TWENTYHOLD: 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.
TWENTYHOLD
Largest movements
- Cash -€96,836
down €96,836 (-29.1%), from €332,785 to €235,949
mainly Other debts (-€315,418) and Net result for the year (-€21,639)
- Tangible fixed assets -€63,281
down €63,281 (-14.9%), from €425,543 to €362,262
of which Furniture and vehicles: -€37,137
- Receivables within one year -€23,222
down €23,222 (-36.1%), from €64,347 to €41,125
- Intangible fixed assets -€9,500
down €9,500 (-14.0%), from €67,853 to €58,353
- Other debts -€315,418
no longer reported in 2025 (was €315,418)
- Debts after one year +€145,639
up €145,639 (+73.6%), from €197,806 to €343,445
of which Other amounts payable: +€163,810
- Profit (loss) carried forward -€21,639
down €21,639 (-171%), from -€12,668 to -€34,307
- Gross operating margin -€29,333
down €29,333 (-62.7%), from €46,756 to €17,423
- Depreciation -€13,273
down €13,273 (-27.9%), from €47,611 to €34,338
- Taxes -€1,549
no longer reported in 2025 (was €1,549)
- Financial charges +€628
up €628 (+22.6%), from €2,776 to €3,404
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 | €894,786 | €703,752 | -€191,034 | -21.3% |
| Fixed assets | 21/28 | €493,396 | €420,615 | -€72,781 | -14.8% |
| Intangible fixed assets | 21 | €67,853 | €58,353 | -€9,500 | -14.0% |
| Tangible fixed assets | 22/27 | €425,543 | €362,262 | -€63,281 | -14.9% |
| Land and buildings | 22 | €386,335 | €361,908 | -€24,427 | -6.3% |
| Plant, machinery and equipment | 23 | €1,717 | - | -€1,717 | |
| Furniture and vehicles | 24 | €37,491 | €354 | -€37,137 | -99.1% |
| Current assets | 29/58 | €401,390 | €283,137 | -€118,253 | -29.5% |
| Stocks and contracts in progress | 3 | €4,258 | €5,177 | +€919 | +21.6% |
| Stocks | 30/36 | €4,258 | €5,177 | +€919 | +21.6% |
| Amounts receivable within one year | 40/41 | €64,347 | €41,125 | -€23,222 | -36.1% |
| Trade receivables | 40 | €64,347 | €41,125 | -€23,222 | -36.1% |
| Cash at bank and in hand | 54/58 | €332,785 | €235,949 | -€96,836 | -29.1% |
| Deferred charges and accrued income | 490/1 | - | €886 | +€886 | |
| Total equity and liabilities | 10/49 | €894,786 | €703,752 | -€191,034 | -21.3% |
| Equity | 10/15 | €357,231 | €335,592 | -€21,639 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €351,299 | €351,299 | = | 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 | €349,439 | €351,299 | +€1,860 | +0.5% |
| Profit (loss) carried forward | 14 | -€12,668 | -€34,307 | -€21,639 | -171% |
| Amounts payable | 17/49 | €537,555 | €368,160 | -€169,395 | -31.5% |
| Amounts payable after more than one year | 17 | €197,806 | €343,445 | +€145,639 | +73.6% |
| Financial debts | 170/4 | €197,806 | €179,635 | -€18,171 | -9.2% |
| Other amounts payable | 178/9 | - | €163,810 | +€163,810 | |
| Amounts payable within one year | 42/48 | €339,748 | €24,714 | -€315,034 | -92.7% |
| Current portion of amounts payable after more than one year | 42 | €17,972 | €18,171 | +€199 | +1.1% |
| Trade debts | 44 | €2,197 | €443 | -€1,754 | -79.8% |
| Suppliers | 440/4 | €2,197 | €443 | -€1,754 | -79.8% |
| Taxes, remuneration and social security | 45 | €4,161 | €6,100 | +€1,939 | +46.6% |
| Taxes | 450/3 | €4,161 | €6,100 | +€1,939 | +46.6% |
| Other amounts payable | 47/48 | €315,418 | - | -€315,418 | |
| Non-recurring operating income | 76A | €15,000 | €1,331 | -€13,669 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,611 | €34,338 | -€13,273 | -27.9% |
| Other operating charges | 640/8 | €1,032 | €1,048 | +€17 | +1.6% |
| Non-recurring operating charges | 66A | - | €272 | +€272 | |
| Gross operating margin | 9900 | €46,756 | €17,423 | -€29,333 | -62.7% |
| Operating profit (loss) | 9901 | -€1,886 | -€18,235 | -€16,348 | -867% |
| Financial charges | 65/66B | €2,776 | €3,404 | +€628 | +22.6% |
| Recurring financial charges | 65 | €2,776 | €3,404 | +€628 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,663 | -€21,639 | -€16,976 | -364% |
| Income taxes | 67/77 | €1,549 | - | -€1,549 | |
| Profit (loss) for the period | 9904 | -€6,212 | -€21,639 | -€15,427 | -248% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,212 | -€21,639 | -€15,427 | -248% |
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 25 October 2026 via checked.be.