TIMMERMAN: 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.
TIMMERMAN
Largest movements
- Stocks and contracts -€1.2m
no longer reported in 2025 (was €1.2m)
- Tangible fixed assets +€1.2m
up €1.2m (+1,786%), from €65,094 to €1.2m
of which Land and buildings: +€1.2m
- Receivables within one year -€16,687
down €16,687 (-76.9%), from €21,687 to €5,000
- Profit (loss) carried forward -€197,830
new in 2025: -€197,830
- Debts after one year +€79,642
up €79,642 (+113%), from €70,260 to €149,902
of which Financial debts: +€79,642
- Other debts +€40,543
up €40,543 (+5.8%), from €694,080 to €734,623
- Current portion of long-term debt +€37,966
new in 2025: €37,966
- Tax, wage and social debts -€26,791
down €26,791 (-61.0%), from €43,946 to €17,155
- Other operating charges +€241,199
up €241,199 (+1,181%), from €20,431 to €261,629
- Depreciation +€36,414
up €36,414 (+1,239%), from €2,938 to €39,351
- Taxes -€15,726
no longer reported in 2025 (was €15,726)
- Financial income +€11,143
up €11,143 (+31.0%), from €36,000 to €47,143
- Financial charges +€9,627
up €9,627 (+449%), from €2,142 to €11,768
of which Financial charges: +€8,927
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 | €1,354,369 | €1,285,281 | -€69,089 | -5.1% |
| Fixed assets | 21/28 | €111,698 | €1,273,993 | +€1.2m | +1,041% |
| Tangible fixed assets | 22/27 | €65,094 | €1,227,389 | +€1.2m | +1,786% |
| Land and buildings | 22 | €55,630 | €1,219,846 | +€1.2m | +2,093% |
| Furniture and vehicles | 24 | €9,464 | €7,542 | -€1,922 | -20.3% |
| Financial fixed assets | 28 | €46,604 | €46,604 | = | 0.0% |
| Current assets | 29/58 | €1,242,672 | €11,288 | -€1.2m | -99.1% |
| Stocks and contracts in progress | 3 | €1,201,646 | - | -€1.2m | |
| Stocks | 30/36 | €1,201,646 | - | -€1.2m | |
| Amounts receivable within one year | 40/41 | €21,687 | €5,000 | -€16,687 | -76.9% |
| Other amounts receivable | 41 | €21,687 | €5,000 | -€16,687 | -76.9% |
| Cash at bank and in hand | 54/58 | €14,141 | €1,052 | -€13,090 | -92.6% |
| Deferred charges and accrued income | 490/1 | €5,197 | €5,237 | +€40 | +0.8% |
| Total equity and liabilities | 10/49 | €1,354,369 | €1,285,281 | -€69,089 | -5.1% |
| Equity | 10/15 | €539,204 | €341,374 | -€197,830 | -36.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €439,204 | €439,204 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €429,204 | €429,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€197,830 | -€197,830 | |
| Amounts payable | 17/49 | €815,166 | €943,907 | +€128,742 | +15.8% |
| Amounts payable after more than one year | 17 | €70,260 | €149,902 | +€79,642 | +113% |
| Financial debts | 170/4 | €70,000 | €149,642 | +€79,642 | +114% |
| Other amounts payable | 178/9 | €260 | €260 | = | 0.0% |
| Amounts payable within one year | 42/48 | €740,554 | €789,957 | +€49,403 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | - | €37,966 | +€37,966 | |
| Financial debts | 43 | €108 | €108 | = | 0.0% |
| Credit institutions | 430/8 | €108 | €108 | = | 0.0% |
| Trade debts | 44 | €2,420 | €105 | -€2,315 | -95.7% |
| Suppliers | 440/4 | €2,420 | €105 | -€2,315 | -95.7% |
| Taxes, remuneration and social security | 45 | €43,946 | €17,155 | -€26,791 | -61.0% |
| Taxes | 450/3 | €43,946 | €17,155 | -€26,791 | -61.0% |
| Other amounts payable | 47/48 | €694,080 | €734,623 | +€40,543 | +5.8% |
| Accrued charges and deferred income | 492/3 | €4,352 | €4,048 | -€304 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,938 | €39,351 | +€36,414 | +1,239% |
| Other operating charges | 640/8 | €20,431 | €261,629 | +€241,199 | +1,181% |
| Non-recurring operating charges | 66A | €148 | - | -€148 | |
| Gross operating margin | 9900 | €58,537 | €67,776 | +€9,240 | +15.8% |
| Operating profit (loss) | 9901 | €35,020 | -€233,204 | -€268,224 | |
| Financial income | 75/76B | €36,000 | €47,143 | +€11,143 | +31.0% |
| Recurring financial income | 75 | €36,000 | €47,143 | +€11,143 | +31.0% |
| Financial charges | 65/66B | €2,142 | €11,768 | +€9,627 | +449% |
| Recurring financial charges | 65 | €2,142 | €11,069 | +€8,927 | +417% |
| Non-recurring financial charges | 66B | - | €700 | +€700 | |
| Profit (loss) for the period before taxes | 9903 | €68,878 | -€197,830 | -€266,708 | |
| Income taxes | 67/77 | €15,726 | - | -€15,726 | |
| Profit (loss) for the period | 9904 | €53,153 | -€197,830 | -€250,983 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,153 | -€197,830 | -€250,983 |
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 17 October 2026 via checked.be.