Tim Claus: 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 Claus
Largest movements
- Tangible fixed assets -€20,351
down €20,351 (-26.5%), from €76,893 to €56,542
of which Plant, machinery and equipment: -€18,693
- Receivables within one year +€14,265
up €14,265 (+83.6%), from €17,055 to €31,320
of which Trade receivables: +€27,339
- Cash +€12,559
up €12,559 (+12.8%), from €97,882 to €110,441
mainly Depreciation (+€27,833) and Net result for the year (+€23,256)
- Trade debts -€24,526
down €24,526 (-99.2%), from €24,714 to €188
of which Suppliers: -€24,526
- Reserves +€22,330
up €22,330 (+33.7%), from €66,346 to €88,675
of which Distributable reserves: +€22,330
- Other debts +€5,241
up €5,241 (+5.9%), from €88,621 to €93,862
- Gross operating margin +€19,258
up €19,258 (+41.6%), from €46,330 to €65,588
- Depreciation +€11,486
up €11,486 (+70.3%), from €16,347 to €27,833
- Financial charges +€1,933
up €1,933 (+54.4%), from €3,556 to €5,489
- Taxes +€1,683
up €1,683 (+24.4%), from €6,900 to €8,582
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 | €191,835 | €198,308 | +€6,473 | +3.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €76,898 | €56,547 | -€20,351 | -26.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €76,893 | €56,542 | -€20,351 | -26.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €58,327 | €39,634 | -€18,693 | -32.0% |
| Furniture and vehicles | 24 | €18,566 | €16,908 | -€1,658 | -8.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €114,937 | €141,761 | +€26,824 | +23.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €17,055 | €31,320 | +€14,265 | +83.6% |
| Trade receivables | 40 | €3,955 | €31,294 | +€27,339 | +691.2% |
| Other amounts receivable | 41 | €13,100 | €26 | -€13,074 | -99.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €97,882 | €110,441 | +€12,559 | +12.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €191,835 | €198,308 | +€6,473 | +3.4% |
| Equity | 10/15 | €76,346 | €98,675 | +€22,330 | +29.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €66,346 | €88,675 | +€22,330 | +33.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €66,346 | €88,675 | +€22,330 | +33.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €115,489 | €99,632 | -€15,856 | -13.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €115,489 | €98,132 | -€17,356 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €24,714 | €188 | -€24,526 | -99.2% |
| Suppliers | 440/4 | €24,714 | €188 | -€24,526 | -99.2% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,154 | €4,083 | +€1,929 | +89.6% |
| Taxes | 450/3 | €2,154 | €4,083 | +€1,929 | +89.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €88,621 | €93,862 | +€5,241 | +5.9% |
| Accrued charges and deferred income | 492/3 | €0 | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,347 | €27,833 | +€11,486 | +70.3% |
| Other operating charges | 640/8 | €952 | €912 | -€40 | -4.2% |
| Gross operating margin | 9900 | €46,330 | €65,588 | +€19,258 | +41.6% |
| Operating profit (loss) | 9901 | €29,031 | €36,843 | +€7,812 | +26.9% |
| Financial income | 75/76B | €166 | €485 | +€318 | +191.3% |
| Recurring financial income | 75 | €166 | €485 | +€318 | +191.3% |
| Financial charges | 65/66B | €3,556 | €5,489 | +€1,933 | +54.4% |
| Recurring financial charges | 65 | €3,556 | €5,489 | +€1,933 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €25,641 | €31,838 | +€6,197 | +24.2% |
| Income taxes | 67/77 | €6,900 | €8,582 | +€1,683 | +24.4% |
| Profit (loss) for the period | 9904 | €18,741 | €23,256 | +€4,515 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,741 | €23,256 | +€4,515 | +24.1% |
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 11 October 2026 via checked.be.