TWO BIRDS: 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.
TWO BIRDS
Largest movements
- Tangible fixed assets -€40,440
down €40,440 (-8.0%), from €502,612 to €462,173
- Cash +€32,074
up €32,074 (+82.6%), from €38,830 to €70,904
mainly Depreciation (+€40,440) and Net result for the year (+€18,418)
- Debts after one year -€35,630
down €35,630 (-6.1%), from €585,513 to €549,883
of which Financial debts: -€35,630
- Profit (loss) carried forward +€18,418
up €18,418 (+22.0%), from -€83,711 to -€65,294
- Other debts +€5,892
up €5,892 (+156.9%), from €3,755 to €9,647
- Gross operating margin +€20,619
up €20,619 (+40.7%), from €50,706 to €71,324
- Other operating charges +€2,279
up €2,279 (+421.6%), from €541 to €2,820
- Financial charges +€1,604
up €1,604 (+19.9%), from €8,044 to €9,648
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 | €541,725 | €533,547 | -€8,178 | -1.5% |
| Fixed assets | 21/28 | €502,612 | €462,173 | -€40,440 | -8.0% |
| Tangible fixed assets | 22/27 | €502,612 | €462,173 | -€40,440 | -8.0% |
| Land and buildings | 22 | €502,612 | €462,173 | -€40,440 | -8.0% |
| Current assets | 29/58 | €39,113 | €71,375 | +€32,262 | +82.5% |
| Amounts receivable within one year | 40/41 | €283 | €470 | +€187 | +66.3% |
| Other amounts receivable | 41 | €283 | €470 | +€187 | +66.3% |
| Cash at bank and in hand | 54/58 | €38,830 | €70,904 | +€32,074 | +82.6% |
| Total equity and liabilities | 10/49 | €541,725 | €533,547 | -€8,178 | -1.5% |
| Equity | 10/15 | -€77,511 | -€59,094 | +€18,418 | +23.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,711 | -€65,294 | +€18,418 | +22.0% |
| Amounts payable | 17/49 | €619,237 | €592,641 | -€26,596 | -4.3% |
| Amounts payable after more than one year | 17 | €585,513 | €549,883 | -€35,630 | -6.1% |
| Financial debts | 170/4 | €235,513 | €199,883 | -€35,630 | -15.1% |
| Other amounts payable | 178/9 | €350,000 | €350,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,724 | €42,758 | +€9,035 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €29,667 | €32,911 | +€3,245 | +10.9% |
| Trade debts | 44 | €302 | €200 | -€102 | -33.8% |
| Suppliers | 440/4 | €302 | €200 | -€102 | -33.8% |
| Taxes, remuneration and social security | 45 | - | €0 | +€0 | |
| Taxes | 450/3 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €3,755 | €9,647 | +€5,892 | +156.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,815 | €40,440 | +€625 | +1.6% |
| Other operating charges | 640/8 | €541 | €2,820 | +€2,279 | +421.6% |
| Gross operating margin | 9900 | €50,706 | €71,324 | +€20,619 | +40.7% |
| Operating profit (loss) | 9901 | €10,350 | €28,065 | +€17,715 | +171.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €8,044 | €9,648 | +€1,604 | +19.9% |
| Recurring financial charges | 65 | €8,044 | €9,648 | +€1,604 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €2,306 | €18,418 | +€16,112 | +698.8% |
| Profit (loss) for the period | 9904 | €2,306 | €18,418 | +€16,112 | +698.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,306 | €18,418 | +€16,112 | +698.8% |
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 9 October 2026 via checked.be.