TWV MGMT: what changed
Two fiscal 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.
TWV MGMT
Largest movements
- Financial fixed assets +€61,635
up €61,635 (+85.0%), from €72,548 to €134,183
- Cash +€12,786
up €12,786 (+205.5%), from €6,223 to €19,009
mainly Debts after one year (+€39,059) and Net result for the year (+€24,760)
- Receivables within one year -€3,221
down €3,221 (-100.0%), from €3,221 to €0
- Debts after one year +€39,059
up €39,059 (+84.0%), from €46,515 to €85,574
- Other debts +€20,755
up €20,755 (+178.7%), from €11,613 to €32,368
- Current portion of long-term debt +€8,477
up €8,477 (+89.1%), from €9,512 to €17,989
- Tax, wage and social debts +€3,470
up €3,470 (+192.3%), from €1,804 to €5,274
- Gross operating margin +€28,678
up €28,678 (+206.9%), from €13,860 to €42,538
- Taxes +€7,521
up €7,521 (+271.7%), from €2,768 to €10,290
- Financial charges +€430
up €430 (+7.4%), from €5,822 to €6,252
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 | €82,518 | €153,542 | +€71,024 | +86.1% |
| Fixed assets | 21/28 | €73,000 | €134,470 | +€61,470 | +84.2% |
| Tangible fixed assets | 22/27 | €452 | €287 | -€165 | -36.5% |
| Furniture and vehicles | 24 | €452 | €287 | -€165 | -36.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €72,548 | €134,183 | +€61,635 | +85.0% |
| Current assets | 29/58 | €9,517 | €19,072 | +€9,554 | +100.4% |
| Amounts receivable within one year | 40/41 | €3,221 | €0 | -€3,221 | -100.0% |
| Other amounts receivable | 41 | €3,221 | €0 | -€3,221 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,223 | €19,009 | +€12,786 | +205.5% |
| Deferred charges and accrued income | 490/1 | €73 | €62 | -€11 | -15.0% |
| Total equity and liabilities | 10/49 | €82,518 | €153,542 | +€71,024 | +86.1% |
| Equity | 10/15 | €11,918 | €11,918 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,918 | €8,918 | = | 0.0% |
| Distributable reserves | 133 | €8,918 | €8,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €70,600 | €141,624 | +€71,024 | +100.6% |
| Amounts payable after more than one year | 17 | €46,515 | €85,574 | +€39,059 | +84.0% |
| Financial debts | 170/4 | €46,515 | €85,574 | +€39,059 | +84.0% |
| Amounts payable within one year | 42/48 | €24,085 | €56,050 | +€31,965 | +132.7% |
| Current portion of amounts payable after more than one year | 42 | €9,512 | €17,989 | +€8,477 | +89.1% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,156 | €419 | -€737 | -63.8% |
| Suppliers | 440/4 | €1,156 | €419 | -€737 | -63.8% |
| Taxes, remuneration and social security | 45 | €1,804 | €5,274 | +€3,470 | +192.3% |
| Taxes | 450/3 | €1,804 | €5,274 | +€3,470 | +192.3% |
| Other amounts payable | 47/48 | €11,613 | €32,368 | +€20,755 | +178.7% |
| Non-recurring operating income | 76A | €2,045 | €0 | -€2,045 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165 | €165 | -€0 | 0.0% |
| Other operating charges | 640/8 | €815 | €1,071 | +€256 | +31.4% |
| Gross operating margin | 9900 | €13,860 | €42,538 | +€28,678 | +206.9% |
| Operating profit (loss) | 9901 | €12,879 | €41,302 | +€28,422 | +220.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €5,822 | €6,252 | +€430 | +7.4% |
| Recurring financial charges | 65 | €5,822 | €6,252 | +€430 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €7,057 | €35,050 | +€27,992 | +396.6% |
| Income taxes | 67/77 | €2,768 | €10,290 | +€7,521 | +271.7% |
| Profit (loss) for the period | 9904 | €4,289 | €24,760 | +€20,471 | +477.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,289 | €24,760 | +€20,471 | +477.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.