Tim Bontinck: 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 Bontinck
Largest movements
- Receivables within one year -€56,573
down €56,573 (-22.4%), from €252,554 to €195,980
of which Trade receivables: -€82,033
- Cash +€12,702
up €12,702 (+134%), from €9,467 to €22,170
mainly Receivables within one year (+€56,573) and Depreciation (+€50,911)
- Tangible fixed assets +€12,089
up €12,089 (+8.7%), from €139,173 to €151,262
of which Furniture and vehicles: +€28,424
- Stocks and contracts -€11,400
down €11,400 (-79.2%), from €14,400 to €3,000
of which Contracts in progress: -€8,400
- Other debts -€23,099
no longer reported in 2025 (was €23,099)
- Debts after one year -€15,998
down €15,998 (-53.4%), from €29,951 to €13,953
- Current portion of long-term debt -€12,113
down €12,113 (-41.0%), from €29,538 to €17,425
- Trade debts +€10,684
up €10,684 (+6.7%), from €159,701 to €170,385
- Reserves -€4,786
down €4,786 (-3.0%), from €161,718 to €156,932
of which Distributable reserves: -€4,786
- Gross operating margin -€27,843
down €27,843 (-24.2%), from €114,900 to €87,057
- Taxes -€9,701
down €9,701 (-54.1%), from €17,937 to €8,237
- Write-downs +€8,944
up €8,944 (+1,471%), from €608 to €9,552
- Depreciation -€6,335
down €6,335 (-11.1%), from €57,247 to €50,911
- Financial charges -€1,185
down €1,185 (-31.6%), from €3,753 to €2,568
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 | €422,606 | €378,032 | -€44,575 | -10.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €143,180 | €151,397 | +€8,217 | +5.7% |
| Tangible fixed assets | 22/27 | €139,173 | €151,262 | +€12,089 | +8.7% |
| Plant, machinery and equipment | 23 | €38,077 | €21,719 | -€16,359 | -43.0% |
| Furniture and vehicles | 24 | €89,358 | €117,782 | +€28,424 | +31.8% |
| Other tangible fixed assets | 26 | €11,738 | €11,760 | +€23 | +0.2% |
| Financial fixed assets | 28 | €4,007 | €135 | -€3,872 | -96.6% |
| Current assets | 29/58 | €279,426 | €226,635 | -€52,791 | -18.9% |
| Stocks and contracts in progress | 3 | €14,400 | €3,000 | -€11,400 | -79.2% |
| Stocks | 30/36 | €4,000 | €1,000 | -€3,000 | -75.0% |
| Contracts in progress | 37 | €10,400 | €2,000 | -€8,400 | -80.8% |
| Amounts receivable within one year | 40/41 | €252,554 | €195,980 | -€56,573 | -22.4% |
| Trade receivables | 40 | €203,724 | €121,690 | -€82,033 | -40.3% |
| Other amounts receivable | 41 | €48,830 | €74,290 | +€25,460 | +52.1% |
| Cash at bank and in hand | 54/58 | €9,467 | €22,170 | +€12,702 | +134% |
| Deferred charges and accrued income | 490/1 | €3,005 | €5,485 | +€2,480 | +82.5% |
| Total equity and liabilities | 10/49 | €422,606 | €378,032 | -€44,575 | -10.5% |
| Equity | 10/15 | €180,318 | €175,532 | -€4,786 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,718 | €156,932 | -€4,786 | -3.0% |
| 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 | €159,858 | €155,072 | -€4,786 | -3.0% |
| Amounts payable | 17/49 | €242,289 | €202,500 | -€39,789 | -16.4% |
| Amounts payable after more than one year | 17 | €29,951 | €13,953 | -€15,998 | -53.4% |
| Financial debts | 170/4 | €29,951 | €13,953 | -€15,998 | -53.4% |
| Amounts payable within one year | 42/48 | €212,338 | €188,547 | -€23,791 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €29,538 | €17,425 | -€12,113 | -41.0% |
| Trade debts | 44 | €159,701 | €170,385 | +€10,684 | +6.7% |
| Suppliers | 440/4 | €159,701 | €170,385 | +€10,684 | +6.7% |
| Taxes, remuneration and social security | 45 | - | €737 | +€737 | |
| Taxes | 450/3 | - | €737 | +€737 | |
| Other amounts payable | 47/48 | €23,099 | - | -€23,099 | |
| Non-recurring operating income | 76A | €9,457 | €43,802 | +€34,345 | +363% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,247 | €50,911 | -€6,335 | -11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €608 | €9,552 | +€8,944 | +1,471% |
| Other operating charges | 640/8 | €1,203 | €1,081 | -€122 | -10.1% |
| Gross operating margin | 9900 | €114,900 | €87,057 | -€27,843 | -24.2% |
| Operating profit (loss) | 9901 | €55,842 | €25,512 | -€30,330 | -54.3% |
| Financial income | 75/76B | €2,014 | €2,924 | +€910 | +45.2% |
| Recurring financial income | 75 | €2,014 | €2,924 | +€910 | +45.2% |
| Financial charges | 65/66B | €3,753 | €2,568 | -€1,185 | -31.6% |
| Recurring financial charges | 65 | €3,753 | €2,568 | -€1,185 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €54,103 | €25,868 | -€28,235 | -52.2% |
| Income taxes | 67/77 | €17,937 | €8,237 | -€9,701 | -54.1% |
| Profit (loss) for the period | 9904 | €36,166 | €17,631 | -€18,534 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,166 | €17,631 | -€18,534 | -51.2% |
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 20 October 2026 via checked.be.