TWINQUE: 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.
TWINQUE
Largest movements
- Receivables within one year +€363,392
up €363,392 (+36.8%), from €986,235 to €1.3m
of which Trade receivables: +€403,676
- Tangible fixed assets +€289,799
up €289,799 (+34.5%), from €841,010 to €1.1m
of which Furniture and vehicles: +€263,297
- Stocks and contracts -€265,000
down €265,000 (-41.1%), from €645,000 to €380,000
- Cash -€101,104
down €101,104 (-75.0%), from €134,836 to €33,733
mainly Investment in fixed assets (net) (-€431,450) and Receivables within one year (-€363,392)
- Other debts +€166,428
up €166,428 (+99.5%), from €167,293 to €333,721
- Reserves +€51,741
up €51,741 (+3.7%), from €1.4m to €1.5m
of which Distributable reserves: +€60,887
- Trade debts +€50,613
up €50,613 (+34.8%), from €145,426 to €196,039
- Debts after one year +€36,300
up €36,300 (+8.5%), from €426,638 to €462,939
- Gross operating margin -€357,066
down €357,066 (-56.8%), from €628,935 to €271,869
- Taxes -€17,371
down €17,371 (-54.3%), from €31,962 to €14,591
- Other operating charges -€8,320
down €8,320 (-66.7%), from €12,471 to €4,151
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,610,080 | €2,897,200 | +€287,120 | +11.0% |
| Fixed assets | 21/28 | €841,415 | €1,131,214 | +€289,799 | +34.4% |
| Tangible fixed assets | 22/27 | €841,010 | €1,130,809 | +€289,799 | +34.5% |
| Land and buildings | 22 | €656,343 | €622,375 | -€33,968 | -5.2% |
| Plant, machinery and equipment | 23 | €32,299 | €28,306 | -€3,994 | -12.4% |
| Furniture and vehicles | 24 | €152,368 | €415,665 | +€263,297 | +172.8% |
| Leasing and similar rights | 25 | - | €64,464 | +€64,464 | |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €1,768,665 | €1,765,986 | -€2,679 | -0.2% |
| Stocks and contracts in progress | 3 | €645,000 | €380,000 | -€265,000 | -41.1% |
| Contracts in progress | 37 | €645,000 | €380,000 | -€265,000 | -41.1% |
| Amounts receivable within one year | 40/41 | €986,235 | €1,349,626 | +€363,392 | +36.8% |
| Trade receivables | 40 | €544,106 | €947,782 | +€403,676 | +74.2% |
| Other amounts receivable | 41 | €442,129 | €401,844 | -€40,285 | -9.1% |
| Cash at bank and in hand | 54/58 | €134,836 | €33,733 | -€101,104 | -75.0% |
| Deferred charges and accrued income | 490/1 | €2,594 | €2,627 | +€33 | +1.3% |
| Total equity and liabilities | 10/49 | €2,610,080 | €2,897,200 | +€287,120 | +11.0% |
| Equity | 10/15 | €1,511,315 | €1,563,056 | +€51,741 | +3.4% |
| 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 | €1,411,315 | €1,463,056 | +€51,741 | +3.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €214,362 | €205,215 | -€9,146 | -4.3% |
| Distributable reserves | 133 | €1,186,953 | €1,247,840 | +€60,887 | +5.1% |
| Provisions and deferred taxes | 16 | €71,454 | €68,405 | -€3,049 | -4.3% |
| Deferred taxes | 168 | €71,454 | €68,405 | -€3,049 | -4.3% |
| Amounts payable | 17/49 | €1,027,311 | €1,265,739 | +€238,428 | +23.2% |
| Amounts payable after more than one year | 17 | €426,638 | €462,939 | +€36,300 | +8.5% |
| Financial debts | 170/4 | €426,638 | €462,939 | +€36,300 | +8.5% |
| Amounts payable within one year | 42/48 | €595,976 | €802,767 | +€206,791 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €59,152 | €65,306 | +€6,155 | +10.4% |
| Financial debts | 43 | €221,955 | €207,595 | -€14,361 | -6.5% |
| Credit institutions | 430/8 | €221,955 | €207,595 | -€14,361 | -6.5% |
| Trade debts | 44 | €145,426 | €196,039 | +€50,613 | +34.8% |
| Suppliers | 440/4 | €145,426 | €196,039 | +€50,613 | +34.8% |
| Taxes, remuneration and social security | 45 | €2,150 | €106 | -€2,044 | -95.1% |
| Taxes | 450/3 | €2,150 | €106 | -€2,044 | -95.1% |
| Other amounts payable | 47/48 | €167,293 | €333,721 | +€166,428 | +99.5% |
| Accrued charges and deferred income | 492/3 | €4,696 | €33 | -€4,663 | -99.3% |
| Non-recurring operating income | 76A | €290,089 | - | -€290,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,350 | €141,651 | -€699 | -0.5% |
| Other operating charges | 640/8 | €12,471 | €4,151 | -€8,320 | -66.7% |
| Gross operating margin | 9900 | €628,935 | €271,869 | -€357,066 | -56.8% |
| Operating profit (loss) | 9901 | €474,115 | €126,068 | -€348,047 | -73.4% |
| Financial income | 75/76B | €327 | €993 | +€666 | +203.5% |
| Recurring financial income | 75 | €327 | €993 | +€666 | +203.5% |
| Financial charges | 65/66B | €58,344 | €63,777 | +€5,433 | +9.3% |
| Recurring financial charges | 65 | €58,344 | €63,777 | +€5,433 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €416,098 | €63,283 | -€352,814 | -84.8% |
| Transfer from deferred taxes | 780 | €410 | €3,049 | +€2,639 | +644.0% |
| Transfer to deferred taxes | 680 | €71,864 | - | -€71,864 | |
| Income taxes | 67/77 | €31,962 | €14,591 | -€17,371 | -54.3% |
| Profit (loss) for the period | 9904 | €312,682 | €51,741 | -€260,941 | -83.5% |
| Transfer from tax-exempt reserves | 789 | €1,229 | €9,146 | +€7,917 | +644.0% |
| Transfer to tax-exempt reserves | 689 | €215,591 | - | -€215,591 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,320 | €60,887 | -€37,433 | -38.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.