Tim Dauwen: 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 Dauwen
Largest movements
- Tangible fixed assets +€66,390
up €66,390 (+700%), from €9,480 to €75,871
of which Leasing and similar rights: +€43,310
- Stocks and contracts +€54,245
up €54,245 (+41.5%), from €130,560 to €184,805
- Cash -€19,706
down €19,706 (-74.6%), from €26,428 to €6,722
mainly Investment in fixed assets (net) (-€81,284) and Stocks and contracts (-€54,245)
- Financial fixed assets +€4,878
new in 2025: €4,878
- Short-term financial debts +€57,586
new in 2025: €57,586
- Debts after one year +€35,700
new in 2025: €35,700
- Reserves +€25,894
up €25,894 (+56.6%), from €45,743 to €71,637
- Trade debts -€9,938
down €9,938 (-54.5%), from €18,226 to €8,288
- Other debts -€8,628
down €8,628 (-7.8%), from €110,161 to €101,534
- Gross operating margin +€11,019
up €11,019 (+26.8%), from €41,052 to €52,072
- Depreciation +€2,873
up €2,873 (+40.2%), from €7,143 to €10,016
- Other operating charges +€2,466
up €2,466 (+156%), from €1,578 to €4,044
- Taxes +€1,569
up €1,569 (+20.7%), from €7,561 to €9,130
- Financial charges +€817
up €817 (+37.6%), from €2,173 to €2,990
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 | €204,224 | €309,560 | +€105,336 | +51.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,480 | €80,748 | +€71,268 | +752% |
| Tangible fixed assets | 22/27 | €9,480 | €75,871 | +€66,390 | +700% |
| Plant, machinery and equipment | 23 | €5,636 | €4,522 | -€1,114 | -19.8% |
| Furniture and vehicles | 24 | €3,844 | €15,045 | +€11,201 | +291% |
| Leasing and similar rights | 25 | - | €43,310 | +€43,310 | |
| Other tangible fixed assets | 26 | - | €12,993 | +€12,993 | |
| Financial fixed assets | 28 | - | €4,878 | +€4,878 | |
| Current assets | 29/58 | €194,744 | €228,812 | +€34,068 | +17.5% |
| Stocks and contracts in progress | 3 | €130,560 | €184,805 | +€54,245 | +41.5% |
| Stocks | 30/36 | €130,560 | €184,805 | +€54,245 | +41.5% |
| Amounts receivable within one year | 40/41 | €34,711 | €33,399 | -€1,312 | -3.8% |
| Trade receivables | 40 | €31,734 | €31,180 | -€554 | -1.7% |
| Other amounts receivable | 41 | €2,977 | €2,219 | -€758 | -25.5% |
| Cash at bank and in hand | 54/58 | €26,428 | €6,722 | -€19,706 | -74.6% |
| Deferred charges and accrued income | 490/1 | €3,045 | €3,886 | +€841 | +27.6% |
| Total equity and liabilities | 10/49 | €204,224 | €309,560 | +€105,336 | +51.6% |
| Equity | 10/15 | €64,343 | €90,237 | +€25,894 | +40.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,743 | €71,637 | +€25,894 | +56.6% |
| Distributable reserves | 133 | €45,743 | €71,637 | +€25,894 | +56.6% |
| Amounts payable | 17/49 | €139,881 | €219,323 | +€79,443 | +56.8% |
| Amounts payable after more than one year | 17 | - | €35,700 | +€35,700 | |
| Financial debts | 170/4 | - | €35,700 | +€35,700 | |
| Amounts payable within one year | 42/48 | €139,881 | €182,913 | +€43,033 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €8,357 | €11,019 | +€2,662 | +31.8% |
| Financial debts | 43 | - | €57,586 | +€57,586 | |
| Credit institutions | 430/8 | - | €57,586 | +€57,586 | |
| Trade debts | 44 | €18,226 | €8,288 | -€9,938 | -54.5% |
| Suppliers | 440/4 | €18,226 | €8,288 | -€9,938 | -54.5% |
| Taxes, remuneration and social security | 45 | €3,137 | €4,487 | +€1,350 | +43.0% |
| Taxes | 450/3 | €3,137 | €4,487 | +€1,350 | +43.0% |
| Other amounts payable | 47/48 | €110,161 | €101,534 | -€8,628 | -7.8% |
| Accrued charges and deferred income | 492/3 | - | €710 | +€710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,143 | €10,016 | +€2,873 | +40.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €447 | - | -€447 | |
| Other operating charges | 640/8 | €1,578 | €4,044 | +€2,466 | +156% |
| Gross operating margin | 9900 | €41,052 | €52,072 | +€11,019 | +26.8% |
| Operating profit (loss) | 9901 | €31,885 | €38,013 | +€6,128 | +19.2% |
| Financial income | 75/76B | €149 | €1 | -€148 | -99.2% |
| Recurring financial income | 75 | €149 | €1 | -€148 | -99.2% |
| Financial charges | 65/66B | €2,173 | €2,990 | +€817 | +37.6% |
| Recurring financial charges | 65 | €2,173 | €2,990 | +€817 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €29,861 | €35,024 | +€5,163 | +17.3% |
| Income taxes | 67/77 | €7,561 | €9,130 | +€1,569 | +20.7% |
| Profit (loss) for the period | 9904 | €22,300 | €25,894 | +€3,594 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,300 | €25,894 | +€3,594 | +16.1% |
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 24 October 2026 via checked.be.