TWO.P.MANAGEMENT: 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.P.MANAGEMENT
Largest movements
- Receivables within one year +€304,932
up €304,932 (+49.8%), from €611,996 to €916,928
of which Other amounts receivable: +€307,874
- Cash -€163,148
down €163,148 (-89.5%), from €182,275 to €19,127
mainly Receivables within one year (-€304,932) and Tax, wage and social debts (-€17,688)
- Reserves +€132,329
up €132,329 (+35.0%), from €378,449 to €510,778
of which Distributable reserves: +€132,329
- Tax, wage and social debts -€17,688
down €17,688 (-12.3%), from €144,260 to €126,572
of which Taxes: -€18,045
- Current portion of long-term debt +€11,785
new in 2025: €11,785
- Trade debts +€10,511
up €10,511 (+12,365%), from €85 to €10,596
- Financial income +€20,654
new in 2025: €20,654
- Gross operating margin -€13,101
down €13,101 (-4.7%), from €277,445 to €264,344
- Taxes -€4,417
down €4,417 (-6.2%), from €71,403 to €66,986
- Staff costs +€2,999
up €2,999 (+3.9%), from €77,069 to €80,069
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.
Derived cash bridge
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 | €802,612 | €939,875 | +€137,263 | +17.1% |
| Fixed assets | 21/28 | €8,300 | €3,737 | -€4,563 | -55.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €8,300 | €3,737 | -€4,563 | -55.0% |
| Current assets | 29/58 | €794,312 | €936,138 | +€141,827 | +17.9% |
| Amounts receivable within one year | 40/41 | €611,996 | €916,928 | +€304,932 | +49.8% |
| Trade receivables | 40 | €71,411 | €68,469 | -€2,942 | -4.1% |
| Other amounts receivable | 41 | €540,585 | €848,458 | +€307,874 | +57.0% |
| Cash at bank and in hand | 54/58 | €182,275 | €19,127 | -€163,148 | -89.5% |
| Deferred charges and accrued income | 490/1 | €41 | €84 | +€43 | +104% |
| Total equity and liabilities | 10/49 | €802,612 | €939,875 | +€137,263 | +17.1% |
| Equity | 10/15 | €658,267 | €790,596 | +€132,329 | +20.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €378,449 | €510,778 | +€132,329 | +35.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €372,249 | €504,578 | +€132,329 | +35.5% |
| Profit (loss) carried forward | 14 | €217,818 | €217,818 | = | 0.0% |
| Amounts payable | 17/49 | €144,345 | €149,279 | +€4,935 | +3.4% |
| Amounts payable within one year | 42/48 | €144,345 | €148,953 | +€4,609 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €11,785 | +€11,785 | |
| Trade debts | 44 | €85 | €10,596 | +€10,511 | +12,365% |
| Suppliers | 440/4 | €85 | €10,596 | +€10,511 | +12,365% |
| Taxes, remuneration and social security | 45 | €144,260 | €126,572 | -€17,688 | -12.3% |
| Taxes | 450/3 | €134,072 | €116,027 | -€18,045 | -13.5% |
| Remuneration and social security | 454/9 | €10,188 | €10,545 | +€357 | +3.5% |
| Accrued charges and deferred income | 492/3 | - | €326 | +€326 | |
| Non-recurring operating income | 76A | - | €9 | +€9 | |
| Remuneration, social security and pensions | 62 | €77,069 | €80,069 | +€2,999 | +3.9% |
| Other operating charges | 640/8 | €422 | €75 | -€347 | -82.2% |
| Non-recurring operating charges | 66A | - | €4,563 | +€4,563 | |
| Gross operating margin | 9900 | €277,445 | €264,344 | -€13,101 | -4.7% |
| Operating profit (loss) | 9901 | €199,953 | €179,637 | -€20,316 | -10.2% |
| Financial income | 75/76B | - | €20,654 | +€20,654 | |
| Recurring financial income | 75 | - | €20,654 | +€20,654 | |
| Financial charges | 65/66B | €421 | €976 | +€555 | +132% |
| Recurring financial charges | 65 | €421 | €976 | +€555 | +132% |
| Profit (loss) for the period before taxes | 9903 | €199,532 | €199,315 | -€217 | -0.1% |
| Income taxes | 67/77 | €71,403 | €66,986 | -€4,417 | -6.2% |
| Profit (loss) for the period | 9904 | €128,129 | €132,329 | +€4,200 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €128,129 | €132,329 | +€4,200 | +3.3% |
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 26 October 2026 via checked.be.