TIERMAN: 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.
TIERMAN
Largest movements
- Deferred charges and accrued income -€16,524
down €16,524 (-34.9%), from €47,410 to €30,886
- Cash -€11,834
down €11,834 (-20.0%), from €59,220 to €47,385
mainly Other debts (-€40,120) and Tax, wage and social debts (-€4,559)
- Other debts -€40,120
down €40,120 (-43.7%), from €91,828 to €51,708
- Reserves +€15,653
up €15,653 (+25.9%), from €60,523 to €76,176
- Tax, wage and social debts -€4,559
down €4,559 (-68.8%), from €6,631 to €2,072
- Gross operating margin -€18,203
down €18,203 (-35.7%), from €51,030 to €32,827
- Taxes -€4,692
down €4,692 (-45.3%), from €10,354 to €5,662
- Financial charges +€4,152
up €4,152 (+78.9%), from €5,261 to €9,413
- Financial income -€1,557
down €1,557 (-100%), from €1,557 to €0
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 | €182,440 | €151,941 | -€30,498 | -16.7% |
| Fixed assets | 21/28 | €1,593 | €833 | -€760 | -47.7% |
| Tangible fixed assets | 22/27 | €1,593 | €833 | -€760 | -47.7% |
| Furniture and vehicles | 24 | €1,593 | €833 | -€760 | -47.7% |
| Current assets | 29/58 | €180,846 | €151,108 | -€29,738 | -16.4% |
| Amounts receivable within one year | 40/41 | €16,166 | €16,578 | +€412 | +2.6% |
| Trade receivables | 40 | €14,520 | €15,040 | +€520 | +3.6% |
| Other amounts receivable | 41 | €1,646 | €1,538 | -€108 | -6.5% |
| Current investments | 50/53 | €58,051 | €56,259 | -€1,792 | -3.1% |
| Cash at bank and in hand | 54/58 | €59,220 | €47,385 | -€11,834 | -20.0% |
| Deferred charges and accrued income | 490/1 | €47,410 | €30,886 | -€16,524 | -34.9% |
| Total equity and liabilities | 10/49 | €182,440 | €151,941 | -€30,498 | -16.7% |
| Equity | 10/15 | €79,123 | €94,776 | +€15,653 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,523 | €76,176 | +€15,653 | +25.9% |
| Distributable reserves | 133 | €60,523 | €76,176 | +€15,653 | +25.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,316 | €57,165 | -€46,151 | -44.7% |
| Amounts payable within one year | 42/48 | €103,316 | €57,165 | -€46,151 | -44.7% |
| Financial debts | 43 | €6 | €0 | -€6 | -100% |
| Credit institutions | 430/8 | €6 | €0 | -€6 | -100% |
| Trade debts | 44 | €4,852 | €3,386 | -€1,466 | -30.2% |
| Suppliers | 440/4 | €4,852 | €3,386 | -€1,466 | -30.2% |
| Taxes, remuneration and social security | 45 | €6,631 | €2,072 | -€4,559 | -68.8% |
| Taxes | 450/3 | €6,631 | €2,072 | -€4,559 | -68.8% |
| Other amounts payable | 47/48 | €91,828 | €51,708 | -€40,120 | -43.7% |
| Non-recurring operating income | 76A | €18,891 | €0 | -€18,891 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €760 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,036 | €1,339 | +€303 | +29.2% |
| Gross operating margin | 9900 | €51,030 | €32,827 | -€18,203 | -35.7% |
| Operating profit (loss) | 9901 | €49,234 | €30,728 | -€18,506 | -37.6% |
| Financial income | 75/76B | €1,557 | €0 | -€1,557 | -100% |
| Recurring financial income | 75 | €1,557 | €0 | -€1,557 | -100% |
| Financial charges | 65/66B | €5,261 | €9,413 | +€4,152 | +78.9% |
| Recurring financial charges | 65 | €5,261 | €9,413 | +€4,152 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | €45,530 | €21,315 | -€24,216 | -53.2% |
| Income taxes | 67/77 | €10,354 | €5,662 | -€4,692 | -45.3% |
| Profit (loss) for the period | 9904 | €35,176 | €15,653 | -€19,523 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,176 | €15,653 | -€19,523 | -55.5% |
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 27 October 2026 via checked.be.