Twelve Belgium: 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 Belgium
Largest movements
- Receivables within one year +€513,818
up €513,818 (+20.0%), from €2.6m to €3.1m
of which Other amounts receivable: +€660,222
- Cash +€200,762
up €200,762 (+917%), from €21,885 to €222,646
mainly Other debts (+€573,102) and Net result for the year (+€161,446)
- Other debts +€573,102
up €573,102 (+33.3%), from €1.7m to €2.3m
- Reserves +€161,446
up €161,446 (+26.9%), from €600,956 to €762,401
of which Distributable reserves: +€161,446
- Gross operating margin +€24,626
up €24,626 (+6.2%), from €398,013 to €422,639
- Financial charges +€19,504
up €19,504 (+43.4%), from €44,930 to €64,434
- Financial income +€18,230
up €18,230 (+30.5%), from €59,707 to €77,937
- Staff costs +€10,941
up €10,941 (+5.4%), from €204,145 to €215,086
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 | €2,598,512 | €3,315,004 | +€716,492 | +27.6% |
| Fixed assets | 21/28 | €7,118 | €7,118 | = | 0.0% |
| Financial fixed assets | 28 | €7,118 | €7,118 | = | 0.0% |
| Current assets | 29/58 | €2,591,394 | €3,307,886 | +€716,492 | +27.6% |
| Amounts receivable within one year | 40/41 | €2,565,138 | €3,078,956 | +€513,818 | +20.0% |
| Trade receivables | 40 | €210,245 | €63,840 | -€146,404 | -69.6% |
| Other amounts receivable | 41 | €2,354,894 | €3,015,116 | +€660,222 | +28.0% |
| Cash at bank and in hand | 54/58 | €21,885 | €222,646 | +€200,762 | +917% |
| Deferred charges and accrued income | 490/1 | €4,371 | €6,284 | +€1,913 | +43.8% |
| Total equity and liabilities | 10/49 | €2,598,512 | €3,315,004 | +€716,492 | +27.6% |
| Equity | 10/15 | €662,456 | €823,901 | +€161,446 | +24.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €600,956 | €762,401 | +€161,446 | +26.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €594,806 | €756,251 | +€161,446 | +27.1% |
| Amounts payable | 17/49 | €1,936,057 | €2,491,103 | +€555,046 | +28.7% |
| Amounts payable within one year | 42/48 | €1,936,057 | €2,491,103 | +€555,046 | +28.7% |
| Trade debts | 44 | €127,508 | €118,127 | -€9,381 | -7.4% |
| Suppliers | 440/4 | €127,508 | €118,127 | -€9,381 | -7.4% |
| Taxes, remuneration and social security | 45 | €87,418 | €78,744 | -€8,674 | -9.9% |
| Taxes | 450/3 | €65,296 | €58,199 | -€7,097 | -10.9% |
| Remuneration and social security | 454/9 | €22,122 | €20,545 | -€1,577 | -7.1% |
| Other amounts payable | 47/48 | €1,721,130 | €2,294,232 | +€573,102 | +33.3% |
| Remuneration, social security and pensions | 62 | €204,145 | €215,086 | +€10,941 | +5.4% |
| Other operating charges | 640/8 | €1,578 | €1,837 | +€260 | +16.5% |
| Gross operating margin | 9900 | €398,013 | €422,639 | +€24,626 | +6.2% |
| Operating profit (loss) | 9901 | €192,290 | €205,716 | +€13,426 | +7.0% |
| Financial income | 75/76B | €59,707 | €77,937 | +€18,230 | +30.5% |
| Recurring financial income | 75 | €59,707 | €77,937 | +€18,230 | +30.5% |
| Financial charges | 65/66B | €44,930 | €64,434 | +€19,504 | +43.4% |
| Recurring financial charges | 65 | €44,930 | €64,434 | +€19,504 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €207,066 | €219,218 | +€12,152 | +5.9% |
| Income taxes | 67/77 | €58,782 | €57,773 | -€1,010 | -1.7% |
| Profit (loss) for the period | 9904 | €148,284 | €161,446 | +€13,162 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €148,284 | €161,446 | +€13,162 | +8.9% |
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 23 October 2026 via checked.be.