TIMMERMAN MARC: 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 MARC
Largest movements
- Receivables within one year +€81,494
up €81,494 (+58.3%), from €139,689 to €221,183
of which Trade receivables: +€86,975
- Cash -€16,069
down €16,069 (-56.7%), from €28,346 to €12,277
mainly Receivables within one year (-€81,494) and Other debts (-€8,646)
- Tangible fixed assets -€15,524
down €15,524 (-9.0%), from €172,964 to €157,440
- Current investments +€4,536
up €4,536 (+65.9%), from €6,878 to €11,414
- Reserves +€50,326
up €50,326 (+40.4%), from €124,420 to €174,746
- Tax, wage and social debts +€10,798
up €10,798 (+53.7%), from €20,100 to €30,898
- Other debts -€8,646
down €8,646 (-9.3%), from €93,076 to €84,430
- Trade debts +€7,572
up €7,572 (+42.9%), from €17,633 to €25,205
- Short-term financial debts -€4,638
down €4,638 (-23.8%), from €19,461 to €14,823
- Gross operating margin +€21,143
up €21,143 (+29.3%), from €72,202 to €93,344
- Taxes +€6,232
up €6,232 (+38.0%), from €16,383 to €22,616
- Other operating charges -€3,582
down €3,582 (-73.1%), from €4,898 to €1,316
- Financial charges -€2,094
down €2,094 (-33.9%), from €6,183 to €4,089
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 | €395,512 | €450,796 | +€55,284 | +14.0% |
| Fixed assets | 21/28 | €220,164 | €204,640 | -€15,524 | -7.1% |
| Tangible fixed assets | 22/27 | €172,964 | €157,440 | -€15,524 | -9.0% |
| Land and buildings | 22 | €150,880 | €144,328 | -€6,553 | -4.3% |
| Furniture and vehicles | 24 | €13,781 | €10,167 | -€3,614 | -26.2% |
| Other tangible fixed assets | 26 | €8,302 | €2,945 | -€5,357 | -64.5% |
| Financial fixed assets | 28 | €47,200 | €47,200 | = | 0.0% |
| Current assets | 29/58 | €175,348 | €246,156 | +€70,807 | +40.4% |
| Amounts receivable within one year | 40/41 | €139,689 | €221,183 | +€81,494 | +58.3% |
| Trade receivables | 40 | €127,871 | €214,846 | +€86,975 | +68.0% |
| Other amounts receivable | 41 | €11,818 | €6,337 | -€5,481 | -46.4% |
| Current investments | 50/53 | €6,878 | €11,414 | +€4,536 | +65.9% |
| Cash at bank and in hand | 54/58 | €28,346 | €12,277 | -€16,069 | -56.7% |
| Deferred charges and accrued income | 490/1 | €436 | €1,282 | +€846 | +194% |
| Total equity and liabilities | 10/49 | €395,512 | €450,796 | +€55,284 | +14.0% |
| Equity | 10/15 | €245,113 | €295,440 | +€50,326 | +20.5% |
| Contributions | 10/11 | €73,508 | €73,508 | = | 0.0% |
| Reserves | 13 | €124,420 | €174,746 | +€50,326 | +40.4% |
| Distributable reserves | 133 | €124,420 | €174,746 | +€50,326 | +40.4% |
| Profit (loss) carried forward | 14 | €47,186 | €47,186 | = | 0.0% |
| Amounts payable | 17/49 | €150,399 | €155,357 | +€4,958 | +3.3% |
| Amounts payable within one year | 42/48 | €150,270 | €155,357 | +€5,086 | +3.4% |
| Financial debts | 43 | €19,461 | €14,823 | -€4,638 | -23.8% |
| Credit institutions | 430/8 | €19,461 | €14,823 | -€4,638 | -23.8% |
| Trade debts | 44 | €17,633 | €25,205 | +€7,572 | +42.9% |
| Suppliers | 440/4 | €17,633 | €25,205 | +€7,572 | +42.9% |
| Taxes, remuneration and social security | 45 | €20,100 | €30,898 | +€10,798 | +53.7% |
| Taxes | 450/3 | €20,100 | €30,898 | +€10,798 | +53.7% |
| Other amounts payable | 47/48 | €93,076 | €84,430 | -€8,646 | -9.3% |
| Accrued charges and deferred income | 492/3 | €129 | €0 | -€129 | -100% |
| Non-recurring operating income | 76A | - | €33,622 | +€33,622 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,524 | €15,524 | = | 0.0% |
| Other operating charges | 640/8 | €4,898 | €1,316 | -€3,582 | -73.1% |
| Gross operating margin | 9900 | €72,202 | €93,344 | +€21,143 | +29.3% |
| Operating profit (loss) | 9901 | €51,780 | €76,505 | +€24,725 | +47.8% |
| Financial income | 75/76B | €488 | €526 | +€38 | +7.9% |
| Recurring financial income | 75 | €488 | €526 | +€38 | +7.9% |
| Financial charges | 65/66B | €6,183 | €4,089 | -€2,094 | -33.9% |
| Recurring financial charges | 65 | €6,183 | €4,089 | -€2,094 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €46,084 | €72,942 | +€26,858 | +58.3% |
| Income taxes | 67/77 | €16,383 | €22,616 | +€6,232 | +38.0% |
| Profit (loss) for the period | 9904 | €29,701 | €50,326 | +€20,626 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,701 | €50,326 | +€20,626 | +69.4% |
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 22 October 2026 via checked.be.