TILMAN: 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.
What changed
TILMAN
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€5.2m+€4.1m
Equity
€12.8m
2024 · €11.4m+€1.4m
Cash
€511,337
2024 · €1.2m-€716,283
Balance sheet total
€43.2m
2024 · €44.5m-€1.3m
Largest movements
Assets
- Receivables within one year +€3.5m
up €3.5m (+29.8%), from €11.8m to €15.3m
of which Other amounts receivable: +€2.7m
- Financial fixed assets -€3.3m
down €3.3m (-42.2%), from €7.7m to €4.5m
of which Affiliated companies: -€3.2m
- Cash -€716,283
down €716,283 (-58.3%), from €1.2m to €511,337
mainly Receivables within one year (-€3.5m) and Debts after one year (-€2.4m)
- Current investments -€461,126
down €461,126 (-58.9%), from €783,156 to €322,030
of which Own shares: -€461,375
- Stocks and contracts -€460,255
down €460,255 (-4.6%), from €10.1m to €9.6m
Equity and liabilities
- Contributions +€2.5m
up €2.5m (+58.1%), from €4.3m to €6.8m
- Debts after one year -€2.4m
down €2.4m (-15.8%), from €14.9m to €12.6m
of which Financial debts: -€2.3m
- Profit (loss) carried forward -€1.9m
new in 2025: -€1.9m
- Short-term financial debts +€1.5m
up €1.5m (+38.5%), from €3.8m to €5.3m
- Trade debts -€929,204
down €929,204 (-13.9%), from €6.7m to €5.8m
Income statement
- Financial charges -€3.3m
down €3.3m (-42.4%), from €7.9m to €4.5m
of which Non-recurring financial charges: -€3.2m
- Staff costs +€1.0m
up €1.0m (+6.5%), from €16.1m to €17.2m
- Goods and materials -€1.0m
down €1.0m (-6.0%), from €17.2m to €16.2m
of which Purchases: -€1.3m
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.
Result 2024
-€5.2m
Turnover
-€374,013
Other operating income
-€228,180
Goods and materials
+€1.0m
Services and other goods
+€276,303
Staff costs
-€1.0m
Depreciation
-€319,760
Other operating charges
-€110,405
Other operating items
+€1.3m
Financial income
-€153,467
Financial charges
+€3.3m
Taxes
+€398,373
Result 2025
-€1.1m
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.
From operations
-€3.9m
Investment
+€1.8m
Financing
+€1.4m
Cash 2024
€1.2m
From operations (derived)
-€3.9m
Net result for the year
-€1.1m
Depreciation
+€2.1m
Stocks and contracts
+€460,255
Receivables within one year
-€3.5m
Deferred charges and accrued income
-€264,054
Trade debts
-€929,204
Tax, wage and social debts
-€174,470
Advances received
-€76,550
Other debts
-€391,539
Investment (derived)
+€1.8m
Investment in fixed assets (net)
+€1.3m
Current investments
+€461,126
Financing
+€1.4m
Debts after one year
-€2.4m
Current portion of long-term debt
-€194,238
Short-term financial debts
+€1.5m
Contributions, distributions and other
+€2.5m
Cash 2025
€511,337
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,524,880 | €43,232,813 | -€1.3m | -2.9% |
| Fixed assets | 21/28 | €20,662,886 | €17,234,375 | -€3.4m | -16.6% |
| Intangible fixed assets | 21 | €732,886 | €867,929 | +€135,043 | +18.4% |
| Tangible fixed assets | 22/27 | €12,190,861 | €11,894,233 | -€296,629 | -2.4% |
| Land and buildings | 22 | €9,629,680 | €9,408,558 | -€221,122 | -2.3% |
| Plant, machinery and equipment | 23 | €1,703,097 | €1,847,780 | +€144,683 | +8.5% |
| Furniture and vehicles | 24 | €544,084 | €637,895 | +€93,811 | +17.2% |
| Leasing and similar rights | 25 | €314,000 | - | -€314,000 | |
| Financial fixed assets | 28 | €7,739,138 | €4,472,213 | -€3.3m | -42.2% |
| Affiliated companies | 280/1 | €7,659,138 | €4,472,213 | -€3.2m | -41.6% |
| Participating interests | 280 | €7,659,138 | €4,472,213 | -€3.2m | -41.6% |
| Other financial fixed assets | 284/8 | €80,000 | - | -€80,000 | |
| Amounts receivable and cash guarantees | 285/8 | €80,000 | - | -€80,000 | |
| Current assets | 29/58 | €23,861,994 | €25,998,438 | +€2.1m | +9.0% |
| Stocks and contracts in progress | 3 | €10,059,285 | €9,599,030 | -€460,255 | -4.6% |
| Stocks | 30/36 | €10,059,285 | €9,599,030 | -€460,255 | -4.6% |
| Raw materials and consumables | 30/31 | €6,060,282 | €5,273,105 | -€787,177 | -13.0% |
| Finished goods | 33 | €3,782,335 | €4,126,408 | +€344,073 | +9.1% |
| Goods purchased for resale | 34 | €216,669 | €199,517 | -€17,151 | -7.9% |
| Amounts receivable within one year | 40/41 | €11,791,933 | €15,301,987 | +€3.5m | +29.8% |
| Trade receivables | 40 | €11,312,888 | €12,129,690 | +€816,803 | +7.2% |
| Other amounts receivable | 41 | €479,045 | €3,172,297 | +€2.7m | +562.2% |
| Current investments | 50/53 | €783,156 | €322,030 | -€461,126 | -58.9% |
| Own shares | 50 | €773,774 | €312,399 | -€461,375 | -59.6% |
| Other investments | 51/53 | €9,382 | €9,631 | +€249 | +2.7% |
| Cash at bank and in hand | 54/58 | €1,227,620 | €511,337 | -€716,283 | -58.3% |
| Deferred charges and accrued income | 490/1 | - | €264,054 | +€264,054 | |
| Total equity and liabilities | 10/49 | €44,524,880 | €43,232,813 | -€1.3m | -2.9% |
| Equity | 10/15 | €11,407,614 | €12,770,397 | +€1.4m | +11.9% |
| Contributions | 10/11 | €4,303,117 | €6,803,117 | +€2.5m | +58.1% |
| Capital | 10 | €4,303,117 | €6,803,117 | +€2.5m | +58.1% |
| Issued capital | 100 | €4,303,117 | €6,803,117 | +€2.5m | +58.1% |
| Reserves | 13 | €6,912,864 | €7,754,864 | +€842,000 | +12.2% |
| Non-distributable reserves | 130/1 | €881,205 | €419,830 | -€461,375 | -52.4% |
| Legal reserve | 130 | €107,431 | €107,431 | = | 0.0% |
| Own shares acquired | 1312 | €773,774 | €312,399 | -€461,375 | -59.6% |
| Tax-exempt reserves | 132 | €1,479,815 | €1,800,231 | +€320,416 | +21.7% |
| Distributable reserves | 133 | €4,551,844 | €5,534,803 | +€982,959 | +21.6% |
| Profit (loss) carried forward | 14 | - | -€1,947,071 | -€1.9m | |
| Investment grants | 15 | €191,633 | €159,487 | -€32,147 | -16.8% |
| Amounts payable | 17/49 | €33,117,265 | €30,462,417 | -€2.7m | -8.0% |
| Amounts payable after more than one year | 17 | €14,935,662 | €12,581,544 | -€2.4m | -15.8% |
| Financial debts | 170/4 | €14,849,262 | €12,509,544 | -€2.3m | -15.8% |
| Subordinated loans | 170 | €5,013,180 | €4,153,674 | -€859,506 | -17.1% |
| Credit institutions | 173 | €9,360,227 | €7,880,015 | -€1.5m | -15.8% |
| Other loans | 174 | €475,855 | €475,855 | = | 0.0% |
| Other amounts payable | 178/9 | €86,400 | €72,000 | -€14,400 | -16.7% |
| Amounts payable within one year | 42/48 | €18,181,603 | €17,880,873 | -€300,730 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €2,578,983 | €2,384,744 | -€194,238 | -7.5% |
| Financial debts | 43 | €3,808,539 | €5,273,810 | +€1.5m | +38.5% |
| Credit institutions | 430/8 | €3,808,539 | €5,273,810 | +€1.5m | +38.5% |
| Trade debts | 44 | €6,698,210 | €5,769,006 | -€929,204 | -13.9% |
| Suppliers | 440/4 | €6,698,210 | €5,769,006 | -€929,204 | -13.9% |
| Advances received on contracts in progress | 46 | €96,550 | €20,000 | -€76,550 | -79.3% |
| Taxes, remuneration and social security | 45 | €4,133,625 | €3,959,155 | -€174,470 | -4.2% |
| Taxes | 450/3 | €1,855,870 | €1,538,426 | -€317,443 | -17.1% |
| Remuneration and social security | 454/9 | €2,277,756 | €2,420,729 | +€142,974 | +6.3% |
| Other amounts payable | 47/48 | €865,696 | €474,157 | -€391,539 | -45.2% |
| Operating income | 70/76A | €58,407,070 | €59,120,725 | +€713,655 | +1.2% |
| Turnover | 70 | €58,602,149 | €58,228,136 | -€374,013 | -0.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,006,560 | €344,073 | +€1.4m | |
| Other operating income | 74 | €767,561 | €539,381 | -€228,180 | -29.7% |
| Non-recurring operating income | 76A | €43,922 | €9,136 | -€34,786 | -79.2% |
| Operating charges | 60/66A | €54,590,550 | €54,751,704 | +€161,154 | +0.3% |
| Goods for resale, raw materials and consumables | 60 | €17,212,319 | €16,174,550 | -€1.0m | -6.0% |
| Purchases | 600/8 | €16,668,814 | €15,370,222 | -€1.3m | -7.8% |
| Change in stocks: decrease (increase) | 609 | €543,505 | €804,328 | +€260,823 | +48.0% |
| Services and other goods | 61 | €19,382,303 | €19,106,000 | -€276,303 | -1.4% |
| Remuneration, social security and pensions | 62 | €16,118,508 | €17,160,511 | +€1.0m | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,761,136 | €2,080,896 | +€319,760 | +18.2% |
| Other operating charges | 640/8 | €113,670 | €224,075 | +€110,405 | +97.1% |
| Non-recurring operating charges | 66A | €2,615 | €5,672 | +€3,057 | +116.9% |
| Operating profit (loss) | 9901 | €3,816,520 | €4,369,021 | +€552,501 | +14.5% |
| Financial income | 75/76B | €249,313 | €95,846 | -€153,467 | -61.6% |
| Recurring financial income | 75 | €249,313 | €95,846 | -€153,467 | -61.6% |
| Income from current assets | 751 | €15,362 | - | -€15,362 | |
| Other financial income | 752/9 | €233,951 | €95,846 | -€138,105 | -59.0% |
| Financial charges | 65/66B | €7,868,914 | €4,532,030 | -€3.3m | -42.4% |
| Recurring financial charges | 65 | €1,495,064 | €1,345,105 | -€149,959 | -10.0% |
| Debt charges | 650 | €478,840 | €659,459 | +€180,619 | +37.7% |
| Other financial charges | 652/9 | €1,016,224 | €685,646 | -€330,578 | -32.5% |
| Non-recurring financial charges | 66B | €6,373,850 | €3,186,925 | -€3.2m | -50.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,803,080 | -€67,163 | +€3.7m | +98.2% |
| Income taxes | 67/77 | €1,436,281 | €1,037,908 | -€398,373 | -27.7% |
| Taxes | 670/3 | €1,436,281 | €1,037,908 | -€398,373 | -27.7% |
| Profit (loss) for the period | 9904 | -€5,239,361 | -€1,105,071 | +€4.1m | +78.9% |
| Transfer from tax-exempt reserves | 789 | €778,850 | €521,584 | -€257,266 | -33.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €842,000 | +€421,000 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,881,511 | -€1,425,487 | +€3.5m | +70.8% |
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 4 October 2026 via checked.be.