DR. 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.
DR. TIMMERMAN
Largest movements
- Cash -€49,017
down €49,017 (-53.5%), from €91,693 to €42,676
mainly Net result for the year (-€48,373) and Receivables within one year (-€658)
- Profit (loss) carried forward -€48,373
down €48,373 (-29.9%), from -€162,017 to -€210,390
- Gross operating margin -€27,214
down €27,214 (-77.2%), from -€35,238 to -€62,452
- Financial income +€2,505
up €2,505 (+18.5%), from €13,511 to €16,016
- Taxes +€2,108
no longer reported in 2025 (was -€2,108)
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 | €1,557,534 | €1,509,176 | -€48,359 | -3.1% |
| Current assets | 29/58 | €1,557,534 | €1,509,176 | -€48,359 | -3.1% |
| Amounts receivable within one year | 40/41 | €10,215 | €10,873 | +€658 | +6.4% |
| Other amounts receivable | 41 | €10,215 | €10,873 | +€658 | +6.4% |
| Current investments | 50/53 | €1,455,627 | €1,455,627 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,693 | €42,676 | -€49,017 | -53.5% |
| Total equity and liabilities | 10/49 | €1,557,534 | €1,509,176 | -€48,359 | -3.1% |
| Equity | 10/15 | €937,696 | €889,323 | -€48,373 | -5.2% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Capital | 10 | €12,395 | €12,395 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,087,318 | €1,087,318 | = | 0.0% |
| Non-distributable reserves | 130/1 | €73,602 | €73,602 | = | 0.0% |
| Legal reserve | 130 | €73,602 | €73,602 | = | 0.0% |
| Distributable reserves | 133 | €1,013,716 | €1,013,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€162,017 | -€210,390 | -€48,373 | -29.9% |
| Amounts payable | 17/49 | €619,838 | €619,853 | +€14 | 0.0% |
| Amounts payable within one year | 42/48 | €619,838 | €619,853 | +€14 | 0.0% |
| Trade debts | 44 | €879 | €893 | +€14 | +1.6% |
| Suppliers | 440/4 | €879 | €893 | +€14 | +1.6% |
| Other amounts payable | 47/48 | €618,960 | €618,960 | = | 0.0% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | -€35,238 | -€62,452 | -€27,214 | -77.2% |
| Operating profit (loss) | 9901 | -€36,198 | -€63,420 | -€27,221 | -75.2% |
| Financial income | 75/76B | €13,511 | €16,016 | +€2,505 | +18.5% |
| Recurring financial income | 75 | €13,511 | €16,016 | +€2,505 | +18.5% |
| Financial charges | 65/66B | €1,077 | €969 | -€108 | -10.0% |
| Recurring financial charges | 65 | €1,077 | €969 | -€108 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,765 | -€48,373 | -€24,608 | -104% |
| Income taxes | 67/77 | -€2,108 | - | +€2,108 | |
| Profit (loss) for the period | 9904 | -€21,657 | -€48,373 | -€26,716 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,657 | -€48,373 | -€26,716 | -123% |
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 19 October 2026 via checked.be.