TIM STEVENS: what changed
Two fiscal 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 STEVENS
Largest movements
- Receivables within one year -€54,490
down €54,490 (-77.1%), from €70,667 to €16,177
of which Trade receivables: -€45,665
- Tangible fixed assets +€9,567
up €9,567 (+61.3%), from €15,596 to €25,163
of which Furniture and vehicles: +€11,609
- Cash +€2,005
up €2,005 (+3.1%), from €65,332 to €67,338
mainly Receivables within one year (+€54,490) and Net result for the year (+€18,164)
- Other debts -€62,770
down €62,770 (-100.0%), from €62,770 to €0
- Reserves +€18,164
up €18,164 (+35.0%), from €51,912 to €70,076
of which Distributable reserves: +€18,164
- Tax, wage and social debts +€11,607
up €11,607 (+327.7%), from €3,542 to €15,149
- Trade debts -€11,028
down €11,028 (-60.2%), from €18,310 to €7,281
- Gross operating margin +€23,832
up €23,832 (+117.9%), from €20,216 to €44,047
- Taxes +€15,554
up €15,554 (+439.2%), from €3,542 to €19,096
- Depreciation +€2,792
up €2,792 (+165.1%), from €1,691 to €4,482
- Other operating charges -€667
down €667 (-25.1%), from €2,661 to €1,994
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 | €152,074 | €109,231 | -€42,844 | -28.2% |
| Fixed assets | 21/28 | €15,670 | €25,238 | +€9,567 | +61.1% |
| Tangible fixed assets | 22/27 | €15,596 | €25,163 | +€9,567 | +61.3% |
| Land and buildings | 22 | €9,965 | €8,867 | -€1,098 | -11.0% |
| Plant, machinery and equipment | 23 | €3,050 | €2,106 | -€943 | -30.9% |
| Furniture and vehicles | 24 | €2,582 | €14,190 | +€11,609 | +449.7% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €136,404 | €83,993 | -€52,411 | -38.4% |
| Amounts receivable within one year | 40/41 | €70,667 | €16,177 | -€54,490 | -77.1% |
| Trade receivables | 40 | €51,760 | €6,095 | -€45,665 | -88.2% |
| Other amounts receivable | 41 | €18,907 | €10,082 | -€8,825 | -46.7% |
| Cash at bank and in hand | 54/58 | €65,332 | €67,338 | +€2,005 | +3.1% |
| Deferred charges and accrued income | 490/1 | €405 | €479 | +€74 | +18.2% |
| Total equity and liabilities | 10/49 | €152,074 | €109,231 | -€42,844 | -28.2% |
| Equity | 10/15 | €58,112 | €76,276 | +€18,164 | +31.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €51,912 | €70,076 | +€18,164 | +35.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,052 | €68,216 | +€18,164 | +36.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €93,963 | €32,955 | -€61,008 | -64.9% |
| Amounts payable within one year | 42/48 | €84,622 | €22,430 | -€62,191 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €18,310 | €7,281 | -€11,028 | -60.2% |
| Suppliers | 440/4 | €18,310 | €7,281 | -€11,028 | -60.2% |
| Taxes, remuneration and social security | 45 | €3,542 | €15,149 | +€11,607 | +327.7% |
| Taxes | 450/3 | €3,542 | €15,149 | +€11,607 | +327.7% |
| Other amounts payable | 47/48 | €62,770 | €0 | -€62,770 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,341 | €10,525 | +€1,184 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,691 | €4,482 | +€2,792 | +165.1% |
| Other operating charges | 640/8 | €2,661 | €1,994 | -€667 | -25.1% |
| Gross operating margin | 9900 | €20,216 | €44,047 | +€23,832 | +117.9% |
| Operating profit (loss) | 9901 | €15,863 | €37,571 | +€21,708 | +136.8% |
| Financial income | 75/76B | €156 | €0 | -€156 | -100.0% |
| Recurring financial income | 75 | €156 | €0 | -€156 | -100.0% |
| Financial charges | 65/66B | €232 | €311 | +€79 | +34.3% |
| Recurring financial charges | 65 | €232 | €311 | +€79 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €15,788 | €37,260 | +€21,473 | +136.0% |
| Income taxes | 67/77 | €3,542 | €19,096 | +€15,554 | +439.2% |
| Profit (loss) for the period | 9904 | €12,246 | €18,164 | +€5,918 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,246 | €18,164 | +€5,918 | +48.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.