TWI Projects: what changed
Two fiscal 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.
TWI Projects
Largest movements
- Receivables within one year -€12,473
down €12,473 (-85.5%), from €14,590 to €2,118
- Cash -€4,949
down €4,949 (-31.1%), from €15,925 to €10,976
mainly Current portion of long-term debt (-€10,396) and Net result for the year (-€3,384)
- Tangible fixed assets -€1,342
down €1,342 (-71.0%), from €1,891 to €549
of which Other tangible fixed assets: -€940
- Deferred charges and accrued income -€804
down €804 (-72.9%), from €1,103 to €299
- Financial fixed assets +€536
up €536 (+71.5%), from €750 to €1,286
- Current portion of long-term debt -€10,396
no longer reported in 2025 (was €10,396)
- Profit (loss) carried forward -€3,384
down €3,384 (-57.6%), from -€5,874 to -€9,258
- Other debts -€2,913
down €2,913 (-16.7%), from €17,415 to €14,503
- Tax, wage and social debts -€2,577
down €2,577 (-30.0%), from €8,578 to €6,001
- Staff costs -€12,668
down €12,668 (-87.7%), from €14,440 to €1,772
- Gross operating margin -€6,062
down €6,062 (-52.0%), from €11,656 to €5,594
- Taxes +€5,378
up €5,378 (+160550.1%), from €3 to €5,382
- Financial charges -€526
down €526 (-57.1%), from €921 to €396
- Depreciation +€130
up €130 (+23.3%), from €558 to €689
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.
Cash bridge derived
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 | €34,259 | €15,228 | -€19,031 | -55.5% |
| Fixed assets | 21/28 | €2,641 | €1,835 | -€806 | -30.5% |
| Tangible fixed assets | 22/27 | €1,891 | €549 | -€1,342 | -71.0% |
| Plant, machinery and equipment | 23 | €402 | - | -€402 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,490 | €549 | -€940 | -63.1% |
| Financial fixed assets | 28 | €750 | €1,286 | +€536 | +71.5% |
| Current assets | 29/58 | €31,618 | €13,393 | -€18,225 | -57.6% |
| Amounts receivable within one year | 40/41 | €14,590 | €2,118 | -€12,473 | -85.5% |
| Trade receivables | 40 | €14,590 | €2,118 | -€12,473 | -85.5% |
| Cash at bank and in hand | 54/58 | €15,925 | €10,976 | -€4,949 | -31.1% |
| Deferred charges and accrued income | 490/1 | €1,103 | €299 | -€804 | -72.9% |
| Total equity and liabilities | 10/49 | €34,259 | €15,228 | -€19,031 | -55.5% |
| Equity | 10/15 | -€5,874 | -€9,258 | -€3,384 | -57.6% |
| Profit (loss) carried forward | 14 | -€5,874 | -€9,258 | -€3,384 | -57.6% |
| Amounts payable | 17/49 | €40,133 | €24,486 | -€15,647 | -39.0% |
| Amounts payable within one year | 42/48 | €40,133 | €24,486 | -€15,647 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €10,396 | - | -€10,396 | |
| Trade debts | 44 | €3,743 | €3,983 | +€239 | +6.4% |
| Suppliers | 440/4 | €3,743 | €3,983 | +€239 | +6.4% |
| Taxes, remuneration and social security | 45 | €8,578 | €6,001 | -€2,577 | -30.0% |
| Taxes | 450/3 | €8,578 | €6,001 | -€2,577 | -30.0% |
| Other amounts payable | 47/48 | €17,415 | €14,503 | -€2,913 | -16.7% |
| Remuneration, social security and pensions | 62 | €14,440 | €1,772 | -€12,668 | -87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €558 | €689 | +€130 | +23.3% |
| Other operating charges | 640/8 | €942 | €867 | -€75 | -7.9% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €11,656 | €5,594 | -€6,062 | -52.0% |
| Operating profit (loss) | 9901 | -€4,284 | €2,267 | +€6,551 | |
| Financial income | 75/76B | €17 | €127 | +€109 | +629.6% |
| Recurring financial income | 75 | €17 | €127 | +€109 | +629.6% |
| Financial charges | 65/66B | €921 | €396 | -€526 | -57.1% |
| Recurring financial charges | 65 | €921 | €396 | -€526 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,188 | €1,998 | +€7,186 | |
| Income taxes | 67/77 | €3 | €5,382 | +€5,378 | +160550.1% |
| Profit (loss) for the period | 9904 | -€5,192 | -€3,384 | +€1,807 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,192 | -€3,384 | +€1,807 | +34.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.