TILMAN MANAGEMENT: 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.
TILMAN MANAGEMENT
Largest movements
- Financial fixed assets +€425,000
new in 2025: €425,000
- Cash -€65,432
down €65,432 (-75.0%), from €87,278 to €21,846
mainly Investment in fixed assets (net) (-€425,000) and Deferred charges and accrued income (-€1,516)
- Tangible fixed assets -€8,060
down €8,060 (-35.2%), from €22,907 to €14,847
- Debts after one year +€227,005
new in 2025: €227,005
- Current portion of long-term debt +€40,538
new in 2025: €40,538
- Reserves +€40,000
up €40,000 (+66.7%), from €60,000 to €100,000
- Other debts +€35,041
new in 2025: €35,041
- Accrued charges and deferred income +€5,543
new in 2025: €5,543
- Purchases and services +€57,913
new in 2025: €57,913
- Financial charges +€9,904
up €9,904 (+5,895%), from €168 to €10,072
- Depreciation +€6,783
up €6,783 (+531%), from €1,277 to €8,060
- Gross operating margin -€6,742
down €6,742 (-8.6%), from €78,483 to €71,741
- Taxes -€4,598
down €4,598 (-29.9%), from €15,376 to €10,778
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 | €136,017 | €489,413 | +€353,396 | +260% |
| Fixed assets | 21/28 | €22,907 | €439,847 | +€416,940 | +1,820% |
| Tangible fixed assets | 22/27 | €22,907 | €14,847 | -€8,060 | -35.2% |
| Furniture and vehicles | 24 | €22,907 | €14,847 | -€8,060 | -35.2% |
| Financial fixed assets | 28 | - | €425,000 | +€425,000 | |
| Current assets | 29/58 | €113,110 | €49,566 | -€63,544 | -56.2% |
| Amounts receivable within one year | 40/41 | €24,952 | €25,324 | +€372 | +1.5% |
| Trade receivables | 40 | €24,952 | €25,324 | +€372 | +1.5% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €87,278 | €21,846 | -€65,432 | -75.0% |
| Deferred charges and accrued income | 490/1 | €880 | €2,396 | +€1,516 | +172% |
| Total equity and liabilities | 10/49 | €136,017 | €489,413 | +€353,396 | +260% |
| Equity | 10/15 | €111,228 | €153,543 | +€42,315 | +38.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €100,000 | +€40,000 | +66.7% |
| Distributable reserves | 133 | €60,000 | €100,000 | +€40,000 | +66.7% |
| Profit (loss) carried forward | 14 | €1,228 | €3,543 | +€2,315 | +189% |
| Amounts payable | 17/49 | €24,789 | €335,870 | +€311,081 | +1,255% |
| Amounts payable after more than one year | 17 | - | €227,005 | +€227,005 | |
| Financial debts | 170/4 | - | €227,005 | +€227,005 | |
| Amounts payable within one year | 42/48 | €24,789 | €103,322 | +€78,533 | +317% |
| Current portion of amounts payable after more than one year | 42 | - | €40,538 | +€40,538 | |
| Trade debts | 44 | €1,133 | €919 | -€214 | -18.9% |
| Suppliers | 440/4 | €1,133 | €919 | -€214 | -18.9% |
| Taxes, remuneration and social security | 45 | €23,656 | €26,824 | +€3,168 | +13.4% |
| Taxes | 450/3 | €21,656 | €24,824 | +€3,168 | +14.6% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €35,041 | +€35,041 | |
| Accrued charges and deferred income | 492/3 | - | €5,543 | +€5,543 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €57,913 | +€57,913 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,277 | €8,060 | +€6,783 | +531% |
| Other operating charges | 640/8 | €434 | €562 | +€128 | +29.5% |
| Gross operating margin | 9900 | €78,483 | €71,741 | -€6,742 | -8.6% |
| Operating profit (loss) | 9901 | €76,772 | €63,119 | -€13,653 | -17.8% |
| Financial income | 75/76B | - | €47 | +€47 | |
| Recurring financial income | 75 | - | €47 | +€47 | |
| Financial charges | 65/66B | €168 | €10,072 | +€9,904 | +5,895% |
| Recurring financial charges | 65 | €168 | €10,072 | +€9,904 | +5,895% |
| Profit (loss) for the period before taxes | 9903 | €76,604 | €53,093 | -€23,511 | -30.7% |
| Income taxes | 67/77 | €15,376 | €10,778 | -€4,598 | -29.9% |
| Profit (loss) for the period | 9904 | €61,228 | €42,315 | -€18,913 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,228 | €42,315 | -€18,913 | -30.9% |
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 17 October 2026 via checked.be.