TWN: 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.
TWN
Largest movements
- Cash +€134,978
up €134,978 (+139.1%), from €97,020 to €231,998
mainly Other debts (+€224,922) and Net result for the year (+€98,962)
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Deferred charges and accrued income +€19,751
up €19,751 (+44.6%), from €44,273 to €64,024
- Tangible fixed assets -€8,067
down €8,067 (-59.5%), from €13,555 to €5,488
- Other debts +€224,922
up €224,922 (+102727.3%), from €219 to €225,140
- Reserves -€165,744
down €165,744 (-84.2%), from €196,955 to €31,211
- Tax, wage and social debts +€39,429
up €39,429 (+1302.8%), from €3,026 to €42,456
- Gross operating margin -€32,944
down €32,944 (-19.6%), from €167,767 to €134,823
- Taxes -€8,074
down €8,074 (-22.3%), from €36,276 to €28,202
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 | €204,848 | €301,808 | +€96,960 | +47.3% |
| Fixed assets | 21/28 | €13,555 | €5,488 | -€8,067 | -59.5% |
| Tangible fixed assets | 22/27 | €13,555 | €5,488 | -€8,067 | -59.5% |
| Furniture and vehicles | 24 | €13,555 | €5,488 | -€8,067 | -59.5% |
| Current assets | 29/58 | €191,293 | €296,319 | +€105,027 | +54.9% |
| Amounts receivable within one year | 40/41 | - | €298 | +€298 | |
| Other amounts receivable | 41 | - | €298 | +€298 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €97,020 | €231,998 | +€134,978 | +139.1% |
| Deferred charges and accrued income | 490/1 | €44,273 | €64,024 | +€19,751 | +44.6% |
| Total equity and liabilities | 10/49 | €204,848 | €301,808 | +€96,960 | +47.3% |
| Equity | 10/15 | €199,955 | €34,211 | -€165,744 | -82.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €196,955 | €31,211 | -€165,744 | -84.2% |
| Distributable reserves | 133 | €196,955 | €31,211 | -€165,744 | -84.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €4,892 | €267,596 | +€262,704 | +5369.6% |
| Amounts payable within one year | 42/48 | €3,417 | €267,596 | +€264,180 | +7732.4% |
| Trade debts | 44 | €171 | €0 | -€171 | -100.0% |
| Suppliers | 440/4 | €171 | €0 | -€171 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,026 | €42,456 | +€39,429 | +1302.8% |
| Taxes | 450/3 | €3,026 | €42,456 | +€39,429 | +1302.8% |
| Other amounts payable | 47/48 | €219 | €225,140 | +€224,922 | +102727.3% |
| Accrued charges and deferred income | 492/3 | €1,476 | €0 | -€1,476 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,067 | €8,067 | = | 0.0% |
| Other operating charges | 640/8 | €126 | €527 | +€402 | +319.3% |
| Gross operating margin | 9900 | €167,767 | €134,823 | -€32,944 | -19.6% |
| Operating profit (loss) | 9901 | €159,574 | €126,229 | -€33,345 | -20.9% |
| Financial income | 75/76B | - | €1,085 | +€1,085 | |
| Recurring financial income | 75 | - | €1,085 | +€1,085 | |
| Financial charges | 65/66B | €273 | €150 | -€123 | -45.0% |
| Recurring financial charges | 65 | €273 | €150 | -€123 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €159,302 | €127,164 | -€32,138 | -20.2% |
| Income taxes | 67/77 | €36,276 | €28,202 | -€8,074 | -22.3% |
| Profit (loss) for the period | 9904 | €123,025 | €98,962 | -€24,063 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €123,025 | €98,962 | -€24,063 | -19.6% |
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 30 September 2026 via checked.be.