TIMMERMAN: what changed
What changed
TIMMERMAN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€148,366
2024 · €97,806+€50,560
Equity
€798,238
2024 · €649,872+€148,366
Cash
€84,081
2024 · €11,858+€72,224
Balance sheet total
€857,973
2024 · €708,309+€149,664
Largest movements
Assets
- Current investments +€125,000
up €125,000 (+34.3%), from €364,235 to €489,235
- Cash +€72,224
up €72,224 (+609%), from €11,858 to €84,081
mainly Net result for the year (+€148,366) and Depreciation (+€49,045)
- Tangible fixed assets -€49,045
down €49,045 (-19.0%), from €258,218 to €209,173
of which Land and buildings: -€34,740
Equity and liabilities
- Reserves +€148,366
up €148,366 (+23.6%), from €628,879 to €777,245
of which Distributable reserves: +€148,366
- Tax, wage and social debts +€15,129
up €15,129 (+110%), from €13,764 to €28,893
of which Taxes: +€15,129
Income statement
- Gross operating margin +€68,632
up €68,632 (+41.2%), from €166,476 to €235,107
- Taxes +€24,710
up €24,710 (+67.7%), from €36,507 to €61,217
- Depreciation -€6,177
down €6,177 (-11.2%), from €55,222 to €49,045
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
€97,806
Gross operating margin
+€68,632
Depreciation
+€6,177
Other operating charges
+€680
Financial income
-€1,071
Financial charges
+€851
Taxes
-€24,710
Result 2025
€148,366
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
+€208,983
Investment
-€125,000
Financing
-€11,759
Cash 2024
€11,858
From operations (derived)
+€208,983
Net result for the year
+€148,366
Depreciation
+€49,045
Receivables within one year
-€2,000
Deferred charges and accrued income
+€514
Trade debts
-€1,760
Tax, wage and social debts
+€15,129
Other debts
+€114
Accrued charges and deferred income
-€425
Investment (derived)
-€125,000
Current investments
-€125,000
Financing
-€11,759
Debts after one year
-€6,859
Current portion of long-term debt
-€4,900
Cash 2025
€84,081
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €708,309 | €857,973 | +€149,664 | +21.1% |
| Fixed assets | 21/28 | €266,816 | €217,771 | -€49,045 | -18.4% |
| Tangible fixed assets | 22/27 | €258,218 | €209,173 | -€49,045 | -19.0% |
| Land and buildings | 22 | €236,226 | €201,485 | -€34,740 | -14.7% |
| Plant, machinery and equipment | 23 | €1,916 | €966 | -€950 | -49.6% |
| Furniture and vehicles | 24 | €20,077 | €6,722 | -€13,355 | -66.5% |
| Financial fixed assets | 28 | €8,598 | €8,598 | = | 0.0% |
| Current assets | 29/58 | €441,493 | €640,202 | +€198,709 | +45.0% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,000 | €12,000 | +€2,000 | +20.0% |
| Trade receivables | 40 | €10,000 | €12,000 | +€2,000 | +20.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €364,235 | €489,235 | +€125,000 | +34.3% |
| Cash at bank and in hand | 54/58 | €11,858 | €84,081 | +€72,224 | +609% |
| Deferred charges and accrued income | 490/1 | €5,400 | €4,885 | -€514 | -9.5% |
| Total equity and liabilities | 10/49 | €708,309 | €857,973 | +€149,664 | +21.1% |
| Equity | 10/15 | €649,872 | €798,238 | +€148,366 | +22.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €628,879 | €777,245 | +€148,366 | +23.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €628,879 | €777,245 | +€148,366 | +23.6% |
| Profit (loss) carried forward | 14 | €14,793 | €14,793 | = | 0.0% |
| Amounts payable | 17/49 | €58,437 | €59,735 | +€1,298 | +2.2% |
| Amounts payable after more than one year | 17 | €20,359 | €13,500 | -€6,859 | -33.7% |
| Financial debts | 170/4 | €20,359 | €13,500 | -€6,859 | -33.7% |
| Amounts payable within one year | 42/48 | €36,258 | €44,841 | +€8,583 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €11,759 | €6,859 | -€4,900 | -41.7% |
| Trade debts | 44 | €2,682 | €922 | -€1,760 | -65.6% |
| Suppliers | 440/4 | €2,682 | €922 | -€1,760 | -65.6% |
| Taxes, remuneration and social security | 45 | €13,764 | €28,893 | +€15,129 | +110% |
| Taxes | 450/3 | €13,764 | €28,893 | +€15,129 | +110% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,053 | €8,167 | +€114 | +1.4% |
| Accrued charges and deferred income | 492/3 | €1,819 | €1,394 | -€425 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,222 | €49,045 | -€6,177 | -11.2% |
| Other operating charges | 640/8 | €3,679 | €2,999 | -€680 | -18.5% |
| Gross operating margin | 9900 | €166,476 | €235,107 | +€68,632 | +41.2% |
| Operating profit (loss) | 9901 | €107,574 | €183,064 | +€75,489 | +70.2% |
| Financial income | 75/76B | €28,779 | €27,708 | -€1,071 | -3.7% |
| Recurring financial income | 75 | €28,779 | €27,708 | -€1,071 | -3.7% |
| Financial charges | 65/66B | €2,039 | €1,188 | -€851 | -41.7% |
| Recurring financial charges | 65 | €2,039 | €1,188 | -€851 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €134,313 | €209,583 | +€75,270 | +56.0% |
| Income taxes | 67/77 | €36,507 | €61,217 | +€24,710 | +67.7% |
| Profit (loss) for the period | 9904 | €97,806 | €148,366 | +€50,560 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €97,806 | €148,366 | +€50,560 | +51.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.