TWENTHE GROUP: 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.
TWENTHE GROUP
Largest movements
- Tangible fixed assets +€925,745
up €925,745 (+104%), from €890,801 to €1.8m
of which Land and buildings: +€925,441
- Receivables within one year -€36,627
down €36,627 (-7.3%), from €503,585 to €466,958
of which Other amounts receivable: -€38,264
- Current portion of long-term debt +€624,457
up €624,457 (+29,430%), from €2,122 to €626,579
- Debts after one year +€253,845
up €253,845 (+26.8%), from €946,218 to €1.2m
- Financial charges +€20,524
up €20,524 (+56.4%), from €36,386 to €56,911
- Depreciation +€16,018
up €16,018 (+63.3%), from €25,315 to €41,332
- Gross operating margin +€15,619
up €15,619 (+15.6%), from €100,266 to €115,884
- Other operating charges +€10,922
up €10,922 (+31.7%), from €34,445 to €45,367
- Financial income +€8,730
up €8,730 (+111%), from €7,832 to €16,562
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 | €1,514,310 | €2,391,425 | +€877,115 | +57.9% |
| Fixed assets | 21/28 | €900,528 | €1,826,273 | +€925,745 | +103% |
| Tangible fixed assets | 22/27 | €890,801 | €1,816,545 | +€925,745 | +104% |
| Land and buildings | 22 | €889,227 | €1,814,668 | +€925,441 | +104% |
| Plant, machinery and equipment | 23 | €343 | €911 | +€567 | +165% |
| Furniture and vehicles | 24 | €1,230 | €967 | -€263 | -21.4% |
| Financial fixed assets | 28 | €9,727 | €9,727 | = | 0.0% |
| Current assets | 29/58 | €613,783 | €565,153 | -€48,630 | -7.9% |
| Stocks and contracts in progress | 3 | €106,599 | €90,593 | -€16,006 | -15.0% |
| Stocks | 30/36 | €106,599 | €90,593 | -€16,006 | -15.0% |
| Amounts receivable within one year | 40/41 | €503,585 | €466,958 | -€36,627 | -7.3% |
| Trade receivables | 40 | €106,016 | €107,653 | +€1,637 | +1.5% |
| Other amounts receivable | 41 | €397,569 | €359,305 | -€38,264 | -9.6% |
| Cash at bank and in hand | 54/58 | €3,598 | €7,602 | +€4,003 | +111% |
| Total equity and liabilities | 10/49 | €1,514,310 | €2,391,425 | +€877,115 | +57.9% |
| Equity | 10/15 | €532,894 | €518,245 | -€14,649 | -2.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €111,198 | €111,198 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,148 | €24,148 | = | 0.0% |
| Legal reserve | 130 | €24,148 | €24,148 | = | 0.0% |
| Distributable reserves | 133 | €87,050 | €87,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €321,696 | €307,047 | -€14,649 | -4.6% |
| Amounts payable | 17/49 | €981,416 | €1,873,180 | +€891,764 | +90.9% |
| Amounts payable after more than one year | 17 | €946,218 | €1,200,063 | +€253,845 | +26.8% |
| Financial debts | 170/4 | €946,218 | €1,200,063 | +€253,845 | +26.8% |
| Amounts payable within one year | 42/48 | €35,198 | €673,118 | +€637,919 | +1,812% |
| Current portion of amounts payable after more than one year | 42 | €2,122 | €626,579 | +€624,457 | +29,430% |
| Trade debts | 44 | €6,338 | €12,996 | +€6,658 | +105% |
| Suppliers | 440/4 | €6,338 | €12,996 | +€6,658 | +105% |
| Taxes, remuneration and social security | 45 | €41 | €416 | +€376 | +924% |
| Taxes | 450/3 | €41 | €416 | +€376 | +924% |
| Other amounts payable | 47/48 | €26,698 | €33,127 | +€6,428 | +24.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,315 | €41,332 | +€16,018 | +63.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,504 | €3,070 | -€7,434 | -70.8% |
| Other operating charges | 640/8 | €34,445 | €45,367 | +€10,922 | +31.7% |
| Gross operating margin | 9900 | €100,266 | €115,884 | +€15,619 | +15.6% |
| Operating profit (loss) | 9901 | €30,002 | €26,116 | -€3,886 | -13.0% |
| Financial income | 75/76B | €7,832 | €16,562 | +€8,730 | +111% |
| Recurring financial income | 75 | €7,832 | €16,562 | +€8,730 | +111% |
| Financial charges | 65/66B | €36,386 | €56,911 | +€20,524 | +56.4% |
| Recurring financial charges | 65 | €36,386 | €56,911 | +€20,524 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | €1,447 | -€14,233 | -€15,680 | |
| Income taxes | 67/77 | €41 | €416 | +€376 | +924% |
| Profit (loss) for the period | 9904 | €1,406 | -€14,649 | -€16,056 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,406 | -€14,649 | -€16,056 |
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 27 October 2026 via checked.be.