TWIGA
ActiveSummary
TWIGA has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.94M and a net result of €737k. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 88% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79=
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €650k at 30 days acceptable
Liquidity ample (current ratio 7.73 against 9.4 in 2024; short-term debt: 2.9% and cash: 8.4% of total assets), and 14.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
85.8%
Return on assets
8%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €7.94M
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 d early
2024
27 d early
2023
23 d late
2022
19 d early
2021
11 d early
2020
60 d early
2019
39 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€7.94M▲ 7.6%
2024 · €7.38M
2018: €6.67Mlowest in 8 years
2019: €7.27M▲ +9.0% vs 2018
2020: €7.23M▼ -0.6% vs 2019
2021: €6.90M▼ -4.5% vs 2020
2022: €6.86M▼ -0.6% vs 2021
2023: €6.83M▼ -0.4% vs 2022
2024: €7.38M▲ +8.0% vs 2023
2025: €7.94M▲ +7.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€9.26M▲ 8.0%
2024 · €8.57M
2018: €7.54Mlowest in 8 years
2019: €8.30M▲ +10.1% vs 2018
2020: €8.18M▼ -1.5% vs 2019
2021: €7.92M▼ -3.1% vs 2020
2022: €7.88M▼ -0.5% vs 2021
2023: €7.79M▼ -1.1% vs 2022
2024: €8.57M▲ +10.0% vs 2023
2025: €9.26M▲ +8.0% vs 2024highest in 8 years
2018 → 2025
Net result
€737k▲ 7.6%
2024 · €685k
2018: €137klowest in 8 years
2019: €604k▲ +342% vs 2018
2020: €172k▼ -71.6% vs 2019
2021: €248k▲ +44.6% vs 2020
2022: €156k▼ -37.3% vs 2021
2023: €182k▲ +16.6% vs 2022
2024: €685k▲ +277% vs 2023
2025: €737k▲ +7.6% vs 2024highest in 8 years
2018 → 2025
Working capital
€1.78M▼ 38.7%
2024 · €2.91M
2018: €4.64M
2019: €5.63M▲ +21.3% vs 2018
2020: €5.65M▲ +0.4% vs 2019highest in 8 years
2021: €3.69M▼ -34.7% vs 2020
2022: €3.70M▲ +0.2% vs 2021
2023: €2.88M▼ -22.2% vs 2022
2024: €2.91M▲ +0.9% vs 2023
2025: €1.78M▼ -38.7% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€6.90M-€6.86M▼ 0.6%€6.83M▼ 0.4%€7.38M▲ 8.0%€7.94M▲ 7.6%
2021: €6.90M
2022: €6.86M▼ -0.6% vs 2021
2023: €6.83M▼ -0.4% vs 2022lowest in 5 years
2024: €7.38M▲ +8.0% vs 2023
2025: €7.94M▲ +7.6% vs 2024highest in 5 years
Operating result€393k-€243k▼ 38.3%€265k▲ 9.3%€860k▲ 224%€980k▲ 13.9%
2021: €393k
2022: €243k▼ -38.3% vs 2021lowest in 5 years
2023: €265k▲ +9.3% vs 2022
2024: €860k▲ +224% vs 2023
2025: €980k▲ +13.9% vs 2024highest in 5 years
Net result€248k-€156k▼ 37.3%€182k▲ 16.6%€685k▲ 277%€737k▲ 7.6%
2021: €248k
2022: €156k▼ -37.3% vs 2021lowest in 5 years
2023: €182k▲ +16.6% vs 2022
2024: €685k▲ +277% vs 2023
2025: €737k▲ +7.6% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 14% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.26M
Fixed assets
€7.21M ▲ 35.6%
Current assets
€2.05M ▼ 37.1%
Equity and liabilities €9.26M
Equity
€7.94M ▲ 7.6%
Provisions
€520k ▲ 64.9%
Debt
€793k ▼ 9.4%
Debt's share of the balance-sheet total falls from 10.2% to 8.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.14M▲
2024 · €1.00M
Cash flow
€893k▲
2024 · €829k
Current ratio
7.73▼
2024 · 9.40
Debt to equity
0.10▼
2024 · 0.12
ROE
9.3%=
2024 · 9.3%
ROA
8.0%▼
2024 · 8.0%
Interest coverage
34.78▲
2024 · 30.48
Debt ≤ 1 year
€265k▼
2024 · €346k
Debt > 1 year
€499k=
2024 · €499k
Income taxes
€58k▼
2024 · €82k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.57M€9.26M▲
Fixed assets21/28€5.32M€7.21M▲
Tangible fixed assets22/27€5.32M€7.21M▲
Land and buildings22€3.71M€4.83M▲
Plant, machinery and equipment23€184k€143k▼
Furniture and vehicles24€401€87▼
Assets under construction and advance payments27€1.42M€2.24M▲
Current assets29/58€3.25M€2.05M▼
Amounts receivable within one year40/41€834k€68k▼
Trade receivables40€0-
Other amounts receivable41€834k€68k▼
Current investments50/53€2.24M€1.20M▼
Cash at bank and in hand54/58€174k€776k▲
Deferred charges and accrued income490/1€4k€4k▲
Equity and liabilities
Total equity and liabilities10/49€8.57M€9.26M▲
Equity10/15€7.38M€7.94M▲
Contributions10/11€4.84M€4.84M=
Capital10€4.84M€4.84M=
Issued capital100€4.84M€4.84M=
Reserves13€2.54M€3.10M▲
Non-distributable reserves130/1€484k€484k=
Legal reserve130€484k€484k=
Tax-exempt reserves132€945k€1.56M▲
Distributable reserves133€1.11M€1.06M▼
Profit (loss) carried forward14€0€0=
Provisions and deferred taxes16€315k€520k▲
Deferred taxes168€315k€520k▲
Amounts payable17/49€876k€793k▼
Amounts payable after more than one year17€499k€499k=
Financial debts170/4€499k€499k=
Amounts payable within one year42/48€346k€265k▼
Trade debts44€61k€3k▼
Suppliers440/4€61k€3k▼
Taxes, remuneration and social security45€42k€32k▼
Taxes450/3€42k€32k▼
Other amounts payable47/48€243k€230k▼
Accrued charges and deferred income492/3€30k€29k▼
Income statement
Code20242025
Non-recurring operating income76A€704k€863k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€144k€156k▲
Other operating charges640/8€82k€181k▲
Gross operating margin9900€1.09M€1.32M▲
Operating profit (loss)9901€860k€980k▲
Financial income75/76B€109k€52k▼
Recurring financial income75€109k€52k▼
Financial charges65/66B€33k€33k▼
Recurring financial charges65€33k€33k▼
Profit (loss) for the period before taxes9903€937k€999k▲
Transfer from deferred taxes780€2k€6k▲
Transfer to deferred taxes680€171k€210k▲
Income taxes67/77€82k€58k▼
Profit (loss) for the period9904€685k€737k▲
Transfer from tax-exempt reserves789€6k€17k▲
Transfer to tax-exempt reserves689€514k€630k▲
Profit (loss) for the period to be appropriated9905€176k€124k▼
Appropriation of the result
Profit (loss) to be appropriated9906€176k€124k▼
Transfer from equity791/2€137k€173k▲
Transfer to equity691/2€176k€124k▼
To other reserves6921€176k€124k▼
Profit to be distributed694/7€137k€173k▲
Return on contributions (dividend)694€137k€173k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | €704k | €863k | ▲ 22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €140k | €143k | €142k | €144k | €156k | ▲ 8.6% |
| Other operating charges640/8 | €60k | €68k | €81k | €82k | €181k | ▲ 120% |
| Gross operating margin9900 | €594k | €454k | €489k | €1.09M | €1.32M | ▲ 21.2% |
| Operating profit (loss)9901 | €393k | €243k | €265k | €860k | €980k | ▲ 13.9% |
| Financial income75/76B | €26k | €26k | €45k | €109k | €52k | ▼ 52.5% |
| Recurring financial income75 | €26k | €26k | €45k | €109k | €52k | ▼ 52.5% |
| Financial charges65/66B | €54k | €41k | €44k | €33k | €33k | ▼ 0.8% |
| Recurring financial charges65 | €54k | €41k | €44k | €33k | €33k | ▼ 0.8% |
| Profit (loss) for the period before taxes9903 | €365k | €228k | €266k | €937k | €999k | ▲ 6.7% |
| Transfer from deferred taxes780 | - | - | €159 | €2k | €6k | ▲ 175% |
| Transfer to deferred taxes680 | - | - | - | €171k | €210k | ▲ 22.5% |
| Income taxes67/77 | €116k | €72k | €85k | €82k | €58k | ▼ 30.0% |
| Profit (loss) for the period9904 | €248k | €156k | €182k | €685k | €737k | ▲ 7.6% |
| Transfer from tax-exempt reserves789 | - | - | €476 | €6k | €17k | ▲ 175% |
| Transfer to tax-exempt reserves689 | - | - | - | €514k | €630k | ▲ 22.5% |
| Profit (loss) for the period to be appropriated9905 | €248k | €156k | €182k | €176k | €124k | ▼ 30.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.92M | €7.88M | €7.79M | €8.57M | €9.26M | ▲ 8.0% |
| Fixed assets21/28 | €3.89M | €3.84M | €4.64M | €5.32M | €7.21M | ▲ 35.6% |
| Tangible fixed assets22/27 | €3.89M | €3.84M | €4.64M | €5.32M | €7.21M | ▲ 35.6% |
| Land and buildings22 | €3.84M | €3.71M | €3.88M | €3.71M | €4.83M | ▲ 30.1% |
| Plant, machinery and equipment23 | €38k | €68k | €197k | €184k | €143k | ▼ 22.3% |
| Furniture and vehicles24 | €3k | €2k | €915 | €401 | €87 | ▼ 78.3% |
| Assets under construction and advance payments27 | €3k | €58k | €566k | €1.42M | €2.24M | ▲ 57.4% |
| Current assets29/58 | €4.04M | €4.05M | €3.15M | €3.25M | €2.05M | ▼ 37.1% |
| Amounts receivable within one year40/41 | €5k | €36k | €59k | €834k | €68k | ▼ 91.8% |
| Trade receivables40 | €1k | €0 | €636 | €0 | - | - |
| Other amounts receivable41 | €3k | €36k | €59k | €834k | €68k | ▼ 91.8% |
| Current investments50/53 | €1.87M | €1.87M | €2.87M | €2.24M | €1.20M | ▼ 46.5% |
| Cash at bank and in hand54/58 | €2.16M | €2.13M | €217k | €174k | €776k | ▲ 345% |
| Deferred charges and accrued income490/1 | €3k | €6k | €4k | €4k | €4k | ▲ 6.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.92M | €7.88M | €7.79M | €8.57M | €9.26M | ▲ 8.0% |
| Equity10/15 | €6.90M | €6.86M | €6.83M | €7.38M | €7.94M | ▲ 7.6% |
| Contributions10/11 | €4.84M | €4.84M | €4.84M | €4.84M | €4.84M | = |
| Capital10 | €4.84M | €4.84M | €4.84M | €4.84M | €4.84M | = |
| Issued capital100 | €4.84M | €4.84M | €4.84M | €4.84M | €4.84M | = |
| Reserves13 | €2.06M | €2.02M | €1.99M | €2.54M | €3.10M | ▲ 22.2% |
| Non-distributable reserves130/1 | €484k | €484k | €484k | €484k | €484k | = |
| Legal reserve130 | €484k | €484k | €484k | €484k | €484k | = |
| Tax-exempt reserves132 | €437k | €437k | €437k | €945k | €1.56M | ▲ 64.9% |
| Distributable reserves133 | €1.14M | €1.10M | €1.07M | €1.11M | €1.06M | ▼ 4.5% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €146k | €146k | €146k | €315k | €520k | ▲ 64.9% |
| Deferred taxes168 | €146k | €146k | €146k | €315k | €520k | ▲ 64.9% |
| Amounts payable17/49 | €878k | €876k | €816k | €876k | €793k | ▼ 9.4% |
| Amounts payable after more than one year17 | €499k | €499k | €499k | €499k | €499k | = |
| Financial debts170/4 | €499k | €499k | €499k | €499k | €499k | = |
| Amounts payable within one year42/48 | €344k | €345k | €274k | €346k | €265k | ▼ 23.5% |
| Trade debts44 | €5k | €627 | €10 | €61k | €3k | ▼ 95.1% |
| Suppliers440/4 | €5k | €627 | €10 | €61k | €3k | ▼ 95.1% |
| Taxes, remuneration and social security45 | €59k | €74k | €18k | €42k | €32k | ▼ 25.2% |
| Taxes450/3 | €59k | €74k | €18k | €42k | €32k | ▼ 25.2% |
| Other amounts payable47/48 | €280k | €270k | €255k | €243k | €230k | ▼ 5.3% |
| Accrued charges and deferred income492/3 | €34k | €33k | €43k | €30k | €29k | ▼ 1.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €248k | €156k | €182k | €685k | €737k | ▲ 7.6% |
| + Depreciation and write-downs630 | €140k | €143k | €142k | €144k | €156k | ▲ 8.6% |
| Operating cash flow (approximation) | €389k | €299k | €323k | €829k | €893k | ▲ 7.8% |
| Investment in fixed assets (approximation) | - | €-93k | €-946k | €-821k | €-2.05M | ▼ 150% |
| Change in cash | - | €-26k | €-1.91M | €-42k | €602k | ▲ 1,524% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €737k ▲7.6%
Operating result €980k, net result €737k, both a record.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
23-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 23 days late
2023
12-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
17-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
12 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 1989
Ground area
1,427 m²
Building footprint
1,427 m²
Volume, LiDAR
22,757 m³
Parcel 34353H0284/00L000, Flanders · tallest building 24.7 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
TWIGA NV
since 19892.042.361.724
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34353H0284/00L000 | Flanders | 1,427 m² | 1 · 1,427 m² | 24.7 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Legal Entity Identifier
6994000GB9QH6JKR5T38
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Of 3,761 companies in sector 68321 we hold annual accounts for 1,391. 322 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-01-1989
Fiscal year end31-12
Activities, NACEBEL 2025
68321Property management for co-owned buildings (syndics)
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.