THE TIME: 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.
THE TIME
Largest movements
- Tangible fixed assets +€15,867
up €15,867 (+137%), from €11,610 to €27,477
of which Furniture and vehicles: +€11,813
- Stocks and contracts +€10,186
up €10,186 (+13.9%), from €73,479 to €83,666
- Cash -€7,078
down €7,078 (-11.4%), from €61,828 to €54,750
mainly Investment in fixed assets (net) (-€22,770) and Trade debts (-€12,068)
- Receivables within one year -€3,488
down €3,488 (-40.3%), from €8,662 to €5,175
of which Trade receivables: -€3,021
- Reserves +€22,593
up €22,593 (+31.6%), from €71,455 to €94,048
- Trade debts -€12,068
down €12,068 (-62.5%), from €19,321 to €7,253
- Short-term financial debts -€12,000
down €12,000 (-44.4%), from €27,000 to €15,000
- Tax, wage and social debts +€11,962
up €11,962 (+107%), from €11,172 to €23,134
of which Remuneration and social security: +€6,637
- Other debts +€5,674
up €5,674 (+76.8%), from €7,392 to €13,066
- Gross operating margin +€6,668
up €6,668 (+17.6%), from €37,794 to €44,462
- Write-downs +€6,225
up €6,225 (+57.9%), from -€10,760 to -€4,535
- Depreciation +€3,712
up €3,712 (+116%), from €3,191 to €6,903
- Other operating charges +€2,340
up €2,340 (+59.9%), from €3,908 to €6,248
- Taxes -€1,608
down €1,608 (-15.5%), from €10,402 to €8,794
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 | €156,925 | €171,720 | +€14,795 | +9.4% |
| Fixed assets | 21/28 | €11,800 | €27,667 | +€15,867 | +134% |
| Tangible fixed assets | 22/27 | €11,610 | €27,477 | +€15,867 | +137% |
| Plant, machinery and equipment | 23 | €286 | €5,666 | +€5,380 | +1,880% |
| Furniture and vehicles | 24 | €2,331 | €14,143 | +€11,813 | +507% |
| Other tangible fixed assets | 26 | €8,993 | €7,668 | -€1,325 | -14.7% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €145,125 | €144,053 | -€1,072 | -0.7% |
| Stocks and contracts in progress | 3 | €73,479 | €83,666 | +€10,186 | +13.9% |
| Stocks | 30/36 | €73,479 | €83,666 | +€10,186 | +13.9% |
| Amounts receivable within one year | 40/41 | €8,662 | €5,175 | -€3,488 | -40.3% |
| Trade receivables | 40 | €8,196 | €5,175 | -€3,021 | -36.9% |
| Other amounts receivable | 41 | €466 | - | -€466 | |
| Cash at bank and in hand | 54/58 | €61,828 | €54,750 | -€7,078 | -11.4% |
| Deferred charges and accrued income | 490/1 | €1,156 | €463 | -€693 | -59.9% |
| Total equity and liabilities | 10/49 | €156,925 | €171,720 | +€14,795 | +9.4% |
| Equity | 10/15 | €90,055 | €112,648 | +€22,593 | +25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,455 | €94,048 | +€22,593 | +31.6% |
| Distributable reserves | 133 | €71,455 | €94,048 | +€22,593 | +31.6% |
| Amounts payable | 17/49 | €66,870 | €59,072 | -€7,798 | -11.7% |
| Amounts payable within one year | 42/48 | €64,885 | €58,453 | -€6,432 | -9.9% |
| Financial debts | 43 | €27,000 | €15,000 | -€12,000 | -44.4% |
| Other loans | 439 | €27,000 | €15,000 | -€12,000 | -44.4% |
| Trade debts | 44 | €19,321 | €7,253 | -€12,068 | -62.5% |
| Suppliers | 440/4 | €19,321 | €7,253 | -€12,068 | -62.5% |
| Taxes, remuneration and social security | 45 | €11,172 | €23,134 | +€11,962 | +107% |
| Taxes | 450/3 | €11,172 | €16,497 | +€5,325 | +47.7% |
| Remuneration and social security | 454/9 | - | €6,637 | +€6,637 | |
| Other amounts payable | 47/48 | €7,392 | €13,066 | +€5,674 | +76.8% |
| Accrued charges and deferred income | 492/3 | €1,985 | €619 | -€1,366 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,191 | €6,903 | +€3,712 | +116% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,760 | -€4,535 | +€6,225 | +57.9% |
| Other operating charges | 640/8 | €3,908 | €6,248 | +€2,340 | +59.9% |
| Gross operating margin | 9900 | €37,794 | €44,462 | +€6,668 | +17.6% |
| Operating profit (loss) | 9901 | €41,455 | €35,846 | -€5,609 | -13.5% |
| Financial income | 75/76B | €1,129 | €1,404 | +€275 | +24.3% |
| Recurring financial income | 75 | €1,129 | €1,404 | +€275 | +24.3% |
| Financial charges | 65/66B | €6,257 | €5,864 | -€393 | -6.3% |
| Recurring financial charges | 65 | €6,257 | €5,864 | -€393 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €36,328 | €31,387 | -€4,941 | -13.6% |
| Income taxes | 67/77 | €10,402 | €8,794 | -€1,608 | -15.5% |
| Profit (loss) for the period | 9904 | €25,926 | €22,593 | -€3,333 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,926 | €22,593 | -€3,333 | -12.9% |
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.