TWO²: 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.
TWO²
Largest movements
- Cash -€44,893
down €44,893 (-52.2%), from €86,070 to €41,177
mainly Debts after one year (-€30,872) and Receivables within one year (-€25,680)
- Tangible fixed assets -€29,349
down €29,349 (-7.4%), from €396,577 to €367,228
of which Land and buildings: -€15,939
- Receivables within one year +€25,680
up €25,680 (+698.7%), from €3,676 to €29,355
of which Trade receivables: +€22,181
- Debts after one year -€30,872
down €30,872 (-22.0%), from €140,023 to €109,150
- Profit (loss) carried forward -€24,274
down €24,274 (-1183.9%), from -€2,050 to -€26,324
- Gross operating margin -€25,267
down €25,267 (-27.2%), from €92,731 to €67,464
- Staff costs +€5,824
up €5,824 (+19.5%), from €29,934 to €35,758
- Taxes -€3,433
down €3,433 (-82.0%), from €4,184 to €751
- Financial charges +€2,214
up €2,214 (+12.7%), from €17,485 to €19,699
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 | €509,916 | €455,477 | -€54,439 | -10.7% |
| Fixed assets | 21/28 | €406,049 | €375,999 | -€30,050 | -7.4% |
| Intangible fixed assets | 21 | €2,476 | €1,626 | -€850 | -34.3% |
| Tangible fixed assets | 22/27 | €396,577 | €367,228 | -€29,349 | -7.4% |
| Land and buildings | 22 | €360,825 | €344,886 | -€15,939 | -4.4% |
| Plant, machinery and equipment | 23 | €23,996 | €15,501 | -€8,495 | -35.4% |
| Furniture and vehicles | 24 | €11,756 | €6,841 | -€4,915 | -41.8% |
| Financial fixed assets | 28 | €6,997 | €7,145 | +€149 | +2.1% |
| Current assets | 29/58 | €103,867 | €79,478 | -€24,389 | -23.5% |
| Amounts receivable within one year | 40/41 | €3,676 | €29,355 | +€25,680 | +698.7% |
| Trade receivables | 40 | €0 | €22,181 | +€22,181 | |
| Other amounts receivable | 41 | €3,676 | €7,174 | +€3,499 | +95.2% |
| Current investments | 50/53 | €615 | €414 | -€201 | -32.7% |
| Cash at bank and in hand | 54/58 | €86,070 | €41,177 | -€44,893 | -52.2% |
| Deferred charges and accrued income | 490/1 | €13,507 | €8,531 | -€4,975 | -36.8% |
| Total equity and liabilities | 10/49 | €509,916 | €455,477 | -€54,439 | -10.7% |
| Equity | 10/15 | €154,206 | €129,932 | -€24,274 | -15.7% |
| Contributions | 10/11 | €66,200 | €66,200 | = | 0.0% |
| Reserves | 13 | €90,057 | €90,057 | = | 0.0% |
| Distributable reserves | 133 | €90,057 | €90,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,050 | -€26,324 | -€24,274 | -1183.9% |
| Amounts payable | 17/49 | €355,710 | €325,544 | -€30,165 | -8.5% |
| Amounts payable after more than one year | 17 | €140,023 | €109,150 | -€30,872 | -22.0% |
| Financial debts | 170/4 | €140,023 | €109,150 | -€30,872 | -22.0% |
| Amounts payable within one year | 42/48 | €207,954 | €206,197 | -€1,757 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €30,288 | €30,872 | +€585 | +1.9% |
| Trade debts | 44 | €5,932 | €5,584 | -€348 | -5.9% |
| Suppliers | 440/4 | €5,932 | €5,584 | -€348 | -5.9% |
| Taxes, remuneration and social security | 45 | €12,370 | €13,049 | +€679 | +5.5% |
| Taxes | 450/3 | €9,324 | €9,107 | -€217 | -2.3% |
| Remuneration and social security | 454/9 | €3,046 | €3,942 | +€896 | +29.4% |
| Other amounts payable | 47/48 | €159,365 | €156,692 | -€2,673 | -1.7% |
| Accrued charges and deferred income | 492/3 | €7,733 | €10,197 | +€2,464 | +31.9% |
| Remuneration, social security and pensions | 62 | €29,934 | €35,758 | +€5,824 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,560 | €30,199 | -€361 | -1.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €5,363 | €5,669 | +€306 | +5.7% |
| Non-recurring operating charges | 66A | €323 | €0 | -€323 | -100.0% |
| Gross operating margin | 9900 | €92,731 | €67,464 | -€25,267 | -27.2% |
| Operating profit (loss) | 9901 | €26,553 | -€4,161 | -€30,713 | |
| Financial income | 75/76B | €155 | €337 | +€182 | +117.7% |
| Recurring financial income | 75 | €155 | €337 | +€182 | +117.7% |
| Financial charges | 65/66B | €17,485 | €19,699 | +€2,214 | +12.7% |
| Recurring financial charges | 65 | €17,485 | €19,699 | +€2,214 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €9,222 | -€23,522 | -€32,745 | |
| Income taxes | 67/77 | €4,184 | €751 | -€3,433 | -82.0% |
| Profit (loss) for the period | 9904 | €5,038 | -€24,274 | -€29,312 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,038 | -€24,274 | -€29,312 |
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 1 October 2026 via checked.be.