TWC: what changed
TWC
Largest movements
- Receivables within one year +€42,464
up €42,464 (+234%), from €18,131 to €60,595
of which Trade receivables: +€25,405
- Cash -€15,720
down €15,720 (-27.0%), from €58,328 to €42,608
mainly Receivables within one year (-€42,464) and Stocks and contracts (-€4,995)
- Receivables after one year -€6,000
no longer reported in 2025 (was €6,000)
- Stocks and contracts +€4,995
up €4,995 (+16.9%), from €29,507 to €34,502
- Tangible fixed assets -€3,785
down €3,785 (-45.6%), from €8,303 to €4,518
of which Furniture and vehicles: -€3,299
- Tax, wage and social debts +€15,927
up €15,927 (+113%), from €14,149 to €30,076
of which Taxes: +€8,043
- Reserves +€8,056
up €8,056 (+8.2%), from €98,282 to €106,338
of which Distributable reserves: +€8,056
- Gross operating margin +€6,590
up €6,590 (+16.9%), from €38,997 to €45,587
- Staff costs -€4,667
down €4,667 (-17.3%), from €26,998 to €22,331
- Financial income -€3,738
down €3,738 (-100.0%), from €3,738 to €0
- Taxes +€2,702
up €2,702 (+169%), from €1,599 to €4,301
- Other operating charges -€2,060
down €2,060 (-66.4%), from €3,103 to €1,043
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,828 | €178,244 | +€23,416 | +15.1% |
| Fixed assets | 21/28 | €21,653 | €17,868 | -€3,785 | -17.5% |
| Tangible fixed assets | 22/27 | €8,303 | €4,518 | -€3,785 | -45.6% |
| Land and buildings | 22 | €1,943 | - | -€1,943 | |
| Furniture and vehicles | 24 | €6,360 | €3,061 | -€3,299 | -51.9% |
| Other tangible fixed assets | 26 | - | €1,458 | +€1,458 | |
| Financial fixed assets | 28 | €13,350 | €13,350 | = | 0.0% |
| Current assets | 29/58 | €133,175 | €160,376 | +€27,201 | +20.4% |
| Amounts receivable after more than one year | 29 | €6,000 | - | -€6,000 | |
| Other amounts receivable | 291 | €6,000 | - | -€6,000 | |
| Stocks and contracts in progress | 3 | €29,507 | €34,502 | +€4,995 | +16.9% |
| Stocks | 30/36 | €29,507 | €34,502 | +€4,995 | +16.9% |
| Amounts receivable within one year | 40/41 | €18,131 | €60,595 | +€42,464 | +234% |
| Trade receivables | 40 | €16,773 | €42,178 | +€25,405 | +151% |
| Other amounts receivable | 41 | €1,359 | €18,417 | +€17,058 | +1,255% |
| Cash at bank and in hand | 54/58 | €58,328 | €42,608 | -€15,720 | -27.0% |
| Deferred charges and accrued income | 490/1 | €21,209 | €22,671 | +€1,462 | +6.9% |
| Total equity and liabilities | 10/49 | €154,828 | €178,244 | +€23,416 | +15.1% |
| Equity | 10/15 | €133,737 | €141,793 | +€8,056 | +6.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €98,282 | €106,338 | +€8,056 | +8.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €96,427 | €104,483 | +€8,056 | +8.4% |
| Profit (loss) carried forward | 14 | €16,905 | €16,905 | = | 0.0% |
| Amounts payable | 17/49 | €21,091 | €36,450 | +€15,359 | +72.8% |
| Amounts payable within one year | 42/48 | €21,091 | €36,450 | +€15,359 | +72.8% |
| Trade debts | 44 | €6,942 | €6,374 | -€568 | -8.2% |
| Suppliers | 440/4 | €6,942 | €6,374 | -€568 | -8.2% |
| Taxes, remuneration and social security | 45 | €14,149 | €30,076 | +€15,927 | +113% |
| Taxes | 450/3 | €13,992 | €22,034 | +€8,043 | +57.5% |
| Remuneration and social security | 454/9 | €158 | €8,042 | +€7,884 | +5,001% |
| Non-recurring operating income | 76A | €4,525 | - | -€4,525 | |
| Remuneration, social security and pensions | 62 | €26,998 | €22,331 | -€4,667 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,375 | €5,940 | +€566 | +10.5% |
| Other operating charges | 640/8 | €3,103 | €1,043 | -€2,060 | -66.4% |
| Gross operating margin | 9900 | €38,997 | €45,587 | +€6,590 | +16.9% |
| Operating profit (loss) | 9901 | €3,521 | €16,273 | +€12,752 | +362% |
| Financial income | 75/76B | €3,738 | €0 | -€3,738 | -100.0% |
| Recurring financial income | 75 | €3,738 | €0 | -€3,738 | -100.0% |
| Financial charges | 65/66B | €3,992 | €3,915 | -€77 | -1.9% |
| Recurring financial charges | 65 | €3,992 | €3,915 | -€77 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €3,267 | €12,358 | +€9,091 | +278% |
| Income taxes | 67/77 | €1,599 | €4,301 | +€2,702 | +169% |
| Profit (loss) for the period | 9904 | €1,668 | €8,056 | +€6,389 | +383% |
| Profit (loss) for the period to be appropriated | 9905 | €1,668 | €8,056 | +€6,389 | +383% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.