TWO BOYS: 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.
TWO BOYS
Largest movements
- Tangible fixed assets +€529,961
up €529,961 (+75.1%), from €705,529 to €1.2m
of which Land and buildings: +€530,962
- Cash -€335,092
down €335,092 (-90.6%), from €369,911 to €34,819
mainly Investment in fixed assets (net) (-€562,500) and Receivables after one year (-€205,000)
- Receivables after one year +€205,000
new in 2025: €205,000
- Debts after one year +€415,533
up €415,533 (+102.2%), from €406,622 to €822,155
- Current portion of long-term debt +€52,984
up €52,984 (+3377.1%), from €1,569 to €54,553
- Tax, wage and social debts -€52,803
down €52,803 (-100.0%), from €52,803 to €0
of which Taxes: -€52,803
- Depreciation +€5,626
up €5,626 (+20.9%), from €26,913 to €32,539
- Financial charges +€4,676
up €4,676 (+74.7%), from €6,259 to €10,935
- Other operating charges -€3,890
down €3,890 (-62.7%), from €6,199 to €2,309
- Gross operating margin +€2,557
up €2,557 (+8.0%), from €31,790 to €34,346
- Financial income +€2,134
up €2,134 (+221.4%), from €964 to €3,097
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 | €1,076,747 | €1,479,090 | +€402,343 | +37.4% |
| Fixed assets | 21/28 | €705,729 | €1,235,689 | +€529,961 | +75.1% |
| Tangible fixed assets | 22/27 | €705,529 | €1,235,489 | +€529,961 | +75.1% |
| Land and buildings | 22 | €703,610 | €1,234,572 | +€530,962 | +75.5% |
| Furniture and vehicles | 24 | €1,919 | €918 | -€1,001 | -52.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €371,019 | €243,400 | -€127,618 | -34.4% |
| Amounts receivable after more than one year | 29 | - | €205,000 | +€205,000 | |
| Other amounts receivable | 291 | - | €205,000 | +€205,000 | |
| Amounts receivable within one year | 40/41 | €543 | €2,811 | +€2,268 | +417.8% |
| Other amounts receivable | 41 | €543 | €2,811 | +€2,268 | +417.8% |
| Cash at bank and in hand | 54/58 | €369,911 | €34,819 | -€335,092 | -90.6% |
| Deferred charges and accrued income | 490/1 | €564 | €771 | +€206 | +36.6% |
| Total equity and liabilities | 10/49 | €1,076,747 | €1,479,090 | +€402,343 | +37.4% |
| Equity | 10/15 | €609,714 | €601,467 | -€8,247 | -1.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €596,462 | €596,462 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €596,462 | €596,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,748 | -€14,995 | -€8,247 | -122.2% |
| Amounts payable | 17/49 | €467,033 | €877,623 | +€410,589 | +87.9% |
| Amounts payable after more than one year | 17 | €406,622 | €822,155 | +€415,533 | +102.2% |
| Financial debts | 170/4 | €406,622 | €822,155 | +€415,533 | +102.2% |
| Amounts payable within one year | 42/48 | €60,411 | €55,467 | -€4,943 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €1,569 | €54,553 | +€52,984 | +3377.1% |
| Trade debts | 44 | €5,124 | €0 | -€5,124 | -100.0% |
| Suppliers | 440/4 | €5,124 | €0 | -€5,124 | -100.0% |
| Taxes, remuneration and social security | 45 | €52,803 | €0 | -€52,803 | -100.0% |
| Taxes | 450/3 | €52,803 | €0 | -€52,803 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €915 | €915 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €131 | €0 | -€131 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,913 | €32,539 | +€5,626 | +20.9% |
| Other operating charges | 640/8 | €6,199 | €2,309 | -€3,890 | -62.7% |
| Gross operating margin | 9900 | €31,790 | €34,346 | +€2,557 | +8.0% |
| Operating profit (loss) | 9901 | -€1,453 | -€502 | +€951 | +65.4% |
| Financial income | 75/76B | €964 | €3,097 | +€2,134 | +221.4% |
| Recurring financial income | 75 | €964 | €3,097 | +€2,134 | +221.4% |
| Financial charges | 65/66B | €6,259 | €10,935 | +€4,676 | +74.7% |
| Recurring financial charges | 65 | €6,259 | €10,935 | +€4,676 | +74.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,748 | -€8,340 | -€1,592 | -23.6% |
| Income taxes | 67/77 | €0 | -€93 | -€93 | |
| Profit (loss) for the period | 9904 | -€6,748 | -€8,247 | -€1,499 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,748 | -€8,247 | -€1,499 | -22.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.