Tim Walschaerts: 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 Walschaerts
Largest movements
- Receivables within one year +€55,257
up €55,257 (+210%), from €26,367 to €81,624
of which Other amounts receivable: +€46,666
- Receivables after one year -€47,062
down €47,062 (-44.0%), from €107,062 to €60,000
- Cash +€9,350
new in 2025: €9,350
mainly Receivables after one year (+€47,062) and Net result for the year (+€33,958)
- Tangible fixed assets -€5,169
down €5,169 (-43.3%), from €11,931 to €6,762
of which Furniture and vehicles: -€5,759
- Profit (loss) carried forward +€13,958
up €13,958 (+11.7%), from €119,642 to €133,599
- Current portion of long-term debt -€6,241
down €6,241 (-59.0%), from €10,579 to €4,338
- Tax, wage and social debts +€4,675
up €4,675 (+397%), from €1,177 to €5,852
- Debts after one year -€4,338
down €4,338 (-92.1%), from €4,709 to €371
- Trade debts +€3,384
up €3,384 (+38.1%), from €8,879 to €12,263
- Gross operating margin +€15,293
up €15,293 (+40.8%), from €37,483 to €52,776
- Taxes +€5,105
up €5,105 (+65.9%), from €7,748 to €12,852
- Financial charges -€1,247
down €1,247 (-54.8%), from €2,275 to €1,029
- Financial income +€1,242
up €1,242 (+46.6%), from €2,667 to €3,909
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 | €149,486 | €160,923 | +€11,437 | +7.7% |
| Fixed assets | 21/28 | €11,931 | €6,762 | -€5,169 | -43.3% |
| Tangible fixed assets | 22/27 | €11,931 | €6,762 | -€5,169 | -43.3% |
| Land and buildings | 22 | - | €934 | +€934 | |
| Plant, machinery and equipment | 23 | €460 | €116 | -€344 | -74.8% |
| Furniture and vehicles | 24 | €11,470 | €5,712 | -€5,759 | -50.2% |
| Current assets | 29/58 | €137,555 | €154,162 | +€16,607 | +12.1% |
| Amounts receivable after more than one year | 29 | €107,062 | €60,000 | -€47,062 | -44.0% |
| Other amounts receivable | 291 | €107,062 | €60,000 | -€47,062 | -44.0% |
| Amounts receivable within one year | 40/41 | €26,367 | €81,624 | +€55,257 | +210% |
| Trade receivables | 40 | €11,568 | €20,159 | +€8,591 | +74.3% |
| Other amounts receivable | 41 | €14,799 | €61,465 | +€46,666 | +315% |
| Cash at bank and in hand | 54/58 | - | €9,350 | +€9,350 | |
| Deferred charges and accrued income | 490/1 | €4,125 | €3,187 | -€938 | -22.7% |
| Total equity and liabilities | 10/49 | €149,486 | €160,923 | +€11,437 | +7.7% |
| Equity | 10/15 | €124,142 | €138,099 | +€13,958 | +11.2% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,642 | €133,599 | +€13,958 | +11.7% |
| Amounts payable | 17/49 | €25,344 | €22,824 | -€2,520 | -9.9% |
| Amounts payable after more than one year | 17 | €4,709 | €371 | -€4,338 | -92.1% |
| Financial debts | 170/4 | €4,709 | €371 | -€4,338 | -92.1% |
| Amounts payable within one year | 42/48 | €20,636 | €22,453 | +€1,818 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €10,579 | €4,338 | -€6,241 | -59.0% |
| Trade debts | 44 | €8,879 | €12,263 | +€3,384 | +38.1% |
| Suppliers | 440/4 | €8,879 | €12,263 | +€3,384 | +38.1% |
| Taxes, remuneration and social security | 45 | €1,177 | €5,852 | +€4,675 | +397% |
| Taxes | 450/3 | €1,177 | €5,852 | +€4,675 | +397% |
| Remuneration, social security and pensions | 62 | €351 | €800 | +€449 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,453 | €6,184 | -€269 | -4.2% |
| Other operating charges | 640/8 | €2,280 | €1,862 | -€418 | -18.3% |
| Gross operating margin | 9900 | €37,483 | €52,776 | +€15,293 | +40.8% |
| Operating profit (loss) | 9901 | €28,400 | €43,930 | +€15,530 | +54.7% |
| Financial income | 75/76B | €2,667 | €3,909 | +€1,242 | +46.6% |
| Recurring financial income | 75 | €2,667 | €3,909 | +€1,242 | +46.6% |
| Financial charges | 65/66B | €2,275 | €1,029 | -€1,247 | -54.8% |
| Recurring financial charges | 65 | €2,275 | €1,029 | -€1,247 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | €28,791 | €46,810 | +€18,019 | +62.6% |
| Income taxes | 67/77 | €7,748 | €12,852 | +€5,105 | +65.9% |
| Profit (loss) for the period | 9904 | €21,043 | €33,958 | +€12,914 | +61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,043 | €33,958 | +€12,914 | +61.4% |
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 17 October 2026 via checked.be.