TWORX: 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.
TWORX
Largest movements
- Receivables after one year -€20,000
down €20,000 (-50.0%), from €40,000 to €20,000
- Cash -€16,769
down €16,769 (-5.7%), from €293,830 to €277,061
mainly Trade debts (-€79,726) and Investment in fixed assets (net) (-€40,304)
- Tangible fixed assets +€16,746
up €16,746 (+71.7%), from €23,365 to €40,111
of which Furniture and vehicles: +€15,166
- Receivables within one year +€7,881
up €7,881 (+3.9%), from €201,186 to €209,066
of which Other amounts receivable: +€15,000
- Reserves +€137,443
up €137,443 (+36.5%), from €376,672 to €514,115
of which Distributable reserves: +€137,443
- Trade debts -€79,726
down €79,726 (-96.7%), from €82,449 to €2,723
- Debts after one year -€24,720
down €24,720 (-46.3%), from €53,389 to €28,669
of which Financial debts: -€24,720
- Tax, wage and social debts -€20,857
down €20,857 (-38.8%), from €53,815 to €32,958
of which Taxes: -€25,353
- Other debts -€18,940
down €18,940 (-52.6%), from €36,032 to €17,091
- Write-downs -€124,478
no longer reported in 2025 (was €124,478)
- Gross operating margin -€43,875
down €43,875 (-11.5%), from €380,717 to €336,842
- Financial income +€9,539
up €9,539 (+2046.7%), from €466 to €10,005
- Taxes +€8,842
up €8,842 (+15.4%), from €57,593 to €66,435
- Staff costs +€4,688
up €4,688 (+10.0%), from €46,926 to €51,614
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 | €642,677 | €632,676 | -€10,001 | -1.6% |
| Fixed assets | 21/28 | €36,865 | €53,611 | +€16,746 | +45.4% |
| Tangible fixed assets | 22/27 | €23,365 | €40,111 | +€16,746 | +71.7% |
| Plant, machinery and equipment | 23 | - | €1,581 | +€1,581 | |
| Furniture and vehicles | 24 | €23,365 | €38,531 | +€15,166 | +64.9% |
| Financial fixed assets | 28 | €13,500 | €13,500 | = | 0.0% |
| Current assets | 29/58 | €605,812 | €579,065 | -€26,747 | -4.4% |
| Amounts receivable after more than one year | 29 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Other amounts receivable | 291 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Stocks and contracts in progress | 3 | €70,096 | €70,096 | = | 0.0% |
| Stocks | 30/36 | €70,096 | €70,096 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €201,186 | €209,066 | +€7,881 | +3.9% |
| Trade receivables | 40 | €137,686 | €130,566 | -€7,119 | -5.2% |
| Other amounts receivable | 41 | €63,500 | €78,500 | +€15,000 | +23.6% |
| Current investments | 50/53 | €700 | €700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €293,830 | €277,061 | -€16,769 | -5.7% |
| Deferred charges and accrued income | 490/1 | - | €2,141 | +€2,141 | |
| Total equity and liabilities | 10/49 | €642,677 | €632,676 | -€10,001 | -1.6% |
| Equity | 10/15 | €389,072 | €526,515 | +€137,443 | +35.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €376,672 | €514,115 | +€137,443 | +36.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €374,812 | €512,255 | +€137,443 | +36.7% |
| Amounts payable | 17/49 | €253,605 | €106,162 | -€147,444 | -58.1% |
| Amounts payable after more than one year | 17 | €53,389 | €28,669 | -€24,720 | -46.3% |
| Financial debts | 170/4 | €52,389 | €27,669 | -€24,720 | -47.2% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €196,453 | €77,493 | -€118,960 | -60.6% |
| Current portion of amounts payable after more than one year | 42 | €24,157 | €24,720 | +€563 | +2.3% |
| Trade debts | 44 | €82,449 | €2,723 | -€79,726 | -96.7% |
| Suppliers | 440/4 | €82,449 | €2,723 | -€79,726 | -96.7% |
| Taxes, remuneration and social security | 45 | €53,815 | €32,958 | -€20,857 | -38.8% |
| Taxes | 450/3 | €48,037 | €22,684 | -€25,353 | -52.8% |
| Remuneration and social security | 454/9 | €5,778 | €10,274 | +€4,496 | +77.8% |
| Other amounts payable | 47/48 | €36,032 | €17,091 | -€18,940 | -52.6% |
| Accrued charges and deferred income | 492/3 | €3,763 | - | -€3,763 | |
| Remuneration, social security and pensions | 62 | €46,926 | €51,614 | +€4,688 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,419 | €23,558 | +€1,139 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €124,478 | - | -€124,478 | |
| Other operating charges | 640/8 | €6,581 | €4,695 | -€1,886 | -28.7% |
| Non-recurring operating charges | 66A | - | €53,869 | +€53,869 | |
| Gross operating margin | 9900 | €380,717 | €336,842 | -€43,875 | -11.5% |
| Operating profit (loss) | 9901 | €180,314 | €203,107 | +€22,793 | +12.6% |
| Financial income | 75/76B | €466 | €10,005 | +€9,539 | +2046.7% |
| Recurring financial income | 75 | €466 | €10,005 | +€9,539 | +2046.7% |
| Financial charges | 65/66B | €4,618 | €9,234 | +€4,616 | +100.0% |
| Recurring financial charges | 65 | €4,618 | €9,234 | +€4,616 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | €176,162 | €203,878 | +€27,716 | +15.7% |
| Income taxes | 67/77 | €57,593 | €66,435 | +€8,842 | +15.4% |
| Profit (loss) for the period | 9904 | €118,569 | €137,443 | +€18,874 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,569 | €137,443 | +€18,874 | +15.9% |
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 9 October 2026 via checked.be.