Tim Verhelle Construct: 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 Verhelle Construct
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€156,925
down €156,925 (-58.1%), from €269,910 to €112,985
mainly Current investments (-€200,000) and Contributions, distributions and other (-€137,389)
- Receivables within one year +€16,582
up €16,582 (+249.8%), from €6,637 to €23,219
of which Trade receivables: +€16,099
- Tangible fixed assets -€10,217
down €10,217 (-37.5%), from €27,239 to €17,022
- Other debts +€123,857
up €123,857 (+859.2%), from €14,416 to €138,272
- Reserves -€56,602
down €56,602 (-24.5%), from €230,769 to €174,167
- Tax, wage and social debts -€17,714
down €17,714 (-62.9%), from €28,167 to €10,452
- Taxes +€7,893
up €7,893 (+36.2%), from €21,814 to €29,707
- Gross operating margin +€2,938
up €2,938 (+2.5%), from €118,060 to €120,998
- Depreciation -€1,895
down €1,895 (-16.4%), from €11,529 to €9,634
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 | €304,264 | €354,767 | +€50,503 | +16.6% |
| Fixed assets | 21/28 | €27,239 | €17,022 | -€10,217 | -37.5% |
| Tangible fixed assets | 22/27 | €27,239 | €17,022 | -€10,217 | -37.5% |
| Furniture and vehicles | 24 | €27,239 | €17,022 | -€10,217 | -37.5% |
| Current assets | 29/58 | €277,025 | €337,745 | +€60,720 | +21.9% |
| Amounts receivable within one year | 40/41 | €6,637 | €23,219 | +€16,582 | +249.8% |
| Trade receivables | 40 | €103 | €16,202 | +€16,099 | +15629.7% |
| Other amounts receivable | 41 | €6,534 | €7,017 | +€483 | +7.4% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €269,910 | €112,985 | -€156,925 | -58.1% |
| Deferred charges and accrued income | 490/1 | €478 | €1,541 | +€1,063 | +222.6% |
| Total equity and liabilities | 10/49 | €304,264 | €354,767 | +€50,503 | +16.6% |
| Equity | 10/15 | €230,770 | €174,168 | -€56,602 | -24.5% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €230,769 | €174,167 | -€56,602 | -24.5% |
| Distributable reserves | 133 | €230,769 | €174,167 | -€56,602 | -24.5% |
| Amounts payable | 17/49 | €73,494 | €180,599 | +€107,105 | +145.7% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,494 | €150,599 | +€107,105 | +246.3% |
| Trade debts | 44 | €912 | €1,874 | +€963 | +105.6% |
| Suppliers | 440/4 | €912 | €1,874 | +€963 | +105.6% |
| Taxes, remuneration and social security | 45 | €28,167 | €10,452 | -€17,714 | -62.9% |
| Taxes | 450/3 | €28,167 | €10,452 | -€17,714 | -62.9% |
| Other amounts payable | 47/48 | €14,416 | €138,272 | +€123,857 | +859.2% |
| Non-recurring operating income | 76A | - | €559 | +€559 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,529 | €9,634 | -€1,895 | -16.4% |
| Other operating charges | 640/8 | €747 | €704 | -€44 | -5.9% |
| Gross operating margin | 9900 | €118,060 | €120,998 | +€2,938 | +2.5% |
| Operating profit (loss) | 9901 | €105,784 | €110,661 | +€4,877 | +4.6% |
| Financial income | 75/76B | €1,164 | €514 | -€651 | -55.9% |
| Recurring financial income | 75 | €1,164 | €514 | -€651 | -55.9% |
| Financial charges | 65/66B | €663 | €681 | +€18 | +2.7% |
| Recurring financial charges | 65 | €663 | €681 | +€18 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €106,286 | €110,493 | +€4,208 | +4.0% |
| Income taxes | 67/77 | €21,814 | €29,707 | +€7,893 | +36.2% |
| Profit (loss) for the period | 9904 | €84,472 | €80,786 | -€3,685 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,472 | €80,786 | -€3,685 | -4.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.