TIM DEFAUW: 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 DEFAUW
Largest movements
- Receivables within one year -€27,254
down €27,254 (-73.1%), from €37,297 to €10,044
of which Other amounts receivable: -€31,724
- Cash -€7,827
down €7,827 (-27.4%), from €28,584 to €20,757
mainly Contributions, distributions and other (-€73,037) and Investment in fixed assets (net) (-€2,538)
- Tangible fixed assets -€909
down €909 (-4.2%), from €21,678 to €20,769
of which Furniture and vehicles: -€656
- Reserves -€47,806
down €47,806 (-65.5%), from €73,037 to €25,231
- Other debts +€11,966
up €11,966 (+495%), from €2,418 to €14,384
- Debts after one year -€1,723
down €1,723 (-79.5%), from €2,166 to €443
- Gross operating margin +€1,840
up €1,840 (+5.0%), from €36,875 to €38,716
- Depreciation +€1,578
up €1,578 (+62.8%), from €2,514 to €4,091
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 | €90,516 | €53,906 | -€36,610 | -40.4% |
| Formation expenses | 20 | €1,336 | €692 | -€644 | -48.2% |
| Fixed assets | 21/28 | €22,878 | €21,969 | -€909 | -4.0% |
| Tangible fixed assets | 22/27 | €21,678 | €20,769 | -€909 | -4.2% |
| Plant, machinery and equipment | 23 | €2,054 | €1,801 | -€253 | -12.3% |
| Furniture and vehicles | 24 | €19,624 | €18,967 | -€656 | -3.3% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €66,303 | €31,246 | -€35,057 | -52.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €37,297 | €10,044 | -€27,254 | -73.1% |
| Trade receivables | 40 | €5,574 | €10,044 | +€4,470 | +80.2% |
| Other amounts receivable | 41 | €31,724 | €0 | -€31,724 | -100% |
| Cash at bank and in hand | 54/58 | €28,584 | €20,757 | -€7,827 | -27.4% |
| Deferred charges and accrued income | 490/1 | €421 | €445 | +€24 | +5.7% |
| Total equity and liabilities | 10/49 | €90,516 | €53,906 | -€36,610 | -40.4% |
| Equity | 10/15 | €76,037 | €28,231 | -€47,806 | -62.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €73,037 | €25,231 | -€47,806 | -65.5% |
| Distributable reserves | 133 | €73,037 | €25,231 | -€47,806 | -65.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,479 | €25,675 | +€11,197 | +77.3% |
| Amounts payable after more than one year | 17 | €2,166 | €443 | -€1,723 | -79.5% |
| Financial debts | 170/4 | €2,166 | €443 | -€1,723 | -79.5% |
| Amounts payable within one year | 42/48 | €12,117 | €24,638 | +€12,521 | +103% |
| Current portion of amounts payable after more than one year | 42 | €1,647 | €1,723 | +€76 | +4.6% |
| Financial debts | 43 | €22 | €17 | -€5 | -21.6% |
| Credit institutions | 430/8 | €22 | €17 | -€5 | -21.6% |
| Trade debts | 44 | €201 | €906 | +€705 | +351% |
| Suppliers | 440/4 | €201 | €906 | +€705 | +351% |
| Taxes, remuneration and social security | 45 | €7,828 | €7,607 | -€221 | -2.8% |
| Taxes | 450/3 | €7,828 | €7,607 | -€221 | -2.8% |
| Other amounts payable | 47/48 | €2,418 | €14,384 | +€11,966 | +495% |
| Accrued charges and deferred income | 492/3 | €196 | €595 | +€399 | +204% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,514 | €4,091 | +€1,578 | +62.8% |
| Other operating charges | 640/8 | €935 | €701 | -€234 | -25.1% |
| Gross operating margin | 9900 | €36,875 | €38,716 | +€1,840 | +5.0% |
| Operating profit (loss) | 9901 | €33,426 | €33,923 | +€497 | +1.5% |
| Financial income | 75/76B | €622 | €390 | -€231 | -37.2% |
| Recurring financial income | 75 | €622 | €390 | -€231 | -37.2% |
| Financial charges | 65/66B | €1,787 | €1,937 | +€150 | +8.4% |
| Recurring financial charges | 65 | €1,787 | €1,937 | +€150 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €32,261 | €32,376 | +€116 | +0.4% |
| Income taxes | 67/77 | €6,858 | €7,145 | +€288 | +4.2% |
| Profit (loss) for the period | 9904 | €25,403 | €25,231 | -€172 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,403 | €25,231 | -€172 | -0.7% |
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 13 October 2026 via checked.be.