Tim Leys: 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 Leys
Largest movements
- Tangible fixed assets +€262,645
up €262,645 (+41.0%), from €641,002 to €903,647
of which Land and buildings: +€252,754
- Receivables within one year +€205,395
up €205,395 (+1386.1%), from €14,818 to €220,213
of which Other amounts receivable: +€215,091
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Cash +€80,674
up €80,674 (+107.2%), from €75,229 to €155,902
mainly Debts after one year (+€388,192) and Current investments (+€150,000)
- Debts after one year +€388,192
up €388,192 (+78.7%), from €493,107 to €881,299
- Gross operating margin +€14,013
up €14,013 (+7.6%), from €183,525 to €197,538
- Depreciation +€4,157
up €4,157 (+12.5%), from €33,309 to €37,466
- Financial charges +€3,209
up €3,209 (+58.9%), from €5,447 to €8,656
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.
Cash bridge derived
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 | €882,741 | €1,281,525 | +€398,784 | +45.2% |
| Fixed assets | 21/28 | €641,002 | €903,647 | +€262,645 | +41.0% |
| Tangible fixed assets | 22/27 | €641,002 | €903,647 | +€262,645 | +41.0% |
| Land and buildings | 22 | €159,400 | €412,154 | +€252,754 | +158.6% |
| Plant, machinery and equipment | 23 | €14,404 | €8,264 | -€6,140 | -42.6% |
| Furniture and vehicles | 24 | €27,992 | €20,034 | -€7,958 | -28.4% |
| Other tangible fixed assets | 26 | €439,206 | €463,196 | +€23,990 | +5.5% |
| Current assets | 29/58 | €241,739 | €377,878 | +€136,139 | +56.3% |
| Amounts receivable within one year | 40/41 | €14,818 | €220,213 | +€205,395 | +1386.1% |
| Trade receivables | 40 | €12,188 | €2,492 | -€9,696 | -79.6% |
| Other amounts receivable | 41 | €2,630 | €217,721 | +€215,091 | +8177.1% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €75,229 | €155,902 | +€80,674 | +107.2% |
| Deferred charges and accrued income | 490/1 | €1,692 | €1,762 | +€70 | +4.2% |
| Total equity and liabilities | 10/49 | €882,741 | €1,281,525 | +€398,784 | +45.2% |
| Equity | 10/15 | €325,669 | €323,288 | -€2,381 | -0.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €324,669 | €322,288 | -€2,381 | -0.7% |
| Distributable reserves | 133 | €324,669 | €322,288 | -€2,381 | -0.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €557,072 | €958,237 | +€401,165 | +72.0% |
| Amounts payable after more than one year | 17 | €493,107 | €881,299 | +€388,192 | +78.7% |
| Financial debts | 170/4 | €493,107 | €881,299 | +€388,192 | +78.7% |
| Amounts payable within one year | 42/48 | €62,265 | €76,938 | +€14,673 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €43,056 | €51,308 | +€8,252 | +19.2% |
| Trade debts | 44 | €169 | €0 | -€169 | -100.0% |
| Suppliers | 440/4 | €169 | €0 | -€169 | -100.0% |
| Advances received on contracts in progress | 46 | - | €850 | +€850 | |
| Taxes, remuneration and social security | 45 | €18,975 | €24,615 | +€5,640 | +29.7% |
| Taxes | 450/3 | €15,465 | €21,168 | +€5,704 | +36.9% |
| Remuneration and social security | 454/9 | €3,510 | €3,447 | -€63 | -1.8% |
| Other amounts payable | 47/48 | €65 | €165 | +€100 | +154.6% |
| Accrued charges and deferred income | 492/3 | €1,700 | €0 | -€1,700 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,309 | €37,466 | +€4,157 | +12.5% |
| Other operating charges | 640/8 | €265 | €1,606 | +€1,340 | +505.4% |
| Gross operating margin | 9900 | €183,525 | €197,538 | +€14,013 | +7.6% |
| Operating profit (loss) | 9901 | €149,950 | €158,466 | +€8,516 | +5.7% |
| Financial income | 75/76B | €1,297 | €1,149 | -€148 | -11.4% |
| Recurring financial income | 75 | €1,297 | €1,149 | -€148 | -11.4% |
| Financial charges | 65/66B | €5,447 | €8,656 | +€3,209 | +58.9% |
| Recurring financial charges | 65 | €5,447 | €8,656 | +€3,209 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €145,799 | €150,958 | +€5,159 | +3.5% |
| Income taxes | 67/77 | €32,758 | €33,339 | +€581 | +1.8% |
| Profit (loss) for the period | 9904 | €113,042 | €117,619 | +€4,578 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,042 | €117,619 | +€4,578 | +4.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.