PETER TIMMERMANS: 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.
PETER TIMMERMANS
Largest movements
- Receivables within one year -€48,407
down €48,407 (-49.0%), from €98,863 to €50,456
of which Trade receivables: -€52,253
- Tangible fixed assets -€21,908
down €21,908 (-27.2%), from €80,613 to €58,706
of which Furniture and vehicles: -€21,381
- Stocks and contracts +€5,272
up €5,272 (+23.6%), from €22,340 to €27,612
of which Stocks: +€14,467
- Profit (loss) carried forward -€47,936
down €47,936 (-68.5%), from €69,985 to €22,049
- Trade debts -€14,695
down €14,695 (-34.4%), from €42,687 to €27,991
- Tax, wage and social debts +€11,682
up €11,682 (+37.6%), from €31,079 to €42,760
of which Remuneration and social security: +€11,794
- Debts after one year -€8,199
down €8,199 (-46.6%), from €17,602 to €9,404
- Current portion of long-term debt -€3,162
down €3,162 (-27.8%), from €11,361 to €8,199
- Gross operating margin -€79,682
down €79,682, from €71,573 to -€8,109
- Other operating charges +€9,318
up €9,318 (+212%), from €4,392 to €13,710
- Taxes -€7,097
down €7,097 (-98.1%), from €7,238 to €141
- Financial charges -€6,898
down €6,898 (-71.8%), from €9,609 to €2,711
of which Non-recurring financial charges: -€6,940
- Depreciation +€3,715
up €3,715 (+19.0%), from €19,550 to €23,265
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 | €224,539 | €161,204 | -€63,335 | -28.2% |
| Fixed assets | 21/28 | €80,613 | €58,706 | -€21,908 | -27.2% |
| Tangible fixed assets | 22/27 | €80,613 | €58,706 | -€21,908 | -27.2% |
| Land and buildings | 22 | €34,789 | €34,789 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,736 | €1,209 | -€527 | -30.4% |
| Furniture and vehicles | 24 | €44,089 | €22,708 | -€21,381 | -48.5% |
| Current assets | 29/58 | €143,926 | €102,498 | -€41,428 | -28.8% |
| Stocks and contracts in progress | 3 | €22,340 | €27,612 | +€5,272 | +23.6% |
| Stocks | 30/36 | €3,418 | €17,885 | +€14,467 | +423% |
| Contracts in progress | 37 | €18,923 | €9,727 | -€9,195 | -48.6% |
| Amounts receivable within one year | 40/41 | €98,863 | €50,456 | -€48,407 | -49.0% |
| Trade receivables | 40 | €98,401 | €46,147 | -€52,253 | -53.1% |
| Other amounts receivable | 41 | €462 | €4,308 | +€3,846 | +832% |
| Cash at bank and in hand | 54/58 | €22,396 | €22,069 | -€327 | -1.5% |
| Deferred charges and accrued income | 490/1 | €327 | €2,361 | +€2,034 | +622% |
| Total equity and liabilities | 10/49 | €224,539 | €161,204 | -€63,335 | -28.2% |
| Equity | 10/15 | €90,436 | €42,500 | -€47,936 | -53.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,985 | €22,049 | -€47,936 | -68.5% |
| Amounts payable | 17/49 | €134,103 | €118,704 | -€15,400 | -11.5% |
| Amounts payable after more than one year | 17 | €17,602 | €9,404 | -€8,199 | -46.6% |
| Financial debts | 170/4 | €17,602 | €9,404 | -€8,199 | -46.6% |
| Amounts payable within one year | 42/48 | €116,501 | €109,300 | -€7,201 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €11,361 | €8,199 | -€3,162 | -27.8% |
| Trade debts | 44 | €42,687 | €27,991 | -€14,695 | -34.4% |
| Suppliers | 440/4 | €42,687 | €27,991 | -€14,695 | -34.4% |
| Taxes, remuneration and social security | 45 | €31,079 | €42,760 | +€11,682 | +37.6% |
| Taxes | 450/3 | €7,491 | €7,379 | -€112 | -1.5% |
| Remuneration and social security | 454/9 | €23,588 | €35,381 | +€11,794 | +50.0% |
| Other amounts payable | 47/48 | €31,375 | €30,349 | -€1,025 | -3.3% |
| Non-recurring operating income | 76A | €2,893 | €0 | -€2,893 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,550 | €23,265 | +€3,715 | +19.0% |
| Other operating charges | 640/8 | €4,392 | €13,710 | +€9,318 | +212% |
| Gross operating margin | 9900 | €71,573 | -€8,109 | -€79,682 | |
| Operating profit (loss) | 9901 | €47,630 | -€45,084 | -€92,715 | |
| Financial income | 75/76B | €7 | €0 | -€7 | -99.4% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -99.4% |
| Financial charges | 65/66B | €9,609 | €2,711 | -€6,898 | -71.8% |
| Recurring financial charges | 65 | €1,621 | €1,662 | +€42 | +2.6% |
| Non-recurring financial charges | 66B | €7,988 | €1,048 | -€6,940 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | €38,028 | -€47,795 | -€85,823 | |
| Income taxes | 67/77 | €7,238 | €141 | -€7,097 | -98.1% |
| Profit (loss) for the period | 9904 | €30,790 | -€47,936 | -€78,726 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,790 | -€47,936 | -€78,726 |
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 20 October 2026 via checked.be.