GOETHALS TIMO: what changed
What changed
GOETHALS TIMO
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€459,517
2024 · €445,670+€13,847
Equity
€951,686
2024 · €1.1m-€159,853
Cash
€637,130
2024 · €741,965-€104,834
Balance sheet total
€1.8m
2024 · €1.5m+€351,755
Largest movements
Assets
- Current investments +€427,131
up €427,131 (+122%), from €348,774 to €775,906
- Cash -€104,834
down €104,834 (-14.1%), from €741,965 to €637,130
mainly Contributions, distributions and other (-€619,370) and Current investments (-€427,131)
- Receivables within one year +€42,397
up €42,397 (+55.2%), from €76,872 to €119,269
of which Trade receivables: +€47,199
- Stocks and contracts -€28,093
down €28,093 (-28.5%), from €98,473 to €70,380
Equity and liabilities
- Other debts +€555,243
up €555,243 (+996%), from €55,720 to €610,963
- Profit (loss) carried forward -€307,203
down €307,203 (-96.2%), from €319,370 to €12,167
- Reserves +€147,350
up €147,350 (+18.7%), from €787,170 to €934,520
of which Tax-exempt reserves: +€103,145
- Tax, wage and social debts -€40,404
down €40,404 (-67.1%), from €60,246 to €19,842
of which Taxes: -€43,166
- Debts after one year -€31,295
down €31,295 (-53.9%), from €58,102 to €26,807
Income statement
- Gross operating margin +€33,616
up €33,616 (+4.9%), from €681,606 to €715,222
- Staff costs +€26,063
up €26,063 (+38.8%), from €67,140 to €93,203
- Financial income +€14,086
up €14,086 (+147%), from €9,608 to €23,695
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€445,670
Gross operating margin
+€33,616
Staff costs
-€26,063
Depreciation
-€2,264
Other operating charges
-€1,084
Financial income
+€14,086
Financial charges
+€1,074
Taxes
-€5,520
Result 2025
€459,517
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.0m
Investment
-€470,751
Financing
-€651,481
Cash 2024
€741,965
From operations (derived)
+€1.0m
Net result for the year
+€459,517
Depreciation
+€28,957
Stocks and contracts
+€28,093
Receivables within one year
-€42,397
Deferred charges and accrued income
-€491
Trade debts
+€28,879
Tax, wage and social debts
-€40,404
Other debts
+€555,243
Investment (derived)
-€470,751
Investment in fixed assets (net)
-€43,620
Current investments
-€427,131
Financing
-€651,481
Debts after one year
-€31,295
Current portion of long-term debt
-€815
Contributions, distributions and other
-€619,370
Cash 2025
€637,130
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,467,790 | €1,819,544 | +€351,755 | +24.0% |
| Fixed assets | 21/28 | €197,304 | €211,966 | +€14,662 | +7.4% |
| Tangible fixed assets | 22/27 | €197,304 | €211,966 | +€14,662 | +7.4% |
| Land and buildings | 22 | €144,468 | €140,868 | -€3,600 | -2.5% |
| Plant, machinery and equipment | 23 | €1,942 | €2,595 | +€653 | +33.6% |
| Furniture and vehicles | 24 | €10,600 | €38,782 | +€28,182 | +266% |
| Leasing and similar rights | 25 | €40,294 | €29,721 | -€10,573 | -26.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €1,270,486 | €1,607,578 | +€337,092 | +26.5% |
| Stocks and contracts in progress | 3 | €98,473 | €70,380 | -€28,093 | -28.5% |
| Stocks | 30/36 | €98,473 | €70,380 | -€28,093 | -28.5% |
| Amounts receivable within one year | 40/41 | €76,872 | €119,269 | +€42,397 | +55.2% |
| Trade receivables | 40 | €27,528 | €74,727 | +€47,199 | +171% |
| Other amounts receivable | 41 | €49,344 | €44,543 | -€4,802 | -9.7% |
| Current investments | 50/53 | €348,774 | €775,906 | +€427,131 | +122% |
| Cash at bank and in hand | 54/58 | €741,965 | €637,130 | -€104,834 | -14.1% |
| Deferred charges and accrued income | 490/1 | €4,402 | €4,893 | +€491 | +11.2% |
| Total equity and liabilities | 10/49 | €1,467,790 | €1,819,544 | +€351,755 | +24.0% |
| Equity | 10/15 | €1,111,540 | €951,686 | -€159,853 | -14.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €787,170 | €934,520 | +€147,350 | +18.7% |
| Tax-exempt reserves | 132 | €252,600 | €355,745 | +€103,145 | +40.8% |
| Distributable reserves | 133 | €534,570 | €578,775 | +€44,205 | +8.3% |
| Profit (loss) carried forward | 14 | €319,370 | €12,167 | -€307,203 | -96.2% |
| Amounts payable | 17/49 | €356,250 | €867,858 | +€511,608 | +144% |
| Amounts payable after more than one year | 17 | €58,102 | €26,807 | -€31,295 | -53.9% |
| Financial debts | 170/4 | €58,102 | €26,807 | -€31,295 | -53.9% |
| Amounts payable within one year | 42/48 | €298,148 | €841,051 | +€542,903 | +182% |
| Current portion of amounts payable after more than one year | 42 | €32,111 | €31,295 | -€815 | -2.5% |
| Trade debts | 44 | €150,072 | €178,950 | +€28,879 | +19.2% |
| Suppliers | 440/4 | €150,072 | €178,950 | +€28,879 | +19.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €60,246 | €19,842 | -€40,404 | -67.1% |
| Taxes | 450/3 | €60,246 | €17,080 | -€43,166 | -71.6% |
| Remuneration and social security | 454/9 | €0 | €2,763 | +€2,763 | |
| Other amounts payable | 47/48 | €55,720 | €610,963 | +€555,243 | +996% |
| Non-recurring operating income | 76A | - | €5,620 | +€5,620 | |
| Remuneration, social security and pensions | 62 | €67,140 | €93,203 | +€26,063 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,693 | €28,957 | +€2,264 | +8.5% |
| Other operating charges | 640/8 | €2,932 | €4,016 | +€1,084 | +37.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €681,606 | €715,222 | +€33,616 | +4.9% |
| Operating profit (loss) | 9901 | €584,840 | €589,046 | +€4,205 | +0.7% |
| Financial income | 75/76B | €9,608 | €23,695 | +€14,086 | +147% |
| Recurring financial income | 75 | €9,608 | €23,695 | +€14,086 | +147% |
| Financial charges | 65/66B | €9,341 | €8,266 | -€1,074 | -11.5% |
| Recurring financial charges | 65 | €9,341 | €8,266 | -€1,074 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €585,108 | €604,474 | +€19,366 | +3.3% |
| Income taxes | 67/77 | €139,437 | €144,957 | +€5,520 | +4.0% |
| Profit (loss) for the period | 9904 | €445,670 | €459,517 | +€13,847 | +3.1% |
| Transfer from tax-exempt reserves | 789 | - | €44,205 | +€44,205 | |
| Transfer to tax-exempt reserves | 689 | €126,300 | €147,350 | +€21,050 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €319,370 | €356,372 | +€37,002 | +11.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.