DE TIMMERMAN: 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.
DE TIMMERMAN
Largest movements
- Tangible fixed assets +€134,663
up €134,663 (+20.9%), from €643,436 to €778,099
of which Land and buildings: +€151,147
- Deferred charges and accrued income +€9,791
up €9,791 (+896%), from €1,092 to €10,884
- Other debts +€187,305
up €187,305 (+207%), from €90,326 to €277,632
- Debts after one year -€40,782
down €40,782 (-10.1%), from €403,790 to €363,009
of which Financial debts: -€40,782
- Reserves +€21,706
up €21,706 (+85.8%), from €25,296 to €47,002
- Tax, wage and social debts -€10,944
down €10,944 (-19.0%), from €57,644 to €46,699
- Short-term financial debts -€10,423
down €10,423 (-42.5%), from €24,506 to €14,083
- Gross operating margin +€24,519
up €24,519 (+33.7%), from €72,720 to €97,239
- Taxes +€6,000
up €6,000 (+221%), from €2,717 to €8,718
- Depreciation +€2,304
up €2,304 (+6.3%), from €36,360 to €38,665
- Financial charges -€2,106
down €2,106 (-8.3%), from €25,364 to €23,258
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.
Derived cash bridge
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 | €720,881 | €864,828 | +€143,946 | +20.0% |
| Fixed assets | 21/28 | €663,136 | €797,799 | +€134,663 | +20.3% |
| Tangible fixed assets | 22/27 | €643,436 | €778,099 | +€134,663 | +20.9% |
| Land and buildings | 22 | €600,760 | €751,907 | +€151,147 | +25.2% |
| Plant, machinery and equipment | 23 | €38,484 | €25,000 | -€13,484 | -35.0% |
| Furniture and vehicles | 24 | €4,193 | €1,193 | -€3,000 | -71.6% |
| Financial fixed assets | 28 | €19,700 | €19,700 | = | 0.0% |
| Current assets | 29/58 | €57,746 | €67,029 | +€9,283 | +16.1% |
| Amounts receivable after more than one year | 29 | €49,429 | €52,866 | +€3,437 | +7.0% |
| Other amounts receivable | 291 | €49,429 | €52,866 | +€3,437 | +7.0% |
| Amounts receivable within one year | 40/41 | €5,875 | €1,930 | -€3,945 | -67.1% |
| Trade receivables | 40 | €5,865 | €1,815 | -€4,050 | -69.1% |
| Other amounts receivable | 41 | €10 | €115 | +€105 | +1,106% |
| Current investments | 50/53 | €1,350 | €0 | -€1,350 | -100% |
| Cash at bank and in hand | 54/58 | - | €1,350 | +€1,350 | |
| Deferred charges and accrued income | 490/1 | €1,092 | €10,884 | +€9,791 | +896% |
| Total equity and liabilities | 10/49 | €720,881 | €864,828 | +€143,946 | +20.0% |
| Equity | 10/15 | €78,948 | €100,654 | +€21,706 | +27.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,296 | €47,002 | +€21,706 | +85.8% |
| Distributable reserves | 133 | €25,296 | €47,002 | +€21,706 | +85.8% |
| Profit (loss) carried forward | 14 | €35,052 | €35,052 | = | 0.0% |
| Amounts payable | 17/49 | €641,933 | €764,174 | +€122,241 | +19.0% |
| Amounts payable after more than one year | 17 | €403,790 | €363,009 | -€40,782 | -10.1% |
| Financial debts | 170/4 | €402,440 | €361,659 | -€40,782 | -10.1% |
| Other amounts payable | 178/9 | €1,350 | €1,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €235,083 | €395,238 | +€160,155 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €45,327 | €41,616 | -€3,711 | -8.2% |
| Financial debts | 43 | €24,506 | €14,083 | -€10,423 | -42.5% |
| Credit institutions | 430/8 | €24,506 | €14,083 | -€10,423 | -42.5% |
| Trade debts | 44 | €17,281 | €15,209 | -€2,072 | -12.0% |
| Suppliers | 440/4 | €17,281 | €15,209 | -€2,072 | -12.0% |
| Taxes, remuneration and social security | 45 | €57,644 | €46,699 | -€10,944 | -19.0% |
| Taxes | 450/3 | €57,644 | €46,699 | -€10,944 | -19.0% |
| Other amounts payable | 47/48 | €90,326 | €277,632 | +€187,305 | +207% |
| Accrued charges and deferred income | 492/3 | €3,060 | €5,927 | +€2,867 | +93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,360 | €38,665 | +€2,304 | +6.3% |
| Other operating charges | 640/8 | €6,884 | €7,676 | +€793 | +11.5% |
| Gross operating margin | 9900 | €72,720 | €97,239 | +€24,519 | +33.7% |
| Operating profit (loss) | 9901 | €29,476 | €50,899 | +€21,422 | +72.7% |
| Financial income | 75/76B | €2,044 | €2,783 | +€739 | +36.2% |
| Recurring financial income | 75 | €2,044 | €2,783 | +€739 | +36.2% |
| Financial charges | 65/66B | €25,364 | €23,258 | -€2,106 | -8.3% |
| Recurring financial charges | 65 | €25,364 | €23,258 | -€2,106 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €6,156 | €30,424 | +€24,267 | +394% |
| Income taxes | 67/77 | €2,717 | €8,718 | +€6,000 | +221% |
| Profit (loss) for the period | 9904 | €3,439 | €21,706 | +€18,267 | +531% |
| Profit (loss) for the period to be appropriated | 9905 | €3,439 | €21,706 | +€18,267 | +531% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.