TIMACUAN: 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.
TIMACUAN
Largest movements
- Receivables within one year -€20,010
down €20,010 (-71.4%), from €28,029 to €8,019
of which Trade receivables: -€20,000
- Cash +€19,256
up €19,256 (+3,274%), from €588 to €19,844
mainly Net result for the year (+€89,221) and Current portion of long-term debt (+€27,445)
- Reserves +€89,221
up €89,221 (+38.2%), from €233,632 to €322,853
- Debts after one year -€71,359
down €71,359 (-56.9%), from €125,427 to €54,068
- Other debts -€51,527
down €51,527 (-37.0%), from €139,367 to €87,840
- Current portion of long-term debt +€27,445
up €27,445 (+37.1%), from €73,914 to €101,359
- Trade debts +€18,001
up €18,001 (+150%), from €12,040 to €30,041
- Gross operating margin -€44,696
down €44,696 (-24.6%), from €182,024 to €137,329
- Taxes -€12,921
down €12,921 (-26.1%), from €49,485 to €36,564
- Financial charges -€6,292
down €6,292 (-40.8%), from €15,410 to €9,118
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 | €764,718 | €762,597 | -€2,121 | -0.3% |
| Fixed assets | 21/28 | €729,778 | €727,931 | -€1,847 | -0.3% |
| Tangible fixed assets | 22/27 | €9,778 | €7,931 | -€1,847 | -18.9% |
| Land and buildings | 22 | €8,542 | €7,288 | -€1,254 | -14.7% |
| Plant, machinery and equipment | 23 | €393 | €243 | -€150 | -38.2% |
| Furniture and vehicles | 24 | €844 | €400 | -€443 | -52.5% |
| Financial fixed assets | 28 | €720,000 | €720,000 | = | 0.0% |
| Current assets | 29/58 | €34,940 | €34,666 | -€273 | -0.8% |
| Amounts receivable within one year | 40/41 | €28,029 | €8,019 | -€20,010 | -71.4% |
| Trade receivables | 40 | €28,000 | €8,000 | -€20,000 | -71.4% |
| Other amounts receivable | 41 | €29 | €19 | -€10 | -35.7% |
| Cash at bank and in hand | 54/58 | €588 | €19,844 | +€19,256 | +3,274% |
| Deferred charges and accrued income | 490/1 | €6,322 | €6,804 | +€481 | +7.6% |
| Total equity and liabilities | 10/49 | €764,718 | €762,597 | -€2,121 | -0.3% |
| Equity | 10/15 | €377,232 | €466,453 | +€89,221 | +23.7% |
| Contributions | 10/11 | €143,600 | €143,600 | = | 0.0% |
| Reserves | 13 | €233,632 | €322,853 | +€89,221 | +38.2% |
| Distributable reserves | 133 | €233,632 | €322,853 | +€89,221 | +38.2% |
| Amounts payable | 17/49 | €387,486 | €296,144 | -€91,341 | -23.6% |
| Amounts payable after more than one year | 17 | €125,427 | €54,068 | -€71,359 | -56.9% |
| Financial debts | 170/4 | €125,427 | €54,068 | -€71,359 | -56.9% |
| Amounts payable within one year | 42/48 | €254,776 | €238,442 | -€16,334 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €73,914 | €101,359 | +€27,445 | +37.1% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Trade debts | 44 | €12,040 | €30,041 | +€18,001 | +150% |
| Suppliers | 440/4 | €12,040 | €30,041 | +€18,001 | +150% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €29,451 | €19,198 | -€10,252 | -34.8% |
| Taxes | 450/3 | €29,451 | €19,198 | -€10,252 | -34.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €139,367 | €87,840 | -€51,527 | -37.0% |
| Accrued charges and deferred income | 492/3 | €7,283 | €3,635 | -€3,648 | -50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,760 | €1,847 | +€88 | +5.0% |
| Other operating charges | 640/8 | €513 | €591 | +€78 | +15.2% |
| Gross operating margin | 9900 | €182,024 | €137,329 | -€44,696 | -24.6% |
| Operating profit (loss) | 9901 | €179,751 | €134,890 | -€44,861 | -25.0% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €15,410 | €9,118 | -€6,292 | -40.8% |
| Recurring financial charges | 65 | €15,410 | €9,118 | -€6,292 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €164,341 | €125,784 | -€38,557 | -23.5% |
| Income taxes | 67/77 | €49,485 | €36,564 | -€12,921 | -26.1% |
| Profit (loss) for the period | 9904 | €114,856 | €89,221 | -€25,635 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €114,856 | €89,221 | -€25,635 | -22.3% |
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 29 October 2026 via checked.be.