T.I.M.: 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.
T.I.M.
Largest movements
- Tangible fixed assets +€43,917
up €43,917 (+84.5%), from €51,976 to €95,893
of which Land and buildings: +€37,094
- Stocks and contracts +€33,642
up €33,642 (+230%), from €14,644 to €48,286
- Receivables within one year +€22,402
up €22,402 (+72.1%), from €31,080 to €53,482
of which Trade receivables: +€26,542
- Cash -€21,731
down €21,731 (-27.4%), from €79,392 to €57,661
mainly Investment in fixed assets (net) (-€60,038) and Stocks and contracts (-€33,642)
- Deferred charges and accrued income +€3,344
new in 2025: €3,344
- Reserves +€70,318
up €70,318 (+68.6%), from €102,479 to €172,797
- Tax, wage and social debts +€29,956
up €29,956 (+156%), from €19,241 to €49,197
- Trade debts -€17,549
down €17,549 (-52.5%), from €33,412 to €15,863
- Debts after one year -€4,167
down €4,167 (-42.8%), from €9,733 to €5,565
- Other debts +€2,779
up €2,779 (+52.5%), from €5,297 to €8,076
- Gross operating margin +€24,969
up €24,969 (+27.5%), from €90,779 to €115,748
- Depreciation +€11,930
up €11,930 (+285%), from €4,192 to €16,122
- Taxes +€4,676
up €4,676 (+24.3%), from €19,241 to €23,917
- Financial charges +€1,333
up €1,333 (+39.2%), from €3,404 to €4,737
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 | €177,092 | €258,666 | +€81,574 | +46.1% |
| Fixed assets | 21/28 | €51,976 | €95,893 | +€43,917 | +84.5% |
| Tangible fixed assets | 22/27 | €51,976 | €95,893 | +€43,917 | +84.5% |
| Land and buildings | 22 | €4,229 | €41,323 | +€37,094 | +877% |
| Plant, machinery and equipment | 23 | €15,435 | €21,027 | +€5,592 | +36.2% |
| Furniture and vehicles | 24 | €32,313 | €33,543 | +€1,231 | +3.8% |
| Current assets | 29/58 | €125,116 | €162,773 | +€37,657 | +30.1% |
| Stocks and contracts in progress | 3 | €14,644 | €48,286 | +€33,642 | +230% |
| Stocks | 30/36 | €14,644 | €48,286 | +€33,642 | +230% |
| Amounts receivable within one year | 40/41 | €31,080 | €53,482 | +€22,402 | +72.1% |
| Trade receivables | 40 | €26,939 | €53,482 | +€26,542 | +98.5% |
| Other amounts receivable | 41 | €4,140 | - | -€4,140 | |
| Cash at bank and in hand | 54/58 | €79,392 | €57,661 | -€21,731 | -27.4% |
| Deferred charges and accrued income | 490/1 | - | €3,344 | +€3,344 | |
| Total equity and liabilities | 10/49 | €177,092 | €258,666 | +€81,574 | +46.1% |
| Equity | 10/15 | €105,479 | €175,797 | +€70,318 | +66.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €102,479 | €172,797 | +€70,318 | +68.6% |
| Distributable reserves | 133 | €102,479 | €172,797 | +€70,318 | +68.6% |
| Amounts payable | 17/49 | €71,613 | €82,869 | +€11,256 | +15.7% |
| Amounts payable after more than one year | 17 | €9,733 | €5,565 | -€4,167 | -42.8% |
| Financial debts | 170/4 | €9,733 | €5,565 | -€4,167 | -42.8% |
| Amounts payable within one year | 42/48 | €61,880 | €77,304 | +€15,423 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €3,929 | €4,167 | +€238 | +6.1% |
| Trade debts | 44 | €33,412 | €15,863 | -€17,549 | -52.5% |
| Suppliers | 440/4 | €33,412 | €15,863 | -€17,549 | -52.5% |
| Taxes, remuneration and social security | 45 | €19,241 | €49,197 | +€29,956 | +156% |
| Taxes | 450/3 | €19,241 | €49,197 | +€29,956 | +156% |
| Other amounts payable | 47/48 | €5,297 | €8,076 | +€2,779 | +52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,192 | €16,122 | +€11,930 | +285% |
| Other operating charges | 640/8 | €525 | €733 | +€208 | +39.6% |
| Gross operating margin | 9900 | €90,779 | €115,748 | +€24,969 | +27.5% |
| Operating profit (loss) | 9901 | €86,062 | €98,893 | +€12,831 | +14.9% |
| Financial income | 75/76B | €266 | €78 | -€188 | -70.6% |
| Recurring financial income | 75 | €266 | €78 | -€188 | -70.6% |
| Financial charges | 65/66B | €3,404 | €4,737 | +€1,333 | +39.2% |
| Recurring financial charges | 65 | €3,404 | €4,737 | +€1,333 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €82,924 | €94,234 | +€11,310 | +13.6% |
| Income taxes | 67/77 | €19,241 | €23,917 | +€4,676 | +24.3% |
| Profit (loss) for the period | 9904 | €63,683 | €70,318 | +€6,634 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,683 | €70,318 | +€6,634 | +10.4% |
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.