Le Timon: 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.
Le Timon
Largest movements
- Cash +€62,699
up €62,699 (+134.8%), from €46,500 to €109,199
mainly Net result for the year (+€41,485) and Debts within one year (+€20,844)
- Receivables within one year -€6,891
down €6,891 (-7.5%), from €92,418 to €85,527
of which Trade receivables: -€8,147
- Reserves +€41,485
up €41,485 (+42.1%), from €98,645 to €140,130
- Debts within one year +€20,844
up €20,844 (+62.1%), from €33,551 to €54,395
- Accrued charges and deferred income -€7,905
down €7,905 (-83.1%), from €9,513 to €1,608
- Staff costs -€27,100
down €27,100 (-6.3%), from €432,022 to €404,922
- Gross operating margin -€13,877
down €13,877 (-3.0%), from €461,844 to €447,968
- Purchases and services +€12,111
up €12,111 (+13.0%), from €92,808 to €104,919
- Depreciation -€8,606
down €8,606 (-86.1%), from €9,990 to €1,385
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 | €141,709 | €196,133 | +€54,424 | +38.4% |
| Fixed assets | 21/28 | €2,769 | €1,385 | -€1,385 | -50.0% |
| Tangible fixed assets | 22/27 | €2,769 | €1,385 | -€1,385 | -50.0% |
| Plant, machinery and equipment | 23 | €2,769 | €1,385 | -€1,385 | -50.0% |
| Current assets | 29/58 | €138,940 | €194,748 | +€55,809 | +40.2% |
| Amounts receivable within one year | 40/41 | €92,418 | €85,527 | -€6,891 | -7.5% |
| Trade receivables | 40 | €20,404 | €12,258 | -€8,147 | -39.9% |
| Other amounts receivable | 41 | €72,014 | €73,269 | +€1,256 | +1.7% |
| Cash at bank and in hand | 54/58 | €46,500 | €109,199 | +€62,699 | +134.8% |
| Deferred charges and accrued income | 490/1 | €21 | €22 | +€1 | +3.0% |
| Total equity and liabilities | 10/49 | €141,709 | €196,133 | +€54,424 | +38.4% |
| Equity | 10/15 | €98,645 | €140,130 | +€41,485 | +42.1% |
| Reserves | 13 | €98,645 | €140,130 | +€41,485 | +42.1% |
| Amounts payable | 17/49 | €43,064 | €56,003 | +€12,939 | +30.0% |
| Amounts payable within one year | 42/48 | €33,551 | €54,395 | +€20,844 | +62.1% |
| Trade debts | 44 | €1,743 | €4,547 | +€2,804 | +160.9% |
| Suppliers | 440/4 | €1,743 | €4,547 | +€2,804 | +160.9% |
| Taxes, remuneration and social security | 45 | €31,808 | €30,762 | -€1,046 | -3.3% |
| Taxes | 450/3 | €3,706 | - | -€3,706 | |
| Remuneration and social security | 454/9 | €28,101 | €30,762 | +€2,660 | +9.5% |
| Accrued charges and deferred income | 492/3 | €9,513 | €1,608 | -€7,905 | -83.1% |
| Turnover | 70 | €25,739 | €26,364 | +€625 | +2.4% |
| Non-recurring operating income | 76A | €18,806 | - | -€18,806 | |
| Goods, raw materials, services and sundry goods | 60/61 | €92,808 | €104,919 | +€12,111 | +13.0% |
| Remuneration, social security and pensions | 62 | €432,022 | €404,922 | -€27,100 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,990 | €1,385 | -€8,606 | -86.1% |
| Other operating charges | 640/8 | €713 | €868 | +€155 | +21.8% |
| Non-recurring operating charges | 66A | €198 | €446 | +€248 | +125.1% |
| Gross operating margin | 9900 | €461,844 | €447,968 | -€13,877 | -3.0% |
| Operating profit (loss) | 9901 | €18,921 | €40,347 | +€21,427 | +113.2% |
| Financial income | 75/76B | €1,272 | €1,275 | +€3 | +0.2% |
| Recurring financial income | 75 | €326 | €504 | +€179 | +54.9% |
| Non-recurring financial income | 76B | €946 | €770 | -€176 | -18.6% |
| Financial charges | 65/66B | €91 | €137 | +€46 | +51.0% |
| Recurring financial charges | 65 | €91 | €116 | +€25 | +27.7% |
| Non-recurring financial charges | 66B | - | €21 | +€21 | |
| Profit (loss) for the period before taxes | 9903 | €20,102 | €41,485 | +€21,383 | +106.4% |
| Profit (loss) for the period | 9904 | €20,102 | €41,485 | +€21,383 | +106.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,102 | €41,485 | +€21,383 | +106.4% |
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.