Peter Timmermans: 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.
Peter Timmermans
Largest movements
- Cash +€11,971
up €11,971 (+63.2%), from €18,955 to €30,926
mainly Other debts (+€32,409) and Deferred charges and accrued income (+€3,436)
- Deferred charges and accrued income -€3,436
down €3,436 (-11.8%), from €29,125 to €25,688
- Tangible fixed assets -€2,862
down €2,862 (-20.0%), from €14,308 to €11,447
of which Plant, machinery and equipment: -€1,783
- Other debts +€32,409
up €32,409 (+415.0%), from €7,809 to €40,217
- Trade debts -€26,821
down €26,821 (-89.4%), from €29,993 to €3,172
- Reserves +€3,269
up €3,269 (+39.3%), from €8,318 to €11,587
- Tax, wage and social debts -€3,183
down €3,183 (-22.3%), from €14,268 to €11,085
- Financial charges +€2,935
up €2,935 (+297.9%), from €985 to €3,920
- Depreciation +€2,862
new in 2025: €2,862
- Gross operating margin +€869
up €869 (+6.3%), from €13,881 to €14,749
- Other operating charges +€375
up €375 (+31.6%), from €1,188 to €1,563
- Taxes -€246
down €246 (-7.2%), from €3,392 to €3,147
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 | €62,388 | €68,061 | +€5,673 | +9.1% |
| Fixed assets | 21/28 | €14,308 | €11,447 | -€2,862 | -20.0% |
| Tangible fixed assets | 22/27 | €14,308 | €11,447 | -€2,862 | -20.0% |
| Plant, machinery and equipment | 23 | €8,914 | €7,131 | -€1,783 | -20.0% |
| Furniture and vehicles | 24 | €5,395 | €4,316 | -€1,079 | -20.0% |
| Current assets | 29/58 | €48,079 | €56,614 | +€8,535 | +17.8% |
| Cash at bank and in hand | 54/58 | €18,955 | €30,926 | +€11,971 | +63.2% |
| Deferred charges and accrued income | 490/1 | €29,125 | €25,688 | -€3,436 | -11.8% |
| Total equity and liabilities | 10/49 | €62,388 | €68,061 | +€5,673 | +9.1% |
| Equity | 10/15 | €10,318 | €13,587 | +€3,269 | +31.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €8,318 | €11,587 | +€3,269 | +39.3% |
| Distributable reserves | 133 | €8,318 | €11,587 | +€3,269 | +39.3% |
| Amounts payable | 17/49 | €52,070 | €54,475 | +€2,405 | +4.6% |
| Amounts payable within one year | 42/48 | €52,070 | €54,475 | +€2,405 | +4.6% |
| Trade debts | 44 | €29,993 | €3,172 | -€26,821 | -89.4% |
| Suppliers | 440/4 | €29,993 | €3,172 | -€26,821 | -89.4% |
| Taxes, remuneration and social security | 45 | €14,268 | €11,085 | -€3,183 | -22.3% |
| Taxes | 450/3 | €14,268 | €11,085 | -€3,183 | -22.3% |
| Other amounts payable | 47/48 | €7,809 | €40,217 | +€32,409 | +415.0% |
| Non-recurring operating income | 76A | - | €706 | +€706 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,862 | +€2,862 | |
| Other operating charges | 640/8 | €1,188 | €1,563 | +€375 | +31.6% |
| Gross operating margin | 9900 | €13,881 | €14,749 | +€869 | +6.3% |
| Operating profit (loss) | 9901 | €12,693 | €10,325 | -€2,368 | -18.7% |
| Financial income | 75/76B | €3 | €11 | +€8 | +320.0% |
| Recurring financial income | 75 | €3 | €11 | +€8 | +320.0% |
| Financial charges | 65/66B | €985 | €3,920 | +€2,935 | +297.9% |
| Recurring financial charges | 65 | €985 | €3,920 | +€2,935 | +297.9% |
| Profit (loss) for the period before taxes | 9903 | €11,710 | €6,416 | -€5,295 | -45.2% |
| Income taxes | 67/77 | €3,392 | €3,147 | -€246 | -7.2% |
| Profit (loss) for the period | 9904 | €8,318 | €3,269 | -€5,049 | -60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,318 | €3,269 | -€5,049 | -60.7% |
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 6 October 2026 via checked.be.