TWS Projects: 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 Projects
Largest movements
- Cash +€151,077
up €151,077 (+140.9%), from €107,196 to €258,273
mainly Depreciation (+€120,366) and Trade debts (+€73,604)
- Tangible fixed assets -€66,286
down €66,286 (-21.1%), from €313,724 to €247,438
of which Furniture and vehicles: -€64,501
- Trade debts +€73,604
up €73,604 (+64.2%), from €114,596 to €188,200
- Debts after one year -€69,091
down €69,091 (-41.7%), from €165,878 to €96,787
- Reserves +€55,461
up €55,461 (+56.8%), from €97,570 to €153,031
- Current portion of long-term debt +€13,427
up €13,427 (+17.3%), from €77,689 to €91,116
- Tax, wage and social debts +€8,340
up €8,340 (+64.3%), from €12,970 to €21,311
of which Taxes: +€8,630
- Gross operating margin +€27,816
up €27,816 (+13.3%), from €209,660 to €237,476
- Staff costs -€19,897
down €19,897 (-100.0%), from €19,904 to €8
- Taxes +€14,013
up €14,013 (+94.7%), from €14,801 to €28,815
- Financial charges +€8,131
up €8,131 (+63.0%), from €12,904 to €21,035
of which Non-recurring financial charges: +€5,071
- Depreciation -€5,723
down €5,723 (-4.5%), from €126,089 to €120,366
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 | €528,640 | €610,305 | +€81,665 | +15.4% |
| Fixed assets | 21/28 | €314,024 | €247,738 | -€66,286 | -21.1% |
| Tangible fixed assets | 22/27 | €313,724 | €247,438 | -€66,286 | -21.1% |
| Plant, machinery and equipment | 23 | €1,600 | €768 | -€832 | -52.0% |
| Furniture and vehicles | 24 | €307,047 | €242,547 | -€64,501 | -21.0% |
| Other tangible fixed assets | 26 | €5,077 | €4,123 | -€953 | -18.8% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €214,616 | €362,567 | +€147,951 | +68.9% |
| Amounts receivable within one year | 40/41 | €106,184 | €102,976 | -€3,208 | -3.0% |
| Trade receivables | 40 | €100,974 | €102,569 | +€1,595 | +1.6% |
| Other amounts receivable | 41 | €5,210 | €406 | -€4,803 | -92.2% |
| Cash at bank and in hand | 54/58 | €107,196 | €258,273 | +€151,077 | +140.9% |
| Deferred charges and accrued income | 490/1 | €1,237 | €1,319 | +€82 | +6.6% |
| Total equity and liabilities | 10/49 | €528,640 | €610,305 | +€81,665 | +15.4% |
| Equity | 10/15 | €98,570 | €154,031 | +€55,461 | +56.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €97,570 | €153,031 | +€55,461 | +56.8% |
| Distributable reserves | 133 | €97,570 | €153,031 | +€55,461 | +56.8% |
| Amounts payable | 17/49 | €430,070 | €456,275 | +€26,205 | +6.1% |
| Amounts payable after more than one year | 17 | €165,878 | €96,787 | -€69,091 | -41.7% |
| Financial debts | 170/4 | €165,878 | €96,787 | -€69,091 | -41.7% |
| Amounts payable within one year | 42/48 | €215,901 | €311,198 | +€95,296 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €77,689 | €91,116 | +€13,427 | +17.3% |
| Trade debts | 44 | €114,596 | €188,200 | +€73,604 | +64.2% |
| Suppliers | 440/4 | €114,596 | €188,200 | +€73,604 | +64.2% |
| Advances received on contracts in progress | 46 | €2,000 | €2,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,970 | €21,311 | +€8,340 | +64.3% |
| Taxes | 450/3 | €12,680 | €21,311 | +€8,630 | +68.1% |
| Remuneration and social security | 454/9 | €290 | - | -€290 | |
| Other amounts payable | 47/48 | €8,646 | €8,571 | -€75 | -0.9% |
| Accrued charges and deferred income | 492/3 | €48,291 | €48,291 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €19,904 | €8 | -€19,897 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,089 | €120,366 | -€5,723 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,330 | €10,246 | +€916 | +9.8% |
| Other operating charges | 640/8 | €3,634 | €2,723 | -€911 | -25.1% |
| Non-recurring operating charges | 66A | €3,743 | €2,666 | -€1,077 | -28.8% |
| Gross operating margin | 9900 | €209,660 | €237,476 | +€27,816 | +13.3% |
| Operating profit (loss) | 9901 | €46,960 | €101,468 | +€54,507 | +116.1% |
| Financial income | 75/76B | €6,297 | €3,843 | -€2,454 | -39.0% |
| Recurring financial income | 75 | €6,297 | €3,843 | -€2,454 | -39.0% |
| Financial charges | 65/66B | €12,904 | €21,035 | +€8,131 | +63.0% |
| Recurring financial charges | 65 | €9,807 | €12,868 | +€3,060 | +31.2% |
| Non-recurring financial charges | 66B | €3,097 | €8,168 | +€5,071 | +163.7% |
| Profit (loss) for the period before taxes | 9903 | €40,352 | €84,275 | +€43,923 | +108.8% |
| Income taxes | 67/77 | €14,801 | €28,815 | +€14,013 | +94.7% |
| Profit (loss) for the period | 9904 | €25,551 | €55,461 | +€29,909 | +117.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,551 | €55,461 | +€29,909 | +117.1% |
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.