TIMMACO: 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.
TIMMACO
Largest movements
- Cash -€127,679
down €127,679 (-58.7%), from €217,408 to €89,730
mainly Contributions, distributions and other (-€74,601) and Receivables within one year (-€59,725)
- Receivables within one year +€59,725
up €59,725 (+76.2%), from €78,427 to €138,152
of which Other amounts receivable: +€44,394
- Tangible fixed assets -€38,352
down €38,352 (-12.7%), from €301,169 to €262,817
of which Land and buildings: -€38,349
- Current investments -€10,000
down €10,000 (-100%), from €10,000 to €0
- Reserves -€73,028
down €73,028 (-16.8%), from €433,565 to €360,537
- Debts after one year -€54,880
down €54,880 (-49.8%), from €110,120 to €55,240
- Tax, wage and social debts +€9,335
up €9,335 (+736%), from €1,269 to €10,604
- Gross operating margin -€50,478
down €50,478 (-52.6%), from €95,925 to €45,447
- Taxes -€16,772
down €16,772 (-99.1%), from €16,922 to €150
- Financial income +€3,453
up €3,453 (+59.7%), from €5,787 to €9,241
- Other operating charges -€2,772
down €2,772 (-30.9%), from €8,967 to €6,196
- Financial charges -€2,685
down €2,685 (-29.5%), from €9,088 to €6,403
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 | €607,240 | €490,699 | -€116,541 | -19.2% |
| Fixed assets | 21/28 | €301,169 | €262,817 | -€38,352 | -12.7% |
| Tangible fixed assets | 22/27 | €301,169 | €262,817 | -€38,352 | -12.7% |
| Land and buildings | 22 | €296,508 | €258,158 | -€38,349 | -12.9% |
| Plant, machinery and equipment | 23 | - | €2,328 | +€2,328 | |
| Furniture and vehicles | 24 | €4,661 | €2,330 | -€2,331 | -50.0% |
| Current assets | 29/58 | €306,071 | €227,882 | -€78,189 | -25.5% |
| Amounts receivable within one year | 40/41 | €78,427 | €138,152 | +€59,725 | +76.2% |
| Trade receivables | 40 | - | €15,331 | +€15,331 | |
| Other amounts receivable | 41 | €78,427 | €122,821 | +€44,394 | +56.6% |
| Current investments | 50/53 | €10,000 | €0 | -€10,000 | -100% |
| Cash at bank and in hand | 54/58 | €217,408 | €89,730 | -€127,679 | -58.7% |
| Deferred charges and accrued income | 490/1 | €236 | €0 | -€236 | -100% |
| Total equity and liabilities | 10/49 | €607,240 | €490,699 | -€116,541 | -19.2% |
| Equity | 10/15 | €441,625 | €366,737 | -€74,888 | -17.0% |
| Contributions | 10/11 | €8,060 | €6,200 | -€1,860 | -23.1% |
| Reserves | 13 | €433,565 | €360,537 | -€73,028 | -16.8% |
| Distributable reserves | 133 | €433,565 | €360,537 | -€73,028 | -16.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €165,615 | €123,962 | -€41,653 | -25.2% |
| Amounts payable after more than one year | 17 | €110,120 | €55,240 | -€54,880 | -49.8% |
| Financial debts | 170/4 | €110,120 | €55,240 | -€54,880 | -49.8% |
| Amounts payable within one year | 42/48 | €55,424 | €64,196 | +€8,771 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €48,909 | €50,891 | +€1,983 | +4.1% |
| Trade debts | 44 | €5,247 | €2,700 | -€2,546 | -48.5% |
| Suppliers | 440/4 | €5,247 | €2,700 | -€2,546 | -48.5% |
| Taxes, remuneration and social security | 45 | €1,269 | €10,604 | +€9,335 | +736% |
| Taxes | 450/3 | €1,269 | €10,604 | +€9,335 | +736% |
| Accrued charges and deferred income | 492/3 | €71 | €4,527 | +€4,456 | +6,306% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,276 | €42,227 | +€951 | +2.3% |
| Other operating charges | 640/8 | €8,967 | €6,196 | -€2,772 | -30.9% |
| Non-recurring operating charges | 66A | €10,439 | €0 | -€10,439 | -100% |
| Gross operating margin | 9900 | €95,925 | €45,447 | -€50,478 | -52.6% |
| Operating profit (loss) | 9901 | €35,243 | -€2,976 | -€38,219 | |
| Financial income | 75/76B | €5,787 | €9,241 | +€3,453 | +59.7% |
| Recurring financial income | 75 | €5,787 | €9,241 | +€3,453 | +59.7% |
| Financial charges | 65/66B | €9,088 | €6,403 | -€2,685 | -29.5% |
| Recurring financial charges | 65 | €9,088 | €6,403 | -€2,685 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €31,943 | -€138 | -€32,081 | |
| Income taxes | 67/77 | €16,922 | €150 | -€16,772 | -99.1% |
| Profit (loss) for the period | 9904 | €15,021 | -€287 | -€15,309 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,021 | -€287 | -€15,309 |
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 16 October 2026 via checked.be.