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.
TWINVEST
Largest movements
- Stocks and contracts +€957,460
up €957,460 (+81.2%), from €1.2m to €2.1m
of which Stocks: +€940,605
- Receivables within one year +€328,317
up €328,317 (+4,138%), from €7,934 to €336,251
of which Other amounts receivable: +€336,251
- Cash +€302,213
up €302,213 (+356%), from €84,780 to €386,993
mainly Debts after one year (+€1.6m) and Depreciation (+€30,200)
- Debts after one year +€1.6m
up €1.6m (+27.7%), from €5.7m to €7.2m
of which Financial debts: +€964,029
- Gross operating margin +€7,993
up €7,993 (+6.9%), from €115,388 to €123,381
- Depreciation +€5,290
up €5,290 (+21.2%), from €24,909 to €30,200
- Other operating charges +€1,297
up €1,297 (+48.1%), from €2,695 to €3,992
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,789,703 | €7,391,311 | +€1.6m | +27.7% |
| Fixed assets | 21/28 | €4,517,835 | €4,520,200 | +€2,366 | +0.1% |
| Tangible fixed assets | 22/27 | €4,517,835 | €4,520,200 | +€2,366 | +0.1% |
| Land and buildings | 22 | €4,508,057 | €4,490,365 | -€17,692 | -0.4% |
| Plant, machinery and equipment | 23 | €3,692 | €3,273 | -€420 | -11.4% |
| Furniture and vehicles | 24 | €5,645 | €26,232 | +€20,587 | +365% |
| Other tangible fixed assets | 26 | €441 | €331 | -€110 | -25.0% |
| Current assets | 29/58 | €1,271,868 | €2,871,111 | +€1.6m | +126% |
| Amounts receivable after more than one year | 29 | - | €3,655 | +€3,655 | |
| Other amounts receivable | 291 | - | €3,655 | +€3,655 | |
| Stocks and contracts in progress | 3 | €1,178,492 | €2,135,951 | +€957,460 | +81.2% |
| Stocks | 30/36 | €1,165,324 | €2,105,929 | +€940,605 | +80.7% |
| Contracts in progress | 37 | €13,168 | €30,022 | +€16,854 | +128% |
| Amounts receivable within one year | 40/41 | €7,934 | €336,251 | +€328,317 | +4,138% |
| Trade receivables | 40 | €7,934 | €0 | -€7,934 | -100% |
| Other amounts receivable | 41 | €0 | €336,251 | +€336,251 | |
| Cash at bank and in hand | 54/58 | €84,780 | €386,993 | +€302,213 | +356% |
| Deferred charges and accrued income | 490/1 | €662 | €8,260 | +€7,598 | +1,147% |
| Total equity and liabilities | 10/49 | €5,789,703 | €7,391,311 | +€1.6m | +27.7% |
| Equity | 10/15 | €112,368 | €115,538 | +€3,170 | +2.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,632 | -€184,462 | +€3,170 | +1.7% |
| Amounts payable | 17/49 | €5,677,335 | €7,275,773 | +€1.6m | +28.2% |
| Amounts payable after more than one year | 17 | €5,669,464 | €7,241,285 | +€1.6m | +27.7% |
| Financial debts | 170/4 | €3,600,000 | €4,564,029 | +€964,029 | +26.8% |
| Other amounts payable | 178/9 | €2,069,464 | €2,677,256 | +€607,792 | +29.4% |
| Amounts payable within one year | 42/48 | €7,861 | €34,488 | +€26,626 | +339% |
| Current portion of amounts payable after more than one year | 42 | - | €27,092 | +€27,092 | |
| Trade debts | 44 | €7,861 | €6,280 | -€1,580 | -20.1% |
| Suppliers | 440/4 | €7,861 | €6,280 | -€1,580 | -20.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1 | €1,116 | +€1,115 | +195,653% |
| Taxes | 450/3 | €1 | €1,116 | +€1,115 | +195,653% |
| Accrued charges and deferred income | 492/3 | €10 | €0 | -€10 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,909 | €30,200 | +€5,290 | +21.2% |
| Other operating charges | 640/8 | €2,695 | €3,992 | +€1,297 | +48.1% |
| Gross operating margin | 9900 | €115,388 | €123,381 | +€7,993 | +6.9% |
| Operating profit (loss) | 9901 | €87,783 | €89,189 | +€1,406 | +1.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €86,676 | €85,997 | -€679 | -0.8% |
| Recurring financial charges | 65 | €86,676 | €85,997 | -€679 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €1,108 | €3,192 | +€2,084 | +188% |
| Income taxes | 67/77 | - | €22 | +€22 | |
| Profit (loss) for the period | 9904 | €1,108 | €3,170 | +€2,063 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €1,108 | €3,170 | +€2,063 | +186% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.