TWELVE FACTORY: 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 FACTORY
Largest movements
- Cash -€10,808
down €10,808 (-12.0%), from €90,327 to €79,519
mainly Net result for the year (-€36,478) and Investment in fixed assets (net) (-€27,410)
- Stocks and contracts +€10,160
up €10,160 (+28.6%), from €35,498 to €45,658
- Receivables within one year -€9,540
down €9,540 (-34.7%), from €27,518 to €17,978
of which Trade receivables: -€13,543
- Tangible fixed assets +€7,202
up €7,202 (+13.6%), from €53,023 to €60,225
of which Other tangible fixed assets: +€9,546
- Profit (loss) carried forward -€36,478
down €36,478 (-29.7%), from €122,984 to €86,506
- Trade debts +€21,396
up €21,396 (+51.1%), from €41,907 to €63,303
- Tax, wage and social debts +€11,743
up €11,743 (+59.6%), from €19,692 to €31,434
of which Remuneration and social security: +€8,940
- Other debts +€2,414
up €2,414 (+14.1%), from €17,148 to €19,562
- Gross operating margin -€110,645
down €110,645 (-66.0%), from €167,617 to €56,973
- Taxes -€14,583
down €14,583 (-99.1%), from €14,715 to €132
- Staff costs -€11,901
down €11,901 (-15.8%), from €75,211 to €63,310
- Depreciation -€4,354
down €4,354 (-17.7%), from €24,563 to €20,208
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 | €214,317 | €211,783 | -€2,534 | -1.2% |
| Fixed assets | 21/28 | €53,148 | €60,350 | +€7,202 | +13.6% |
| Tangible fixed assets | 22/27 | €53,023 | €60,225 | +€7,202 | +13.6% |
| Furniture and vehicles | 24 | €16,936 | €14,592 | -€2,344 | -13.8% |
| Other tangible fixed assets | 26 | €36,086 | €45,632 | +€9,546 | +26.5% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €161,169 | €151,433 | -€9,736 | -6.0% |
| Stocks and contracts in progress | 3 | €35,498 | €45,658 | +€10,160 | +28.6% |
| Stocks | 30/36 | €35,498 | €45,658 | +€10,160 | +28.6% |
| Amounts receivable within one year | 40/41 | €27,518 | €17,978 | -€9,540 | -34.7% |
| Trade receivables | 40 | €24,924 | €11,381 | -€13,543 | -54.3% |
| Other amounts receivable | 41 | €2,594 | €6,597 | +€4,003 | +154% |
| Cash at bank and in hand | 54/58 | €90,327 | €79,519 | -€10,808 | -12.0% |
| Deferred charges and accrued income | 490/1 | €7,826 | €8,278 | +€452 | +5.8% |
| Total equity and liabilities | 10/49 | €214,317 | €211,783 | -€2,534 | -1.2% |
| Equity | 10/15 | €131,044 | €94,566 | -€36,478 | -27.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €122,984 | €86,506 | -€36,478 | -29.7% |
| Amounts payable | 17/49 | €83,272 | €117,216 | +€33,944 | +40.8% |
| Amounts payable within one year | 42/48 | €82,538 | €117,216 | +€34,678 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €3,792 | €2,917 | -€875 | -23.1% |
| Trade debts | 44 | €41,907 | €63,303 | +€21,396 | +51.1% |
| Suppliers | 440/4 | €41,907 | €63,303 | +€21,396 | +51.1% |
| Taxes, remuneration and social security | 45 | €19,692 | €31,434 | +€11,743 | +59.6% |
| Taxes | 450/3 | €11,932 | €14,735 | +€2,802 | +23.5% |
| Remuneration and social security | 454/9 | €7,759 | €16,699 | +€8,940 | +115% |
| Other amounts payable | 47/48 | €17,148 | €19,562 | +€2,414 | +14.1% |
| Accrued charges and deferred income | 492/3 | €734 | - | -€734 | |
| Remuneration, social security and pensions | 62 | €75,211 | €63,310 | -€11,901 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,563 | €20,208 | -€4,354 | -17.7% |
| Other operating charges | 640/8 | €7,601 | €8,519 | +€919 | +12.1% |
| Gross operating margin | 9900 | €167,617 | €56,973 | -€110,645 | -66.0% |
| Operating profit (loss) | 9901 | €60,243 | -€35,065 | -€95,307 | |
| Financial income | 75/76B | €2,236 | €1,481 | -€755 | -33.8% |
| Recurring financial income | 75 | €2,236 | €1,481 | -€755 | -33.8% |
| Financial charges | 65/66B | €3,614 | €2,762 | -€852 | -23.6% |
| Recurring financial charges | 65 | €3,614 | €2,762 | -€852 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €58,864 | -€36,346 | -€95,210 | |
| Income taxes | 67/77 | €14,715 | €132 | -€14,583 | -99.1% |
| Profit (loss) for the period | 9904 | €44,149 | -€36,478 | -€80,627 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,149 | -€36,478 | -€80,627 |
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 22 October 2026 via checked.be.