TWO-ELEC: 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-ELEC
Largest movements
- Tangible fixed assets +€88,669
up €88,669 (+64.7%), from €137,058 to €225,727
of which Plant, machinery and equipment: +€49,563
- Receivables within one year +€61,300
up €61,300 (+33.7%), from €181,658 to €242,958
of which Trade receivables: +€80,484
- Cash -€40,134
down €40,134 (-68.4%), from €58,686 to €18,552
mainly Investment in fixed assets (net) (-€112,657) and Receivables within one year (-€61,300)
- Trade debts +€59,271
up €59,271 (+1419.1%), from €4,177 to €63,448
- Debts after one year +€40,199
up €40,199 (+40.0%), from €100,600 to €140,799
- Current portion of long-term debt +€15,833
up €15,833 (+229.6%), from €6,897 to €22,731
- Short-term financial debts -€10,000
down €10,000 (-9.1%), from €110,000 to €100,000
- Staff costs +€25,665
up €25,665 (+16.6%), from €154,935 to €180,600
- Gross operating margin +€15,707
up €15,707 (+7.4%), from €212,906 to €228,613
- Depreciation +€5,688
up €5,688 (+31.1%), from €18,300 to €23,988
- Taxes -€4,737
down €4,737 (-76.3%), from €6,205 to €1,468
- Other operating charges +€3,921
up €3,921 (+72.9%), from €5,375 to €9,296
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 | €433,483 | €547,910 | +€114,428 | +26.4% |
| Fixed assets | 21/28 | €144,772 | €233,441 | +€88,669 | +61.2% |
| Tangible fixed assets | 22/27 | €137,058 | €225,727 | +€88,669 | +64.7% |
| Land and buildings | 22 | €103,827 | €95,174 | -€8,652 | -8.3% |
| Plant, machinery and equipment | 23 | €30,887 | €80,451 | +€49,563 | +160.5% |
| Furniture and vehicles | 24 | €2,344 | €50,102 | +€47,758 | +2037.7% |
| Financial fixed assets | 28 | €7,714 | €7,714 | = | 0.0% |
| Current assets | 29/58 | €288,711 | €314,470 | +€25,759 | +8.9% |
| Stocks and contracts in progress | 3 | €48,367 | €52,960 | +€4,593 | +9.5% |
| Stocks | 30/36 | €48,367 | €52,960 | +€4,593 | +9.5% |
| Amounts receivable within one year | 40/41 | €181,658 | €242,958 | +€61,300 | +33.7% |
| Trade receivables | 40 | €149,611 | €230,095 | +€80,484 | +53.8% |
| Other amounts receivable | 41 | €32,046 | €12,863 | -€19,184 | -59.9% |
| Cash at bank and in hand | 54/58 | €58,686 | €18,552 | -€40,134 | -68.4% |
| Total equity and liabilities | 10/49 | €433,483 | €547,910 | +€114,428 | +26.4% |
| Equity | 10/15 | €174,417 | €178,581 | +€4,163 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,957 | €158,121 | +€4,163 | +2.7% |
| Amounts payable | 17/49 | €259,066 | €369,330 | +€110,264 | +42.6% |
| Amounts payable after more than one year | 17 | €100,600 | €140,799 | +€40,199 | +40.0% |
| Financial debts | 170/4 | €100,600 | €140,799 | +€40,199 | +40.0% |
| Amounts payable within one year | 42/48 | €158,466 | €228,530 | +€70,065 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €6,897 | €22,731 | +€15,833 | +229.6% |
| Financial debts | 43 | €110,000 | €100,000 | -€10,000 | -9.1% |
| Credit institutions | 430/8 | €110,000 | €100,000 | -€10,000 | -9.1% |
| Trade debts | 44 | €4,177 | €63,448 | +€59,271 | +1419.1% |
| Suppliers | 440/4 | €4,177 | €63,448 | +€59,271 | +1419.1% |
| Taxes, remuneration and social security | 45 | €20,267 | €21,927 | +€1,660 | +8.2% |
| Taxes | 450/3 | €64 | €2,983 | +€2,918 | +4529.4% |
| Remuneration and social security | 454/9 | €20,202 | €18,944 | -€1,258 | -6.2% |
| Other amounts payable | 47/48 | €17,125 | €20,425 | +€3,300 | +19.3% |
| Remuneration, social security and pensions | 62 | €154,935 | €180,600 | +€25,665 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,300 | €23,988 | +€5,688 | +31.1% |
| Other operating charges | 640/8 | €5,375 | €9,296 | +€3,921 | +72.9% |
| Gross operating margin | 9900 | €212,906 | €228,613 | +€15,707 | +7.4% |
| Operating profit (loss) | 9901 | €34,296 | €14,729 | -€19,567 | -57.1% |
| Financial income | 75/76B | €177 | €640 | +€463 | +262.1% |
| Recurring financial income | 75 | €177 | €640 | +€463 | +262.1% |
| Financial charges | 65/66B | €10,644 | €9,737 | -€907 | -8.5% |
| Recurring financial charges | 65 | €10,644 | €9,737 | -€907 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €23,829 | €5,632 | -€18,197 | -76.4% |
| Income taxes | 67/77 | €6,205 | €1,468 | -€4,737 | -76.3% |
| Profit (loss) for the period | 9904 | €17,624 | €4,163 | -€13,460 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,624 | €4,163 | -€13,460 | -76.4% |
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 6 October 2026 via checked.be.