TIMALVEOLE: 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.
TIMALVEOLE
Largest movements
- Cash -€42,235
down €42,235 (-30.9%), from €136,645 to €94,410
mainly Contributions, distributions and other (-€53,465) and Investment in fixed assets (net) (-€18,820)
- Tangible fixed assets +€15,514
up €15,514 (+733.4%), from €2,115 to €17,629
- Receivables within one year +€10,447
up €10,447 (+13.7%), from €76,279 to €86,727
of which Trade receivables: +€10,991
- Reserves -€41,445
down €41,445 (-22.8%), from €182,015 to €140,570
- Profit (loss) carried forward +€17,420
no longer reported in 2025 (was -€17,420)
- Other debts +€8,501
up €8,501 (+38.6%), from €22,045 to €30,546
- Gross operating margin +€16,668
up €16,668 (+59.6%), from €27,971 to €44,639
- Taxes +€9,261
up €9,261 (+1528.1%), from €606 to €9,867
- Depreciation -€6,366
down €6,366 (-65.8%), from €9,672 to €3,306
- Provisions +€4,235
no longer reported in 2025 (was -€4,235)
- Financial income +€662
up €662 (+1834.9%), from €36 to €698
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 | €217,540 | €202,423 | -€15,117 | -6.9% |
| Fixed assets | 21/28 | €2,655 | €18,169 | +€15,514 | +584.3% |
| Tangible fixed assets | 22/27 | €2,115 | €17,629 | +€15,514 | +733.4% |
| Furniture and vehicles | 24 | €2,115 | €17,629 | +€15,514 | +733.4% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €214,885 | €184,254 | -€30,631 | -14.3% |
| Amounts receivable within one year | 40/41 | €76,279 | €86,727 | +€10,447 | +13.7% |
| Trade receivables | 40 | €61,663 | €72,654 | +€10,991 | +17.8% |
| Other amounts receivable | 41 | €14,617 | €14,073 | -€544 | -3.7% |
| Cash at bank and in hand | 54/58 | €136,645 | €94,410 | -€42,235 | -30.9% |
| Deferred charges and accrued income | 490/1 | €1,961 | €3,117 | +€1,156 | +59.0% |
| Total equity and liabilities | 10/49 | €217,540 | €202,423 | -€15,117 | -6.9% |
| Equity | 10/15 | €176,995 | €152,970 | -€24,025 | -13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €182,015 | €140,570 | -€41,445 | -22.8% |
| Distributable reserves | 133 | €182,015 | €140,570 | -€41,445 | -22.8% |
| Profit (loss) carried forward | 14 | -€17,420 | - | +€17,420 | |
| Amounts payable | 17/49 | €40,546 | €49,454 | +€8,908 | +22.0% |
| Amounts payable within one year | 42/48 | €31,167 | €40,391 | +€9,224 | +29.6% |
| Trade debts | 44 | €5,180 | €5,525 | +€345 | +6.7% |
| Suppliers | 440/4 | €5,180 | €5,525 | +€345 | +6.7% |
| Taxes, remuneration and social security | 45 | €3,942 | €4,320 | +€378 | +9.6% |
| Taxes | 450/3 | €3,942 | €4,320 | +€378 | +9.6% |
| Other amounts payable | 47/48 | €22,045 | €30,546 | +€8,501 | +38.6% |
| Accrued charges and deferred income | 492/3 | €9,378 | €9,062 | -€316 | -3.4% |
| Non-recurring operating income | 76A | €5 | - | -€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,672 | €3,306 | -€6,366 | -65.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,235 | - | +€4,235 | |
| Other operating charges | 640/8 | €851 | €807 | -€44 | -5.2% |
| Non-recurring operating charges | 66A | €0 | €46 | +€46 | +455600.0% |
| Gross operating margin | 9900 | €27,971 | €44,639 | +€16,668 | +59.6% |
| Operating profit (loss) | 9901 | €21,683 | €40,480 | +€18,798 | +86.7% |
| Financial income | 75/76B | €36 | €698 | +€662 | +1834.9% |
| Recurring financial income | 75 | €36 | €698 | +€662 | +1834.9% |
| Financial charges | 65/66B | €1,641 | €1,872 | +€232 | +14.1% |
| Recurring financial charges | 65 | €1,641 | €1,872 | +€232 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €20,078 | €39,306 | +€19,229 | +95.8% |
| Income taxes | 67/77 | €606 | €9,867 | +€9,261 | +1528.1% |
| Profit (loss) for the period | 9904 | €19,472 | €29,439 | +€9,968 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,472 | €29,439 | +€9,968 | +51.2% |
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 12 October 2026 via checked.be.