Tim Carnewal: 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 Carnewal
Largest movements
- Current investments +€2.5m
up €2.5m (+46.3%), from €5.4m to €7.9m
- Financial fixed assets +€458,624
up €458,624 (+20.9%), from €2.2m to €2.7m
- Receivables after one year -€400,000
down €400,000 (-100.0%), from €400,000 to €0
- Cash -€135,666
down €135,666 (-41.5%), from €326,966 to €191,300
mainly Current investments (-€2.5m) and Contributions, distributions and other (-€1.1m)
- Reserves +€2.1m
up €2.1m (+25.5%), from €8.2m to €10.3m
- Tax, wage and social debts +€218,355
up €218,355 (+47.1%), from €463,210 to €681,565
- Gross operating margin +€570,837
up €570,837 (+13.8%), from €4.1m to €4.7m
- Financial income -€260,106
down €260,106 (-57.7%), from €451,132 to €191,026
of which Financial income: -€186,994
- Financial charges +€123,930
up €123,930 (+2806.7%), from €4,416 to €128,345
- Taxes +€108,769
up €108,769 (+7.7%), from €1.4m to €1.5m
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 | €8,707,173 | €11,040,667 | +€2.3m | +26.8% |
| Fixed assets | 21/28 | €2,355,456 | €2,808,977 | +€453,521 | +19.3% |
| Tangible fixed assets | 22/27 | €158,767 | €153,664 | -€5,103 | -3.2% |
| Plant, machinery and equipment | 23 | €2,440 | €2,154 | -€286 | -11.7% |
| Furniture and vehicles | 24 | €147,230 | €141,657 | -€5,573 | -3.8% |
| Other tangible fixed assets | 26 | €9,097 | €9,853 | +€756 | +8.3% |
| Financial fixed assets | 28 | €2,196,688 | €2,655,313 | +€458,624 | +20.9% |
| Current assets | 29/58 | €6,351,717 | €8,231,690 | +€1.9m | +29.6% |
| Amounts receivable after more than one year | 29 | €400,000 | €0 | -€400,000 | -100.0% |
| Other amounts receivable | 291 | €400,000 | €0 | -€400,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €142,127 | €118,990 | -€23,137 | -16.3% |
| Trade receivables | 40 | €3,086 | €0 | -€3,086 | -100.0% |
| Other amounts receivable | 41 | €139,041 | €118,990 | -€20,051 | -14.4% |
| Current investments | 50/53 | €5,414,210 | €7,920,946 | +€2.5m | +46.3% |
| Cash at bank and in hand | 54/58 | €326,966 | €191,300 | -€135,666 | -41.5% |
| Deferred charges and accrued income | 490/1 | €68,414 | €454 | -€67,960 | -99.3% |
| Total equity and liabilities | 10/49 | €8,707,173 | €11,040,667 | +€2.3m | +26.8% |
| Equity | 10/15 | €8,227,395 | €10,325,260 | +€2.1m | +25.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €8,213,400 | €10,311,200 | +€2.1m | +25.5% |
| Distributable reserves | 133 | €8,213,400 | €10,311,200 | +€2.1m | +25.5% |
| Profit (loss) carried forward | 14 | €1,595 | €1,660 | +€64 | +4.0% |
| Amounts payable | 17/49 | €479,778 | €715,408 | +€235,630 | +49.1% |
| Amounts payable within one year | 42/48 | €464,450 | €715,235 | +€250,785 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,240 | €2,209 | +€969 | +78.1% |
| Suppliers | 440/4 | €1,240 | €2,209 | +€969 | +78.1% |
| Taxes, remuneration and social security | 45 | €463,210 | €681,565 | +€218,355 | +47.1% |
| Taxes | 450/3 | €463,210 | €681,565 | +€218,355 | +47.1% |
| Other amounts payable | 47/48 | - | €31,461 | +€31,461 | |
| Accrued charges and deferred income | 492/3 | €15,328 | €173 | -€15,155 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,376 | €36,748 | +€6,372 | +21.0% |
| Other operating charges | 640/8 | €3,188 | €2,266 | -€922 | -28.9% |
| Gross operating margin | 9900 | €4,130,389 | €4,701,226 | +€570,837 | +13.8% |
| Operating profit (loss) | 9901 | €4,096,825 | €4,662,211 | +€565,386 | +13.8% |
| Financial income | 75/76B | €451,132 | €191,026 | -€260,106 | -57.7% |
| Recurring financial income | 75 | €378,020 | €191,026 | -€186,994 | -49.5% |
| Non-recurring financial income | 76B | €73,112 | €0 | -€73,112 | -100.0% |
| Financial charges | 65/66B | €4,416 | €128,345 | +€123,930 | +2806.7% |
| Recurring financial charges | 65 | €4,416 | €128,345 | +€123,930 | +2806.7% |
| Profit (loss) for the period before taxes | 9903 | €4,543,541 | €4,724,892 | +€181,351 | +4.0% |
| Income taxes | 67/77 | €1,412,458 | €1,521,228 | +€108,769 | +7.7% |
| Profit (loss) for the period | 9904 | €3,131,083 | €3,203,664 | +€72,581 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,131,083 | €3,203,664 | +€72,581 | +2.3% |
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 10 October 2026 via checked.be.