TWC: what changed
Two fiscal 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.
TWC
Largest movements
- Tangible fixed assets +€342,765
up €342,765 (+47.1%), from €728,290 to €1.1m
of which Leasing and similar rights: +€186,979
- Deferred charges and accrued income +€24,588
up €24,588 (+142.2%), from €17,297 to €41,885
- Cash +€22,692
up €22,692 (+31.5%), from €72,016 to €94,707
mainly Debts after one year (+€272,867) and Depreciation (+€170,042)
- Debts after one year +€272,867
up €272,867 (+49.2%), from €555,031 to €827,898
- Trade debts +€140,150
up €140,150 (+18.5%), from €755,760 to €895,910
- Profit (loss) carried forward -€27,852
down €27,852, from €0 to -€27,852
- Gross operating margin -€148,377
down €148,377 (-13.7%), from €1.1m to €932,878
- Financial income +€133,149
up €133,149 (+4030.4%), from €3,304 to €136,452
of which Non-recurring financial income: +€129,570
- Staff costs +€81,203
up €81,203 (+10.4%), from €777,097 to €858,300
- Taxes -€41,829
down €41,829 (-99.4%), from €42,061 to €232
- Depreciation +€38,502
up €38,502 (+29.3%), from €131,540 to €170,042
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.
Cash bridge derived
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 | €1,799,670 | €2,182,701 | +€383,031 | +21.3% |
| Fixed assets | 21/28 | €739,921 | €1,073,843 | +€333,922 | +45.1% |
| Intangible fixed assets | 21 | €3,615 | €2,787 | -€828 | -22.9% |
| Tangible fixed assets | 22/27 | €728,290 | €1,071,056 | +€342,765 | +47.1% |
| Land and buildings | 22 | €480,972 | €658,338 | +€177,366 | +36.9% |
| Plant, machinery and equipment | 23 | €92,234 | €101,965 | +€9,731 | +10.5% |
| Furniture and vehicles | 24 | €108,182 | €76,872 | -€31,310 | -28.9% |
| Leasing and similar rights | 25 | €46,902 | €233,881 | +€186,979 | +398.7% |
| Financial fixed assets | 28 | €8,015 | €0 | -€8,015 | -100.0% |
| Current assets | 29/58 | €1,059,749 | €1,108,858 | +€49,109 | +4.6% |
| Stocks and contracts in progress | 3 | €134,298 | €133,179 | -€1,119 | -0.8% |
| Stocks | 30/36 | €134,298 | €133,179 | -€1,119 | -0.8% |
| Amounts receivable within one year | 40/41 | €836,140 | €839,087 | +€2,948 | +0.4% |
| Trade receivables | 40 | €766,182 | €759,480 | -€6,701 | -0.9% |
| Other amounts receivable | 41 | €69,958 | €79,607 | +€9,649 | +13.8% |
| Cash at bank and in hand | 54/58 | €72,016 | €94,707 | +€22,692 | +31.5% |
| Deferred charges and accrued income | 490/1 | €17,297 | €41,885 | +€24,588 | +142.2% |
| Total equity and liabilities | 10/49 | €1,799,670 | €2,182,701 | +€383,031 | +21.3% |
| Equity | 10/15 | €266,278 | €238,426 | -€27,852 | -10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €247,678 | €247,678 | = | 0.0% |
| Distributable reserves | 133 | €247,678 | €247,678 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€27,852 | -€27,852 | |
| Amounts payable | 17/49 | €1,533,392 | €1,944,275 | +€410,883 | +26.8% |
| Amounts payable after more than one year | 17 | €555,031 | €827,898 | +€272,867 | +49.2% |
| Financial debts | 170/4 | €555,031 | €827,898 | +€272,867 | +49.2% |
| Amounts payable within one year | 42/48 | €978,361 | €1,114,834 | +€136,473 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €99,932 | €91,616 | -€8,316 | -8.3% |
| Financial debts | 43 | €10,298 | €8,995 | -€1,303 | -12.7% |
| Credit institutions | 430/8 | €10,298 | €8,995 | -€1,303 | -12.7% |
| Trade debts | 44 | €755,760 | €895,910 | +€140,150 | +18.5% |
| Suppliers | 440/4 | €755,760 | €895,910 | +€140,150 | +18.5% |
| Taxes, remuneration and social security | 45 | €101,804 | €105,021 | +€3,218 | +3.2% |
| Taxes | 450/3 | €29,323 | €701 | -€28,622 | -97.6% |
| Remuneration and social security | 454/9 | €72,481 | €104,321 | +€31,840 | +43.9% |
| Other amounts payable | 47/48 | €10,567 | €13,292 | +€2,725 | +25.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,543 | +€1,543 | |
| Remuneration, social security and pensions | 62 | €777,097 | €858,300 | +€81,203 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,540 | €170,042 | +€38,502 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,460 | €13,009 | +€8,549 | +191.7% |
| Gross operating margin | 9900 | €1,081,255 | €932,878 | -€148,377 | -13.7% |
| Operating profit (loss) | 9901 | €168,159 | -€108,473 | -€276,632 | |
| Financial income | 75/76B | €3,304 | €136,452 | +€133,149 | +4030.4% |
| Recurring financial income | 75 | €804 | €4,382 | +€3,579 | +445.4% |
| Non-recurring financial income | 76B | €2,500 | €132,070 | +€129,570 | +5182.8% |
| Financial charges | 65/66B | €33,149 | €55,600 | +€22,451 | +67.7% |
| Recurring financial charges | 65 | €33,149 | €55,600 | +€22,451 | +67.7% |
| Profit (loss) for the period before taxes | 9903 | €138,314 | -€27,620 | -€165,933 | |
| Income taxes | 67/77 | €42,061 | €232 | -€41,829 | -99.4% |
| Profit (loss) for the period | 9904 | €96,252 | -€27,852 | -€124,104 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,252 | -€27,852 | -€124,104 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.