Timber Projects: 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.
Timber Projects
Largest movements
- Cash +€144,781
up €144,781 (+719%), from €20,133 to €164,913
mainly Receivables after one year (+€110,000) and Receivables within one year (+€34,686)
- Receivables after one year -€110,000
no longer reported in 2025 (was €110,000)
- Receivables within one year -€34,686
down €34,686 (-47.1%), from €73,615 to €38,929
of which Trade receivables: -€35,562
- Tangible fixed assets -€10,959
down €10,959 (-3.5%), from €314,125 to €303,166
of which Land and buildings: -€16,729
- Reserves +€18,636
up €18,636 (+7.9%), from €235,709 to €254,345
- Debts after one year -€15,453
down €15,453 (-6.4%), from €239,616 to €224,163
- Gross operating margin -€28,032
down €28,032 (-31.7%), from €88,294 to €60,262
- Taxes -€9,225
down €9,225 (-54.1%), from €17,065 to €7,840
- Financial income -€3,941
down €3,941 (-100.0%), from €3,941 to €0
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 | €529,292 | €518,451 | -€10,842 | -2.0% |
| Fixed assets | 21/28 | €314,125 | €303,166 | -€10,959 | -3.5% |
| Tangible fixed assets | 22/27 | €314,125 | €303,166 | -€10,959 | -3.5% |
| Land and buildings | 22 | €309,503 | €292,774 | -€16,729 | -5.4% |
| Plant, machinery and equipment | 23 | €2,348 | €392 | -€1,956 | -83.3% |
| Furniture and vehicles | 24 | €2,274 | - | -€2,274 | |
| Assets under construction and advance payments | 27 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €215,168 | €215,285 | +€117 | +0.1% |
| Amounts receivable after more than one year | 29 | €110,000 | - | -€110,000 | |
| Other amounts receivable | 291 | €110,000 | - | -€110,000 | |
| Amounts receivable within one year | 40/41 | €73,615 | €38,929 | -€34,686 | -47.1% |
| Trade receivables | 40 | €59,320 | €23,758 | -€35,562 | -59.9% |
| Other amounts receivable | 41 | €14,296 | €15,171 | +€876 | +6.1% |
| Cash at bank and in hand | 54/58 | €20,133 | €164,913 | +€144,781 | +719% |
| Deferred charges and accrued income | 490/1 | €11,420 | €11,443 | +€23 | +0.2% |
| Total equity and liabilities | 10/49 | €529,292 | €518,451 | -€10,842 | -2.0% |
| Equity | 10/15 | €242,009 | €260,645 | +€18,636 | +7.7% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €235,709 | €254,345 | +€18,636 | +7.9% |
| Distributable reserves | 133 | €235,709 | €254,345 | +€18,636 | +7.9% |
| Amounts payable | 17/49 | €287,283 | €257,805 | -€29,478 | -10.3% |
| Amounts payable after more than one year | 17 | €239,616 | €224,163 | -€15,453 | -6.4% |
| Financial debts | 170/4 | €239,616 | €224,163 | -€15,453 | -6.4% |
| Amounts payable within one year | 42/48 | €45,506 | €33,150 | -€12,356 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €25,164 | €24,058 | -€1,107 | -4.4% |
| Trade debts | 44 | €2,148 | €1,182 | -€966 | -45.0% |
| Suppliers | 440/4 | €2,148 | €1,182 | -€966 | -45.0% |
| Taxes, remuneration and social security | 45 | €10,144 | €5,146 | -€4,998 | -49.3% |
| Taxes | 450/3 | €10,144 | €5,146 | -€4,998 | -49.3% |
| Other amounts payable | 47/48 | €8,050 | €2,765 | -€5,285 | -65.7% |
| Accrued charges and deferred income | 492/3 | €2,161 | €492 | -€1,669 | -77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,498 | €20,959 | -€539 | -2.5% |
| Other operating charges | 640/8 | €3,101 | €3,714 | +€613 | +19.8% |
| Gross operating margin | 9900 | €88,294 | €60,262 | -€28,032 | -31.7% |
| Operating profit (loss) | 9901 | €63,695 | €35,589 | -€28,106 | -44.1% |
| Financial income | 75/76B | €3,941 | €0 | -€3,941 | -100.0% |
| Recurring financial income | 75 | €3,941 | €0 | -€3,941 | -100.0% |
| Financial charges | 65/66B | €8,540 | €9,113 | +€573 | +6.7% |
| Recurring financial charges | 65 | €8,540 | €9,113 | +€573 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €59,096 | €26,476 | -€32,620 | -55.2% |
| Income taxes | 67/77 | €17,065 | €7,840 | -€9,225 | -54.1% |
| Profit (loss) for the period | 9904 | €42,032 | €18,636 | -€23,396 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,032 | €18,636 | -€23,396 | -55.7% |
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 16 October 2026 via checked.be.