Twin Connection: 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.
Twin Connection
Largest movements
- Cash +€135,844
up €135,844 (+155%), from €87,853 to €223,697
mainly Net result for the year (+€157,515) and Trade debts (+€61,355)
- Receivables within one year +€69,934
up €69,934 (+33.2%), from €210,926 to €280,860
of which Other amounts receivable: +€65,251
- Tangible fixed assets -€53,208
down €53,208 (-37.6%), from €141,475 to €88,268
of which Leasing and similar rights: -€68,907
- Profit (loss) carried forward +€108,103
new in 2024: €108,103
- Trade debts +€61,355
up €61,355 (+34.7%), from €176,977 to €238,332
- Other debts +€42,000
new in 2024: €42,000
- Debts after one year -€30,636
down €30,636 (-37.9%), from €80,790 to €50,155
- Tax, wage and social debts -€11,425
down €11,425 (-27.8%), from €41,043 to €29,617
of which Remuneration and social security: -€18,837
- Gross operating margin +€295,435
up €295,435 (+91.5%), from €322,769 to €618,205
- Staff costs +€118,913
up €118,913 (+43.2%), from €275,142 to €394,055
- Other operating charges +€9,296
up €9,296 (+308%), from €3,022 to €12,318
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €450,500 | €608,499 | +€158,000 | +35.1% |
| Fixed assets | 21/28 | €144,775 | €91,568 | -€53,208 | -36.8% |
| Tangible fixed assets | 22/27 | €141,475 | €88,268 | -€53,208 | -37.6% |
| Plant, machinery and equipment | 23 | €10,133 | €23,377 | +€13,244 | +131% |
| Furniture and vehicles | 24 | €0 | €2,455 | +€2,455 | |
| Leasing and similar rights | 25 | €131,343 | €62,436 | -€68,907 | -52.5% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €305,725 | €516,932 | +€211,207 | +69.1% |
| Amounts receivable within one year | 40/41 | €210,926 | €280,860 | +€69,934 | +33.2% |
| Trade receivables | 40 | €151,329 | €156,012 | +€4,683 | +3.1% |
| Other amounts receivable | 41 | €59,597 | €124,848 | +€65,251 | +109% |
| Cash at bank and in hand | 54/58 | €87,853 | €223,697 | +€135,844 | +155% |
| Deferred charges and accrued income | 490/1 | €6,946 | €12,375 | +€5,429 | +78.2% |
| Total equity and liabilities | 10/49 | €450,500 | €608,499 | +€158,000 | +35.1% |
| Equity | 10/15 | €109,440 | €217,544 | +€108,103 | +98.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €104,440 | €104,440 | = | 0.0% |
| Distributable reserves | 133 | €104,440 | €104,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €108,103 | +€108,103 | |
| Amounts payable | 17/49 | €341,060 | €390,956 | +€49,896 | +14.6% |
| Amounts payable after more than one year | 17 | €80,790 | €50,155 | -€30,636 | -37.9% |
| Financial debts | 170/4 | €80,790 | €50,155 | -€30,636 | -37.9% |
| Amounts payable within one year | 42/48 | €260,269 | €340,801 | +€80,532 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €40,729 | €30,852 | -€9,877 | -24.3% |
| Financial debts | 43 | €1,520 | - | -€1,520 | |
| Credit institutions | 430/8 | €1,520 | - | -€1,520 | |
| Trade debts | 44 | €176,977 | €238,332 | +€61,355 | +34.7% |
| Suppliers | 440/4 | €176,977 | €238,332 | +€61,355 | +34.7% |
| Taxes, remuneration and social security | 45 | €41,043 | €29,617 | -€11,425 | -27.8% |
| Taxes | 450/3 | €0 | €7,412 | +€7,412 | |
| Remuneration and social security | 454/9 | €41,043 | €22,206 | -€18,837 | -45.9% |
| Other amounts payable | 47/48 | - | €42,000 | +€42,000 | |
| Non-recurring operating income | 76A | - | €4,528 | +€4,528 | |
| Remuneration, social security and pensions | 62 | €275,142 | €394,055 | +€118,913 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,531 | €45,271 | +€4,740 | +11.7% |
| Other operating charges | 640/8 | €3,022 | €12,318 | +€9,296 | +308% |
| Non-recurring operating charges | 66A | €2,831 | - | -€2,831 | |
| Gross operating margin | 9900 | €322,769 | €618,205 | +€295,435 | +91.5% |
| Operating profit (loss) | 9901 | €1,243 | €166,560 | +€165,317 | +13,295% |
| Financial income | 75/76B | €1,633 | €61 | -€1,572 | -96.3% |
| Recurring financial income | 75 | €1,633 | €61 | -€1,572 | -96.3% |
| Financial charges | 65/66B | €10,468 | €8,554 | -€1,914 | -18.3% |
| Recurring financial charges | 65 | €10,468 | €8,554 | -€1,914 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,592 | €158,067 | +€165,659 | |
| Income taxes | 67/77 | €0 | €552 | +€552 | |
| Profit (loss) for the period | 9904 | -€7,592 | €157,515 | +€165,107 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,592 | €157,515 | +€165,107 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.