Timmerman Marnix: what changed
Timmerman Marnix
Largest movements
- Current investments +€70,000
up €70,000 (+117%), from €60,000 to €130,000
- Receivables within one year +€33,992
up €33,992 (+892%), from €3,811 to €37,803
of which Trade receivables: +€36,530
- Stocks and contracts -€29,184
down €29,184 (-98.3%), from €29,684 to €500
of which Stocks: -€16,325
- Tangible fixed assets -€24,620
down €24,620 (-87.2%), from €28,223 to €3,603
- Cash -€17,656
down €17,656 (-9.0%), from €196,750 to €179,094
mainly Current investments (-€70,000) and Receivables within one year (-€33,992)
- Reserves +€53,046
up €53,046 (+20.0%), from €265,140 to €318,186
- Other debts -€25,907
down €25,907 (-89.9%), from €28,811 to €2,904
- Trade debts +€11,551
up €11,551 (+3,721%), from €310 to €11,862
- Advances received -€7,507
no longer reported in 2025 (was €7,507)
- Gross operating margin -€43,502
down €43,502 (-33.7%), from €128,959 to €85,457
- Taxes -€11,675
down €11,675 (-31.9%), from €36,561 to €24,886
- Depreciation -€5,398
down €5,398 (-52.9%), from €10,198 to €4,800
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,259 | €354,490 | +€32,231 | +10.0% |
| Fixed assets | 21/28 | €28,223 | €3,603 | -€24,620 | -87.2% |
| Tangible fixed assets | 22/27 | €28,223 | €3,603 | -€24,620 | -87.2% |
| Land and buildings | 22 | €11,660 | - | -€11,660 | |
| Plant, machinery and equipment | 23 | €7,240 | - | -€7,240 | |
| Furniture and vehicles | 24 | €9,324 | €3,603 | -€5,721 | -61.4% |
| Current assets | 29/58 | €294,035 | €350,886 | +€56,851 | +19.3% |
| Stocks and contracts in progress | 3 | €29,684 | €500 | -€29,184 | -98.3% |
| Stocks | 30/36 | €16,825 | €500 | -€16,325 | -97.0% |
| Contracts in progress | 37 | €12,859 | - | -€12,859 | |
| Amounts receivable within one year | 40/41 | €3,811 | €37,803 | +€33,992 | +892% |
| Trade receivables | 40 | €265 | €36,795 | +€36,530 | +13,785% |
| Other amounts receivable | 41 | €3,546 | €1,008 | -€2,538 | -71.6% |
| Current investments | 50/53 | €60,000 | €130,000 | +€70,000 | +117% |
| Cash at bank and in hand | 54/58 | €196,750 | €179,094 | -€17,656 | -9.0% |
| Deferred charges and accrued income | 490/1 | €3,791 | €3,489 | -€301 | -7.9% |
| Total equity and liabilities | 10/49 | €322,259 | €354,490 | +€32,231 | +10.0% |
| Equity | 10/15 | €275,140 | €328,186 | +€53,046 | +19.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €265,140 | €318,186 | +€53,046 | +20.0% |
| Distributable reserves | 133 | €265,140 | €318,186 | +€53,046 | +20.0% |
| Amounts payable | 17/49 | €47,119 | €26,304 | -€20,815 | -44.2% |
| Amounts payable within one year | 42/48 | €47,119 | €26,304 | -€20,815 | -44.2% |
| Trade debts | 44 | €310 | €11,862 | +€11,551 | +3,721% |
| Suppliers | 440/4 | €310 | €11,862 | +€11,551 | +3,721% |
| Advances received on contracts in progress | 46 | €7,507 | - | -€7,507 | |
| Taxes, remuneration and social security | 45 | €10,490 | €11,538 | +€1,048 | +10.0% |
| Taxes | 450/3 | €10,490 | €11,538 | +€1,048 | +10.0% |
| Other amounts payable | 47/48 | €28,811 | €2,904 | -€25,907 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,198 | €4,800 | -€5,398 | -52.9% |
| Other operating charges | 640/8 | €4,174 | €4,302 | +€128 | +3.1% |
| Gross operating margin | 9900 | €128,959 | €85,457 | -€43,502 | -33.7% |
| Operating profit (loss) | 9901 | €114,587 | €76,355 | -€38,233 | -33.4% |
| Financial income | 75/76B | €1,118 | €1,864 | +€746 | +66.8% |
| Recurring financial income | 75 | €118 | €1,864 | +€1,746 | +1,485% |
| Non-recurring financial income | 76B | €1,000 | - | -€1,000 | |
| Financial charges | 65/66B | €891 | €287 | -€604 | -67.8% |
| Recurring financial charges | 65 | €209 | €287 | +€79 | +37.7% |
| Non-recurring financial charges | 66B | €682 | - | -€682 | |
| Profit (loss) for the period before taxes | 9903 | €114,814 | €77,931 | -€36,883 | -32.1% |
| Income taxes | 67/77 | €36,561 | €24,886 | -€11,675 | -31.9% |
| Profit (loss) for the period | 9904 | €78,254 | €53,046 | -€25,208 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,254 | €53,046 | -€25,208 | -32.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.