TWIPE: 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.
TWIPE
Largest movements
- Financial fixed assets +€409,650
up €409,650 (+22.5%), from €1.8m to €2.2m
- Receivables after one year -€143,599
down €143,599 (-63.8%), from €225,161 to €81,561
- Current investments +€136,679
up €136,679 (+6.3%), from €2.2m to €2.3m
- Cash -€127,194
down €127,194 (-31.9%), from €398,164 to €270,970
mainly Investment in fixed assets (net) (-€409,650) and Current investments (-€136,679)
- Receivables within one year +€110,065
up €110,065 (+84.5%), from €130,242 to €240,306
of which Other amounts receivable: +€113,318
- Reserves +€432,048
up €432,048 (+9.0%), from €4.8m to €5.2m
- Financial income +€305,010
up €305,010 (+154.9%), from €196,871 to €501,882
of which Non-recurring financial income: +€154,459
- Gross operating margin +€45,649
up €45,649 (+83.7%), from -€54,547 to -€8,898
- Taxes +€30,688
up €30,688 (+245.2%), from €12,516 to €43,205
- Depreciation -€4,773
down €4,773 (-39.2%), from €12,164 to €7,391
- Other operating charges +€558
up €558 (+10.9%), from €5,094 to €5,651
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.
Cash bridge derived
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 | €4,958,876 | €5,339,722 | +€380,846 | +7.7% |
| Fixed assets | 21/28 | €2,017,054 | €2,419,313 | +€402,259 | +19.9% |
| Tangible fixed assets | 22/27 | €192,475 | €185,084 | -€7,391 | -3.8% |
| Land and buildings | 22 | €192,475 | €185,084 | -€7,391 | -3.8% |
| Financial fixed assets | 28 | €1,824,578 | €2,234,228 | +€409,650 | +22.5% |
| Current assets | 29/58 | €2,941,822 | €2,920,409 | -€21,413 | -0.7% |
| Amounts receivable after more than one year | 29 | €225,161 | €81,561 | -€143,599 | -63.8% |
| Other amounts receivable | 291 | €225,161 | €81,561 | -€143,599 | -63.8% |
| Amounts receivable within one year | 40/41 | €130,242 | €240,306 | +€110,065 | +84.5% |
| Trade receivables | 40 | €3,253 | €0 | -€3,253 | -100.0% |
| Other amounts receivable | 41 | €126,989 | €240,306 | +€113,318 | +89.2% |
| Current investments | 50/53 | €2,183,798 | €2,320,477 | +€136,679 | +6.3% |
| Cash at bank and in hand | 54/58 | €398,164 | €270,970 | -€127,194 | -31.9% |
| Deferred charges and accrued income | 490/1 | €4,458 | €7,095 | +€2,637 | +59.1% |
| Total equity and liabilities | 10/49 | €4,958,876 | €5,339,722 | +€380,846 | +7.7% |
| Equity | 10/15 | €4,809,084 | €5,241,132 | +€432,048 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,802,884 | €5,234,932 | +€432,048 | +9.0% |
| Distributable reserves | 133 | €4,802,884 | €5,234,932 | +€432,048 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €149,792 | €98,590 | -€51,202 | -34.2% |
| Amounts payable after more than one year | 17 | €69,553 | €53,374 | -€16,179 | -23.3% |
| Financial debts | 170/4 | €69,553 | €53,374 | -€16,179 | -23.3% |
| Amounts payable within one year | 42/48 | €80,111 | €44,153 | -€35,958 | -44.9% |
| Current portion of amounts payable after more than one year | 42 | €15,434 | €16,179 | +€745 | +4.8% |
| Trade debts | 44 | €27,545 | €2,032 | -€25,514 | -92.6% |
| Suppliers | 440/4 | €27,545 | €2,032 | -€25,514 | -92.6% |
| Taxes, remuneration and social security | 45 | €569 | €25,942 | +€25,372 | +4456.4% |
| Taxes | 450/3 | €569 | €25,942 | +€25,372 | +4456.4% |
| Other amounts payable | 47/48 | €36,562 | €0 | -€36,562 | -100.0% |
| Accrued charges and deferred income | 492/3 | €128 | €1,064 | +€936 | +729.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,164 | €7,391 | -€4,773 | -39.2% |
| Other operating charges | 640/8 | €5,094 | €5,651 | +€558 | +10.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€54,547 | -€8,898 | +€45,649 | +83.7% |
| Operating profit (loss) | 9901 | -€71,805 | -€21,940 | +€49,865 | +69.4% |
| Financial income | 75/76B | €196,871 | €501,882 | +€305,010 | +154.9% |
| Recurring financial income | 75 | €48,291 | €198,843 | +€150,552 | +311.8% |
| Non-recurring financial income | 76B | €148,581 | €303,039 | +€154,459 | +104.0% |
| Financial charges | 65/66B | €4,769 | €4,689 | -€79 | -1.7% |
| Recurring financial charges | 65 | €4,769 | €4,689 | -€79 | -1.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €120,298 | €475,253 | +€354,955 | +295.1% |
| Income taxes | 67/77 | €12,516 | €43,205 | +€30,688 | +245.2% |
| Profit (loss) for the period | 9904 | €107,781 | €432,048 | +€324,266 | +300.9% |
| Profit (loss) for the period to be appropriated | 9905 | €107,781 | €432,048 | +€324,266 | +300.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.