TWM Spirits: what changed
Two fiscal 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 Spirits
Largest movements
- Stocks and contracts +€57,696
up €57,696 (+21.7%), from €265,979 to €323,675
- Receivables within one year -€26,518
down €26,518 (-29.8%), from €89,059 to €62,541
of which Trade receivables: -€15,526
- Cash +€6,114
up €6,114 (+95.9%), from €6,376 to €12,490
mainly Receivables within one year (+€26,518) and Net result for the year (+€24,606)
- Reserves +€23,006
up €23,006 (+102.6%), from €22,429 to €45,435
- Tax, wage and social debts +€19,340
up €19,340 (+206.9%), from €9,349 to €28,689
- Other debts +€17,145
up €17,145 (+93.4%), from €18,364 to €35,509
- Accrued charges and deferred income -€15,376
down €15,376 (-81.1%), from €18,952 to €3,576
- Trade debts -€8,049
down €8,049 (-3.3%), from €241,504 to €233,456
- Other operating charges -€41,643
down €41,643 (-77.4%), from €53,776 to €12,134
- Gross operating margin -€37,927
down €37,927 (-40.5%), from €93,734 to €55,807
- Depreciation +€1,019
up €1,019 (+29.1%), from €3,501 to €4,520
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 | €370,599 | €406,665 | +€36,066 | +9.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,185 | €7,958 | -€1,227 | -13.4% |
| Tangible fixed assets | 22/27 | €9,185 | €7,958 | -€1,227 | -13.4% |
| Plant, machinery and equipment | 23 | - | €2,514 | +€2,514 | |
| Furniture and vehicles | 24 | €9,185 | €5,444 | -€3,741 | -40.7% |
| Current assets | 29/58 | €361,413 | €398,706 | +€37,293 | +10.3% |
| Stocks and contracts in progress | 3 | €265,979 | €323,675 | +€57,696 | +21.7% |
| Stocks | 30/36 | €265,979 | €323,675 | +€57,696 | +21.7% |
| Amounts receivable within one year | 40/41 | €89,059 | €62,541 | -€26,518 | -29.8% |
| Trade receivables | 40 | €78,067 | €62,541 | -€15,526 | -19.9% |
| Other amounts receivable | 41 | €10,992 | - | -€10,992 | |
| Cash at bank and in hand | 54/58 | €6,376 | €12,490 | +€6,114 | +95.9% |
| Total equity and liabilities | 10/49 | €370,599 | €406,665 | +€36,066 | +9.7% |
| Equity | 10/15 | €32,429 | €55,435 | +€23,006 | +70.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €22,429 | €45,435 | +€23,006 | +102.6% |
| Distributable reserves | 133 | €22,429 | €45,435 | +€23,006 | +102.6% |
| Amounts payable | 17/49 | €338,169 | €351,229 | +€13,060 | +3.9% |
| Amounts payable within one year | 42/48 | €319,218 | €347,654 | +€28,436 | +8.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €241,504 | €233,456 | -€8,049 | -3.3% |
| Suppliers | 440/4 | €241,504 | €233,456 | -€8,049 | -3.3% |
| Taxes, remuneration and social security | 45 | €9,349 | €28,689 | +€19,340 | +206.9% |
| Taxes | 450/3 | €9,349 | €28,689 | +€19,340 | +206.9% |
| Other amounts payable | 47/48 | €18,364 | €35,509 | +€17,145 | +93.4% |
| Accrued charges and deferred income | 492/3 | €18,952 | €3,576 | -€15,376 | -81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,501 | €4,520 | +€1,019 | +29.1% |
| Other operating charges | 640/8 | €53,776 | €12,134 | -€41,643 | -77.4% |
| Gross operating margin | 9900 | €93,734 | €55,807 | -€37,927 | -40.5% |
| Operating profit (loss) | 9901 | €36,457 | €39,153 | +€2,696 | +7.4% |
| Financial income | 75/76B | €160 | €22 | -€138 | -86.0% |
| Recurring financial income | 75 | €160 | €22 | -€138 | -86.0% |
| Financial charges | 65/66B | €4,894 | €5,597 | +€704 | +14.4% |
| Recurring financial charges | 65 | €4,894 | €5,597 | +€704 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €31,724 | €33,578 | +€1,854 | +5.8% |
| Income taxes | 67/77 | €8,299 | €8,972 | +€673 | +8.1% |
| Profit (loss) for the period | 9904 | €23,425 | €24,606 | +€1,181 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,425 | €24,606 | +€1,181 | +5.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.