TWINVEST: what changed
TWINVEST
Largest movements
- Cash +€41,444
up €41,444 (+104%), from €40,022 to €81,466
mainly Net result for the year (+€37,337) and Depreciation (+€24,316)
- Tangible fixed assets -€22,473
down €22,473 (-8.6%), from €262,010 to €239,537
of which Land and buildings: -€21,442
- Receivables within one year -€5,161
down €5,161 (-21.5%), from €24,012 to €18,851
of which Other amounts receivable: -€8,204
- Reserves +€37,337
up €37,337 (+25.9%), from €144,382 to €181,719
of which Distributable reserves: +€37,337
- Other debts -€15,400
down €15,400 (-100%), from €15,400 to €0
- Debts after one year -€14,304
down €14,304 (-12.1%), from €117,824 to €103,520
- Tax, wage and social debts +€6,525
up €6,525 (+102%), from €6,374 to €12,898
- Accrued charges and deferred income -€5,166
down €5,166 (-72.6%), from €7,116 to €1,950
- Gross operating margin +€18,470
up €18,470 (+25.1%), from €73,659 to €92,129
- Taxes +€9,123
up €9,123 (+74.2%), from €12,297 to €21,421
- Depreciation +€6,798
up €6,798 (+38.8%), from €17,519 to €24,316
- Financial charges -€5,434
down €5,434 (-42.7%), from €12,738 to €7,304
- Other operating charges -€1,387
down €1,387 (-42.7%), from €3,251 to €1,864
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €330,424 | €345,671 | +€15,247 | +4.6% |
| Fixed assets | 21/28 | €262,010 | €239,537 | -€22,473 | -8.6% |
| Tangible fixed assets | 22/27 | €262,010 | €239,537 | -€22,473 | -8.6% |
| Land and buildings | 22 | €259,305 | €237,863 | -€21,442 | -8.3% |
| Plant, machinery and equipment | 23 | €1,725 | €988 | -€738 | -42.7% |
| Furniture and vehicles | 24 | €980 | €686 | -€294 | -30.0% |
| Current assets | 29/58 | €68,414 | €106,134 | +€37,720 | +55.1% |
| Amounts receivable within one year | 40/41 | €24,012 | €18,851 | -€5,161 | -21.5% |
| Trade receivables | 40 | €14,261 | €17,304 | +€3,043 | +21.3% |
| Other amounts receivable | 41 | €9,751 | €1,547 | -€8,204 | -84.1% |
| Cash at bank and in hand | 54/58 | €40,022 | €81,466 | +€41,444 | +104% |
| Deferred charges and accrued income | 490/1 | €4,381 | €5,817 | +€1,436 | +32.8% |
| Total equity and liabilities | 10/49 | €330,424 | €345,671 | +€15,247 | +4.6% |
| Equity | 10/15 | €165,723 | €203,060 | +€37,337 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,382 | €181,719 | +€37,337 | +25.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €144,382 | €181,719 | +€37,337 | +25.9% |
| Profit (loss) carried forward | 14 | €2,741 | €2,741 | = | 0.0% |
| Amounts payable | 17/49 | €164,702 | €142,611 | -€22,090 | -13.4% |
| Amounts payable after more than one year | 17 | €117,824 | €103,520 | -€14,304 | -12.1% |
| Financial debts | 170/4 | €117,824 | €103,520 | -€14,304 | -12.1% |
| Amounts payable within one year | 42/48 | €39,762 | €37,142 | -€2,620 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €13,573 | €14,304 | +€731 | +5.4% |
| Financial debts | 43 | - | €997 | +€997 | |
| Credit institutions | 430/8 | - | €997 | +€997 | |
| Trade debts | 44 | €4,415 | €8,942 | +€4,527 | +103% |
| Suppliers | 440/4 | €4,415 | €8,942 | +€4,527 | +103% |
| Taxes, remuneration and social security | 45 | €6,374 | €12,898 | +€6,525 | +102% |
| Taxes | 450/3 | €6,374 | €12,898 | +€6,525 | +102% |
| Other amounts payable | 47/48 | €15,400 | €0 | -€15,400 | -100% |
| Accrued charges and deferred income | 492/3 | €7,116 | €1,950 | -€5,166 | -72.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,519 | €24,316 | +€6,798 | +38.8% |
| Other operating charges | 640/8 | €3,251 | €1,864 | -€1,387 | -42.7% |
| Non-recurring operating charges | 66A | €7,000 | - | -€7,000 | |
| Gross operating margin | 9900 | €73,659 | €92,129 | +€18,470 | +25.1% |
| Operating profit (loss) | 9901 | €45,889 | €65,948 | +€20,060 | +43.7% |
| Financial income | 75/76B | €70 | €112 | +€42 | +60.2% |
| Recurring financial income | 75 | €70 | €112 | +€42 | +60.2% |
| Financial charges | 65/66B | €12,738 | €7,304 | -€5,434 | -42.7% |
| Recurring financial charges | 65 | €12,738 | €7,304 | -€5,434 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €33,221 | €58,757 | +€25,536 | +76.9% |
| Income taxes | 67/77 | €12,297 | €21,421 | +€9,123 | +74.2% |
| Profit (loss) for the period | 9904 | €20,924 | €37,337 | +€16,413 | +78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,924 | €37,337 | +€16,413 | +78.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.