TIM FRANSEN: 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 FRANSEN
Largest movements
- Tangible fixed assets -€20,260
down €20,260 (-4.8%), from €421,655 to €401,396
of which Land and buildings: -€20,673
- Cash -€13,231
down €13,231 (-25.2%), from €52,475 to €39,244
mainly Contributions, distributions and other (-€135,000) and Debts after one year (-€58,465)
- Other debts +€78,200
up €78,200 (+1,040%), from €7,517 to €85,716
- Debts after one year -€58,465
down €58,465 (-24.2%), from €241,825 to €183,360
- Reserves -€44,920
down €44,920 (-31.0%), from €144,881 to €99,961
of which Distributable reserves: -€44,920
- Tax, wage and social debts +€19,550
up €19,550 (+233%), from €8,398 to €27,948
- Profit (loss) carried forward -€16,720
down €16,720 (-100%), from €16,720 to €0
- Gross operating margin +€69,276
up €69,276 (+87.7%), from €78,986 to €148,261
- Taxes +€15,415
up €15,415 (+184%), from €8,383 to €23,798
- Depreciation -€2,584
down €2,584 (-5.7%), from €45,700 to €43,116
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 | €534,311 | €502,200 | -€32,111 | -6.0% |
| Fixed assets | 21/28 | €421,655 | €401,396 | -€20,260 | -4.8% |
| Tangible fixed assets | 22/27 | €421,655 | €401,396 | -€20,260 | -4.8% |
| Land and buildings | 22 | €401,688 | €381,016 | -€20,673 | -5.1% |
| Plant, machinery and equipment | 23 | €1,807 | €1,079 | -€728 | -40.3% |
| Furniture and vehicles | 24 | €18,160 | €19,302 | +€1,142 | +6.3% |
| Current assets | 29/58 | €112,655 | €100,805 | -€11,851 | -10.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €57,336 | €60,041 | +€2,705 | +4.7% |
| Trade receivables | 40 | €42,760 | €51,287 | +€8,527 | +19.9% |
| Other amounts receivable | 41 | €14,575 | €8,754 | -€5,821 | -39.9% |
| Cash at bank and in hand | 54/58 | €52,475 | €39,244 | -€13,231 | -25.2% |
| Deferred charges and accrued income | 490/1 | €2,845 | €1,520 | -€1,325 | -46.6% |
| Total equity and liabilities | 10/49 | €534,311 | €502,200 | -€32,111 | -6.0% |
| Equity | 10/15 | €180,201 | €118,561 | -€61,641 | -34.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,881 | €99,961 | -€44,920 | -31.0% |
| Tax-exempt reserves | 132 | €6,372 | €6,372 | = | 0.0% |
| Distributable reserves | 133 | €138,509 | €93,588 | -€44,920 | -32.4% |
| Profit (loss) carried forward | 14 | €16,720 | €0 | -€16,720 | -100% |
| Amounts payable | 17/49 | €354,109 | €383,640 | +€29,530 | +8.3% |
| Amounts payable after more than one year | 17 | €241,825 | €183,360 | -€58,465 | -24.2% |
| Financial debts | 170/4 | €241,825 | €183,360 | -€58,465 | -24.2% |
| Amounts payable within one year | 42/48 | €110,785 | €198,779 | +€87,995 | +79.4% |
| Current portion of amounts payable after more than one year | 42 | €70,593 | €59,243 | -€11,349 | -16.1% |
| Financial debts | 43 | €15 | €0 | -€15 | -100% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100% |
| Trade debts | 44 | €24,263 | €25,872 | +€1,609 | +6.6% |
| Suppliers | 440/4 | €24,263 | €25,872 | +€1,609 | +6.6% |
| Taxes, remuneration and social security | 45 | €8,398 | €27,948 | +€19,550 | +233% |
| Taxes | 450/3 | €8,398 | €27,948 | +€19,550 | +233% |
| Other amounts payable | 47/48 | €7,517 | €85,716 | +€78,200 | +1,040% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,700 | €43,116 | -€2,584 | -5.7% |
| Other operating charges | 640/8 | €2,207 | €2,398 | +€192 | +8.7% |
| Gross operating margin | 9900 | €78,986 | €148,261 | +€69,276 | +87.7% |
| Operating profit (loss) | 9901 | €31,079 | €102,747 | +€71,668 | +231% |
| Financial income | 75/76B | €601 | €16 | -€585 | -97.4% |
| Recurring financial income | 75 | €601 | €16 | -€585 | -97.4% |
| Financial charges | 65/66B | €5,577 | €5,605 | +€29 | +0.5% |
| Recurring financial charges | 65 | €5,577 | €5,605 | +€29 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €26,103 | €97,157 | +€71,054 | +272% |
| Income taxes | 67/77 | €8,383 | €23,798 | +€15,415 | +184% |
| Profit (loss) for the period | 9904 | €17,720 | €73,359 | +€55,639 | +314% |
| Profit (loss) for the period to be appropriated | 9905 | €17,720 | €73,359 | +€55,639 | +314% |
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 17 October 2026 via checked.be.