TIMCO: what changed
TIMCO
Largest movements
- Receivables within one year +€69,604
up €69,604 (+86.5%), from €80,498 to €150,102
of which Trade receivables: +€70,600
- Stocks and contracts -€31,074
down €31,074 (-33.5%), from €92,648 to €61,574
- Tangible fixed assets -€15,421
down €15,421 (-27.4%), from €56,336 to €40,915
of which Leasing and similar rights: -€8,255
- Cash -€6,928
down €6,928 (-8.5%), from €81,130 to €74,202
mainly Receivables within one year (-€69,604) and Contributions, distributions and other (-€21,000)
- Deferred charges and accrued income -€4,555
down €4,555 (-46.1%), from €9,877 to €5,322
- Profit (loss) carried forward -€145,468
down €145,468 (-100%), from €145,468 to €0
- Reserves +€128,141
up €128,141 (+20,668%), from €620 to €128,761
of which Distributable reserves: +€128,141
- Trade debts +€16,676
up €16,676 (+13.1%), from €126,972 to €143,648
- Tax, wage and social debts +€15,727
up €15,727 (+207%), from €7,588 to €23,316
of which Remuneration and social security: +€8,856
- Other debts +€11,921
new in 2025: €11,921
- Staff costs +€69,078
up €69,078 (+87.3%), from €79,121 to €148,199
- Gross operating margin +€44,619
up €44,619 (+33.5%), from €133,357 to €177,976
- Taxes -€5,472
down €5,472 (-58.5%), from €9,358 to €3,886
- Depreciation -€3,914
down €3,914 (-17.1%), from €22,873 to €18,959
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,488 | €332,686 | +€12,198 | +3.8% |
| Fixed assets | 21/28 | €56,336 | €41,486 | -€14,850 | -26.4% |
| Tangible fixed assets | 22/27 | €56,336 | €40,915 | -€15,421 | -27.4% |
| Plant, machinery and equipment | 23 | €22,012 | €15,581 | -€6,431 | -29.2% |
| Furniture and vehicles | 24 | €8,177 | €7,442 | -€735 | -9.0% |
| Leasing and similar rights | 25 | €26,147 | €17,892 | -€8,255 | -31.6% |
| Financial fixed assets | 28 | - | €571 | +€571 | |
| Current assets | 29/58 | €264,153 | €291,200 | +€27,047 | +10.2% |
| Stocks and contracts in progress | 3 | €92,648 | €61,574 | -€31,074 | -33.5% |
| Stocks | 30/36 | €92,648 | €61,574 | -€31,074 | -33.5% |
| Amounts receivable within one year | 40/41 | €80,498 | €150,102 | +€69,604 | +86.5% |
| Trade receivables | 40 | €64,332 | €134,932 | +€70,600 | +110% |
| Other amounts receivable | 41 | €16,166 | €15,171 | -€995 | -6.2% |
| Cash at bank and in hand | 54/58 | €81,130 | €74,202 | -€6,928 | -8.5% |
| Deferred charges and accrued income | 490/1 | €9,877 | €5,322 | -€4,555 | -46.1% |
| Total equity and liabilities | 10/49 | €320,488 | €332,686 | +€12,198 | +3.8% |
| Equity | 10/15 | €152,288 | €134,961 | -€17,327 | -11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €620 | €128,761 | +€128,141 | +20,668% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | - | €128,141 | +€128,141 | |
| Profit (loss) carried forward | 14 | €145,468 | €0 | -€145,468 | -100% |
| Amounts payable | 17/49 | €168,200 | €197,725 | +€29,525 | +17.6% |
| Amounts payable after more than one year | 17 | €18,840 | €13,174 | -€5,666 | -30.1% |
| Financial debts | 170/4 | €18,840 | €13,174 | -€5,666 | -30.1% |
| Amounts payable within one year | 42/48 | €149,360 | €184,550 | +€35,190 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €14,799 | €5,666 | -€9,134 | -61.7% |
| Trade debts | 44 | €126,972 | €143,648 | +€16,676 | +13.1% |
| Suppliers | 440/4 | €126,972 | €143,648 | +€16,676 | +13.1% |
| Taxes, remuneration and social security | 45 | €7,588 | €23,316 | +€15,727 | +207% |
| Taxes | 450/3 | €198 | €7,069 | +€6,871 | +3,462% |
| Remuneration and social security | 454/9 | €7,390 | €16,246 | +€8,856 | +120% |
| Other amounts payable | 47/48 | - | €11,921 | +€11,921 | |
| Non-recurring operating income | 76A | €5,851 | €0 | -€5,851 | -100% |
| Remuneration, social security and pensions | 62 | €79,121 | €148,199 | +€69,078 | +87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,873 | €18,959 | -€3,914 | -17.1% |
| Other operating charges | 640/8 | €1,011 | €1,795 | +€784 | +77.6% |
| Gross operating margin | 9900 | €133,357 | €177,976 | +€44,619 | +33.5% |
| Operating profit (loss) | 9901 | €30,352 | €9,023 | -€21,329 | -70.3% |
| Financial income | 75/76B | €605 | €24 | -€581 | -96.0% |
| Recurring financial income | 75 | €605 | €24 | -€581 | -96.0% |
| Financial charges | 65/66B | €2,376 | €1,489 | -€887 | -37.3% |
| Recurring financial charges | 65 | €2,376 | €1,489 | -€887 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €28,581 | €7,558 | -€21,023 | -73.6% |
| Income taxes | 67/77 | €9,358 | €3,886 | -€5,472 | -58.5% |
| Profit (loss) for the period | 9904 | €19,224 | €3,673 | -€15,551 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,224 | €3,673 | -€15,551 | -80.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.