TWINVEST: 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.
What changed
TWINVEST
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,817
2024 · €45,618-€40,801
Equity
€6.5m
2024 · €6.5m+€4,817
Cash
€237,776
2024 · €167,501+€70,275
Balance sheet total
€15.3m
2024 · €15.1m+€245,019
Largest movements
Assets
- Receivables after one year +€600,000
new in 2025: €600,000
- Tangible fixed assets -€588,080
down €588,080 (-7.7%), from €7.6m to €7.0m
of which Land and buildings: -€583,384
- Receivables within one year +€164,626
up €164,626 (+10.2%), from €1.6m to €1.8m
of which Other amounts receivable: +€171,835
Equity and liabilities
- Other debts -€1.7m
down €1.7m (-86.0%), from €2.0m to €274,125
- Debts after one year +€1.3m
up €1.3m (+22.2%), from €5.9m to €7.2m
of which Other amounts payable: +€1.9m
- Short-term financial debts +€600,000
up €600,000, from €0 to €600,000
Income statement
- Staff costs +€63,751
up €63,751 (+21.1%), from €301,808 to €365,559
- Financial charges -€16,087
down €16,087 (-10.2%), from €157,087 to €141,001
- Turnover +€13,088
up €13,088 (+1.1%), from €1.2m to €1.2m
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.
Result 2024
€45,618
Turnover
+€13,088
Other operating income
+€2,207
Services and other goods
+€9,996
Staff costs
-€63,751
Other operating charges
-€1,672
Other operating items
-€20,381
Financial income
-€8
Financial charges
+€16,087
Taxes
+€3,634
Result 2025
€4,817
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€1.9m
Investment
€0
Financing
+€1.9m
Cash 2024
€167,501
From operations (derived)
-€1.9m
Net result for the year
+€4,817
Depreciation
+€588,080
Receivables after one year
-€600,000
Receivables within one year
-€164,626
Smaller working-capital items
-€3,453
Trade debts
+€14,270
Other debts
-€1.7m
Financing
+€1.9m
Debts after one year
+€1.3m
Current portion of long-term debt
+€9,543
Short-term financial debts
+€600,000
Cash 2025
€237,776
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,076,046 | €15,321,064 | +€245,019 | +1.6% |
| Fixed assets | 21/28 | €13,273,875 | €12,685,795 | -€588,080 | -4.4% |
| Tangible fixed assets | 22/27 | €7,636,741 | €7,048,661 | -€588,080 | -7.7% |
| Land and buildings | 22 | €7,629,908 | €7,046,524 | -€583,384 | -7.6% |
| Furniture and vehicles | 24 | €6,833 | €2,137 | -€4,696 | -68.7% |
| Financial fixed assets | 28 | €5,637,134 | €5,637,134 | = | 0.0% |
| Affiliated companies | 280/1 | €5,637,134 | €5,637,134 | = | 0.0% |
| Participating interests | 280 | €5,637,134 | €5,637,134 | = | 0.0% |
| Current assets | 29/58 | €1,802,171 | €2,635,269 | +€833,098 | +46.2% |
| Amounts receivable after more than one year | 29 | - | €600,000 | +€600,000 | |
| Other amounts receivable | 291 | - | €600,000 | +€600,000 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,606,594 | €1,771,220 | +€164,626 | +10.2% |
| Trade receivables | 40 | €219,837 | €212,628 | -€7,209 | -3.3% |
| Other amounts receivable | 41 | €1,386,757 | €1,558,592 | +€171,835 | +12.4% |
| Cash at bank and in hand | 54/58 | €167,501 | €237,776 | +€70,275 | +42.0% |
| Deferred charges and accrued income | 490/1 | €28,076 | €26,273 | -€1,802 | -6.4% |
| Total equity and liabilities | 10/49 | €15,076,046 | €15,321,064 | +€245,019 | +1.6% |
| Equity | 10/15 | €6,478,167 | €6,482,984 | +€4,817 | +0.1% |
| Contributions | 10/11 | €1,586,694 | €1,586,694 | = | 0.0% |
| Capital | 10 | €1,541,280 | €1,541,280 | = | 0.0% |
| Issued capital | 100 | €1,541,280 | €1,541,280 | = | 0.0% |
| Contributions outside capital | 11 | €45,414 | €45,414 | = | 0.0% |
| Share premium | 1100/10 | €45,414 | €45,414 | = | 0.0% |
| Reserves | 13 | €154,128 | €154,128 | = | 0.0% |
| Non-distributable reserves | 130/1 | €154,128 | €154,128 | = | 0.0% |
| Legal reserve | 130 | €154,128 | €154,128 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,737,345 | €4,742,163 | +€4,817 | +0.1% |
| Amounts payable | 17/49 | €8,597,879 | €8,838,080 | +€240,201 | +2.8% |
| Amounts payable after more than one year | 17 | €5,902,094 | €7,214,247 | +€1.3m | +22.2% |
| Financial debts | 170/4 | €3,717,094 | €3,157,288 | -€559,806 | -15.1% |
| Credit institutions | 173 | €3,717,094 | €3,157,288 | -€559,806 | -15.1% |
| Other amounts payable | 178/9 | €2,185,000 | €4,056,958 | +€1.9m | +85.7% |
| Amounts payable within one year | 42/48 | €2,692,714 | €1,623,438 | -€1.1m | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €550,263 | €559,806 | +€9,543 | +1.7% |
| Financial debts | 43 | €0 | €600,000 | +€600,000 | |
| Credit institutions | 430/8 | €0 | €600,000 | +€600,000 | |
| Trade debts | 44 | €97,077 | €111,347 | +€14,270 | +14.7% |
| Suppliers | 440/4 | €97,077 | €111,347 | +€14,270 | +14.7% |
| Taxes, remuneration and social security | 45 | €80,741 | €78,160 | -€2,580 | -3.2% |
| Taxes | 450/3 | €24,037 | €7,129 | -€16,908 | -70.3% |
| Remuneration and social security | 454/9 | €56,704 | €71,031 | +€14,328 | +25.3% |
| Other amounts payable | 47/48 | €1,964,633 | €274,125 | -€1.7m | -86.0% |
| Accrued charges and deferred income | 492/3 | €3,071 | €395 | -€2,675 | -87.1% |
| Operating income | 70/76A | €1,267,115 | €1,262,030 | -€5,086 | -0.4% |
| Turnover | 70 | €1,235,548 | €1,248,636 | +€13,088 | +1.1% |
| Other operating income | 74 | €11,186 | €13,394 | +€2,207 | +19.7% |
| Non-recurring operating income | 76A | €20,381 | €0 | -€20,381 | -100% |
| Operating charges | 60/66A | €1,054,633 | €1,110,061 | +€55,428 | +5.3% |
| Services and other goods | 61 | €71,325 | €61,329 | -€9,996 | -14.0% |
| Remuneration, social security and pensions | 62 | €301,808 | €365,559 | +€63,751 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €588,080 | €588,080 | = | 0.0% |
| Other operating charges | 640/8 | €93,421 | €95,093 | +€1,672 | +1.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €212,482 | €151,969 | -€60,513 | -28.5% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100% |
| Other financial income | 752/9 | €8 | €0 | -€8 | -100% |
| Financial charges | 65/66B | €157,087 | €141,001 | -€16,087 | -10.2% |
| Recurring financial charges | 65 | €157,087 | €141,001 | -€16,087 | -10.2% |
| Debt charges | 650 | €153,695 | €139,948 | -€13,747 | -8.9% |
| Other financial charges | 652/9 | €3,392 | €1,053 | -€2,339 | -69.0% |
| Profit (loss) for the period before taxes | 9903 | €55,403 | €10,968 | -€44,434 | -80.2% |
| Income taxes | 67/77 | €9,784 | €6,151 | -€3,634 | -37.1% |
| Taxes | 670/3 | €9,784 | €6,151 | -€3,634 | -37.1% |
| Profit (loss) for the period | 9904 | €45,618 | €4,817 | -€40,801 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,618 | €4,817 | -€40,801 | -89.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.