TIMBER: 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.
TIMBER
Largest movements
- Financial fixed assets +€4.4m
up €4.4m (+855.5%), from €520,000 to €5.0m
- Revaluation surpluses +€4.4m
new in 2025: €4.4m
- Other debts -€86,131
down €86,131 (-61.2%), from €140,690 to €54,559
- Reserves +€75,973
up €75,973 (+13.1%), from €582,153 to €658,126
of which Distributable reserves: +€75,973
- Gross operating margin -€7,992
down €7,992 (-14.6%), from €54,900 to €46,908
- Taxes -€3,677
down €3,677 (-20.5%), from €17,962 to €14,285
- Financial charges -€1,910
down €1,910 (-36.6%), from €5,221 to €3,311
- Other operating charges -€1,708
down €1,708 (-49.9%), from €3,421 to €1,713
- Depreciation -€907
down €907 (-19.3%), from €4,708 to €3,801
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 | €864,974 | €5,297,604 | +€4.4m | +512.5% |
| Fixed assets | 21/28 | €575,446 | €5,022,235 | +€4.4m | +772.8% |
| Tangible fixed assets | 22/27 | €55,446 | €53,816 | -€1,630 | -2.9% |
| Land and buildings | 22 | €55,446 | €51,867 | -€3,579 | -6.5% |
| Plant, machinery and equipment | 23 | - | €1,629 | +€1,629 | |
| Furniture and vehicles | 24 | - | €320 | +€320 | |
| Financial fixed assets | 28 | €520,000 | €4,968,419 | +€4.4m | +855.5% |
| Current assets | 29/58 | €289,528 | €275,369 | -€14,159 | -4.9% |
| Amounts receivable within one year | 40/41 | €12,837 | €15,807 | +€2,971 | +23.1% |
| Trade receivables | 40 | €12,837 | €14,440 | +€1,603 | +12.5% |
| Other amounts receivable | 41 | - | €1,367 | +€1,367 | |
| Current investments | 50/53 | €124,726 | €132,777 | +€8,050 | +6.5% |
| Cash at bank and in hand | 54/58 | €151,965 | €126,785 | -€25,180 | -16.6% |
| Total equity and liabilities | 10/49 | €864,974 | €5,297,604 | +€4.4m | +512.5% |
| Equity | 10/15 | €707,153 | €5,231,545 | +€4.5m | +639.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €4,448,419 | +€4.4m | |
| Reserves | 13 | €582,153 | €658,126 | +€75,973 | +13.1% |
| Tax-exempt reserves | 132 | €221 | €221 | = | 0.0% |
| Distributable reserves | 133 | €581,931 | €657,905 | +€75,973 | +13.1% |
| Amounts payable | 17/49 | €157,821 | €66,059 | -€91,762 | -58.1% |
| Amounts payable within one year | 42/48 | €152,564 | €62,115 | -€90,448 | -59.3% |
| Trade debts | 44 | €617 | €13 | -€604 | -97.9% |
| Suppliers | 440/4 | €617 | €13 | -€604 | -97.9% |
| Taxes, remuneration and social security | 45 | €11,256 | €7,543 | -€3,713 | -33.0% |
| Taxes | 450/3 | €11,256 | €7,543 | -€3,713 | -33.0% |
| Other amounts payable | 47/48 | €140,690 | €54,559 | -€86,131 | -61.2% |
| Accrued charges and deferred income | 492/3 | €5,258 | €3,943 | -€1,314 | -25.0% |
| Non-recurring operating income | 76A | - | €14,050 | +€14,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,708 | €3,801 | -€907 | -19.3% |
| Other operating charges | 640/8 | €3,421 | €1,713 | -€1,708 | -49.9% |
| Gross operating margin | 9900 | €54,900 | €46,908 | -€7,992 | -14.6% |
| Operating profit (loss) | 9901 | €46,771 | €41,394 | -€5,376 | -11.5% |
| Financial income | 75/76B | €61,993 | €62,175 | +€182 | +0.3% |
| Recurring financial income | 75 | €61,993 | €62,175 | +€182 | +0.3% |
| Financial charges | 65/66B | €5,221 | €3,311 | -€1,910 | -36.6% |
| Recurring financial charges | 65 | €5,221 | €3,311 | -€1,910 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €103,542 | €100,258 | -€3,284 | -3.2% |
| Income taxes | 67/77 | €17,962 | €14,285 | -€3,677 | -20.5% |
| Profit (loss) for the period | 9904 | €85,580 | €85,973 | +€393 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €85,580 | €85,973 | +€393 | +0.5% |
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 1 October 2026 via checked.be.