TIM DE BELDER: 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 DE BELDER
Largest movements
- Cash +€11,752
up €11,752 (+53.2%), from €22,099 to €33,851
mainly Depreciation (+€13,504) and Net result for the year (+€12,577)
- Receivables within one year -€6,813
down €6,813 (-14.0%), from €48,508 to €41,694
of which Trade receivables: -€11,313
- Deferred charges and accrued income -€3,419
down €3,419 (-23.6%), from €14,512 to €11,093
- Tangible fixed assets -€1,726
down €1,726 (-7.1%), from €24,395 to €22,668
of which Plant, machinery and equipment: -€2,693
- Reserves +€12,577
up €12,577 (+89.6%), from €14,035 to €26,612
of which Distributable reserves: +€12,577
- Other debts +€8,614
up €8,614 (+795.8%), from €1,082 to €9,696
- Debts after one year -€7,330
down €7,330 (-31.9%), from €22,981 to €15,651
- Tax, wage and social debts -€7,264
down €7,264 (-65.0%), from €11,169 to €3,905
- Trade debts -€7,115
down €7,115 (-20.5%), from €34,627 to €27,512
- Staff costs -€27,364
no longer reported in 2025 (was €27,364)
- Gross operating margin +€9,944
up €9,944 (+39.1%), from €25,448 to €35,392
- Other operating charges -€552
down €552 (-17.8%), from €3,108 to €2,556
- Financial charges +€521
up €521 (+8.4%), from €6,183 to €6,704
of which Non-recurring financial charges: +€1,302
- Financial income -€459
down €459 (-64.9%), from €707 to €248
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 | €109,513 | €109,306 | -€207 | -0.2% |
| Fixed assets | 21/28 | €24,395 | €22,668 | -€1,726 | -7.1% |
| Tangible fixed assets | 22/27 | €24,395 | €22,668 | -€1,726 | -7.1% |
| Plant, machinery and equipment | 23 | €16,593 | €13,900 | -€2,693 | -16.2% |
| Furniture and vehicles | 24 | €7,802 | €8,768 | +€966 | +12.4% |
| Current assets | 29/58 | €85,118 | €86,638 | +€1,519 | +1.8% |
| Amounts receivable within one year | 40/41 | €48,508 | €41,694 | -€6,813 | -14.0% |
| Trade receivables | 40 | €38,335 | €27,021 | -€11,313 | -29.5% |
| Other amounts receivable | 41 | €10,173 | €14,673 | +€4,500 | +44.2% |
| Cash at bank and in hand | 54/58 | €22,099 | €33,851 | +€11,752 | +53.2% |
| Deferred charges and accrued income | 490/1 | €14,512 | €11,093 | -€3,419 | -23.6% |
| Total equity and liabilities | 10/49 | €109,513 | €109,306 | -€207 | -0.2% |
| Equity | 10/15 | €32,635 | €45,212 | +€12,577 | +38.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,035 | €26,612 | +€12,577 | +89.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,166 | €11,166 | = | 0.0% |
| Distributable reserves | 133 | €1,009 | €13,586 | +€12,577 | +1246.5% |
| Amounts payable | 17/49 | €76,879 | €64,095 | -€12,784 | -16.6% |
| Amounts payable after more than one year | 17 | €22,981 | €15,651 | -€7,330 | -31.9% |
| Financial debts | 170/4 | €22,981 | €15,651 | -€7,330 | -31.9% |
| Amounts payable within one year | 42/48 | €53,897 | €48,444 | -€5,454 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €7,019 | €7,330 | +€312 | +4.4% |
| Trade debts | 44 | €34,627 | €27,512 | -€7,115 | -20.5% |
| Suppliers | 440/4 | €34,627 | €27,512 | -€7,115 | -20.5% |
| Taxes, remuneration and social security | 45 | €11,169 | €3,905 | -€7,264 | -65.0% |
| Taxes | 450/3 | €11,169 | €3,905 | -€7,264 | -65.0% |
| Other amounts payable | 47/48 | €1,082 | €9,696 | +€8,614 | +795.8% |
| Remuneration, social security and pensions | 62 | €27,364 | - | -€27,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,640 | €13,504 | -€136 | -1.0% |
| Other operating charges | 640/8 | €3,108 | €2,556 | -€552 | -17.8% |
| Gross operating margin | 9900 | €25,448 | €35,392 | +€9,944 | +39.1% |
| Operating profit (loss) | 9901 | -€18,664 | €19,332 | +€37,995 | |
| Financial income | 75/76B | €707 | €248 | -€459 | -64.9% |
| Recurring financial income | 75 | €707 | €248 | -€459 | -64.9% |
| Financial charges | 65/66B | €6,183 | €6,704 | +€521 | +8.4% |
| Recurring financial charges | 65 | €6,183 | €5,402 | -€781 | -12.6% |
| Non-recurring financial charges | 66B | - | €1,302 | +€1,302 | |
| Profit (loss) for the period before taxes | 9903 | -€24,139 | €12,876 | +€37,015 | |
| Income taxes | 67/77 | €127 | €299 | +€172 | +135.6% |
| Profit (loss) for the period | 9904 | -€24,266 | €12,577 | +€36,843 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,266 | €12,577 | +€36,843 |
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.