TIMBER MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year -€7,424
down €7,424 (-39.0%), from €19,052 to €11,627
- Cash -€3,815
down €3,815 (-10.9%), from €35,011 to €31,196
mainly Current investments (-€40,000) and Contributions, distributions and other (-€6,340)
- Deferred charges and accrued income -€1,482
down €1,482 (-36.0%), from €4,114 to €2,631
- Reserves +€25,010
up €25,010 (+305.0%), from €8,200 to €33,210
of which Distributable reserves: +€25,010
- Tax, wage and social debts +€2,407
up €2,407 (+15.1%), from €15,901 to €18,308
of which Taxes: +€5,407
- Gross operating margin +€15,699
up €15,699 (+45.3%), from €34,643 to €50,341
- Taxes +€9,582
up €9,582 (+130.1%), from €7,365 to €16,948
- Financial charges -€575
down €575 (-24.4%), from €2,358 to €1,784
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 | €70,332 | €97,393 | +€27,061 | +38.5% |
| Fixed assets | 21/28 | €100 | - | -€100 | |
| Tangible fixed assets | 22/27 | €100 | - | -€100 | |
| Furniture and vehicles | 24 | €100 | - | -€100 | |
| Current assets | 29/58 | €70,233 | €97,393 | +€27,161 | +38.7% |
| Amounts receivable after more than one year | 29 | €12,056 | €11,938 | -€118 | -1.0% |
| Other amounts receivable | 291 | €12,056 | €11,938 | -€118 | -1.0% |
| Amounts receivable within one year | 40/41 | €19,052 | €11,627 | -€7,424 | -39.0% |
| Other amounts receivable | 41 | €19,052 | €11,627 | -€7,424 | -39.0% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €35,011 | €31,196 | -€3,815 | -10.9% |
| Deferred charges and accrued income | 490/1 | €4,114 | €2,631 | -€1,482 | -36.0% |
| Total equity and liabilities | 10/49 | €70,332 | €97,393 | +€27,061 | +38.5% |
| Equity | 10/15 | €51,771 | €76,781 | +€25,010 | +48.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €8,200 | €33,210 | +€25,010 | +305.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,340 | €31,350 | +€25,010 | +394.5% |
| Profit (loss) carried forward | 14 | €36,572 | €36,572 | = | 0.0% |
| Amounts payable | 17/49 | €18,561 | €20,612 | +€2,051 | +11.0% |
| Amounts payable within one year | 42/48 | €18,561 | €20,612 | +€2,051 | +11.0% |
| Financial debts | 43 | €540 | €119 | -€421 | -77.9% |
| Credit institutions | 430/8 | €540 | €119 | -€421 | -77.9% |
| Trade debts | 44 | €2,120 | €2,184 | +€65 | +3.1% |
| Suppliers | 440/4 | €2,120 | €2,184 | +€65 | +3.1% |
| Taxes, remuneration and social security | 45 | €15,901 | €18,308 | +€2,407 | +15.1% |
| Taxes | 450/3 | €12,901 | €18,308 | +€5,407 | +41.9% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269 | €100 | -€170 | -63.0% |
| Other operating charges | 640/8 | €779 | €1,210 | +€431 | +55.3% |
| Gross operating margin | 9900 | €34,643 | €50,341 | +€15,699 | +45.3% |
| Operating profit (loss) | 9901 | €33,594 | €49,032 | +€15,437 | +46.0% |
| Financial income | 75/76B | €821 | €1,049 | +€228 | +27.8% |
| Recurring financial income | 75 | €821 | €1,049 | +€228 | +27.8% |
| Financial charges | 65/66B | €2,358 | €1,784 | -€575 | -24.4% |
| Recurring financial charges | 65 | €2,358 | €1,784 | -€575 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €32,057 | €48,298 | +€16,240 | +50.7% |
| Income taxes | 67/77 | €7,365 | €16,948 | +€9,582 | +130.1% |
| Profit (loss) for the period | 9904 | €24,692 | €31,350 | +€6,658 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,692 | €31,350 | +€6,658 | +27.0% |
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 4 October 2026 via checked.be.