TWM: 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.
TWM
Largest movements
- Cash +€32,368
up €32,368 (+80.8%), from €40,045 to €72,413
mainly Net result for the year (+€30,837) and Other debts (+€14,349)
- Receivables within one year -€10,451
down €10,451 (-53.7%), from €19,477 to €9,026
of which Trade receivables: -€8,376
- Other debts +€14,349
up €14,349 (+3,066%), from €468 to €14,817
- Reserves +€6,217
up €6,217 (+11.6%), from €53,736 to €59,953
- Gross operating margin +€17,896
up €17,896 (+68.6%), from €26,072 to €43,968
- Taxes +€4,999
up €4,999 (+70.9%), from €7,055 to €12,054
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 | €63,593 | €85,244 | +€21,651 | +34.0% |
| Fixed assets | 21/28 | €837 | €561 | -€276 | -33.0% |
| Tangible fixed assets | 22/27 | €837 | €561 | -€276 | -33.0% |
| Plant, machinery and equipment | 23 | €837 | €561 | -€276 | -33.0% |
| Current assets | 29/58 | €62,756 | €84,683 | +€21,927 | +34.9% |
| Amounts receivable within one year | 40/41 | €19,477 | €9,026 | -€10,451 | -53.7% |
| Trade receivables | 40 | €15,953 | €7,577 | -€8,376 | -52.5% |
| Other amounts receivable | 41 | €3,524 | €1,449 | -€2,075 | -58.9% |
| Cash at bank and in hand | 54/58 | €40,045 | €72,413 | +€32,368 | +80.8% |
| Deferred charges and accrued income | 490/1 | €3,233 | €3,244 | +€11 | +0.3% |
| Total equity and liabilities | 10/49 | €63,593 | €85,244 | +€21,651 | +34.0% |
| Equity | 10/15 | €53,736 | €59,953 | +€6,217 | +11.6% |
| Reserves | 13 | €53,736 | €59,953 | +€6,217 | +11.6% |
| Distributable reserves | 133 | €53,736 | €59,953 | +€6,217 | +11.6% |
| Amounts payable | 17/49 | €9,857 | €25,291 | +€15,434 | +157% |
| Amounts payable within one year | 42/48 | €9,857 | €25,291 | +€15,434 | +157% |
| Trade debts | 44 | - | €515 | +€515 | |
| Suppliers | 440/4 | - | €515 | +€515 | |
| Taxes, remuneration and social security | 45 | €9,389 | €9,958 | +€570 | +6.1% |
| Taxes | 450/3 | €9,389 | €9,958 | +€570 | +6.1% |
| Other amounts payable | 47/48 | €468 | €14,817 | +€14,349 | +3,066% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357 | €276 | -€81 | -22.7% |
| Other operating charges | 640/8 | €873 | €887 | +€14 | +1.7% |
| Gross operating margin | 9900 | €26,072 | €43,968 | +€17,896 | +68.6% |
| Operating profit (loss) | 9901 | €24,843 | €42,805 | +€17,962 | +72.3% |
| Financial income | 75/76B | €64 | €131 | +€67 | +105% |
| Recurring financial income | 75 | €64 | €131 | +€67 | +105% |
| Financial charges | 65/66B | €84 | €45 | -€39 | -46.4% |
| Recurring financial charges | 65 | €84 | €45 | -€39 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €24,822 | €42,891 | +€18,068 | +72.8% |
| Income taxes | 67/77 | €7,055 | €12,054 | +€4,999 | +70.9% |
| Profit (loss) for the period | 9904 | €17,767 | €30,837 | +€13,070 | +73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,767 | €30,837 | +€13,070 | +73.6% |
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 13 October 2026 via checked.be.