TWO C: 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 C
Largest movements
- Cash +€1.8m
up €1.8m (+126.9%), from €1.4m to €3.2m
mainly Net result for the year (+€2.5m) and Current investments (+€85,180)
- Receivables within one year +€135,634
up €135,634 (+153.7%), from €88,254 to €223,888
of which Other amounts receivable: +€146,867
- Tangible fixed assets -€97,237
down €97,237 (-39.3%), from €247,501 to €150,264
- Current investments -€85,180
down €85,180 (-5.0%), from €1.7m to €1.6m
- Stocks and contracts -€60,409
down €60,409 (-23.1%), from €261,650 to €201,241
- Reserves +€2.0m
up €2.0m (+83.2%), from €2.4m to €4.4m
of which Distributable reserves: +€2.0m
- Advances received -€331,855
down €331,855 (-33.1%), from €1.0m to €671,223
- Gross operating margin +€2.7m
up €2.7m (+238.0%), from €1.1m to €3.9m
- Taxes +€845,940
up €845,940 (+271.8%), from €311,278 to €1.2m
- Write-downs +€43,114
up €43,114, from -€21,078 to €22,037
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 | €3,754,722 | €5,465,601 | +€1.7m | +45.6% |
| Fixed assets | 21/28 | €247,863 | €150,625 | -€97,237 | -39.2% |
| Tangible fixed assets | 22/27 | €247,501 | €150,264 | -€97,237 | -39.3% |
| Land and buildings | 22 | €33,466 | - | -€33,466 | |
| Plant, machinery and equipment | 23 | €41,339 | - | -€41,339 | |
| Furniture and vehicles | 24 | €83,406 | €62,182 | -€21,224 | -25.4% |
| Other tangible fixed assets | 26 | €89,291 | €88,082 | -€1,209 | -1.4% |
| Financial fixed assets | 28 | €362 | €362 | = | 0.0% |
| Current assets | 29/58 | €3,506,859 | €5,314,976 | +€1.8m | +51.6% |
| Stocks and contracts in progress | 3 | €261,650 | €201,241 | -€60,409 | -23.1% |
| Stocks | 30/36 | €261,650 | €201,241 | -€60,409 | -23.1% |
| Amounts receivable within one year | 40/41 | €88,254 | €223,888 | +€135,634 | +153.7% |
| Trade receivables | 40 | €75,883 | €64,650 | -€11,233 | -14.8% |
| Other amounts receivable | 41 | €12,372 | €159,238 | +€146,867 | +1187.1% |
| Current investments | 50/53 | €1,720,749 | €1,635,569 | -€85,180 | -5.0% |
| Cash at bank and in hand | 54/58 | €1,419,593 | €3,220,520 | +€1.8m | +126.9% |
| Deferred charges and accrued income | 490/1 | €16,613 | €33,758 | +€17,145 | +103.2% |
| Total equity and liabilities | 10/49 | €3,754,722 | €5,465,601 | +€1.7m | +45.6% |
| Equity | 10/15 | €2,484,911 | €4,501,463 | +€2.0m | +81.2% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €2,422,411 | €4,438,963 | +€2.0m | +83.2% |
| Non-distributable reserves | 130/1 | €44,326 | €44,326 | = | 0.0% |
| Legal reserve | 130 | €36,250 | €36,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,076 | €8,076 | = | 0.0% |
| Distributable reserves | 133 | €2,378,085 | €4,394,636 | +€2.0m | +84.8% |
| Amounts payable | 17/49 | €1,269,811 | €964,139 | -€305,672 | -24.1% |
| Amounts payable within one year | 42/48 | €1,268,940 | €963,818 | -€305,122 | -24.0% |
| Trade debts | 44 | €28,167 | €52,150 | +€23,983 | +85.1% |
| Suppliers | 440/4 | €28,167 | €52,150 | +€23,983 | +85.1% |
| Advances received on contracts in progress | 46 | €1,003,078 | €671,223 | -€331,855 | -33.1% |
| Taxes, remuneration and social security | 45 | €237,695 | €240,444 | +€2,749 | +1.2% |
| Taxes | 450/3 | €200,810 | €192,653 | -€8,158 | -4.1% |
| Remuneration and social security | 454/9 | €36,885 | €47,791 | +€10,907 | +29.6% |
| Accrued charges and deferred income | 492/3 | €871 | €321 | -€550 | -63.2% |
| Non-recurring operating income | 76A | - | €2,920,784 | +€2.9m | |
| Remuneration, social security and pensions | 62 | €271,139 | €297,106 | +€25,966 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,788 | €32,042 | -€4,746 | -12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,078 | €22,037 | +€43,114 | |
| Other operating charges | 640/8 | €26,138 | €16,894 | -€9,244 | -35.4% |
| Gross operating margin | 9900 | €1,141,843 | €3,859,181 | +€2.7m | +238.0% |
| Operating profit (loss) | 9901 | €828,856 | €3,491,103 | +€2.7m | +321.2% |
| Financial income | 75/76B | €121,763 | €137,763 | +€16,001 | +13.1% |
| Recurring financial income | 75 | €121,763 | €137,763 | +€16,001 | +13.1% |
| Financial charges | 65/66B | €8,303 | €97 | -€8,206 | -98.8% |
| Recurring financial charges | 65 | €8,303 | €97 | -€8,206 | -98.8% |
| Profit (loss) for the period before taxes | 9903 | €942,315 | €3,628,769 | +€2.7m | +285.1% |
| Income taxes | 67/77 | €311,278 | €1,157,218 | +€845,940 | +271.8% |
| Profit (loss) for the period | 9904 | €631,038 | €2,471,552 | +€1.8m | +291.7% |
| Profit (loss) for the period to be appropriated | 9905 | €631,038 | €2,471,552 | +€1.8m | +291.7% |
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 3 October 2026 via checked.be.