TIM BOGEMANS: 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.
TIM BOGEMANS
Largest movements
- Cash -€60,462
down €60,462 (-32.5%), from €186,306 to €125,845
mainly Current investments (-€50,000) and Receivables within one year (-€18,711)
- Current investments +€50,000
new in 2025: €50,000
- Receivables within one year +€18,711
up €18,711 (+48.1%), from €38,891 to €57,602
of which Other amounts receivable: +€13,827
- Profit (loss) carried forward +€26,544
up €26,544 (+30.8%), from €86,248 to €112,792
- Reserves -€11,126
down €11,126 (-8.0%), from €139,178 to €128,052
of which Distributable reserves: -€11,126
- Tax, wage and social debts -€4,519
down €4,519 (-35.2%), from €12,848 to €8,329
- Gross operating margin +€3,929
up €3,929 (+20.7%), from €18,987 to €22,916
- Financial income -€1,400
down €1,400 (-43.8%), from €3,197 to €1,797
- Taxes +€712
up €712 (+11.1%), from €6,389 to €7,100
- Financial charges -€660
down €660 (-31.4%), from €2,104 to €1,444
- Depreciation +€303
up €303 (+15.1%), from €2,005 to €2,307
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 | €247,511 | €258,028 | +€10,518 | +4.2% |
| Fixed assets | 21/28 | €21,830 | €21,638 | -€192 | -0.9% |
| Tangible fixed assets | 22/27 | €21,761 | €21,568 | -€192 | -0.9% |
| Land and buildings | 22 | €17,207 | €16,081 | -€1,126 | -6.5% |
| Plant, machinery and equipment | 23 | - | €2,020 | +€2,020 | |
| Furniture and vehicles | 24 | €4,554 | €3,467 | -€1,086 | -23.9% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €225,681 | €236,391 | +€10,710 | +4.7% |
| Amounts receivable within one year | 40/41 | €38,891 | €57,602 | +€18,711 | +48.1% |
| Trade receivables | 40 | €26,136 | €31,020 | +€4,884 | +18.7% |
| Other amounts receivable | 41 | €12,755 | €26,582 | +€13,827 | +108% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €186,306 | €125,845 | -€60,462 | -32.5% |
| Deferred charges and accrued income | 490/1 | €483 | €2,944 | +€2,461 | +510% |
| Total equity and liabilities | 10/49 | €247,511 | €258,028 | +€10,518 | +4.2% |
| Equity | 10/15 | €231,626 | €247,044 | +€15,418 | +6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €139,178 | €128,052 | -€11,126 | -8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €137,318 | €126,192 | -€11,126 | -8.1% |
| Profit (loss) carried forward | 14 | €86,248 | €112,792 | +€26,544 | +30.8% |
| Amounts payable | 17/49 | €15,884 | €10,984 | -€4,900 | -30.8% |
| Amounts payable within one year | 42/48 | €15,609 | €10,759 | -€4,850 | -31.1% |
| Trade debts | 44 | €2,661 | €2,330 | -€331 | -12.4% |
| Suppliers | 440/4 | €2,661 | €2,330 | -€331 | -12.4% |
| Taxes, remuneration and social security | 45 | €12,848 | €8,329 | -€4,519 | -35.2% |
| Taxes | 450/3 | €12,848 | €8,329 | -€4,519 | -35.2% |
| Other amounts payable | 47/48 | €100 | €100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €275 | €225 | -€50 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,005 | €2,307 | +€303 | +15.1% |
| Other operating charges | 640/8 | €450 | €466 | +€16 | +3.6% |
| Non-recurring operating charges | 66A | €111 | - | -€111 | |
| Gross operating margin | 9900 | €18,987 | €22,916 | +€3,929 | +20.7% |
| Operating profit (loss) | 9901 | €16,421 | €20,142 | +€3,721 | +22.7% |
| Financial income | 75/76B | €3,197 | €1,797 | -€1,400 | -43.8% |
| Recurring financial income | 75 | €3,197 | €1,797 | -€1,400 | -43.8% |
| Financial charges | 65/66B | €2,104 | €1,444 | -€660 | -31.4% |
| Recurring financial charges | 65 | €2,104 | €1,444 | -€660 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €17,515 | €20,495 | +€2,981 | +17.0% |
| Income taxes | 67/77 | €6,389 | €7,100 | +€712 | +11.1% |
| Profit (loss) for the period | 9904 | €11,126 | €13,395 | +€2,269 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,126 | €13,395 | +€2,269 | +20.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.