41,020 | +€10,636 | +35.0% |
| Other amounts payable | 47/48 | €12,413 | €27,857 | +€15,444 | +124% |
| Remuneration, social security and pensions | 62 | €138,957 | €199,920 | +€60,963 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,130 | €10,405 | +€6,275 | +152% |
| Other operating charges | 640/8 | €2,406 | €459 | -€1,947 | -80.9% |
| Non-recurring operating charges | 66A | €127 | €0 | -€127 | -100% |
| Gross operating margin | 9900 | €209,404 | €284,506 | +€75,102 | +35.9% |
| Operating profit (loss) | 9901 | €63,783 | €73,721 | +€9,938 | +15.6% |
| Financial income | 75/76B | €40 | €198 | +€158 | +396% |
| Recurring financial income | 75 | €40 | €198 | +€158 | +396% |
| Financial charges | 65/66B | €1,262 | €2,176 | +€914 | +72.4% |
| Recurring financial charges | 65 | €1,262 | €2,176 | +€914 | +72.4% |
| Profit (loss) for the period before taxes | 9903 | €62,562 | €71,744 | +€9,182 | +14.7% |
| Income taxes | 67/77 | €16,362 | €17,024 | +€662 | +4.0% |
| Profit (loss) for the period | 9904 | €46,199 | €54,720 | +€8,520 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,199 | €54,720 | +€8,520 | +18.4% |
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 25 October 2026 via checked.be.