TWEM: 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.
TWEM
Largest movements
- Tangible fixed assets -€27,072
down €27,072 (-6.8%), from €397,990 to €370,918
of which Leasing and similar rights: -€35,892
- Cash -€16,009
down €16,009 (-90.1%), from €17,772 to €1,763
mainly Trade debts (-€46,243) and Debts after one year (-€21,523)
- Trade debts -€46,243
down €46,243 (-73.5%), from €62,888 to €16,645
- Debts after one year -€21,523
down €21,523 (-6.0%), from €356,606 to €335,083
- Reserves +€14,377
up €14,377 (+744%), from €1,932 to €16,309
of which Distributable reserves: +€14,377
- Tax, wage and social debts +€7,798
up €7,798 (+49.8%), from €15,662 to €23,461
- Gross operating margin +€14,537
up €14,537 (+20.2%), from €71,890 to €86,427
- Taxes -€13,872
down €13,872 (-49.8%), from €27,845 to €13,974
- Other operating charges -€11,626
down €11,626 (-89.9%), from €12,937 to €1,312
- Financial income +€3,333
up €3,333 (+7,794%), from €43 to €3,376
- Depreciation +€2,060
up €2,060 (+5.3%), from €39,005 to €41,065
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 | €504,779 | €458,245 | -€46,534 | -9.2% |
| Fixed assets | 21/28 | €398,630 | €371,558 | -€27,072 | -6.8% |
| Tangible fixed assets | 22/27 | €397,990 | €370,918 | -€27,072 | -6.8% |
| Plant, machinery and equipment | 23 | €1,397 | €1,224 | -€174 | -12.4% |
| Furniture and vehicles | 24 | €20,898 | €27,963 | +€7,064 | +33.8% |
| Leasing and similar rights | 25 | €375,694 | €339,802 | -€35,892 | -9.6% |
| Other tangible fixed assets | 26 | - | €1,930 | +€1,930 | |
| Financial fixed assets | 28 | €640 | €640 | = | 0.0% |
| Current assets | 29/58 | €106,149 | €86,686 | -€19,462 | -18.3% |
| Amounts receivable within one year | 40/41 | €82,752 | €82,731 | -€22 | 0.0% |
| Trade receivables | 40 | €57,163 | €47,914 | -€9,249 | -16.2% |
| Other amounts receivable | 41 | €25,589 | €34,817 | +€9,228 | +36.1% |
| Cash at bank and in hand | 54/58 | €17,772 | €1,763 | -€16,009 | -90.1% |
| Deferred charges and accrued income | 490/1 | €5,625 | €2,193 | -€3,432 | -61.0% |
| Total equity and liabilities | 10/49 | €504,779 | €458,245 | -€46,534 | -9.2% |
| Equity | 10/15 | €28,507 | €42,884 | +€14,377 | +50.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,932 | €16,309 | +€14,377 | +744% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €72 | €72 | = | 0.0% |
| Distributable reserves | 133 | - | €14,377 | +€14,377 | |
| Profit (loss) carried forward | 14 | €20,376 | €20,376 | = | 0.0% |
| Amounts payable | 17/49 | €476,271 | €415,360 | -€60,911 | -12.8% |
| Amounts payable after more than one year | 17 | €356,606 | €335,083 | -€21,523 | -6.0% |
| Financial debts | 170/4 | €356,606 | €335,083 | -€21,523 | -6.0% |
| Amounts payable within one year | 42/48 | €117,280 | €80,268 | -€37,012 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €24,150 | €28,206 | +€4,055 | +16.8% |
| Trade debts | 44 | €62,888 | €16,645 | -€46,243 | -73.5% |
| Suppliers | 440/4 | €62,888 | €16,645 | -€46,243 | -73.5% |
| Taxes, remuneration and social security | 45 | €15,662 | €23,461 | +€7,798 | +49.8% |
| Taxes | 450/3 | €15,662 | €23,461 | +€7,798 | +49.8% |
| Other amounts payable | 47/48 | €14,580 | €11,957 | -€2,623 | -18.0% |
| Accrued charges and deferred income | 492/3 | €2,386 | €10 | -€2,376 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,005 | €41,065 | +€2,060 | +5.3% |
| Other operating charges | 640/8 | €12,937 | €1,312 | -€11,626 | -89.9% |
| Gross operating margin | 9900 | €71,890 | €86,427 | +€14,537 | +20.2% |
| Operating profit (loss) | 9901 | €19,947 | €44,050 | +€24,103 | +121% |
| Financial income | 75/76B | €43 | €3,376 | +€3,333 | +7,794% |
| Recurring financial income | 75 | €43 | €3,376 | +€3,333 | +7,794% |
| Financial charges | 65/66B | €14,115 | €13,075 | -€1,039 | -7.4% |
| Recurring financial charges | 65 | €14,115 | €13,075 | -€1,039 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €5,875 | €34,351 | +€28,475 | +485% |
| Income taxes | 67/77 | €27,845 | €13,974 | -€13,872 | -49.8% |
| Profit (loss) for the period | 9904 | -€21,970 | €20,377 | +€42,347 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,970 | €20,377 | +€42,347 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.