TIME OUT: 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 OUT
Largest movements
- Intangible fixed assets -€26,208
down €26,208 (-10.9%), from €239,731 to €213,523
- Tangible fixed assets -€8,945
down €8,945 (-22.2%), from €40,215 to €31,269
of which Furniture and vehicles: -€7,213
- Stocks and contracts +€4,134
up €4,134 (+687.1%), from €602 to €4,736
- Receivables within one year +€3,308
up €3,308 (+25.9%), from €12,750 to €16,057
of which Trade receivables: +€7,393
- Debts after one year -€22,568
down €22,568 (-11.5%), from €196,667 to €174,099
- Trade debts -€5,673
no longer reported in 2025 (was €5,673)
- Gross operating margin -€11,372
down €11,372 (-17.0%), from €66,705 to €55,333
- Taxes -€3,611
down €3,611 (-61.1%), from €5,908 to €2,298
- Other operating charges +€2,798
up €2,798 (+1635.2%), from €171 to €2,969
- Financial charges -€1,999
down €1,999 (-20.0%), from €10,017 to €8,018
- Staff costs +€672
up €672 (+71.3%), from €942 to €1,615
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 | €306,556 | €282,236 | -€24,320 | -7.9% |
| Fixed assets | 21/28 | €279,946 | €244,792 | -€35,154 | -12.6% |
| Intangible fixed assets | 21 | €239,731 | €213,523 | -€26,208 | -10.9% |
| Tangible fixed assets | 22/27 | €40,215 | €31,269 | -€8,945 | -22.2% |
| Plant, machinery and equipment | 23 | - | €2,055 | +€2,055 | |
| Furniture and vehicles | 24 | €28,851 | €21,638 | -€7,213 | -25.0% |
| Leasing and similar rights | 25 | €11,364 | €7,576 | -€3,788 | -33.3% |
| Current assets | 29/58 | €26,610 | €37,443 | +€10,833 | +40.7% |
| Stocks and contracts in progress | 3 | €602 | €4,736 | +€4,134 | +687.1% |
| Stocks | 30/36 | €602 | €4,736 | +€4,134 | +687.1% |
| Amounts receivable within one year | 40/41 | €12,750 | €16,057 | +€3,308 | +25.9% |
| Trade receivables | 40 | - | €7,393 | +€7,393 | |
| Other amounts receivable | 41 | €12,750 | €8,664 | -€4,086 | -32.0% |
| Cash at bank and in hand | 54/58 | €13,259 | €13,717 | +€459 | +3.5% |
| Deferred charges and accrued income | 490/1 | - | €2,933 | +€2,933 | |
| Total equity and liabilities | 10/49 | €306,556 | €282,236 | -€24,320 | -7.9% |
| Equity | 10/15 | €41,221 | €43,933 | +€2,712 | +6.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €31,221 | €33,933 | +€2,712 | +8.7% |
| Distributable reserves | 133 | €31,221 | €33,933 | +€2,712 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €265,335 | €238,303 | -€27,032 | -10.2% |
| Amounts payable after more than one year | 17 | €196,667 | €174,099 | -€22,568 | -11.5% |
| Financial debts | 170/4 | €196,667 | €174,099 | -€22,568 | -11.5% |
| Amounts payable within one year | 42/48 | €68,668 | €64,204 | -€4,464 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €19,904 | €22,035 | +€2,130 | +10.7% |
| Trade debts | 44 | €5,673 | - | -€5,673 | |
| Suppliers | 440/4 | €5,673 | - | -€5,673 | |
| Other amounts payable | 47/48 | €43,090 | €42,170 | -€921 | -2.1% |
| Remuneration, social security and pensions | 62 | €942 | €1,615 | +€672 | +71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,209 | €37,723 | +€514 | +1.4% |
| Other operating charges | 640/8 | €171 | €2,969 | +€2,798 | +1635.2% |
| Gross operating margin | 9900 | €66,705 | €55,333 | -€11,372 | -17.0% |
| Operating profit (loss) | 9901 | €28,383 | €13,027 | -€15,356 | -54.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +650.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +650.0% |
| Financial charges | 65/66B | €10,017 | €8,018 | -€1,999 | -20.0% |
| Recurring financial charges | 65 | €10,017 | €8,018 | -€1,999 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €18,366 | €5,009 | -€13,357 | -72.7% |
| Income taxes | 67/77 | €5,908 | €2,298 | -€3,611 | -61.1% |
| Profit (loss) for the period | 9904 | €12,458 | €2,712 | -€9,746 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,458 | €2,712 | -€9,746 | -78.2% |
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 3 October 2026 via checked.be.