TIMESCAPES: 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.
TIMESCAPES
Largest movements
- Intangible fixed assets -€437,707
down €437,707 (-17.7%), from €2.5m to €2.0m
- Cash +€219,712
up €219,712 (+174%), from €126,211 to €345,923
mainly Depreciation (+€1.1m) and Advances received (+€193,654)
- Investment grants -€530,372
down €530,372 (-21.9%), from €2.4m to €1.9m
- Advances received +€193,654
up €193,654, from €0 to €193,654
- Trade debts +€56,466
up €56,466 (+2,328%), from €2,426 to €58,892
- Reserves +€28,799
up €28,799 (+13.3%), from €215,920 to €244,719
- Depreciation -€614,091
down €614,091 (-35.8%), from €1.7m to €1.1m
- Financial income -€611,602
down €611,602 (-35.9%), from €1.7m to €1.1m
- Gross operating margin +€55,508
up €55,508, from -€3,809 to €51,698
- Staff costs -€6,052
down €6,052 (-45.5%), from €13,303 to €7,250
- Taxes +€1,672
up €1,672 (+773%), from €216 to €1,888
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 | €2,684,064 | €2,442,754 | -€241,310 | -9.0% |
| Fixed assets | 21/28 | €2,486,996 | €2,045,560 | -€441,437 | -17.7% |
| Intangible fixed assets | 21 | €2,471,395 | €2,033,689 | -€437,707 | -17.7% |
| Tangible fixed assets | 22/27 | €15,601 | €11,871 | -€3,730 | -23.9% |
| Furniture and vehicles | 24 | €5,296 | €3,280 | -€2,016 | -38.1% |
| Other tangible fixed assets | 26 | €10,305 | €8,591 | -€1,714 | -16.6% |
| Current assets | 29/58 | €197,068 | €397,195 | +€200,127 | +102% |
| Amounts receivable within one year | 40/41 | €69,481 | €49,434 | -€20,047 | -28.9% |
| Trade receivables | 40 | €42,689 | €14,604 | -€28,086 | -65.8% |
| Other amounts receivable | 41 | €26,792 | €34,830 | +€8,039 | +30.0% |
| Cash at bank and in hand | 54/58 | €126,211 | €345,923 | +€219,712 | +174% |
| Deferred charges and accrued income | 490/1 | €1,376 | €1,838 | +€462 | +33.6% |
| Total equity and liabilities | 10/49 | €2,684,064 | €2,442,754 | -€241,310 | -9.0% |
| Equity | 10/15 | €2,639,045 | €2,137,471 | -€501,573 | -19.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €215,920 | €244,719 | +€28,799 | +13.3% |
| Distributable reserves | 133 | €215,920 | €244,719 | +€28,799 | +13.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €2,416,919 | €1,886,547 | -€530,372 | -21.9% |
| Amounts payable | 17/49 | €45,019 | €305,283 | +€260,264 | +578% |
| Amounts payable within one year | 42/48 | €45,019 | €303,669 | +€258,650 | +575% |
| Trade debts | 44 | €2,426 | €58,892 | +€56,466 | +2,328% |
| Suppliers | 440/4 | €2,426 | €58,892 | +€56,466 | +2,328% |
| Advances received on contracts in progress | 46 | €0 | €193,654 | +€193,654 | |
| Taxes, remuneration and social security | 45 | €19,733 | €28,339 | +€8,606 | +43.6% |
| Taxes | 450/3 | €4,974 | €7,239 | +€2,265 | +45.5% |
| Remuneration and social security | 454/9 | €14,759 | €21,100 | +€6,341 | +43.0% |
| Other amounts payable | 47/48 | €22,861 | €22,785 | -€76 | -0.3% |
| Accrued charges and deferred income | 492/3 | - | €1,614 | +€1,614 | |
| Remuneration, social security and pensions | 62 | €13,303 | €7,250 | -€6,052 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,716,570 | €1,102,480 | -€614,091 | -35.8% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€3,809 | €51,698 | +€55,508 | |
| Operating profit (loss) | 9901 | -€1,734,650 | -€1,059,030 | +€675,620 | +38.9% |
| Financial income | 75/76B | €1,703,730 | €1,092,128 | -€611,602 | -35.9% |
| Recurring financial income | 75 | €1,703,730 | €1,092,128 | -€611,602 | -35.9% |
| Financial charges | 65/66B | €962 | €2,411 | +€1,449 | +151% |
| Recurring financial charges | 65 | €962 | €2,411 | +€1,449 | +151% |
| Profit (loss) for the period before taxes | 9903 | -€31,882 | €30,687 | +€62,569 | |
| Income taxes | 67/77 | €216 | €1,888 | +€1,672 | +773% |
| Profit (loss) for the period | 9904 | -€32,098 | €28,799 | +€60,897 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,098 | €28,799 | +€60,897 |
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 19 October 2026 via checked.be.