TWABO: what changed
What changed
TWABO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€166,602
2024 · €322,573-€155,971
Equity
€3.6m
2024 · €3.4m+€166,602
Cash
€135,354
2024 · €177,732-€42,378
Balance sheet total
€3.6m
2024 · €3.5m+€124,538
Largest movements
Assets
- Current investments +€151,781
up €151,781 (+4.6%), from €3.3m to €3.5m
- Cash -€42,378
down €42,378 (-23.8%), from €177,732 to €135,354
mainly Current investments (-€151,781) and Tax, wage and social debts (-€43,336)
Equity and liabilities
- Reserves +€166,602
up €166,602 (+4.9%), from €3.4m to €3.6m
- Tax, wage and social debts -€43,336
down €43,336 (-70.7%), from €61,258 to €17,922
Income statement
- Gross operating margin -€264,697
down €264,697 (-54.1%), from €489,595 to €224,898
- Taxes -€101,999
down €101,999 (-56.3%), from €181,258 to €79,260
- Financial income +€6,074
up €6,074 (+29.7%), from €20,421 to €26,495
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
€322,573
Gross operating margin
-€264,697
Depreciation
-€650
Other operating charges
-€376
Financial income
+€6,074
Financial charges
+€1,680
Taxes
+€101,999
Result 2025
€166,602
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
+€109,403
Investment
-€151,781
Financing
€0
Cash 2024
€177,732
From operations (derived)
+€109,403
Net result for the year
+€166,602
Depreciation
+€857
Receivables within one year
-€15,954
Smaller working-capital items
+€165
Trade debts
-€958
Tax, wage and social debts
-€43,336
Other debts
+€2,027
Investment (derived)
-€151,781
Current investments
-€151,781
Cash 2025
€135,354
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,496,861 | €3,621,399 | +€124,538 | +3.6% |
| Fixed assets | 21/28 | €1,815 | €958 | -€857 | -47.2% |
| Tangible fixed assets | 22/27 | €1,815 | €958 | -€857 | -47.2% |
| Furniture and vehicles | 24 | €1,815 | €958 | -€857 | -47.2% |
| Current assets | 29/58 | €3,495,046 | €3,620,441 | +€125,396 | +3.6% |
| Amounts receivable within one year | 40/41 | €46 | €16,000 | +€15,954 | +34,781% |
| Trade receivables | 40 | - | €16,000 | +€16,000 | |
| Other amounts receivable | 41 | €46 | - | -€46 | |
| Current investments | 50/53 | €3,316,533 | €3,468,314 | +€151,781 | +4.6% |
| Cash at bank and in hand | 54/58 | €177,732 | €135,354 | -€42,378 | -23.8% |
| Deferred charges and accrued income | 490/1 | €735 | €773 | +€38 | +5.2% |
| Total equity and liabilities | 10/49 | €3,496,861 | €3,621,399 | +€124,538 | +3.6% |
| Equity | 10/15 | €3,423,590 | €3,590,192 | +€166,602 | +4.9% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Reserves | 13 | €3,416,390 | €3,582,992 | +€166,602 | +4.9% |
| Distributable reserves | 133 | €3,416,390 | €3,582,992 | +€166,602 | +4.9% |
| Amounts payable | 17/49 | €73,271 | €31,207 | -€42,064 | -57.4% |
| Amounts payable within one year | 42/48 | €71,073 | €28,806 | -€42,267 | -59.5% |
| Trade debts | 44 | €1,699 | €741 | -€958 | -56.4% |
| Suppliers | 440/4 | €1,699 | €741 | -€958 | -56.4% |
| Taxes, remuneration and social security | 45 | €61,258 | €17,922 | -€43,336 | -70.7% |
| Taxes | 450/3 | €61,258 | €17,922 | -€43,336 | -70.7% |
| Other amounts payable | 47/48 | €8,116 | €10,143 | +€2,027 | +25.0% |
| Accrued charges and deferred income | 492/3 | €2,198 | €2,401 | +€203 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208 | €857 | +€650 | +313% |
| Other operating charges | 640/8 | €2,553 | €2,929 | +€376 | +14.7% |
| Gross operating margin | 9900 | €489,595 | €224,898 | -€264,697 | -54.1% |
| Operating profit (loss) | 9901 | €486,835 | €221,112 | -€265,723 | -54.6% |
| Financial income | 75/76B | €20,421 | €26,495 | +€6,074 | +29.7% |
| Recurring financial income | 75 | €20,421 | €26,495 | +€6,074 | +29.7% |
| Financial charges | 65/66B | €3,425 | €1,745 | -€1,680 | -49.1% |
| Recurring financial charges | 65 | €3,425 | €1,745 | -€1,680 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €503,831 | €245,862 | -€257,969 | -51.2% |
| Income taxes | 67/77 | €181,258 | €79,260 | -€101,999 | -56.3% |
| Profit (loss) for the period | 9904 | €322,573 | €166,602 | -€155,971 | -48.4% |
| Transfer from tax-exempt reserves | 789 | €223,130 | - | -€223,130 | |
| Profit (loss) for the period to be appropriated | 9905 | €545,703 | €166,602 | -€379,101 | -69.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.