TWAX: 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.
TWAX
Largest movements
- Cash +€51,602
up €51,602 (+170%), from €30,326 to €81,928
mainly Net result for the year (+€84,518) and Current investments (+€50,000)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€10,582
down €10,582 (-35.8%), from €29,559 to €18,977
- Receivables within one year -€4,451
down €4,451 (-15.9%), from €27,974 to €23,523
- Receivables after one year -€2,000
no longer reported in 2025 (was €2,000)
- Tax, wage and social debts -€11,873
down €11,873 (-43.0%), from €27,583 to €15,710
- Debts after one year -€10,499
down €10,499 (-92.2%), from €11,390 to €892
- Other debts +€7,844
up €7,844 (+8.8%), from €89,079 to €96,923
- Gross operating margin -€5,182
down €5,182 (-4.0%), from €130,099 to €124,918
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 | €139,858 | €124,427 | -€15,431 | -11.0% |
| Fixed assets | 21/28 | €29,559 | €18,977 | -€10,582 | -35.8% |
| Tangible fixed assets | 22/27 | €29,559 | €18,977 | -€10,582 | -35.8% |
| Furniture and vehicles | 24 | €29,559 | €18,977 | -€10,582 | -35.8% |
| Current assets | 29/58 | €110,300 | €105,451 | -€4,849 | -4.4% |
| Amounts receivable after more than one year | 29 | €2,000 | - | -€2,000 | |
| Other amounts receivable | 291 | €2,000 | - | -€2,000 | |
| Amounts receivable within one year | 40/41 | €27,974 | €23,523 | -€4,451 | -15.9% |
| Trade receivables | 40 | €27,974 | €23,523 | -€4,451 | -15.9% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €30,326 | €81,928 | +€51,602 | +170% |
| Total equity and liabilities | 10/49 | €139,858 | €124,427 | -€15,431 | -11.0% |
| Equity | 10/15 | €100 | €100 | = | 0.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Amounts payable | 17/49 | €139,758 | €124,327 | -€15,431 | -11.0% |
| Amounts payable after more than one year | 17 | €11,390 | €892 | -€10,499 | -92.2% |
| Financial debts | 170/4 | €11,390 | €892 | -€10,499 | -92.2% |
| Amounts payable within one year | 42/48 | €128,368 | €123,436 | -€4,932 | -3.8% |
| Financial debts | 43 | €10,139 | €10,499 | +€360 | +3.5% |
| Credit institutions | 430/8 | €10,139 | €10,499 | +€360 | +3.5% |
| Trade debts | 44 | €1,568 | €304 | -€1,264 | -80.6% |
| Suppliers | 440/4 | €1,568 | €304 | -€1,264 | -80.6% |
| Taxes, remuneration and social security | 45 | €27,583 | €15,710 | -€11,873 | -43.0% |
| Taxes | 450/3 | €27,583 | €15,710 | -€11,873 | -43.0% |
| Other amounts payable | 47/48 | €89,079 | €96,923 | +€7,844 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,929 | €10,582 | -€347 | -3.2% |
| Other operating charges | 640/8 | €1,251 | €796 | -€455 | -36.4% |
| Gross operating margin | 9900 | €130,099 | €124,918 | -€5,182 | -4.0% |
| Operating profit (loss) | 9901 | €117,920 | €113,540 | -€4,380 | -3.7% |
| Financial income | 75/76B | €623 | €960 | +€337 | +54.0% |
| Recurring financial income | 75 | €623 | €960 | +€337 | +54.0% |
| Financial charges | 65/66B | €1,095 | €758 | -€336 | -30.7% |
| Recurring financial charges | 65 | €1,095 | €758 | -€336 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €117,449 | €113,741 | -€3,708 | -3.2% |
| Income taxes | 67/77 | €30,412 | €29,223 | -€1,189 | -3.9% |
| Profit (loss) for the period | 9904 | €87,036 | €84,518 | -€2,519 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,036 | €84,518 | -€2,519 | -2.9% |
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.