TIMMERMAN: 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.
TIMMERMAN
Largest movements
- Tangible fixed assets -€35,634
down €35,634 (-8.0%), from €446,931 to €411,297
of which Land and buildings: -€34,860
- Cash +€18,636
up €18,636 (+40.1%), from €46,455 to €65,091
mainly Debts after one year (+€39,729) and Depreciation (+€35,242)
- Receivables within one year -€6,657
down €6,657 (-9.2%), from €72,268 to €65,611
of which Trade receivables: -€21,592
- Other debts -€88,429
down €88,429 (-97.8%), from €90,437 to €2,008
- Debts after one year +€39,729
up €39,729 (+38.5%), from €103,137 to €142,867
- Reserves +€31,667
up €31,667 (+21.1%), from €150,422 to €182,089
of which Distributable reserves: +€25,759
- Current portion of long-term debt +€15,685
up €15,685 (+107.1%), from €14,639 to €30,324
- Provisions -€12,538
down €12,538 (-30.4%), from €41,248 to €28,710
- Gross operating margin -€11,146
down €11,146 (-12.0%), from €92,652 to €81,506
- Depreciation -€4,839
down €4,839 (-12.1%), from €40,080 to €35,242
- Taxes -€2,257
down €2,257 (-15.6%), from €14,444 to €12,188
- Financial charges -€1,093
down €1,093 (-20.6%), from €5,316 to €4,223
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 | €567,638 | €542,204 | -€25,434 | -4.5% |
| Fixed assets | 21/28 | €446,931 | €411,297 | -€35,634 | -8.0% |
| Tangible fixed assets | 22/27 | €446,931 | €411,297 | -€35,634 | -8.0% |
| Land and buildings | 22 | €439,549 | €404,689 | -€34,860 | -7.9% |
| Plant, machinery and equipment | 23 | €7,381 | €6,607 | -€774 | -10.5% |
| Current assets | 29/58 | €120,707 | €130,907 | +€10,200 | +8.5% |
| Amounts receivable within one year | 40/41 | €72,268 | €65,611 | -€6,657 | -9.2% |
| Trade receivables | 40 | €40,116 | €18,524 | -€21,592 | -53.8% |
| Other amounts receivable | 41 | €32,152 | €47,087 | +€14,934 | +46.4% |
| Cash at bank and in hand | 54/58 | €46,455 | €65,091 | +€18,636 | +40.1% |
| Deferred charges and accrued income | 490/1 | €1,983 | €205 | -€1,778 | -89.6% |
| Total equity and liabilities | 10/49 | €567,638 | €542,204 | -€25,434 | -4.5% |
| Equity | 10/15 | €301,164 | €332,831 | +€31,667 | +10.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €150,422 | €182,089 | +€31,667 | +21.1% |
| Tax-exempt reserves | 132 | €80,241 | €86,149 | +€5,908 | +7.4% |
| Distributable reserves | 133 | €70,180 | €95,939 | +€25,759 | +36.7% |
| Profit (loss) carried forward | 14 | €132,150 | €132,150 | = | 0.0% |
| Provisions and deferred taxes | 16 | €41,248 | €28,710 | -€12,538 | -30.4% |
| Deferred taxes | 168 | €41,248 | €28,710 | -€12,538 | -30.4% |
| Amounts payable | 17/49 | €225,225 | €180,662 | -€44,563 | -19.8% |
| Amounts payable after more than one year | 17 | €103,137 | €142,867 | +€39,729 | +38.5% |
| Financial debts | 170/4 | €103,137 | €142,867 | +€39,729 | +38.5% |
| Amounts payable within one year | 42/48 | €120,789 | €37,796 | -€82,993 | -68.7% |
| Current portion of amounts payable after more than one year | 42 | €14,639 | €30,324 | +€15,685 | +107.1% |
| Financial debts | 43 | - | €839 | +€839 | |
| Credit institutions | 430/8 | - | €839 | +€839 | |
| Trade debts | 44 | €9,082 | €4,624 | -€4,458 | -49.1% |
| Suppliers | 440/4 | €9,082 | €4,624 | -€4,458 | -49.1% |
| Advances received on contracts in progress | 46 | €2,000 | €0 | -€2,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,632 | €0 | -€4,632 | -100.0% |
| Taxes | 450/3 | €4,632 | €0 | -€4,632 | -100.0% |
| Other amounts payable | 47/48 | €90,437 | €2,008 | -€88,429 | -97.8% |
| Accrued charges and deferred income | 492/3 | €1,299 | €0 | -€1,299 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,080 | €35,242 | -€4,839 | -12.1% |
| Other operating charges | 640/8 | €10,886 | €11,074 | +€188 | +1.7% |
| Gross operating margin | 9900 | €92,652 | €81,506 | -€11,146 | -12.0% |
| Operating profit (loss) | 9901 | €41,686 | €35,190 | -€6,495 | -15.6% |
| Financial income | 75/76B | €290 | €349 | +€59 | +20.5% |
| Recurring financial income | 75 | €290 | €349 | +€59 | +20.5% |
| Financial charges | 65/66B | €5,316 | €4,223 | -€1,093 | -20.6% |
| Recurring financial charges | 65 | €5,316 | €4,223 | -€1,093 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €36,659 | €31,317 | -€5,343 | -14.6% |
| Transfer from deferred taxes | 780 | €3,167 | €12,538 | +€9,371 | +295.9% |
| Income taxes | 67/77 | €14,444 | €12,188 | -€2,257 | -15.6% |
| Profit (loss) for the period | 9904 | €25,382 | €31,667 | +€6,285 | +24.8% |
| Transfer from tax-exempt reserves | 789 | €6,106 | €4,395 | -€1,711 | -28.0% |
| Transfer to tax-exempt reserves | 689 | - | €10,303 | +€10,303 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,488 | €25,759 | -€5,729 | -18.2% |
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 2 October 2026 via checked.be.