TWS: 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.
TWS
Largest movements
- Receivables within one year +€207,674
up €207,674 (+31.2%), from €665,720 to €873,394
of which Trade receivables: +€162,667
- Cash +€44,130
up €44,130 (+7.3%), from €605,084 to €649,213
mainly Net result for the year (+€339,057) and Depreciation (+€54,961)
- Tangible fixed assets -€27,003
down €27,003 (-18.9%), from €143,010 to €116,008
of which Furniture and vehicles: -€36,075
- Stocks and contracts +€23,360
up €23,360 (+10.2%), from €229,300 to €252,660
of which Stocks: +€13,247
- Reserves +€339,057
up €339,057 (+51.5%), from €658,545 to €997,602
of which Distributable reserves: +€339,057
- Trade debts -€62,633
down €62,633 (-30.3%), from €206,640 to €144,007
- Other debts -€45,000
down €45,000 (-8.7%), from €514,425 to €469,425
- Tax, wage and social debts +€37,180
up €37,180 (+35.8%), from €103,860 to €141,040
of which Taxes: +€31,744
- Gross operating margin +€208,026
up €208,026 (+26.4%), from €788,399 to €996,426
- Taxes +€40,006
up €40,006 (+50.3%), from €79,466 to €119,472
- Staff costs +€32,338
up €32,338 (+7.7%), from €422,279 to €454,617
- Write-downs +€28,237
up €28,237, from -€1,017 to €27,219
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 | €1,668,738 | €1,916,365 | +€247,627 | +14.8% |
| Fixed assets | 21/28 | €144,407 | €116,142 | -€28,264 | -19.6% |
| Intangible fixed assets | 21 | €1,396 | €135 | -€1,261 | -90.3% |
| Tangible fixed assets | 22/27 | €143,010 | €116,008 | -€27,003 | -18.9% |
| Plant, machinery and equipment | 23 | €21,155 | €32,001 | +€10,846 | +51.3% |
| Furniture and vehicles | 24 | €110,207 | €74,132 | -€36,075 | -32.7% |
| Other tangible fixed assets | 26 | €11,648 | €9,875 | -€1,774 | -15.2% |
| Current assets | 29/58 | €1,524,332 | €1,800,222 | +€275,891 | +18.1% |
| Stocks and contracts in progress | 3 | €229,300 | €252,660 | +€23,360 | +10.2% |
| Stocks | 30/36 | €139,715 | €152,962 | +€13,247 | +9.5% |
| Contracts in progress | 37 | €89,584 | €99,697 | +€10,113 | +11.3% |
| Amounts receivable within one year | 40/41 | €665,720 | €873,394 | +€207,674 | +31.2% |
| Trade receivables | 40 | €555,460 | €718,127 | +€162,667 | +29.3% |
| Other amounts receivable | 41 | €110,260 | €155,267 | +€45,007 | +40.8% |
| Cash at bank and in hand | 54/58 | €605,084 | €649,213 | +€44,130 | +7.3% |
| Deferred charges and accrued income | 490/1 | €24,228 | €24,955 | +€727 | +3.0% |
| Total equity and liabilities | 10/49 | €1,668,738 | €1,916,365 | +€247,627 | +14.8% |
| Equity | 10/15 | €664,745 | €1,003,802 | +€339,057 | +51.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €658,545 | €997,602 | +€339,057 | +51.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €658,545 | €997,602 | +€339,057 | +51.5% |
| Amounts payable | 17/49 | €1,003,993 | €912,563 | -€91,430 | -9.1% |
| Amounts payable after more than one year | 17 | €43,090 | €23,939 | -€19,152 | -44.4% |
| Financial debts | 170/4 | €43,090 | €23,939 | -€19,152 | -44.4% |
| Amounts payable within one year | 42/48 | €960,902 | €888,624 | -€72,278 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €20,978 | €19,152 | -€1,826 | -8.7% |
| Financial debts | 43 | €115,000 | €115,000 | = | 0.0% |
| Credit institutions | 430/8 | €115,000 | €115,000 | = | 0.0% |
| Trade debts | 44 | €206,640 | €144,007 | -€62,633 | -30.3% |
| Suppliers | 440/4 | €206,640 | €144,007 | -€62,633 | -30.3% |
| Taxes, remuneration and social security | 45 | €103,860 | €141,040 | +€37,180 | +35.8% |
| Taxes | 450/3 | €53,819 | €85,562 | +€31,744 | +59.0% |
| Remuneration and social security | 454/9 | €50,041 | €55,478 | +€5,436 | +10.9% |
| Other amounts payable | 47/48 | €514,425 | €469,425 | -€45,000 | -8.7% |
| Remuneration, social security and pensions | 62 | €422,279 | €454,617 | +€32,338 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,212 | €54,961 | -€1,251 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,017 | €27,219 | +€28,237 | |
| Other operating charges | 640/8 | €4,832 | €4,486 | -€346 | -7.2% |
| Gross operating margin | 9900 | €788,399 | €996,426 | +€208,026 | +26.4% |
| Operating profit (loss) | 9901 | €306,093 | €455,141 | +€149,048 | +48.7% |
| Financial income | 75/76B | €14,594 | €11,592 | -€3,003 | -20.6% |
| Recurring financial income | 75 | €14,594 | €11,592 | -€3,003 | -20.6% |
| Financial charges | 65/66B | €11,079 | €8,205 | -€2,874 | -25.9% |
| Recurring financial charges | 65 | €11,079 | €8,205 | -€2,874 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €309,609 | €458,528 | +€148,920 | +48.1% |
| Income taxes | 67/77 | €79,466 | €119,472 | +€40,006 | +50.3% |
| Profit (loss) for the period | 9904 | €230,143 | €339,057 | +€108,914 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €230,143 | €339,057 | +€108,914 | +47.3% |
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 11 October 2026 via checked.be.