APERS TIMOER: 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.
APERS TIMOER
Largest movements
- Current investments +€204,000
new in 2025: €204,000
- Cash -€66,318
down €66,318 (-35.9%), from €184,538 to €118,219
mainly Current investments (-€204,000) and Debts after one year (-€27,382)
- Tangible fixed assets -€46,446
down €46,446 (-10.0%), from €464,784 to €418,338
- Reserves +€105,260
up €105,260 (+102.4%), from €102,791 to €208,052
- Debts after one year -€27,382
down €27,382 (-12.6%), from €217,245 to €189,863
- Tax, wage and social debts +€19,924
up €19,924 (+93.8%), from €21,252 to €41,176
of which Remuneration and social security: +€12,406
- Gross operating margin +€97,135
up €97,135 (+53.8%), from €180,599 to €277,733
- Depreciation -€21,791
down €21,791 (-35.0%), from €62,254 to €40,463
- Taxes +€20,418
up €20,418 (+181.1%), from €11,274 to €31,691
- Other operating charges +€7,699
up €7,699 (+126.6%), from €6,080 to €13,779
- Staff costs +€6,051
up €6,051 (+8.7%), from €69,696 to €75,748
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 | €655,572 | €748,717 | +€93,145 | +14.2% |
| Fixed assets | 21/28 | €466,478 | €419,732 | -€46,746 | -10.0% |
| Intangible fixed assets | 21 | €1,324 | €1,024 | -€300 | -22.7% |
| Tangible fixed assets | 22/27 | €464,784 | €418,338 | -€46,446 | -10.0% |
| Land and buildings | 22 | €413,812 | €391,792 | -€22,020 | -5.3% |
| Plant, machinery and equipment | 23 | €20,929 | €16,897 | -€4,032 | -19.3% |
| Furniture and vehicles | 24 | €30,043 | €9,649 | -€20,394 | -67.9% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €189,094 | €328,985 | +€139,892 | +74.0% |
| Amounts receivable within one year | 40/41 | €1,607 | €2,060 | +€452 | +28.1% |
| Trade receivables | 40 | €755 | €1,238 | +€483 | +63.9% |
| Other amounts receivable | 41 | €852 | €822 | -€30 | -3.6% |
| Current investments | 50/53 | - | €204,000 | +€204,000 | |
| Cash at bank and in hand | 54/58 | €184,538 | €118,219 | -€66,318 | -35.9% |
| Deferred charges and accrued income | 490/1 | €2,949 | €4,706 | +€1,758 | +59.6% |
| Total equity and liabilities | 10/49 | €655,572 | €748,717 | +€93,145 | +14.2% |
| Equity | 10/15 | €177,799 | €283,059 | +€105,260 | +59.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €102,791 | €208,052 | +€105,260 | +102.4% |
| Distributable reserves | 133 | €102,791 | €208,052 | +€105,260 | +102.4% |
| Profit (loss) carried forward | 14 | €8 | €8 | = | 0.0% |
| Amounts payable | 17/49 | €477,773 | €465,658 | -€12,115 | -2.5% |
| Amounts payable after more than one year | 17 | €217,245 | €189,863 | -€27,382 | -12.6% |
| Financial debts | 170/4 | €217,245 | €189,863 | -€27,382 | -12.6% |
| Amounts payable within one year | 42/48 | €254,076 | €275,493 | +€21,417 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €26,672 | €30,076 | +€3,403 | +12.8% |
| Trade debts | 44 | €3,797 | €1,993 | -€1,803 | -47.5% |
| Suppliers | 440/4 | €3,797 | €1,993 | -€1,803 | -47.5% |
| Taxes, remuneration and social security | 45 | €21,252 | €41,176 | +€19,924 | +93.8% |
| Taxes | 450/3 | €19,828 | €27,346 | +€7,518 | +37.9% |
| Remuneration and social security | 454/9 | €1,424 | €13,830 | +€12,406 | +870.9% |
| Other amounts payable | 47/48 | €202,355 | €202,249 | -€106 | -0.1% |
| Accrued charges and deferred income | 492/3 | €6,451 | €301 | -€6,150 | -95.3% |
| Non-recurring operating income | 76A | - | €76,292 | +€76,292 | |
| Remuneration, social security and pensions | 62 | €69,696 | €75,748 | +€6,051 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,254 | €40,463 | -€21,791 | -35.0% |
| Other operating charges | 640/8 | €6,080 | €13,779 | +€7,699 | +126.6% |
| Non-recurring operating charges | 66A | - | €1,430 | +€1,430 | |
| Gross operating margin | 9900 | €180,599 | €277,733 | +€97,135 | +53.8% |
| Operating profit (loss) | 9901 | €42,569 | €146,314 | +€103,745 | +243.7% |
| Financial income | 75/76B | €67 | €155 | +€88 | +130.5% |
| Recurring financial income | 75 | €67 | €155 | +€88 | +130.5% |
| Financial charges | 65/66B | €7,658 | €7,818 | +€160 | +2.1% |
| Recurring financial charges | 65 | €7,658 | €7,818 | +€160 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €34,978 | €138,652 | +€103,673 | +296.4% |
| Income taxes | 67/77 | €11,274 | €31,691 | +€20,418 | +181.1% |
| Profit (loss) for the period | 9904 | €23,705 | €106,960 | +€83,256 | +351.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,705 | €106,960 | +€83,256 | +351.2% |
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 4 October 2026 via checked.be.