Tim Paesen: 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 Paesen
Largest movements
- Cash +€8,301
up €8,301 (+67.3%), from €12,333 to €20,634
mainly Net result for the year (+€9,689) and Depreciation (+€9,034)
- Tangible fixed assets -€8,126
down €8,126 (-20.7%), from €39,236 to €31,110
of which Furniture and vehicles: -€7,483
- Receivables after one year -€1,823
down €1,823 (-100%), from €1,823 to €0
- Receivables within one year +€1,218
up €1,218 (+26.6%), from €4,578 to €5,796
of which Trade receivables: +€1,588
- Other debts -€10,400
down €10,400 (-100%), from €10,400 to €0
- Reserves +€9,689
up €9,689 (+85.7%), from €11,310 to €20,999
- Tax, wage and social debts +€1,372
up €1,372 (+19.5%), from €7,036 to €8,408
- Trade debts -€1,081
down €1,081 (-27.4%), from €3,941 to €2,860
- Gross operating margin +€12,374
up €12,374 (+80.2%), from €15,426 to €27,800
- Depreciation +€4,111
up €4,111 (+83.5%), from €4,924 to €9,034
- Taxes +€2,994
up €2,994 (+176%), from €1,700 to €4,694
- Financial charges +€818
up €818 (+93.4%), from €875 to €1,692
- Staff costs -€479
down €479 (-29.6%), from €1,617 to €1,138
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 | €61,483 | €61,131 | -€353 | -0.6% |
| Fixed assets | 21/28 | €39,236 | €31,110 | -€8,126 | -20.7% |
| Tangible fixed assets | 22/27 | €39,236 | €31,110 | -€8,126 | -20.7% |
| Plant, machinery and equipment | 23 | €1,191 | €852 | -€339 | -28.5% |
| Furniture and vehicles | 24 | €37,171 | €29,688 | -€7,483 | -20.1% |
| Other tangible fixed assets | 26 | €874 | €570 | -€304 | -34.8% |
| Current assets | 29/58 | €22,247 | €30,021 | +€7,773 | +34.9% |
| Amounts receivable after more than one year | 29 | €1,823 | €0 | -€1,823 | -100% |
| Other amounts receivable | 291 | €1,823 | €0 | -€1,823 | -100% |
| Stocks and contracts in progress | 3 | €2,576 | €3,094 | +€518 | +20.1% |
| Stocks | 30/36 | €2,576 | €3,094 | +€518 | +20.1% |
| Amounts receivable within one year | 40/41 | €4,578 | €5,796 | +€1,218 | +26.6% |
| Trade receivables | 40 | €4,208 | €5,796 | +€1,588 | +37.7% |
| Other amounts receivable | 41 | €370 | €0 | -€370 | -100% |
| Cash at bank and in hand | 54/58 | €12,333 | €20,634 | +€8,301 | +67.3% |
| Deferred charges and accrued income | 490/1 | €938 | €498 | -€440 | -46.9% |
| Total equity and liabilities | 10/49 | €61,483 | €61,131 | -€353 | -0.6% |
| Equity | 10/15 | €17,510 | €27,199 | +€9,689 | +55.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,310 | €20,999 | +€9,689 | +85.7% |
| Distributable reserves | 133 | €11,310 | €20,999 | +€9,689 | +85.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,973 | €33,931 | -€10,042 | -22.8% |
| Amounts payable after more than one year | 17 | €16,639 | €16,442 | -€197 | -1.2% |
| Financial debts | 170/4 | €16,639 | €10,418 | -€6,221 | -37.4% |
| Other amounts payable | 178/9 | €0 | €6,024 | +€6,024 | |
| Amounts payable within one year | 42/48 | €27,334 | €17,489 | -€9,845 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €5,957 | €6,221 | +€264 | +4.4% |
| Trade debts | 44 | €3,941 | €2,860 | -€1,081 | -27.4% |
| Suppliers | 440/4 | €3,941 | €2,860 | -€1,081 | -27.4% |
| Taxes, remuneration and social security | 45 | €7,036 | €8,408 | +€1,372 | +19.5% |
| Taxes | 450/3 | €7,036 | €8,408 | +€1,372 | +19.5% |
| Other amounts payable | 47/48 | €10,400 | €0 | -€10,400 | -100% |
| Non-recurring operating income | 76A | €7,397 | €0 | -€7,397 | -100% |
| Remuneration, social security and pensions | 62 | €1,617 | €1,138 | -€479 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,924 | €9,034 | +€4,111 | +83.5% |
| Other operating charges | 640/8 | €1,664 | €1,598 | -€66 | -4.0% |
| Gross operating margin | 9900 | €15,426 | €27,800 | +€12,374 | +80.2% |
| Operating profit (loss) | 9901 | €7,221 | €16,029 | +€8,808 | +122% |
| Financial income | 75/76B | €34 | €46 | +€12 | +34.1% |
| Recurring financial income | 75 | €34 | €46 | +€12 | +34.1% |
| Financial charges | 65/66B | €875 | €1,692 | +€818 | +93.4% |
| Recurring financial charges | 65 | €875 | €1,692 | +€818 | +93.4% |
| Profit (loss) for the period before taxes | 9903 | €6,380 | €14,383 | +€8,003 | +125% |
| Income taxes | 67/77 | €1,700 | €4,694 | +€2,994 | +176% |
| Profit (loss) for the period | 9904 | €4,680 | €9,689 | +€5,009 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €4,680 | €9,689 | +€5,009 | +107% |
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 31 October 2026 via checked.be.