Timfin: what changed
What changed
Timfin
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€6,586
2024 · €56,232-€49,646
Equity
€282,123
2024 · €275,537+€6,586
Cash
€146,002
2024 · €129,913+€16,088
Balance sheet total
€1.3m
2024 · €1.4m-€110,713
Largest movements
Assets
- Receivables within one year -€83,144
down €83,144 (-21.8%), from €382,225 to €299,081
of which Trade receivables: -€102,574
- Intangible fixed assets -€21,650
down €21,650 (-15.5%), from €139,343 to €117,693
- Deferred charges and accrued income -€18,033
down €18,033 (-57.1%), from €31,600 to €13,566
- Cash +€16,088
up €16,088 (+12.4%), from €129,913 to €146,002
mainly Depreciation (+€208,562) and Receivables within one year (+€83,144)
Equity and liabilities
- Trade debts -€78,762
down €78,762 (-65.7%), from €119,932 to €41,170
- Debts after one year -€75,132
down €75,132 (-11.1%), from €678,740 to €603,608
- Short-term financial debts +€50,000
up €50,000, from €0 to €50,000
- Tax, wage and social debts -€28,000
down €28,000 (-29.4%), from €95,115 to €67,116
of which Taxes: -€46,215
- Current portion of long-term debt +€16,960
up €16,960 (+17.5%), from €96,913 to €113,874
Income statement
- Staff costs +€150,468
up €150,468 (+20.6%), from €728,715 to €879,183
- Gross operating margin +€106,461
up €106,461 (+10.4%), from €1.0m to €1.1m
- Depreciation +€29,297
up €29,297 (+16.3%), from €179,265 to €208,562
- Taxes -€16,488
down €16,488 (-86.6%), from €19,041 to €2,553
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.
Result 2024
€56,232
Gross operating margin
+€106,461
Staff costs
-€150,468
Depreciation
-€29,297
Write-downs
-€87
Other operating charges
-€417
Financial income
+€5,753
Financial charges
+€1,921
Taxes
+€16,488
Result 2025
€6,586
raises the resultlowers the result
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.
From operations
+€204,332
Investment
-€180,072
Financing
-€8,172
Cash 2024
€129,913
From operations (derived)
+€204,332
Net result for the year
+€6,586
Depreciation
+€208,562
Stocks and contracts
-€2,867
Receivables within one year
+€83,144
Deferred charges and accrued income
+€18,033
Trade debts
-€78,762
Tax, wage and social debts
-€28,000
Advances received
+€17
Accrued charges and deferred income
-€2,384
Investment (derived)
-€180,072
Investment in fixed assets (net)
-€180,072
Financing
-€8,172
Debts after one year
-€75,132
Current portion of long-term debt
+€16,960
Short-term financial debts
+€50,000
Cash 2025
€146,002
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,395,270 | €1,284,557 | -€110,713 | -7.9% |
| Fixed assets | 21/28 | €765,128 | €736,638 | -€28,490 | -3.7% |
| Intangible fixed assets | 21 | €139,343 | €117,693 | -€21,650 | -15.5% |
| Tangible fixed assets | 22/27 | €625,785 | €618,945 | -€6,840 | -1.1% |
| Plant, machinery and equipment | 23 | €473,776 | €400,466 | -€73,310 | -15.5% |
| Furniture and vehicles | 24 | €15,688 | €98,556 | +€82,868 | +528% |
| Leasing and similar rights | 25 | €97,778 | €77,862 | -€19,916 | -20.4% |
| Other tangible fixed assets | 26 | €38,542 | €42,060 | +€3,518 | +9.1% |
| Current assets | 29/58 | €630,142 | €547,920 | -€82,223 | -13.0% |
| Stocks and contracts in progress | 3 | €86,404 | €89,271 | +€2,867 | +3.3% |
| Stocks | 30/36 | €86,404 | €89,271 | +€2,867 | +3.3% |
| Amounts receivable within one year | 40/41 | €382,225 | €299,081 | -€83,144 | -21.8% |
| Trade receivables | 40 | €382,225 | €279,651 | -€102,574 | -26.8% |
| Other amounts receivable | 41 | - | €19,430 | +€19,430 | |
| Cash at bank and in hand | 54/58 | €129,913 | €146,002 | +€16,088 | +12.4% |
| Deferred charges and accrued income | 490/1 | €31,600 | €13,566 | -€18,033 | -57.1% |
| Total equity and liabilities | 10/49 | €1,395,270 | €1,284,557 | -€110,713 | -7.9% |
| Equity | 10/15 | €275,537 | €282,123 | +€6,586 | +2.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €245,537 | €252,123 | +€6,586 | +2.7% |
| Distributable reserves | 133 | €245,537 | €252,123 | +€6,586 | +2.7% |
| Amounts payable | 17/49 | €1,119,733 | €1,002,434 | -€117,299 | -10.5% |
| Amounts payable after more than one year | 17 | €678,740 | €603,608 | -€75,132 | -11.1% |
| Financial debts | 170/4 | €678,740 | €603,608 | -€75,132 | -11.1% |
| Amounts payable within one year | 42/48 | €411,961 | €372,177 | -€39,784 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €96,913 | €113,874 | +€16,960 | +17.5% |
| Financial debts | 43 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €119,932 | €41,170 | -€78,762 | -65.7% |
| Suppliers | 440/4 | €119,932 | €41,170 | -€78,762 | -65.7% |
| Advances received on contracts in progress | 46 | €0 | €17 | +€17 | |
| Taxes, remuneration and social security | 45 | €95,115 | €67,116 | -€28,000 | -29.4% |
| Taxes | 450/3 | €68,572 | €22,357 | -€46,215 | -67.4% |
| Remuneration and social security | 454/9 | €26,543 | €44,759 | +€18,215 | +68.6% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €29,033 | €26,649 | -€2,384 | -8.2% |
| Remuneration, social security and pensions | 62 | €728,715 | €879,183 | +€150,468 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,265 | €208,562 | +€29,297 | +16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€87 | €0 | +€87 | |
| Other operating charges | 640/8 | €2,566 | €2,983 | +€417 | +16.2% |
| Gross operating margin | 9900 | €1,022,050 | €1,128,511 | +€106,461 | +10.4% |
| Operating profit (loss) | 9901 | €111,591 | €37,783 | -€73,808 | -66.1% |
| Financial income | 75/76B | €9,510 | €15,263 | +€5,753 | +60.5% |
| Recurring financial income | 75 | €9,510 | €15,263 | +€5,753 | +60.5% |
| Financial charges | 65/66B | €45,829 | €43,907 | -€1,921 | -4.2% |
| Recurring financial charges | 65 | €45,829 | €43,907 | -€1,921 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €75,273 | €9,139 | -€66,134 | -87.9% |
| Income taxes | 67/77 | €19,041 | €2,553 | -€16,488 | -86.6% |
| Profit (loss) for the period | 9904 | €56,232 | €6,586 | -€49,646 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €56,232 | €6,586 | -€49,646 | -88.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.