Robrecht 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.
Robrecht Timmermans
Largest movements
- Receivables within one year -€41,974
down €41,974 (-16.1%), from €260,427 to €218,452
of which Trade receivables: -€247,046
- Deferred charges and accrued income -€22,526
down €22,526 (-95.4%), from €23,623 to €1,097
- Cash +€11,157
up €11,157 (+57.6%), from €19,377 to €30,534
mainly Net result for the year (+€96,376) and Receivables within one year (+€41,974)
- Current investments -€6,710
down €6,710 (-100%), from €6,710 to €0
- Tangible fixed assets -€5,221
down €5,221 (-3.9%), from €133,619 to €128,398
of which Furniture and vehicles: -€13,422
- Reserves +€96,376
up €96,376 (+51.8%), from €186,172 to €282,548
of which Distributable reserves: +€96,376
- Other debts -€73,066
down €73,066 (-81.3%), from €89,916 to €16,851
- Tax, wage and social debts -€56,953
down €56,953 (-82.8%), from €68,819 to €11,866
of which Taxes: -€33,581
- Trade debts -€23,755
down €23,755 (-44.4%), from €53,516 to €29,761
- Accrued charges and deferred income -€17,514
down €17,514 (-79.8%), from €21,951 to €4,438
- Staff costs -€21,644
down €21,644 (-18.4%), from €117,550 to €95,907
- Gross operating margin +€14,672
up €14,672 (+4.4%), from €331,125 to €345,797
- Provisions +€14,600
new in 2025: €14,600
- Financial income -€9,440
down €9,440 (-86.2%), from €10,946 to €1,507
- Taxes +€6,293
up €6,293 (+16.4%), from €38,298 to €44,591
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 | €446,833 | €378,481 | -€68,352 | -15.3% |
| Fixed assets | 21/28 | €136,696 | €128,398 | -€8,299 | -6.1% |
| Intangible fixed assets | 21 | €3,077 | €0 | -€3,077 | -100% |
| Tangible fixed assets | 22/27 | €133,619 | €128,398 | -€5,221 | -3.9% |
| Land and buildings | 22 | €88,921 | €97,121 | +€8,200 | +9.2% |
| Furniture and vehicles | 24 | €44,698 | €31,276 | -€13,422 | -30.0% |
| Current assets | 29/58 | €310,137 | €250,083 | -€60,053 | -19.4% |
| Amounts receivable within one year | 40/41 | €260,427 | €218,452 | -€41,974 | -16.1% |
| Trade receivables | 40 | €260,427 | €13,381 | -€247,046 | -94.9% |
| Other amounts receivable | 41 | €0 | €205,072 | +€205,072 | |
| Current investments | 50/53 | €6,710 | €0 | -€6,710 | -100% |
| Cash at bank and in hand | 54/58 | €19,377 | €30,534 | +€11,157 | +57.6% |
| Deferred charges and accrued income | 490/1 | €23,623 | €1,097 | -€22,526 | -95.4% |
| Total equity and liabilities | 10/49 | €446,833 | €378,481 | -€68,352 | -15.3% |
| Equity | 10/15 | €192,372 | €288,748 | +€96,376 | +50.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €186,172 | €282,548 | +€96,376 | +51.8% |
| Tax-exempt reserves | 132 | €935 | €935 | = | 0.0% |
| Distributable reserves | 133 | €185,237 | €281,613 | +€96,376 | +52.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €14,600 | +€14,600 | |
| Provisions for liabilities and charges | 160/5 | - | €14,600 | +€14,600 | |
| Other liabilities and charges | 164/5 | - | €14,600 | +€14,600 | |
| Amounts payable | 17/49 | €254,461 | €75,133 | -€179,328 | -70.5% |
| Amounts payable after more than one year | 17 | €12,218 | €4,094 | -€8,124 | -66.5% |
| Financial debts | 170/4 | €12,218 | €4,094 | -€8,124 | -66.5% |
| Amounts payable within one year | 42/48 | €220,292 | €66,602 | -€153,690 | -69.8% |
| Current portion of amounts payable after more than one year | 42 | €8,041 | €8,124 | +€84 | +1.0% |
| Trade debts | 44 | €53,516 | €29,761 | -€23,755 | -44.4% |
| Suppliers | 440/4 | €53,516 | €29,761 | -€23,755 | -44.4% |
| Taxes, remuneration and social security | 45 | €68,819 | €11,866 | -€56,953 | -82.8% |
| Taxes | 450/3 | €45,333 | €11,752 | -€33,581 | -74.1% |
| Remuneration and social security | 454/9 | €23,486 | €114 | -€23,372 | -99.5% |
| Other amounts payable | 47/48 | €89,916 | €16,851 | -€73,066 | -81.3% |
| Accrued charges and deferred income | 492/3 | €21,951 | €4,438 | -€17,514 | -79.8% |
| Remuneration, social security and pensions | 62 | €117,550 | €95,907 | -€21,644 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,249 | €31,809 | +€1,559 | +5.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €14,600 | +€14,600 | |
| Other operating charges | 640/8 | €48,757 | €49,975 | +€1,219 | +2.5% |
| Non-recurring operating charges | 66A | - | €3,414 | +€3,414 | |
| Gross operating margin | 9900 | €331,125 | €345,797 | +€14,672 | +4.4% |
| Operating profit (loss) | 9901 | €134,569 | €150,093 | +€15,524 | +11.5% |
| Financial income | 75/76B | €10,946 | €1,507 | -€9,440 | -86.2% |
| Recurring financial income | 75 | €10,946 | €1,507 | -€9,440 | -86.2% |
| Financial charges | 65/66B | €11,509 | €10,633 | -€876 | -7.6% |
| Recurring financial charges | 65 | €11,509 | €10,633 | -€876 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €134,007 | €140,967 | +€6,960 | +5.2% |
| Income taxes | 67/77 | €38,298 | €44,591 | +€6,293 | +16.4% |
| Profit (loss) for the period | 9904 | €95,709 | €96,376 | +€667 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €95,709 | €96,376 | +€667 | +0.7% |
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 30 October 2026 via checked.be.