TWRW: 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.
TWRW
Largest movements
- Receivables within one year +€9,158
up €9,158 (+70.5%), from €12,986 to €22,144
of which Trade receivables: +€8,387
- Tangible fixed assets -€6,492
down €6,492 (-74.6%), from €8,696 to €2,205
- Deferred charges and accrued income +€4,136
up €4,136 (+122.5%), from €3,376 to €7,512
- Cash +€3,721
up €3,721 (+4345.4%), from €86 to €3,807
mainly Net result for the year (+€9,674) and Investment in fixed assets (net) (+€3,994)
- Reserves +€9,674
up €9,674 (+104.4%), from €9,270 to €18,945
- Tax, wage and social debts +€1,120
up €1,120 (+42.0%), from €2,665 to €3,785
- Gross operating margin +€9,059
up €9,059 (+117.4%), from €7,716 to €16,774
- Taxes +€1,392
up €1,392 (+63.8%), from €2,180 to €3,572
- Other operating charges -€569
down €569 (-37.6%), from €1,513 to €944
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 | €25,144 | €35,668 | +€10,523 | +41.9% |
| Fixed assets | 21/28 | €8,696 | €2,205 | -€6,492 | -74.6% |
| Tangible fixed assets | 22/27 | €8,696 | €2,205 | -€6,492 | -74.6% |
| Furniture and vehicles | 24 | €8,696 | €2,205 | -€6,492 | -74.6% |
| Current assets | 29/58 | €16,448 | €33,463 | +€17,015 | +103.4% |
| Amounts receivable within one year | 40/41 | €12,986 | €22,144 | +€9,158 | +70.5% |
| Trade receivables | 40 | €2,420 | €10,807 | +€8,387 | +346.6% |
| Other amounts receivable | 41 | €10,566 | €11,337 | +€770 | +7.3% |
| Cash at bank and in hand | 54/58 | €86 | €3,807 | +€3,721 | +4345.4% |
| Deferred charges and accrued income | 490/1 | €3,376 | €7,512 | +€4,136 | +122.5% |
| Total equity and liabilities | 10/49 | €25,144 | €35,668 | +€10,523 | +41.9% |
| Equity | 10/15 | €21,670 | €31,345 | +€9,674 | +44.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €9,270 | €18,945 | +€9,674 | +104.4% |
| Distributable reserves | 133 | €9,270 | €18,945 | +€9,674 | +104.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,474 | €4,323 | +€849 | +24.4% |
| Amounts payable within one year | 42/48 | €3,474 | €4,323 | +€849 | +24.4% |
| Trade debts | 44 | €809 | €538 | -€271 | -33.5% |
| Suppliers | 440/4 | €809 | €538 | -€271 | -33.5% |
| Taxes, remuneration and social security | 45 | €2,665 | €3,785 | +€1,120 | +42.0% |
| Taxes | 450/3 | €2,665 | €3,785 | +€1,120 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €2,498 | +€133 | +5.6% |
| Other operating charges | 640/8 | €1,513 | €944 | -€569 | -37.6% |
| Gross operating margin | 9900 | €7,716 | €16,774 | +€9,059 | +117.4% |
| Operating profit (loss) | 9901 | €3,838 | €13,332 | +€9,495 | +247.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €97 | €86 | -€11 | -11.0% |
| Recurring financial charges | 65 | €97 | €86 | -€11 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €3,742 | €13,246 | +€9,505 | +254.0% |
| Income taxes | 67/77 | €2,180 | €3,572 | +€1,392 | +63.8% |
| Profit (loss) for the period | 9904 | €1,562 | €9,674 | +€8,113 | +519.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,562 | €9,674 | +€8,113 | +519.5% |
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 10 October 2026 via checked.be.