Tim De Haes: 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 Haes
Largest movements
- Tangible fixed assets +€9,213
up €9,213 (+271%), from €3,394 to €12,606
of which Other tangible fixed assets: +€10,548
- Stocks and contracts -€8,900
no longer reported in 2025 (was €8,900)
- Receivables within one year +€7,381
up €7,381 (+136%), from €5,444 to €12,824
of which Trade receivables: +€10,930
- Financial fixed assets +€2,550
new in 2025: €2,550
- Cash -€2,056
down €2,056 (-93.5%), from €2,200 to €144
mainly Investment in fixed assets (net) (-€13,550) and Receivables within one year (-€7,381)
- Short-term financial debts +€3,829
new in 2025: €3,829
- Current portion of long-term debt -€3,118
no longer reported in 2025 (was €3,118)
- Tax, wage and social debts +€2,817
new in 2025: €2,817
- Other debts +€2,648
up €2,648 (+19.1%), from €13,844 to €16,492
- Profit (loss) carried forward +€2,529
up €2,529 (+993%), from €255 to €2,784
- Gross operating margin +€3,913
up €3,913 (+65.3%), from €5,991 to €9,903
- Taxes +€2,980
up €2,980 (+1,644%), from €181 to €3,162
- Financial charges -€1,811
down €1,811 (-65.8%), from €2,753 to €942
- Other operating charges +€1,156
up €1,156 (+74.5%), from €1,553 to €2,710
- Financial income +€1,055
up €1,055 (+614%), from €172 to €1,227
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 | €23,763 | €33,696 | +€9,933 | +41.8% |
| Fixed assets | 21/28 | €3,394 | €15,156 | +€11,763 | +347% |
| Tangible fixed assets | 22/27 | €3,394 | €12,606 | +€9,213 | +271% |
| Plant, machinery and equipment | 23 | €3,152 | €1,900 | -€1,253 | -39.7% |
| Furniture and vehicles | 24 | €241 | €159 | -€82 | -34.2% |
| Other tangible fixed assets | 26 | - | €10,548 | +€10,548 | |
| Financial fixed assets | 28 | - | €2,550 | +€2,550 | |
| Current assets | 29/58 | €20,369 | €18,540 | -€1,830 | -9.0% |
| Stocks and contracts in progress | 3 | €8,900 | - | -€8,900 | |
| Contracts in progress | 37 | €8,900 | - | -€8,900 | |
| Amounts receivable within one year | 40/41 | €5,444 | €12,824 | +€7,381 | +136% |
| Trade receivables | 40 | €450 | €11,380 | +€10,930 | +2,429% |
| Other amounts receivable | 41 | €4,994 | €1,445 | -€3,549 | -71.1% |
| Cash at bank and in hand | 54/58 | €2,200 | €144 | -€2,056 | -93.5% |
| Deferred charges and accrued income | 490/1 | €3,825 | €5,571 | +€1,746 | +45.7% |
| Total equity and liabilities | 10/49 | €23,763 | €33,696 | +€9,933 | +41.8% |
| Equity | 10/15 | €455 | €2,984 | +€2,529 | +556% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255 | €2,784 | +€2,529 | +993% |
| Amounts payable | 17/49 | €23,308 | €30,712 | +€7,404 | +31.8% |
| Amounts payable within one year | 42/48 | €23,308 | €30,712 | +€7,404 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €3,118 | - | -€3,118 | |
| Financial debts | 43 | - | €3,829 | +€3,829 | |
| Credit institutions | 430/8 | - | €3,829 | +€3,829 | |
| Trade debts | 44 | €6,347 | €7,574 | +€1,228 | +19.3% |
| Suppliers | 440/4 | €6,347 | €7,574 | +€1,228 | +19.3% |
| Taxes, remuneration and social security | 45 | - | €2,817 | +€2,817 | |
| Taxes | 450/3 | - | €2,817 | +€2,817 | |
| Other amounts payable | 47/48 | €13,844 | €16,492 | +€2,648 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,603 | €1,787 | +€184 | +11.5% |
| Other operating charges | 640/8 | €1,553 | €2,710 | +€1,156 | +74.5% |
| Gross operating margin | 9900 | €5,991 | €9,903 | +€3,913 | +65.3% |
| Operating profit (loss) | 9901 | €2,834 | €5,406 | +€2,572 | +90.7% |
| Financial income | 75/76B | €172 | €1,227 | +€1,055 | +614% |
| Recurring financial income | 75 | €172 | €1,227 | +€1,055 | +614% |
| Financial charges | 65/66B | €2,753 | €942 | -€1,811 | -65.8% |
| Recurring financial charges | 65 | €2,753 | €942 | -€1,811 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €253 | €5,691 | +€5,437 | +2,145% |
| Income taxes | 67/77 | €181 | €3,162 | +€2,980 | +1,644% |
| Profit (loss) for the period | 9904 | €72 | €2,529 | +€2,457 | +3,404% |
| Profit (loss) for the period to be appropriated | 9905 | €72 | €2,529 | +€2,457 | +3,404% |
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 20 October 2026 via checked.be.