TIM SCHOUWENAAR: 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 SCHOUWENAAR
Largest movements
- Receivables within one year -€205,952
down €205,952 (-47.3%), from €435,467 to €229,515
of which Trade receivables: -€189,955
- Cash -€104,508
down €104,508 (-93.6%), from €111,694 to €7,186
mainly Trade debts (-€174,186) and Other debts (-€68,695)
- Stocks and contracts +€30,491
up €30,491 (+20.4%), from €149,459 to €179,950
- Trade debts -€174,186
down €174,186 (-55.0%), from €316,949 to €142,763
- Other debts -€68,695
down €68,695 (-55.8%), from €123,048 to €54,353
- Debts after one year -€24,505
down €24,505 (-15.8%), from €155,136 to €130,631
- Profit (loss) carried forward -€10,451
down €10,451, from €3,017 to -€7,434
- Gross operating margin -€15,312
down €15,312, from €11,572 to -€3,740
- Financial charges -€1,774
down €1,774 (-31.4%), from €5,656 to €3,882
- Taxes -€1,467
no longer reported in 2025 (was €1,467)
- Other operating charges +€887
up €887 (+60.4%), from €1,469 to €2,356
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 | €704,989 | €423,647 | -€281,342 | -39.9% |
| Fixed assets | 21/28 | €7,469 | €6,996 | -€473 | -6.3% |
| Tangible fixed assets | 22/27 | €1,345 | €872 | -€473 | -35.1% |
| Plant, machinery and equipment | 23 | €303 | - | -€303 | |
| Furniture and vehicles | 24 | €1,042 | €872 | -€170 | -16.3% |
| Financial fixed assets | 28 | €6,124 | €6,124 | +€0 | 0.0% |
| Current assets | 29/58 | €697,520 | €416,651 | -€280,869 | -40.3% |
| Stocks and contracts in progress | 3 | €149,459 | €179,950 | +€30,491 | +20.4% |
| Stocks | 30/36 | €149,459 | €179,950 | +€30,491 | +20.4% |
| Amounts receivable within one year | 40/41 | €435,467 | €229,515 | -€205,952 | -47.3% |
| Trade receivables | 40 | €419,470 | €229,515 | -€189,955 | -45.3% |
| Other amounts receivable | 41 | €15,997 | - | -€15,997 | |
| Cash at bank and in hand | 54/58 | €111,694 | €7,186 | -€104,508 | -93.6% |
| Deferred charges and accrued income | 490/1 | €900 | - | -€900 | |
| Total equity and liabilities | 10/49 | €704,989 | €423,647 | -€281,342 | -39.9% |
| Equity | 10/15 | €77,345 | €66,894 | -€10,451 | -13.5% |
| Contributions | 10/11 | €18,592 | €18,592 | +€0 | 0.0% |
| Reserves | 13 | €55,736 | €55,736 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | +€0 | 0.0% |
| Distributable reserves | 133 | €53,877 | €53,877 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €3,017 | -€7,434 | -€10,451 | |
| Amounts payable | 17/49 | €627,644 | €356,753 | -€270,891 | -43.2% |
| Amounts payable after more than one year | 17 | €155,136 | €130,631 | -€24,505 | -15.8% |
| Financial debts | 170/4 | €155,136 | €130,631 | -€24,505 | -15.8% |
| Amounts payable within one year | 42/48 | €472,508 | €226,122 | -€246,386 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €24,800 | €25,411 | +€611 | +2.5% |
| Trade debts | 44 | €316,949 | €142,763 | -€174,186 | -55.0% |
| Suppliers | 440/4 | €316,949 | €142,763 | -€174,186 | -55.0% |
| Taxes, remuneration and social security | 45 | €7,711 | €3,595 | -€4,116 | -53.4% |
| Taxes | 450/3 | €5,712 | €1,595 | -€4,117 | -72.1% |
| Remuneration and social security | 454/9 | €1,999 | €2,000 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €123,048 | €54,353 | -€68,695 | -55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €494 | €473 | -€21 | -4.3% |
| Other operating charges | 640/8 | €1,469 | €2,356 | +€887 | +60.4% |
| Gross operating margin | 9900 | €11,572 | -€3,740 | -€15,312 | |
| Operating profit (loss) | 9901 | €9,609 | -€6,568 | -€16,177 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,656 | €3,882 | -€1,774 | -31.4% |
| Recurring financial charges | 65 | €5,656 | €3,882 | -€1,774 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €3,953 | -€10,451 | -€14,404 | |
| Income taxes | 67/77 | €1,467 | - | -€1,467 | |
| Profit (loss) for the period | 9904 | €2,486 | -€10,451 | -€12,937 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,486 | -€10,451 | -€12,937 |
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 22 October 2026 via checked.be.