TWDM: 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.
TWDM
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+42.7%), from €2.6m to €3.7m
of which Land and buildings: +€603,509
- Cash -€98,009
down €98,009 (-18.2%), from €539,246 to €441,237
mainly Investment in fixed assets (net) (-€1.4m) and Tax, wage and social debts (-€78,001)
- Receivables within one year +€72,734
up €72,734 (+134.5%), from €54,072 to €126,806
of which Trade receivables: +€66,814
- Accrued charges and deferred income +€347,400
up €347,400 (+219.5%), from €158,255 to €505,655
- Debts after one year +€300,072
up €300,072 (+20.8%), from €1.4m to €1.7m
- Other debts +€215,030
up €215,030 (+23.7%), from €906,026 to €1.1m
- Reserves +€159,130
up €159,130 (+100.6%), from €158,234 to €317,365
- Tax, wage and social debts -€78,001
down €78,001 (-39.2%), from €198,815 to €120,813
of which Taxes: -€84,612
- Gross operating margin +€139,881
up €139,881 (+13.6%), from €1.0m to €1.2m
- Depreciation +€83,775
up €83,775 (+39.3%), from €213,317 to €297,092
- Staff costs +€78,945
up €78,945 (+14.8%), from €532,623 to €611,569
- Financial charges +€50,683
up €50,683 (+179.7%), from €28,210 to €78,893
- Other operating charges -€43,703
down €43,703 (-85.0%), from €51,392 to €7,689
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 | €3,243,631 | €4,340,538 | +€1.1m | +33.8% |
| Fixed assets | 21/28 | €2,567,686 | €3,664,205 | +€1.1m | +42.7% |
| Tangible fixed assets | 22/27 | €2,565,526 | €3,662,045 | +€1.1m | +42.7% |
| Land and buildings | 22 | €2,099,263 | €2,702,772 | +€603,509 | +28.7% |
| Plant, machinery and equipment | 23 | €375,681 | €842,890 | +€467,209 | +124.4% |
| Furniture and vehicles | 24 | €52,721 | €78,611 | +€25,889 | +49.1% |
| Other tangible fixed assets | 26 | €37,861 | €37,773 | -€88 | -0.2% |
| Financial fixed assets | 28 | €2,160 | €2,160 | = | 0.0% |
| Current assets | 29/58 | €675,945 | €676,333 | +€388 | +0.1% |
| Stocks and contracts in progress | 3 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Stocks | 30/36 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €54,072 | €126,806 | +€72,734 | +134.5% |
| Trade receivables | 40 | €40,795 | €107,609 | +€66,814 | +163.8% |
| Other amounts receivable | 41 | €13,277 | €19,197 | +€5,921 | +44.6% |
| Cash at bank and in hand | 54/58 | €539,246 | €441,237 | -€98,009 | -18.2% |
| Deferred charges and accrued income | 490/1 | €2,627 | €8,290 | +€5,663 | +215.6% |
| Total equity and liabilities | 10/49 | €3,243,631 | €4,340,538 | +€1.1m | +33.8% |
| Equity | 10/15 | €176,834 | €335,965 | +€159,130 | +90.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,234 | €317,365 | +€159,130 | +100.6% |
| Distributable reserves | 133 | €158,234 | €317,365 | +€159,130 | +100.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,066,797 | €4,004,574 | +€937,777 | +30.6% |
| Amounts payable after more than one year | 17 | €1,442,855 | €1,742,927 | +€300,072 | +20.8% |
| Financial debts | 170/4 | €1,442,855 | €1,742,927 | +€300,072 | +20.8% |
| Amounts payable within one year | 42/48 | €1,465,687 | €1,755,991 | +€290,305 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €210,034 | €278,167 | +€68,133 | +32.4% |
| Financial debts | 43 | - | €20,267 | +€20,267 | |
| Credit institutions | 430/8 | - | €20,267 | +€20,267 | |
| Trade debts | 44 | €150,812 | €215,687 | +€64,875 | +43.0% |
| Suppliers | 440/4 | €150,812 | €215,687 | +€64,875 | +43.0% |
| Taxes, remuneration and social security | 45 | €198,815 | €120,813 | -€78,001 | -39.2% |
| Taxes | 450/3 | €99,568 | €14,956 | -€84,612 | -85.0% |
| Remuneration and social security | 454/9 | €99,246 | €105,857 | +€6,611 | +6.7% |
| Other amounts payable | 47/48 | €906,026 | €1,121,056 | +€215,030 | +23.7% |
| Accrued charges and deferred income | 492/3 | €158,255 | €505,655 | +€347,400 | +219.5% |
| Remuneration, social security and pensions | 62 | €532,623 | €611,569 | +€78,945 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,317 | €297,092 | +€83,775 | +39.3% |
| Other operating charges | 640/8 | €51,392 | €7,689 | -€43,703 | -85.0% |
| Gross operating margin | 9900 | €1,027,298 | €1,167,180 | +€139,881 | +13.6% |
| Operating profit (loss) | 9901 | €229,965 | €250,830 | +€20,865 | +9.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €28,210 | €78,893 | +€50,683 | +179.7% |
| Recurring financial charges | 65 | €28,210 | €78,893 | +€50,683 | +179.7% |
| Profit (loss) for the period before taxes | 9903 | €201,755 | €171,937 | -€29,818 | -14.8% |
| Income taxes | 67/77 | €48,091 | €12,807 | -€35,284 | -73.4% |
| Profit (loss) for the period | 9904 | €153,664 | €159,130 | +€5,466 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €153,664 | €159,130 | +€5,466 | +3.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.