TWIGA: 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.
TWIGA
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+35.6%), from €5.3m to €7.2m
of which Land and buildings: +€1.1m
- Current investments -€1.0m
down €1.0m (-46.5%), from €2.2m to €1.2m
- Receivables within one year -€765,589
down €765,589 (-91.8%), from €833,917 to €68,328
of which Other amounts receivable: -€765,589
- Cash +€602,122
up €602,122 (+345.4%), from €174,351 to €776,473
mainly Current investments (+€1.0m) and Receivables within one year (+€765,589)
- Reserves +€563,765
up €563,765 (+22.2%), from €2.5m to €3.1m
of which Tax-exempt reserves: +€613,500
- Provisions +€204,500
up €204,500 (+64.9%), from €315,015 to €519,515
- Gross operating margin +€230,894
up €230,894 (+21.2%), from €1.1m to €1.3m
- Other operating charges +€98,901
up €98,901 (+120.3%), from €82,206 to €181,107
- Financial income -€57,196
down €57,196 (-52.5%), from €108,987 to €51,790
- Taxes -€24,672
down €24,672 (-30.0%), from €82,325 to €57,653
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 | €8,569,820 | €9,256,065 | +€686,244 | +8.0% |
| Fixed assets | 21/28 | €5,315,735 | €7,208,085 | +€1.9m | +35.6% |
| Tangible fixed assets | 22/27 | €5,315,735 | €7,208,085 | +€1.9m | +35.6% |
| Land and buildings | 22 | €3,710,311 | €4,828,648 | +€1.1m | +30.1% |
| Plant, machinery and equipment | 23 | €184,233 | €143,150 | -€41,083 | -22.3% |
| Furniture and vehicles | 24 | €401 | €87 | -€314 | -78.3% |
| Assets under construction and advance payments | 27 | €1,420,790 | €2,236,200 | +€815,410 | +57.4% |
| Current assets | 29/58 | €3,254,085 | €2,047,980 | -€1.2m | -37.1% |
| Amounts receivable within one year | 40/41 | €833,917 | €68,328 | -€765,589 | -91.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €833,917 | €68,328 | -€765,589 | -91.8% |
| Current investments | 50/53 | €2,241,814 | €1,198,918 | -€1.0m | -46.5% |
| Cash at bank and in hand | 54/58 | €174,351 | €776,473 | +€602,122 | +345.4% |
| Deferred charges and accrued income | 490/1 | €4,003 | €4,262 | +€259 | +6.5% |
| Total equity and liabilities | 10/49 | €8,569,820 | €9,256,065 | +€686,244 | +8.0% |
| Equity | 10/15 | €7,379,289 | €7,943,054 | +€563,765 | +7.6% |
| Contributions | 10/11 | €4,840,993 | €4,840,993 | = | 0.0% |
| Capital | 10 | €4,840,993 | €4,840,993 | = | 0.0% |
| Issued capital | 100 | €4,840,993 | €4,840,993 | = | 0.0% |
| Reserves | 13 | €2,538,296 | €3,102,061 | +€563,765 | +22.2% |
| Non-distributable reserves | 130/1 | €484,099 | €484,099 | = | 0.0% |
| Legal reserve | 130 | €484,099 | €484,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €945,044 | €1,558,544 | +€613,500 | +64.9% |
| Distributable reserves | 133 | €1,109,152 | €1,059,417 | -€49,735 | -4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €315,015 | €519,515 | +€204,500 | +64.9% |
| Deferred taxes | 168 | €315,015 | €519,515 | +€204,500 | +64.9% |
| Amounts payable | 17/49 | €875,517 | €793,496 | -€82,021 | -9.4% |
| Amounts payable after more than one year | 17 | €499,326 | €499,326 | = | 0.0% |
| Financial debts | 170/4 | €499,326 | €499,326 | = | 0.0% |
| Amounts payable within one year | 42/48 | €346,347 | €264,825 | -€81,521 | -23.5% |
| Trade debts | 44 | €60,865 | €2,969 | -€57,896 | -95.1% |
| Suppliers | 440/4 | €60,865 | €2,969 | -€57,896 | -95.1% |
| Taxes, remuneration and social security | 45 | €42,364 | €31,668 | -€10,695 | -25.2% |
| Taxes | 450/3 | €42,364 | €31,668 | -€10,695 | -25.2% |
| Other amounts payable | 47/48 | €243,118 | €230,188 | -€12,930 | -5.3% |
| Accrued charges and deferred income | 492/3 | €29,845 | €29,345 | -€499 | -1.7% |
| Non-recurring operating income | 76A | €704,140 | €862,924 | +€158,785 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,960 | €156,361 | +€12,400 | +8.6% |
| Other operating charges | 640/8 | €82,206 | €181,107 | +€98,901 | +120.3% |
| Gross operating margin | 9900 | €1,086,651 | €1,317,546 | +€230,894 | +21.2% |
| Operating profit (loss) | 9901 | €860,486 | €980,079 | +€119,593 | +13.9% |
| Financial income | 75/76B | €108,987 | €51,790 | -€57,196 | -52.5% |
| Recurring financial income | 75 | €108,987 | €51,790 | -€57,196 | -52.5% |
| Financial charges | 65/66B | €32,954 | €32,675 | -€279 | -0.8% |
| Recurring financial charges | 65 | €32,954 | €32,675 | -€279 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €936,519 | €999,194 | +€62,676 | +6.7% |
| Transfer from deferred taxes | 780 | €2,044 | €5,619 | +€3,575 | +174.9% |
| Transfer to deferred taxes | 680 | €171,495 | €210,119 | +€38,623 | +22.5% |
| Income taxes | 67/77 | €82,325 | €57,653 | -€24,672 | -30.0% |
| Profit (loss) for the period | 9904 | €684,743 | €737,042 | +€52,299 | +7.6% |
| Transfer from tax-exempt reserves | 789 | €6,133 | €16,857 | +€10,724 | +174.9% |
| Transfer to tax-exempt reserves | 689 | €514,486 | €630,356 | +€115,870 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €176,389 | €123,542 | -€52,847 | -30.0% |
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 7 October 2026 via checked.be.