TWAM: 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.
TWAM
Largest movements
- Cash +€35,081
up €35,081 (+55.6%), from €63,117 to €98,198
mainly Net result for the year (+€35,501) and Depreciation (+€5,959)
- Receivables within one year +€12,173
up €12,173 (+50.5%), from €24,103 to €36,276
of which Trade receivables: +€12,337
- Reserves +€35,501
up €35,501 (+42.1%), from €84,282 to €119,783
- Trade debts +€5,001
up €5,001 (+189%), from €2,646 to €7,647
- Tax, wage and social debts +€4,411
up €4,411 (+32.7%), from €13,478 to €17,889
of which Taxes: +€7,751
- Gross operating margin -€62,583
down €62,583 (-54.3%), from €115,355 to €52,772
- Taxes -€14,028
down €14,028 (-56.5%), from €24,836 to €10,807
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 | €109,021 | €154,117 | +€45,097 | +41.4% |
| Fixed assets | 21/28 | €19,479 | €18,127 | -€1,351 | -6.9% |
| Tangible fixed assets | 22/27 | €19,479 | €18,127 | -€1,351 | -6.9% |
| Plant, machinery and equipment | 23 | €1,741 | €1,242 | -€499 | -28.7% |
| Furniture and vehicles | 24 | €16,200 | €15,774 | -€426 | -2.6% |
| Other tangible fixed assets | 26 | €1,538 | €1,112 | -€426 | -27.7% |
| Current assets | 29/58 | €89,542 | €135,990 | +€46,448 | +51.9% |
| Amounts receivable within one year | 40/41 | €24,103 | €36,276 | +€12,173 | +50.5% |
| Trade receivables | 40 | €23,939 | €36,276 | +€12,337 | +51.5% |
| Other amounts receivable | 41 | €164 | €0 | -€164 | -100% |
| Cash at bank and in hand | 54/58 | €63,117 | €98,198 | +€35,081 | +55.6% |
| Deferred charges and accrued income | 490/1 | €2,322 | €1,515 | -€806 | -34.7% |
| Total equity and liabilities | 10/49 | €109,021 | €154,117 | +€45,097 | +41.4% |
| Equity | 10/15 | €89,282 | €124,783 | +€35,501 | +39.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,282 | €119,783 | +€35,501 | +42.1% |
| Distributable reserves | 133 | €84,282 | €119,783 | +€35,501 | +42.1% |
| Amounts payable | 17/49 | €19,739 | €29,334 | +€9,596 | +48.6% |
| Amounts payable within one year | 42/48 | €19,082 | €29,334 | +€10,252 | +53.7% |
| Trade debts | 44 | €2,646 | €7,647 | +€5,001 | +189% |
| Suppliers | 440/4 | €2,646 | €7,647 | +€5,001 | +189% |
| Taxes, remuneration and social security | 45 | €13,478 | €17,889 | +€4,411 | +32.7% |
| Taxes | 450/3 | €9,726 | €17,477 | +€7,751 | +79.7% |
| Remuneration and social security | 454/9 | €3,752 | €412 | -€3,340 | -89.0% |
| Other amounts payable | 47/48 | €2,958 | €3,798 | +€841 | +28.4% |
| Accrued charges and deferred income | 492/3 | €657 | €0 | -€657 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,634 | €5,959 | +€325 | +5.8% |
| Other operating charges | 640/8 | €467 | €457 | -€10 | -2.1% |
| Gross operating margin | 9900 | €115,355 | €52,772 | -€62,583 | -54.3% |
| Operating profit (loss) | 9901 | €109,254 | €46,356 | -€62,897 | -57.6% |
| Financial income | 75/76B | €75 | €12 | -€63 | -84.1% |
| Recurring financial income | 75 | €75 | €12 | -€63 | -84.1% |
| Financial charges | 65/66B | €211 | €60 | -€151 | -71.6% |
| Recurring financial charges | 65 | €211 | €60 | -€151 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €109,118 | €46,308 | -€62,809 | -57.6% |
| Income taxes | 67/77 | €24,836 | €10,807 | -€14,028 | -56.5% |
| Profit (loss) for the period | 9904 | €84,282 | €35,501 | -€48,781 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €84,282 | €35,501 | -€48,781 | -57.9% |
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 24 October 2026 via checked.be.