TIM HEYLEN: 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 HEYLEN
Largest movements
- Cash +€129,345
new in 2025: €129,345
mainly Receivables within one year (+€84,717) and Depreciation (+€58,040)
- Receivables within one year -€84,717
down €84,717 (-78.1%), from €108,528 to €23,810
of which Trade receivables: -€93,320
- Tangible fixed assets -€56,040
down €56,040 (-11.3%), from €497,032 to €440,992
of which Furniture and vehicles: -€36,366
- Stocks and contracts +€7,491
up €7,491 (+13.3%), from €56,410 to €63,901
of which Contracts in progress: +€6,000
- Debts after one year -€50,285
down €50,285 (-22.8%), from €220,378 to €170,093
of which Financial debts: -€35,285
- Other debts +€49,188
up €49,188 (+6,058%), from €812 to €50,000
- Short-term financial debts +€48,624
up €48,624 (+184%), from €26,376 to €75,000
- Current portion of long-term debt -€44,973
down €44,973 (-56.0%), from €80,258 to €35,285
- Reserves -€9,706
down €9,706 (-3.4%), from €287,877 to €278,171
- Gross operating margin -€34,876
down €34,876 (-10.5%), from €331,781 to €296,905
- Staff costs -€18,512
down €18,512 (-10.0%), from €184,889 to €166,377
- Taxes -€4,267
down €4,267 (-26.0%), from €16,413 to €12,147
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 | €675,465 | €672,283 | -€3,182 | -0.5% |
| Fixed assets | 21/28 | €504,032 | €445,992 | -€58,040 | -11.5% |
| Intangible fixed assets | 21 | €7,000 | €5,000 | -€2,000 | -28.6% |
| Tangible fixed assets | 22/27 | €497,032 | €440,992 | -€56,040 | -11.3% |
| Land and buildings | 22 | €286,562 | €270,701 | -€15,862 | -5.5% |
| Plant, machinery and equipment | 23 | €13,771 | €9,958 | -€3,813 | -27.7% |
| Furniture and vehicles | 24 | €196,699 | €160,333 | -€36,366 | -18.5% |
| Current assets | 29/58 | €171,433 | €226,291 | +€54,858 | +32.0% |
| Stocks and contracts in progress | 3 | €56,410 | €63,901 | +€7,491 | +13.3% |
| Stocks | 30/36 | €56,410 | €57,901 | +€1,491 | +2.6% |
| Contracts in progress | 37 | €0 | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €108,528 | €23,810 | -€84,717 | -78.1% |
| Trade receivables | 40 | €95,014 | €1,693 | -€93,320 | -98.2% |
| Other amounts receivable | 41 | €13,514 | €22,117 | +€8,603 | +63.7% |
| Cash at bank and in hand | 54/58 | - | €129,345 | +€129,345 | |
| Deferred charges and accrued income | 490/1 | €6,495 | €9,234 | +€2,739 | +42.2% |
| Total equity and liabilities | 10/49 | €675,465 | €672,283 | -€3,182 | -0.5% |
| Equity | 10/15 | €307,877 | €298,171 | -€9,706 | -3.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €287,877 | €278,171 | -€9,706 | -3.4% |
| Distributable reserves | 133 | €287,877 | €278,171 | -€9,706 | -3.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €367,589 | €374,112 | +€6,524 | +1.8% |
| Amounts payable after more than one year | 17 | €220,378 | €170,093 | -€50,285 | -22.8% |
| Financial debts | 170/4 | €205,378 | €170,093 | -€35,285 | -17.2% |
| Other amounts payable | 178/9 | €15,000 | €0 | -€15,000 | -100% |
| Amounts payable within one year | 42/48 | €147,211 | €204,020 | +€56,808 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €80,258 | €35,285 | -€44,973 | -56.0% |
| Financial debts | 43 | €26,376 | €75,000 | +€48,624 | +184% |
| Credit institutions | 430/8 | €26,376 | €75,000 | +€48,624 | +184% |
| Trade debts | 44 | €34,577 | €37,002 | +€2,425 | +7.0% |
| Suppliers | 440/4 | €34,577 | €37,002 | +€2,425 | +7.0% |
| Taxes, remuneration and social security | 45 | €5,188 | €6,733 | +€1,545 | +29.8% |
| Taxes | 450/3 | €5,188 | €6,733 | +€1,545 | +29.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €812 | €50,000 | +€49,188 | +6,058% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €184,889 | €166,377 | -€18,512 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,121 | €58,040 | -€81 | -0.1% |
| Other operating charges | 640/8 | €8,244 | €8,424 | +€180 | +2.2% |
| Non-recurring operating charges | 66A | - | €125 | +€125 | |
| Gross operating margin | 9900 | €331,781 | €296,905 | -€34,876 | -10.5% |
| Operating profit (loss) | 9901 | €80,527 | €63,939 | -€16,588 | -20.6% |
| Financial income | 75/76B | €1,697 | €339 | -€1,358 | -80.0% |
| Recurring financial income | 75 | €1,697 | €339 | -€1,358 | -80.0% |
| Financial charges | 65/66B | €9,726 | €11,837 | +€2,111 | +21.7% |
| Recurring financial charges | 65 | €9,726 | €11,837 | +€2,111 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €72,498 | €52,441 | -€20,057 | -27.7% |
| Income taxes | 67/77 | €16,413 | €12,147 | -€4,267 | -26.0% |
| Profit (loss) for the period | 9904 | €56,084 | €40,294 | -€15,790 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,084 | €40,294 | -€15,790 | -28.2% |
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 27 October 2026 via checked.be.