Twelve Angry Men: 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.
Twelve Angry Men
Largest movements
- Current investments -€41,536
down €41,536 (-19.3%), from €215,537 to €174,002
- Receivables after one year -€11,500
down €11,500 (-5.4%), from €214,500 to €203,000
- Reserves -€170,035
down €170,035 (-47.9%), from €354,897 to €184,862
- Other debts +€150,713
up €150,713 (+460%), from €32,760 to €183,473
- Current portion of long-term debt -€16,435
down €16,435 (-54.2%), from €30,346 to €13,910
- Trade debts +€13,502
up €13,502 (+436%), from €3,100 to €16,602
- Tax, wage and social debts -€12,973
down €12,973 (-58.9%), from €22,010 to €9,036
- Gross operating margin -€15,449
down €15,449 (-20.5%), from €75,304 to €59,855
- Staff costs -€5,756
down €5,756 (-53.2%), from €10,827 to €5,072
- Taxes -€2,164
down €2,164 (-14.4%), from €15,071 to €12,907
- Financial charges -€1,455
down €1,455 (-31.5%), from €4,612 to €3,157
- Other operating charges +€962
up €962 (+233%), from €413 to €1,376
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 | €478,050 | €427,890 | -€50,160 | -10.5% |
| Fixed assets | 21/28 | €13,147 | €16,984 | +€3,838 | +29.2% |
| Tangible fixed assets | 22/27 | €469 | €4,307 | +€3,838 | +818% |
| Plant, machinery and equipment | 23 | €298 | €1,360 | +€1,063 | +357% |
| Furniture and vehicles | 24 | €172 | €2,947 | +€2,775 | +1,616% |
| Financial fixed assets | 28 | €12,677 | €12,677 | = | 0.0% |
| Current assets | 29/58 | €464,904 | €410,906 | -€53,998 | -11.6% |
| Amounts receivable after more than one year | 29 | €214,500 | €203,000 | -€11,500 | -5.4% |
| Other amounts receivable | 291 | €214,500 | €203,000 | -€11,500 | -5.4% |
| Amounts receivable within one year | 40/41 | €19,356 | €18,275 | -€1,081 | -5.6% |
| Trade receivables | 40 | €19,142 | €15,529 | -€3,613 | -18.9% |
| Other amounts receivable | 41 | €214 | €2,746 | +€2,532 | +1,185% |
| Current investments | 50/53 | €215,537 | €174,002 | -€41,536 | -19.3% |
| Cash at bank and in hand | 54/58 | €15,511 | €15,629 | +€119 | +0.8% |
| Total equity and liabilities | 10/49 | €478,050 | €427,890 | -€50,160 | -10.5% |
| Equity | 10/15 | €360,897 | €190,862 | -€170,035 | -47.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €354,897 | €184,862 | -€170,035 | -47.9% |
| Distributable reserves | 133 | €354,897 | €184,862 | -€170,035 | -47.9% |
| Amounts payable | 17/49 | €117,153 | €237,028 | +€119,875 | +102% |
| Amounts payable after more than one year | 17 | €22,937 | €14,006 | -€8,931 | -38.9% |
| Financial debts | 170/4 | €22,937 | €14,006 | -€8,931 | -38.9% |
| Amounts payable within one year | 42/48 | €94,216 | €223,022 | +€128,806 | +137% |
| Current portion of amounts payable after more than one year | 42 | €30,346 | €13,910 | -€16,435 | -54.2% |
| Financial debts | 43 | €6,000 | - | -€6,000 | |
| Other loans | 439 | €6,000 | - | -€6,000 | |
| Trade debts | 44 | €3,100 | €16,602 | +€13,502 | +436% |
| Suppliers | 440/4 | €3,100 | €16,602 | +€13,502 | +436% |
| Taxes, remuneration and social security | 45 | €22,010 | €9,036 | -€12,973 | -58.9% |
| Taxes | 450/3 | €22,010 | €9,036 | -€12,973 | -58.9% |
| Other amounts payable | 47/48 | €32,760 | €183,473 | +€150,713 | +460% |
| Remuneration, social security and pensions | 62 | €10,827 | €5,072 | -€5,756 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,856 | €1,047 | -€809 | -43.6% |
| Other operating charges | 640/8 | €413 | €1,376 | +€962 | +233% |
| Non-recurring operating charges | 66A | - | €117 | +€117 | |
| Gross operating margin | 9900 | €75,304 | €59,855 | -€15,449 | -20.5% |
| Operating profit (loss) | 9901 | €62,208 | €52,244 | -€9,964 | -16.0% |
| Financial income | 75/76B | €15,510 | €16,285 | +€775 | +5.0% |
| Recurring financial income | 75 | €15,510 | €16,285 | +€775 | +5.0% |
| Financial charges | 65/66B | €4,612 | €3,157 | -€1,455 | -31.5% |
| Recurring financial charges | 65 | €4,612 | €3,157 | -€1,455 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €73,106 | €65,372 | -€7,734 | -10.6% |
| Income taxes | 67/77 | €15,071 | €12,907 | -€2,164 | -14.4% |
| Profit (loss) for the period | 9904 | €58,034 | €52,465 | -€5,569 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,034 | €52,465 | -€5,569 | -9.6% |
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 28 October 2026 via checked.be.