TIM PIETERS: 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 PIETERS
Largest movements
- Receivables after one year -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash -€127,695
down €127,695 (-55.7%), from €229,169 to €101,474
mainly Contributions, distributions and other (-€550,000) and Tax, wage and social debts (-€59,712)
- Receivables within one year -€8,822
down €8,822 (-70.5%), from €12,509 to €3,688
of which Other amounts receivable: -€9,270
- Reserves -€403,938
down €403,938 (-98.9%), from €408,521 to €4,583
- Other debts +€127,500
up €127,500, from €0 to €127,500
- Tax, wage and social debts -€59,712
down €59,712 (-52.1%), from €114,570 to €54,859
- Gross operating margin +€17,996
up €17,996 (+9.9%), from €181,733 to €199,730
- Financial income -€4,903
down €4,903 (-56.1%), from €8,739 to €3,836
- Taxes +€3,069
up €3,069 (+7.4%), from €41,235 to €44,304
- Depreciation +€2,314
up €2,314 (+37.1%), from €6,241 to €8,555
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 | €529,585 | €193,630 | -€335,954 | -63.4% |
| Fixed assets | 21/28 | €47,989 | €45,061 | -€2,927 | -6.1% |
| Tangible fixed assets | 22/27 | €47,849 | €45,061 | -€2,787 | -5.8% |
| Land and buildings | 22 | €18,163 | €16,306 | -€1,857 | -10.2% |
| Plant, machinery and equipment | 23 | €1,494 | €1,114 | -€380 | -25.4% |
| Furniture and vehicles | 24 | €13,518 | €16,292 | +€2,774 | +20.5% |
| Other tangible fixed assets | 26 | €14,674 | €11,349 | -€3,325 | -22.7% |
| Financial fixed assets | 28 | €140 | €0 | -€140 | -100% |
| Current assets | 29/58 | €481,596 | €148,569 | -€333,027 | -69.2% |
| Amounts receivable after more than one year | 29 | €200,000 | €0 | -€200,000 | -100% |
| Other amounts receivable | 291 | €200,000 | €0 | -€200,000 | -100% |
| Amounts receivable within one year | 40/41 | €12,509 | €3,688 | -€8,822 | -70.5% |
| Trade receivables | 40 | €0 | €449 | +€449 | |
| Other amounts receivable | 41 | €12,509 | €3,239 | -€9,270 | -74.1% |
| Current investments | 50/53 | €38,128 | €41,562 | +€3,434 | +9.0% |
| Cash at bank and in hand | 54/58 | €229,169 | €101,474 | -€127,695 | -55.7% |
| Deferred charges and accrued income | 490/1 | €1,789 | €1,845 | +€56 | +3.1% |
| Total equity and liabilities | 10/49 | €529,585 | €193,630 | -€335,954 | -63.4% |
| Equity | 10/15 | €413,521 | €9,583 | -€403,938 | -97.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €408,521 | €4,583 | -€403,938 | -98.9% |
| Distributable reserves | 133 | €408,521 | €4,583 | -€403,938 | -98.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €116,063 | €184,047 | +€67,984 | +58.6% |
| Amounts payable within one year | 42/48 | €116,063 | €184,047 | +€67,984 | +58.6% |
| Trade debts | 44 | €1,493 | €1,688 | +€196 | +13.1% |
| Suppliers | 440/4 | €1,493 | €1,688 | +€196 | +13.1% |
| Taxes, remuneration and social security | 45 | €114,570 | €54,859 | -€59,712 | -52.1% |
| Taxes | 450/3 | €114,570 | €54,859 | -€59,712 | -52.1% |
| Other amounts payable | 47/48 | €0 | €127,500 | +€127,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,241 | €8,555 | +€2,314 | +37.1% |
| Other operating charges | 640/8 | €528 | €684 | +€156 | +29.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €181,733 | €199,730 | +€17,996 | +9.9% |
| Operating profit (loss) | 9901 | €174,965 | €190,491 | +€15,526 | +8.9% |
| Financial income | 75/76B | €8,739 | €3,836 | -€4,903 | -56.1% |
| Recurring financial income | 75 | €8,739 | €3,836 | -€4,903 | -56.1% |
| Financial charges | 65/66B | €3,890 | €3,961 | +€71 | +1.8% |
| Recurring financial charges | 65 | €3,890 | €3,961 | +€71 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €179,814 | €190,365 | +€10,552 | +5.9% |
| Income taxes | 67/77 | €41,235 | €44,304 | +€3,069 | +7.4% |
| Profit (loss) for the period | 9904 | €138,579 | €146,062 | +€7,483 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,579 | €146,062 | +€7,483 | +5.4% |
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 19 October 2026 via checked.be.