Tim Harris: 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 Harris
Largest movements
- Cash -€23,831
down €23,831 (-13.3%), from €179,742 to €155,910
mainly Accrued charges and deferred income (-€14,565) and Advances received (-€6,338)
- Receivables within one year -€4,045
down €4,045 (-18.7%), from €21,614 to €17,569
of which Trade receivables: -€12,045
- Deferred charges and accrued income -€3,000
down €3,000 (-55.8%), from €5,376 to €2,376
- Accrued charges and deferred income -€14,565
no longer reported in 2025 (was €14,565)
- Advances received -€6,338
no longer reported in 2025 (was €6,338)
- Reserves -€6,281
down €6,281 (-3.8%), from €163,810 to €157,528
- Tax, wage and social debts -€4,055
down €4,055 (-55.8%), from €7,272 to €3,217
of which Taxes: -€3,555
- Gross operating margin -€48,203
down €48,203, from €43,607 to -€4,596
- Taxes -€10,444
down €10,444 (-100%), from €10,444 to €0
- Depreciation -€584
down €584 (-58.9%), from €991 to €407
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 | €213,254 | €182,062 | -€31,192 | -14.6% |
| Fixed assets | 21/28 | €407 | €0 | -€407 | -100% |
| Tangible fixed assets | 22/27 | €407 | €0 | -€407 | -100% |
| Plant, machinery and equipment | 23 | €407 | €0 | -€407 | -100% |
| Current assets | 29/58 | €212,846 | €182,062 | -€30,784 | -14.5% |
| Stocks and contracts in progress | 3 | €6,115 | €6,207 | +€92 | +1.5% |
| Stocks | 30/36 | €6,115 | €6,207 | +€92 | +1.5% |
| Amounts receivable within one year | 40/41 | €21,614 | €17,569 | -€4,045 | -18.7% |
| Trade receivables | 40 | €21,600 | €9,555 | -€12,045 | -55.8% |
| Other amounts receivable | 41 | €14 | €8,014 | +€8,000 | +55,287% |
| Cash at bank and in hand | 54/58 | €179,742 | €155,910 | -€23,831 | -13.3% |
| Deferred charges and accrued income | 490/1 | €5,376 | €2,376 | -€3,000 | -55.8% |
| Total equity and liabilities | 10/49 | €213,254 | €182,062 | -€31,192 | -14.6% |
| Equity | 10/15 | €182,410 | €176,128 | -€6,281 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €163,810 | €157,528 | -€6,281 | -3.8% |
| Distributable reserves | 133 | €163,810 | €157,528 | -€6,281 | -3.8% |
| Amounts payable | 17/49 | €30,844 | €5,934 | -€24,910 | -80.8% |
| Amounts payable within one year | 42/48 | €16,280 | €5,934 | -€10,346 | -63.5% |
| Current portion of amounts payable after more than one year | 42 | - | €1,345 | +€1,345 | |
| Trade debts | 44 | €2,670 | €1,372 | -€1,298 | -48.6% |
| Suppliers | 440/4 | €2,670 | €1,372 | -€1,298 | -48.6% |
| Advances received on contracts in progress | 46 | €6,338 | - | -€6,338 | |
| Taxes, remuneration and social security | 45 | €7,272 | €3,217 | -€4,055 | -55.8% |
| Taxes | 450/3 | €5,843 | €2,288 | -€3,555 | -60.8% |
| Remuneration and social security | 454/9 | €1,429 | €929 | -€500 | -35.0% |
| Accrued charges and deferred income | 492/3 | €14,565 | - | -€14,565 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €991 | €407 | -€584 | -58.9% |
| Other operating charges | 640/8 | €573 | €885 | +€312 | +54.5% |
| Non-recurring operating charges | 66A | €126 | €45 | -€81 | -64.3% |
| Gross operating margin | 9900 | €43,607 | -€4,596 | -€48,203 | |
| Operating profit (loss) | 9901 | €41,916 | -€5,933 | -€47,850 | |
| Financial charges | 65/66B | €336 | €348 | +€12 | +3.7% |
| Recurring financial charges | 65 | €336 | €348 | +€12 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €41,581 | -€6,281 | -€47,862 | |
| Income taxes | 67/77 | €10,444 | €0 | -€10,444 | -100% |
| Profit (loss) for the period | 9904 | €31,137 | -€6,281 | -€37,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,137 | -€6,281 | -€37,418 |
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.