Lena 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.
Lena Timmerman
Largest movements
- Cash +€33,310
up €33,310 (+11.7%), from €285,536 to €318,845
mainly Net result for the year (+€77,325) and Depreciation (+€5,118)
- Tangible fixed assets +€31,442
up €31,442 (+1,782%), from €1,765 to €33,207
- Reserves +€77,325
up €77,325 (+25.7%), from €300,947 to €378,272
- Debts after one year -€11,423
down €11,423 (-37.9%), from €30,143 to €18,720
- Gross operating margin +€16,066
up €16,066 (+15.4%), from €104,020 to €120,085
- Taxes +€5,463
up €5,463 (+17.0%), from €32,166 to €37,629
- Depreciation +€4,612
up €4,612 (+910%), from €507 to €5,118
- Financial income +€3,050
up €3,050 (+678%), from €450 to €3,499
- Financial charges -€1,522
down €1,522 (-44.3%), from €3,436 to €1,914
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 | €462,209 | €527,960 | +€65,751 | +14.2% |
| Fixed assets | 21/28 | €1,898 | €33,340 | +€31,442 | +1,656% |
| Tangible fixed assets | 22/27 | €1,765 | €33,207 | +€31,442 | +1,782% |
| Furniture and vehicles | 24 | €1,765 | €33,207 | +€31,442 | +1,782% |
| Financial fixed assets | 28 | €133 | €133 | = | 0.0% |
| Current assets | 29/58 | €460,311 | €494,620 | +€34,308 | +7.5% |
| Amounts receivable within one year | 40/41 | €16,002 | €17,463 | +€1,462 | +9.1% |
| Trade receivables | 40 | €15,552 | €13,017 | -€2,535 | -16.3% |
| Other amounts receivable | 41 | €450 | €4,446 | +€3,997 | +889% |
| Current investments | 50/53 | €155,023 | €155,023 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €285,536 | €318,845 | +€33,310 | +11.7% |
| Deferred charges and accrued income | 490/1 | €3,751 | €3,288 | -€463 | -12.3% |
| Total equity and liabilities | 10/49 | €462,209 | €527,960 | +€65,751 | +14.2% |
| Equity | 10/15 | €400,947 | €478,272 | +€77,325 | +19.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €300,947 | €378,272 | +€77,325 | +25.7% |
| Distributable reserves | 133 | €300,947 | €378,272 | +€77,325 | +25.7% |
| Amounts payable | 17/49 | €61,262 | €49,688 | -€11,574 | -18.9% |
| Amounts payable after more than one year | 17 | €30,143 | €18,720 | -€11,423 | -37.9% |
| Other amounts payable | 178/9 | €30,143 | €18,720 | -€11,423 | -37.9% |
| Amounts payable within one year | 42/48 | €27,757 | €29,074 | +€1,317 | +4.7% |
| Trade debts | 44 | €480 | €2,311 | +€1,831 | +382% |
| Suppliers | 440/4 | €480 | €2,311 | +€1,831 | +382% |
| Taxes, remuneration and social security | 45 | €27,278 | €26,763 | -€514 | -1.9% |
| Taxes | 450/3 | €27,278 | €26,763 | -€514 | -1.9% |
| Accrued charges and deferred income | 492/3 | €3,362 | €1,893 | -€1,469 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €507 | €5,118 | +€4,612 | +910% |
| Other operating charges | 640/8 | €2,018 | €1,599 | -€419 | -20.8% |
| Gross operating margin | 9900 | €104,020 | €120,085 | +€16,066 | +15.4% |
| Operating profit (loss) | 9901 | €101,495 | €113,368 | +€11,873 | +11.7% |
| Financial income | 75/76B | €450 | €3,499 | +€3,050 | +678% |
| Recurring financial income | 75 | €450 | €3,499 | +€3,050 | +678% |
| Financial charges | 65/66B | €3,436 | €1,914 | -€1,522 | -44.3% |
| Recurring financial charges | 65 | €3,436 | €1,914 | -€1,522 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €98,508 | €114,954 | +€16,445 | +16.7% |
| Income taxes | 67/77 | €32,166 | €37,629 | +€5,463 | +17.0% |
| Profit (loss) for the period | 9904 | €66,343 | €77,325 | +€10,983 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,343 | €77,325 | +€10,983 | +16.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.