TIME: 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.
TIME
Largest movements
- Tangible fixed assets +€136,976
up €136,976 (+65.5%), from €209,043 to €346,019
of which Land and buildings: +€137,065
- Cash -€24,946
down €24,946 (-39.2%), from €63,668 to €38,723
mainly Investment in fixed assets (net) (-€150,263) and Deferred charges and accrued income (-€1,106)
- Debts after one year +€63,427
up €63,427 (+80.7%), from €78,623 to €142,050
- Reserves +€24,746
up €24,746 (+15.8%), from €156,490 to €181,235
of which Distributable reserves: +€24,746
- Current portion of long-term debt +€19,135
up €19,135 (+148.8%), from €12,856 to €31,991
- Gross operating margin +€5,355
up €5,355 (+10.3%), from €51,794 to €57,148
- Taxes +€2,117
up €2,117 (+22.5%), from €9,409 to €11,526
- Financial charges +€745
up €745 (+20.6%), from €3,620 to €4,365
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 | €285,508 | €397,214 | +€111,706 | +39.1% |
| Fixed assets | 21/28 | €209,118 | €346,094 | +€136,976 | +65.5% |
| Tangible fixed assets | 22/27 | €209,043 | €346,019 | +€136,976 | +65.5% |
| Land and buildings | 22 | €193,717 | €330,782 | +€137,065 | +70.8% |
| Plant, machinery and equipment | 23 | €15,325 | €14,531 | -€795 | -5.2% |
| Furniture and vehicles | 24 | - | €706 | +€706 | |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €76,390 | €51,120 | -€25,270 | -33.1% |
| Amounts receivable within one year | 40/41 | €11,415 | €9,984 | -€1,431 | -12.5% |
| Trade receivables | 40 | €9,819 | €9,984 | +€165 | +1.7% |
| Other amounts receivable | 41 | €1,596 | - | -€1,596 | |
| Cash at bank and in hand | 54/58 | €63,668 | €38,723 | -€24,946 | -39.2% |
| Deferred charges and accrued income | 490/1 | €1,307 | €2,414 | +€1,106 | +84.6% |
| Total equity and liabilities | 10/49 | €285,508 | €397,214 | +€111,706 | +39.1% |
| Equity | 10/15 | €175,600 | €200,345 | +€24,746 | +14.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €156,490 | €181,235 | +€24,746 | +15.8% |
| Tax-exempt reserves | 132 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €136,490 | €161,235 | +€24,746 | +18.1% |
| Profit (loss) carried forward | 14 | €360 | €360 | = | 0.0% |
| Amounts payable | 17/49 | €109,908 | €196,868 | +€86,960 | +79.1% |
| Amounts payable after more than one year | 17 | €78,623 | €142,050 | +€63,427 | +80.7% |
| Financial debts | 170/4 | €78,623 | €142,050 | +€63,427 | +80.7% |
| Amounts payable within one year | 42/48 | €28,968 | €50,418 | +€21,450 | +74.0% |
| Current portion of amounts payable after more than one year | 42 | €12,856 | €31,991 | +€19,135 | +148.8% |
| Trade debts | 44 | €3,808 | €4,090 | +€282 | +7.4% |
| Suppliers | 440/4 | €3,808 | €4,090 | +€282 | +7.4% |
| Advances received on contracts in progress | 46 | €110 | - | -€110 | |
| Taxes, remuneration and social security | 45 | €2,116 | €4,294 | +€2,177 | +102.9% |
| Taxes | 450/3 | €2,116 | €4,294 | +€2,177 | +102.9% |
| Other amounts payable | 47/48 | €10,078 | €10,044 | -€35 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,317 | €4,400 | +€2,083 | +89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,018 | €13,287 | +€269 | +2.1% |
| Other operating charges | 640/8 | €3,033 | €3,225 | +€193 | +6.4% |
| Gross operating margin | 9900 | €51,794 | €57,148 | +€5,355 | +10.3% |
| Operating profit (loss) | 9901 | €35,743 | €40,636 | +€4,893 | +13.7% |
| Financial charges | 65/66B | €3,620 | €4,365 | +€745 | +20.6% |
| Recurring financial charges | 65 | €3,620 | €4,365 | +€745 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €32,123 | €36,271 | +€4,149 | +12.9% |
| Income taxes | 67/77 | €9,409 | €11,526 | +€2,117 | +22.5% |
| Profit (loss) for the period | 9904 | €22,714 | €24,746 | +€2,032 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,714 | €24,746 | +€2,032 | +8.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.