TWINSTAR: what changed
TWINSTAR
Largest movements
- Tangible fixed assets -€642,414
down €642,414 (-28.1%), from €2.3m to €1.6m
of which Land and buildings: -€624,341
- Cash +€165,084
up €165,084 (+141%), from €117,474 to €282,559
mainly Investment in fixed assets (net) (+€405,277) and Depreciation (+€237,357)
- Receivables within one year -€45,651
down €45,651 (-34.0%), from €134,072 to €88,420
of which Trade receivables: -€58,509
- Debts after one year -€388,035
down €388,035 (-21.2%), from €1.8m to €1.4m
- Current portion of long-term debt -€320,000
down €320,000 (-70.4%), from €454,286 to €134,286
- Reserves +€150,000
up €150,000 (+39.3%), from €381,218 to €531,218
of which Distributable reserves: +€150,000
- Tax, wage and social debts +€33,708
up €33,708 (+87.9%), from €38,339 to €72,046
of which Taxes: +€26,081
- Gross operating margin +€256,840
up €256,840 (+94.8%), from €270,812 to €527,652
- Financial income -€46,988
down €46,988 (-99.9%), from €47,012 to €24
- Taxes +€46,236
new in 2026: €46,236
- Financial charges +€30,639
up €30,639 (+54.2%), from €56,538 to €87,177
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,157,168 | €2,634,623 | -€522,545 | -16.6% |
| Fixed assets | 21/28 | €2,830,298 | €2,187,664 | -€642,634 | -22.7% |
| Tangible fixed assets | 22/27 | €2,284,634 | €1,642,220 | -€642,414 | -28.1% |
| Land and buildings | 22 | €2,226,183 | €1,601,842 | -€624,341 | -28.0% |
| Plant, machinery and equipment | 23 | €2,453 | €796 | -€1,656 | -67.5% |
| Furniture and vehicles | 24 | €55,998 | €39,582 | -€16,417 | -29.3% |
| Financial fixed assets | 28 | €545,664 | €545,444 | -€220 | 0.0% |
| Current assets | 29/58 | €326,870 | €446,960 | +€120,089 | +36.7% |
| Stocks and contracts in progress | 3 | €71,165 | €71,165 | = | 0.0% |
| Stocks | 30/36 | €71,165 | €71,165 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €134,072 | €88,420 | -€45,651 | -34.0% |
| Trade receivables | 40 | €58,509 | - | -€58,509 | |
| Other amounts receivable | 41 | €75,563 | €88,420 | +€12,858 | +17.0% |
| Cash at bank and in hand | 54/58 | €117,474 | €282,559 | +€165,084 | +141% |
| Deferred charges and accrued income | 490/1 | €4,159 | €4,815 | +€656 | +15.8% |
| Total equity and liabilities | 10/49 | €3,157,168 | €2,634,623 | -€522,545 | -16.6% |
| Equity | 10/15 | €401,723 | €552,898 | +€151,175 | +37.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €381,218 | €531,218 | +€150,000 | +39.3% |
| Tax-exempt reserves | 132 | €718 | €718 | = | 0.0% |
| Distributable reserves | 133 | €380,500 | €530,500 | +€150,000 | +39.4% |
| Profit (loss) carried forward | 14 | €505 | €1,680 | +€1,175 | +233% |
| Amounts payable | 17/49 | €2,755,445 | €2,081,725 | -€673,720 | -24.5% |
| Amounts payable after more than one year | 17 | €1,827,976 | €1,439,940 | -€388,035 | -21.2% |
| Financial debts | 170/4 | €1,827,976 | €1,439,940 | -€388,035 | -21.2% |
| Amounts payable within one year | 42/48 | €927,469 | €641,785 | -€285,684 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €454,286 | €134,286 | -€320,000 | -70.4% |
| Trade debts | 44 | €49,775 | €41,433 | -€8,342 | -16.8% |
| Suppliers | 440/4 | €49,775 | €41,433 | -€8,342 | -16.8% |
| Taxes, remuneration and social security | 45 | €38,339 | €72,046 | +€33,708 | +87.9% |
| Taxes | 450/3 | €35,452 | €61,533 | +€26,081 | +73.6% |
| Remuneration and social security | 454/9 | €2,887 | €10,514 | +€7,627 | +264% |
| Other amounts payable | 47/48 | €385,070 | €394,020 | +€8,950 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,844 | €237,357 | +€3,513 | +1.5% |
| Other operating charges | 640/8 | €6,981 | €5,565 | -€1,416 | -20.3% |
| Non-recurring operating charges | 66A | - | €167 | +€167 | |
| Gross operating margin | 9900 | €270,812 | €527,652 | +€256,840 | +94.8% |
| Operating profit (loss) | 9901 | €29,986 | €284,564 | +€254,577 | +849% |
| Financial income | 75/76B | €47,012 | €24 | -€46,988 | -99.9% |
| Recurring financial income | 75 | €47,012 | €24 | -€46,988 | -99.9% |
| Financial charges | 65/66B | €56,538 | €87,177 | +€30,639 | +54.2% |
| Recurring financial charges | 65 | €56,538 | €87,177 | +€30,639 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €20,461 | €197,411 | +€176,950 | +865% |
| Income taxes | 67/77 | - | €46,236 | +€46,236 | |
| Profit (loss) for the period | 9904 | €20,461 | €151,175 | +€130,714 | +639% |
| Profit (loss) for the period to be appropriated | 9905 | €20,461 | €151,175 | +€130,714 | +639% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.