Tim Borremans: 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.
Tim Borremans
Largest movements
- Cash +€54,618
up €54,618 (+130.5%), from €41,852 to €96,470
mainly Net result for the year (+€76,847) and Tax, wage and social debts (+€15,442)
- Tangible fixed assets +€5,229
up €5,229 (+24.8%), from €21,074 to €26,302
of which Plant, machinery and equipment: +€8,909
- Receivables within one year -€2,525
down €2,525 (-15.1%), from €16,678 to €14,153
of which Other amounts receivable: -€5,842
- Reserves +€104,753
new in 2025: €104,753
- Trade debts -€29,330
down €29,330 (-95.4%), from €30,740 to €1,410
- Profit (loss) carried forward -€27,906
down €27,906 (-100.0%), from €27,906 to €0
- Tax, wage and social debts +€15,442
up €15,442 (+447.7%), from €3,449 to €18,891
of which Taxes: +€15,442
- Debts after one year -€6,389
down €6,389 (-79.9%), from €7,995 to €1,606
- Gross operating margin +€70,856
up €70,856 (+160.9%), from €44,026 to €114,881
- Taxes +€19,060
up €19,060 (+247.5%), from €7,702 to €26,762
- Depreciation +€1,658
up €1,658 (+19.5%), from €8,521 to €10,179
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,421 | €137,049 | +€56,628 | +70.4% |
| Fixed assets | 21/28 | €21,074 | €26,302 | +€5,229 | +24.8% |
| Tangible fixed assets | 22/27 | €21,074 | €26,302 | +€5,229 | +24.8% |
| Plant, machinery and equipment | 23 | €2,912 | €11,821 | +€8,909 | +306.0% |
| Furniture and vehicles | 24 | €18,162 | €14,481 | -€3,680 | -20.3% |
| Current assets | 29/58 | €59,347 | €110,746 | +€51,399 | +86.6% |
| Amounts receivable within one year | 40/41 | €16,678 | €14,153 | -€2,525 | -15.1% |
| Trade receivables | 40 | €468 | €3,784 | +€3,317 | +709.4% |
| Other amounts receivable | 41 | €16,211 | €10,369 | -€5,842 | -36.0% |
| Cash at bank and in hand | 54/58 | €41,852 | €96,470 | +€54,618 | +130.5% |
| Deferred charges and accrued income | 490/1 | €817 | €123 | -€693 | -84.9% |
| Total equity and liabilities | 10/49 | €80,421 | €137,049 | +€56,628 | +70.4% |
| Equity | 10/15 | €31,906 | €108,753 | +€76,847 | +240.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €104,753 | +€104,753 | |
| Distributable reserves | 133 | - | €104,753 | +€104,753 | |
| Profit (loss) carried forward | 14 | €27,906 | €0 | -€27,906 | -100.0% |
| Amounts payable | 17/49 | €48,515 | €28,296 | -€20,219 | -41.7% |
| Amounts payable after more than one year | 17 | €7,995 | €1,606 | -€6,389 | -79.9% |
| Financial debts | 170/4 | €7,995 | €1,606 | -€6,389 | -79.9% |
| Amounts payable within one year | 42/48 | €40,520 | €26,689 | -€13,830 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €6,331 | €6,389 | +€58 | +0.9% |
| Trade debts | 44 | €30,740 | €1,410 | -€29,330 | -95.4% |
| Suppliers | 440/4 | €30,740 | €1,410 | -€29,330 | -95.4% |
| Taxes, remuneration and social security | 45 | €3,449 | €18,891 | +€15,442 | +447.7% |
| Taxes | 450/3 | €1,239 | €16,681 | +€15,442 | +1246.1% |
| Remuneration and social security | 454/9 | €2,210 | €2,210 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,521 | €10,179 | +€1,658 | +19.5% |
| Other operating charges | 640/8 | €414 | €452 | +€38 | +9.1% |
| Gross operating margin | 9900 | €44,026 | €114,881 | +€70,856 | +160.9% |
| Operating profit (loss) | 9901 | €35,090 | €104,250 | +€69,160 | +197.1% |
| Financial income | 75/76B | €731 | €720 | -€11 | -1.5% |
| Recurring financial income | 75 | €731 | €720 | -€11 | -1.5% |
| Financial charges | 65/66B | €213 | €1,361 | +€1,148 | +538.8% |
| Recurring financial charges | 65 | €213 | €1,361 | +€1,148 | +538.8% |
| Profit (loss) for the period before taxes | 9903 | €35,608 | €103,609 | +€68,001 | +191.0% |
| Income taxes | 67/77 | €7,702 | €26,762 | +€19,060 | +247.5% |
| Profit (loss) for the period | 9904 | €27,906 | €76,847 | +€48,941 | +175.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,906 | €76,847 | +€48,941 | +175.4% |
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 2 October 2026 via checked.be.