TWOBROTHERS: 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.
TWOBROTHERS
Largest movements
- Cash -€51,722
down €51,722 (-31.2%), from €165,839 to €114,117
mainly Net result for the year (-€44,955) and Debts after one year (-€18,639)
- Tangible fixed assets -€28,673
down €28,673 (-35.2%), from €81,394 to €52,721
of which Plant, machinery and equipment: -€26,787
- Stocks and contracts +€15,693
up €15,693 (+95.9%), from €16,367 to €32,060
- Receivables within one year +€8,001
up €8,001 (+105%), from €7,620 to €15,621
of which Trade receivables: +€7,958
- Profit (loss) carried forward -€44,955
down €44,955 (-29.8%), from -€150,850 to -€195,805
- Debts after one year -€18,639
down €18,639 (-59.5%), from €31,344 to €12,704
- Trade debts +€10,655
up €10,655 (+116%), from €9,177 to €19,832
- Other debts -€6,729
down €6,729 (-20.7%), from €32,483 to €25,754
- Other operating charges -€2,810
down €2,810 (-60.9%), from €4,616 to €1,806
- Gross operating margin +€2,456
up €2,456 (+18.2%), from -€13,478 to -€11,022
- Financial charges -€769
down €769 (-33.3%), from €2,311 to €1,542
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 | €281,560 | €221,574 | -€59,986 | -21.3% |
| Fixed assets | 21/28 | €90,784 | €59,776 | -€31,007 | -34.2% |
| Intangible fixed assets | 21 | €6,548 | €4,824 | -€1,724 | -26.3% |
| Tangible fixed assets | 22/27 | €81,394 | €52,721 | -€28,673 | -35.2% |
| Plant, machinery and equipment | 23 | €77,426 | €50,639 | -€26,787 | -34.6% |
| Furniture and vehicles | 24 | €1,924 | €904 | -€1,020 | -53.0% |
| Other tangible fixed assets | 26 | €2,044 | €1,178 | -€866 | -42.4% |
| Financial fixed assets | 28 | €2,842 | €2,232 | -€610 | -21.5% |
| Current assets | 29/58 | €190,776 | €161,798 | -€28,978 | -15.2% |
| Stocks and contracts in progress | 3 | €16,367 | €32,060 | +€15,693 | +95.9% |
| Stocks | 30/36 | €16,367 | €32,060 | +€15,693 | +95.9% |
| Amounts receivable within one year | 40/41 | €7,620 | €15,621 | +€8,001 | +105% |
| Trade receivables | 40 | €5,473 | €13,431 | +€7,958 | +145% |
| Other amounts receivable | 41 | €2,147 | €2,190 | +€43 | +2.0% |
| Cash at bank and in hand | 54/58 | €165,839 | €114,117 | -€51,722 | -31.2% |
| Deferred charges and accrued income | 490/1 | €951 | - | -€951 | |
| Total equity and liabilities | 10/49 | €281,560 | €221,574 | -€59,986 | -21.3% |
| Equity | 10/15 | €187,495 | €141,361 | -€46,133 | -24.6% |
| Contributions | 10/11 | €56,200 | €56,200 | = | 0.0% |
| Reserves | 13 | €278,611 | €278,611 | = | 0.0% |
| Distributable reserves | 133 | €278,611 | €278,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,850 | -€195,805 | -€44,955 | -29.8% |
| Investment grants | 15 | €3,534 | €2,356 | -€1,178 | -33.3% |
| Amounts payable | 17/49 | €94,065 | €80,213 | -€13,852 | -14.7% |
| Amounts payable after more than one year | 17 | €31,344 | €12,704 | -€18,639 | -59.5% |
| Financial debts | 170/4 | €31,344 | €12,704 | -€18,639 | -59.5% |
| Amounts payable within one year | 42/48 | €61,156 | €65,241 | +€4,085 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €18,150 | €18,639 | +€489 | +2.7% |
| Trade debts | 44 | €9,177 | €19,832 | +€10,655 | +116% |
| Suppliers | 440/4 | €9,177 | €19,832 | +€10,655 | +116% |
| Taxes, remuneration and social security | 45 | €1,346 | €1,017 | -€330 | -24.5% |
| Taxes | 450/3 | €1,346 | €1,017 | -€330 | -24.5% |
| Other amounts payable | 47/48 | €32,483 | €25,754 | -€6,729 | -20.7% |
| Accrued charges and deferred income | 492/3 | €1,566 | €2,267 | +€701 | +44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,517 | €30,397 | -€120 | -0.4% |
| Other operating charges | 640/8 | €4,616 | €1,806 | -€2,810 | -60.9% |
| Gross operating margin | 9900 | -€13,478 | -€11,022 | +€2,456 | +18.2% |
| Operating profit (loss) | 9901 | -€48,611 | -€43,225 | +€5,386 | +11.1% |
| Financial income | 75/76B | €55 | €4 | -€51 | -92.5% |
| Recurring financial income | 75 | €55 | €4 | -€51 | -92.5% |
| Financial charges | 65/66B | €2,311 | €1,542 | -€769 | -33.3% |
| Recurring financial charges | 65 | €2,311 | €1,542 | -€769 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€50,867 | -€44,762 | +€6,105 | +12.0% |
| Income taxes | 67/77 | €292 | €193 | -€99 | -33.8% |
| Profit (loss) for the period | 9904 | -€51,159 | -€44,955 | +€6,204 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,159 | -€44,955 | +€6,204 | +12.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.