Timber
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-04-2026 PDF all 20 filings
Turnover
≈ €1.1m
Estimated: probably between €1.1m and €1.3m
EBIT margin
Not included in this filing
Net result
€42,737▲ 20.6%
2024 · €35,442
Working capital
€566,175▼ 7.1%
2024 · €609,244
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€40,736
▲ 22.5%
2025
20182025
Net result
€42,737
▲ 20.6%
2025
middle half of the sector
20182025
Equity
€759,054
▲ 6.0%
2025
middle half of the sector
20182025
Total assets
€871,016
▲ 3.2%
2025
middle half of the sector
20182025
Debt
€111,963
▼ 12.4%
2025
20182025
Working capital
€566,175
▼ 7.1%
2025
middle half of the sector
20182025
Solvency
87.1%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Current ratio
6.08
▲ 0.28
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.9%
▲ 0.7pp
2025
middle half of the sector
20182025
Staff (FTE)
12.2
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,686-€35,853▲ 34.3%€32,999▼ 8.0%€27,653▼ 16.2%€18,765▼ 32.1%€39,563▲ 111%€33,255▼ 15.9%€40,736▲ 22.5%
Net result€28,244-€37,481▲ 32.7%€32,892within the sector's middle half▼ 12.2%€27,493within the sector's middle half▼ 16.4%€18,494within the sector's middle half▼ 32.7%€40,333above the sector's middle half▲ 118%€35,442within the sector's middle half▼ 12.1%€42,737within the sector's middle half▲ 20.6%
Equity€524,184-€561,664▲ 7.2%€594,556within the sector's middle half▲ 5.9%€622,049within the sector's middle half▲ 4.6%€640,543within the sector's middle half▲ 3.0%€680,875within the sector's middle half▲ 6.3%€716,317within the sector's middle half▲ 5.2%€759,054within the sector's middle half▲ 6.0%
Total assets€618,148-€659,295▲ 6.7%€698,453within the sector's middle half▲ 5.9%€715,746within the sector's middle half▲ 2.5%€739,641within the sector's middle half▲ 3.3%€785,252within the sector's middle half▲ 6.2%€844,101within the sector's middle half▲ 7.5%€871,016within the sector's middle half▲ 3.2%
Debt€93,964-€97,631▲ 3.9%€103,897▲ 6.4%€93,697▼ 9.8%€99,098▲ 5.8%€104,377▲ 5.3%€127,784▲ 22.4%€111,963▼ 12.4%
Working capital€470,836-€496,375▲ 5.4%€524,502above the sector's middle half▲ 5.7%€565,876above the sector's middle half▲ 7.9%€607,060above the sector's middle half▲ 7.3%€653,790above the sector's middle half▲ 7.7%€609,244above the sector's middle half▼ 6.8%€566,175within the sector's middle half▼ 7.1%
Solvency84.8%-85.2%▲ 0.4pp85.1%above the sector's middle half▼ 0.1pp86.9%above the sector's middle half▲ 1.8pp86.6%above the sector's middle half▼ 0.3pp86.7%above the sector's middle half▲ 0.1pp84.9%above the sector's middle half▼ 1.8pp87.1%above the sector's middle half▲ 2.3pp
Current ratio6.01-6.08▲ 0.076.05above the sector's middle half▼ 0.047.06above the sector's middle half▲ 1.017.39above the sector's middle half▲ 0.337.28above the sector's middle half▼ 0.115.80above the sector's middle half▼ 1.486.08above the sector's middle half▲ 0.28
Return on assets (ROA)4.6%-5.7%▲ 1.1pp4.7%within the sector's middle half▼ 1.0pp3.8%within the sector's middle half▼ 0.9pp2.5%within the sector's middle half▼ 1.3pp5.1%within the sector's middle half▲ 2.6pp4.2%within the sector's middle half▼ 0.9pp4.9%within the sector's middle half▲ 0.7pp
Staff (FTE)11.8-11▼ 6.8%11within the sector's middle half=11.2within the sector's middle half▲ 1.8%11.6within the sector's middle half▲ 3.6%12within the sector's middle half▲ 3.4%12.2within the sector's middle half▲ 1.7%12.2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 22% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €871,016
Fixed assets
€193,436 ▲ 79.2%
Current assets
€677,580 ▼ 8.0%
Equity and liabilities €871,016
Equity
€759,054 ▲ 6.0%
Debt
€111,963 ▼ 12.4%
Debt's share of the balance-sheet total falls from 15.1% to 12.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€70,799▲
2024 · €48,192
Cash flow
€72,800▲
2024 · €50,379
Debt to equity
0.15▼
2024 · 0.18
ROE
5.6%▲
2024 · 4.9%
Interest coverage
over 100▲
2024 · 72.83
Debt ≤ 1 year
€111,406▼
2024 · €126,933
Staff costs
€897,815▼
2024 · €903,784
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 14 | 16 | 16 | 17 |
| full-time | 8 | 8 | 9 | 8 | 7 |
| part-time | 5 | 6 | 7 | 8 | 10 |
| in full-time equivalents | 10.2 | 11.3 | 13.1 | 11.9 | 11.8 |
| Average over the year, in full-time equivalents | 11.2 | 11.6 | 12 | 12.2 | 12.2 |
| On a permanent contract | 12 | 12 | 14 | 14 | 15 |
| Joined | 4 | 11 | 9 | 4 | 8 |
| Left | 4 | 10 | 7 | 4 | 6 |
| Training hours | 296 | 380 | 459 | 154 | 495 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,644 | - | €3,787 | €95,504 | €117,642 |
| Depreciation and write-downs of the year | €18,201 | €18,897 | €14,030 | €14,937 | €30,063 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €690,175 | €755,276 | €839,000 | €903,784 | €897,815 | ▼ 0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,680 | €13,835 | €15,902 | €18,201 | €18,897 | €14,030 | €14,937 | €30,063 | ▲ 101% |
| Other operating charges640/8 | - | - | - | €138 | €574 | €277 | €854 | €674 | ▼ 21.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €2,107 | - |
| Gross operating margin9900 | €663,444 | €706,736 | €685,385 | €736,167 | €793,513 | €892,870 | €952,831 | €971,396 | ▲ 1.9% |
| Operating profit (loss)9901 | €26,686 | €35,853 | €32,999 | €27,653 | €18,765 | €39,563 | €33,255 | €40,736 | ▲ 22.5% |
| Financial income75/76B | - | - | - | €0 | €2 | €924 | €2,848 | €2,247 | ▼ 21.1% |
| Recurring financial income75 | €11 | €1 | - | €0 | €2 | €924 | €2,848 | €2,247 | ▼ 21.1% |
| Financial charges65/66B | - | - | - | €160 | €274 | €153 | €662 | €246 | ▼ 62.8% |
| Recurring financial charges65 | €166 | €385 | €107 | €160 | €274 | €153 | €662 | €246 | ▼ 62.8% |
| Profit (loss) for the period before taxes9903 | €26,532 | €35,469 | €32,892 | €27,493 | €18,494 | €40,333 | €35,442 | €42,737 | ▲ 20.6% |
| Profit (loss) for the period9904 | €28,244 | €37,481 | €32,892 | €27,493 | €18,494 | €40,333 | €35,442 | €42,737 | ▲ 20.6% |
| Profit (loss) for the period to be appropriated9905 | €28,244 | €37,481 | €32,892 | €27,493 | €18,494 | €40,333 | €35,442 | €42,737 | ▲ 20.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €618,148 | €659,295 | €698,453 | €715,746 | €739,641 | €785,252 | €844,101 | €871,016 | ▲ 3.2% |
| Fixed assets21/28 | €53,347 | €65,289 | €70,054 | €56,497 | €37,600 | €27,357 | €107,924 | €193,436 | ▲ 79.2% |
| Tangible fixed assets22/27 | €52,834 | €64,776 | €69,540 | €55,984 | €37,086 | €26,844 | €107,410 | €192,922 | ▲ 79.6% |
| Land and buildings22 | - | - | - | €4,412 | €3,483 | €2,554 | €27,983 | €24,297 | ▼ 13.2% |
| Plant, machinery and equipment23 | - | - | - | €21,738 | €18,115 | €14,492 | €10,869 | €29,578 | ▲ 172% |
| Furniture and vehicles24 | - | - | - | €29,834 | €15,489 | €6,200 | €65,339 | €136,207 | ▲ 108% |
| Other tangible fixed assets26 | - | - | - | - | - | €3,598 | €3,219 | €2,840 | ▼ 11.8% |
| Financial fixed assets28 | €514 | €514 | €514 | €514 | €514 | €514 | €514 | €514 | = |
| Current assets29/58 | €564,801 | €594,006 | €628,399 | €659,249 | €702,041 | €757,895 | €736,177 | €677,580 | ▼ 8.0% |
| Amounts receivable after more than one year29 | - | - | - | €60,000 | €45,000 | €30,000 | €15,000 | - | - |
| Other amounts receivable291 | - | - | - | €60,000 | €45,000 | €30,000 | €15,000 | - | - |
| Amounts receivable within one year40/41 | €281,584 | €253,515 | €326,287 | €351,426 | €254,409 | €258,871 | €298,882 | €257,668 | ▼ 13.8% |
| Trade receivables40 | - | - | - | €141,494 | €60,774 | €53,874 | €58,562 | €56,724 | ▼ 3.1% |
| Other amounts receivable41 | - | - | - | €209,932 | €193,635 | €204,997 | €240,320 | €200,944 | ▼ 16.4% |
| Cash at bank and in hand54/58 | €176,371 | €248,345 | €226,905 | €243,043 | €398,789 | €440,506 | €406,134 | €418,141 | ▲ 3.0% |
| Deferred charges and accrued income490/1 | - | - | - | €4,780 | €3,842 | €28,518 | €16,161 | €1,771 | ▼ 89.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €618,148 | €659,295 | €698,453 | €715,746 | €739,641 | €785,252 | €844,101 | €871,016 | ▲ 3.2% |
| Equity10/15 | €524,184 | €561,664 | €594,556 | €622,049 | €640,543 | €680,875 | €716,317 | €759,054 | ▲ 6.0% |
| Contributions10/11 | - | - | - | - | €50,275 | €50,275 | €50,275 | €50,275 | = |
| Capital10 | - | - | - | - | €50,275 | €50,275 | €50,275 | €50,275 | = |
| Reserves13 | - | - | - | €25,682 | €49,148 | €70,930 | €55,694 | €37,713 | ▼ 32.3% |
| Profit (loss) carried forward14 | €473,909 | €511,390 | €544,282 | €546,092 | €541,120 | €559,671 | €610,349 | €671,067 | ▲ 9.9% |
| Amounts payable17/49 | €93,964 | €97,631 | €103,897 | €93,697 | €99,098 | €104,377 | €127,784 | €111,963 | ▼ 12.4% |
| Amounts payable within one year42/48 | €93,964 | €97,631 | €103,897 | €93,373 | €94,981 | €104,105 | €126,933 | €111,406 | ▼ 12.2% |
| Trade debts44 | €8,884 | €26,483 | €3,819 | €1,838 | €9,042 | €4,030 | €3,891 | €15,208 | ▲ 291% |
| Suppliers440/4 | - | - | - | €1,838 | €9,042 | €4,030 | €3,891 | €15,208 | ▲ 291% |
| Taxes, remuneration and social security45 | - | - | - | €91,535 | €85,940 | €100,076 | €123,042 | €96,198 | ▼ 21.8% |
| Taxes450/3 | - | - | - | €6,521 | - | - | €8,018 | - | - |
| Remuneration and social security454/9 | - | - | - | €85,014 | €85,940 | €100,076 | €115,023 | €96,198 | ▼ 16.4% |
| Accrued charges and deferred income492/3 | - | - | - | €324 | €4,117 | €272 | €851 | €557 | ▼ 34.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,244 | €37,481 | €32,892 | €27,493 | €18,494 | €40,333 | €35,442 | €42,737 | ▲ 20.6% |
| + Depreciation and write-downs630 | €8,680 | €13,835 | €15,902 | €18,201 | €18,897 | €14,030 | €14,937 | €30,063 | ▲ 101% |
| Operating cash flow (approximation) | €36,924 | €51,316 | €48,794 | €45,694 | €37,391 | €54,363 | €50,379 | €72,800 | ▲ 44.5% |
| Investment in fixed assets (approximation) | - | -€25,777 | -€20,666 | -€4,644 | €0 | -€3,787 | -€95,504 | -€115,575 | ▼ 21.0% |
| Change in cash | - | €71,974 | -€21,440 | €16,139 | €155,746 | €41,716 | -€34,371 | €12,007 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as Timber has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Timber itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for Timber. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-04-2026 | 2026-00087667 | |
| 31-12-2024 | full format | 28-04-2025 | 2025-00077270 | |
| 31-12-2023 | full format | 10-06-2024 | 2024-00124989 | |
| 31-12-2022 | full format | 25-04-2023 | 2023-00064504 | |
| 31-12-2021 | full format | 29-04-2022 | 2022-20012665 | |
| 31-12-2020 | full format | 03-05-2021 | 2021-12600134 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-16900316 | |
| 31-12-2018 | full format | 26-04-2019 | 2019-10500202 | |
| 31-12-2017 | full format | 20-04-2018 | 2018-10200043 | |
| 31-12-2016 | full format | 10-05-2017 | 2017-11500405 |