TIM VERMEERSCH: 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 VERMEERSCH
Largest movements
- Receivables after one year +€93,607
up €93,607 (+30.9%), from €302,742 to €396,350
- Cash +€31,763
up €31,763 (+52.5%), from €60,491 to €92,254
mainly Net result for the year (+€270,934) and Depreciation (+€26,553)
- Tangible fixed assets -€11,773
down €11,773 (-6.7%), from €176,285 to €164,512
of which Furniture and vehicles: -€20,597
- Receivables within one year -€8,418
down €8,418 (-35.6%), from €23,653 to €15,235
of which Trade receivables: -€4,400
- Reserves +€123,672
up €123,672 (+84.0%), from €147,262 to €270,934
- Debts after one year -€50,047
down €50,047 (-29.3%), from €170,903 to €120,856
- Other debts +€26,515
up €26,515 (+16.7%), from €158,468 to €184,983
- Gross operating margin +€143,422
up €143,422 (+60.3%), from €237,985 to €381,407
- Taxes +€42,603
up €42,603 (+93.7%), from €45,452 to €88,055
- Depreciation -€22,654
down €22,654 (-46.0%), from €49,207 to €26,553
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 | €563,172 | €668,351 | +€105,179 | +18.7% |
| Fixed assets | 21/28 | €176,285 | €164,512 | -€11,773 | -6.7% |
| Tangible fixed assets | 22/27 | €176,285 | €164,512 | -€11,773 | -6.7% |
| Furniture and vehicles | 24 | €69,934 | €49,338 | -€20,597 | -29.5% |
| Other tangible fixed assets | 26 | €106,351 | €115,174 | +€8,823 | +8.3% |
| Current assets | 29/58 | €386,887 | €503,839 | +€116,952 | +30.2% |
| Amounts receivable after more than one year | 29 | €302,742 | €396,350 | +€93,607 | +30.9% |
| Other amounts receivable | 291 | €302,742 | €396,350 | +€93,607 | +30.9% |
| Amounts receivable within one year | 40/41 | €23,653 | €15,235 | -€8,418 | -35.6% |
| Trade receivables | 40 | €18,150 | €13,750 | -€4,400 | -24.2% |
| Other amounts receivable | 41 | €5,503 | €1,485 | -€4,018 | -73.0% |
| Cash at bank and in hand | 54/58 | €60,491 | €92,254 | +€31,763 | +52.5% |
| Total equity and liabilities | 10/49 | €563,172 | €668,351 | +€105,179 | +18.7% |
| Equity | 10/15 | €165,862 | €289,534 | +€123,672 | +74.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €147,262 | €270,934 | +€123,672 | +84.0% |
| Distributable reserves | 133 | €147,262 | €270,934 | +€123,672 | +84.0% |
| Amounts payable | 17/49 | €397,309 | €378,817 | -€18,493 | -4.7% |
| Amounts payable after more than one year | 17 | €170,903 | €120,856 | -€50,047 | -29.3% |
| Financial debts | 170/4 | €170,903 | €120,856 | -€50,047 | -29.3% |
| Amounts payable within one year | 42/48 | €225,156 | €257,961 | +€32,805 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €49,256 | €50,047 | +€792 | +1.6% |
| Trade debts | 44 | €13,360 | €16,877 | +€3,517 | +26.3% |
| Suppliers | 440/4 | €13,360 | €16,877 | +€3,517 | +26.3% |
| Taxes, remuneration and social security | 45 | €4,072 | €6,053 | +€1,981 | +48.7% |
| Taxes | 450/3 | €2,486 | €4,564 | +€2,078 | +83.6% |
| Remuneration and social security | 454/9 | €1,586 | €1,489 | -€96 | -6.1% |
| Other amounts payable | 47/48 | €158,468 | €184,983 | +€26,515 | +16.7% |
| Accrued charges and deferred income | 492/3 | €1,250 | - | -€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,207 | €26,553 | -€22,654 | -46.0% |
| Other operating charges | 640/8 | €1,297 | €1,794 | +€496 | +38.2% |
| Gross operating margin | 9900 | €237,985 | €381,407 | +€143,422 | +60.3% |
| Operating profit (loss) | 9901 | €187,480 | €353,061 | +€165,580 | +88.3% |
| Financial income | 75/76B | €13,689 | €16,486 | +€2,797 | +20.4% |
| Recurring financial income | 75 | €13,689 | €16,486 | +€2,797 | +20.4% |
| Financial charges | 65/66B | €8,936 | €10,558 | +€1,622 | +18.2% |
| Recurring financial charges | 65 | €8,936 | €10,558 | +€1,622 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €192,234 | €358,989 | +€166,755 | +86.7% |
| Income taxes | 67/77 | €45,452 | €88,055 | +€42,603 | +93.7% |
| Profit (loss) for the period | 9904 | €146,782 | €270,934 | +€124,152 | +84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,782 | €270,934 | +€124,152 | +84.6% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.