TIMMERMANS BART: 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.
TIMMERMANS BART
Largest movements
- Cash -€180,711
down €180,711 (-66.2%), from €272,883 to €92,172
mainly Investment in fixed assets (net) (-€189,037) and Contributions, distributions and other (-€165,500)
- Tangible fixed assets +€174,493
up €174,493 (+173%), from €100,948 to €275,441
of which Land and buildings: +€178,801
- Receivables within one year +€34,070
up €34,070 (+50.1%), from €67,990 to €102,059
of which Trade receivables: +€44,759
- Reserves -€117,995
down €117,995 (-49.6%), from €237,740 to €119,745
of which Distributable reserves: -€117,995
- Other debts +€107,538
up €107,538 (+202%), from €53,203 to €160,741
- Debts after one year +€46,696
up €46,696 (+51.9%), from €89,995 to €136,691
- Trade debts -€17,335
down €17,335 (-71.1%), from €24,373 to €7,038
- Tax, wage and social debts +€6,520
up €6,520 (+41.0%), from €15,895 to €22,415
- Depreciation -€55,609
down €55,609 (-79.3%), from €70,154 to €14,545
- Gross operating margin -€14,431
down €14,431 (-13.8%), from €104,314 to €89,882
- Taxes +€7,768
up €7,768 (+98.9%), from €7,857 to €15,625
- Write-downs +€3,564
new in 2025: €3,564
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 | €457,207 | €483,966 | +€26,759 | +5.9% |
| Fixed assets | 21/28 | €100,948 | €275,441 | +€174,493 | +173% |
| Tangible fixed assets | 22/27 | €100,948 | €275,441 | +€174,493 | +173% |
| Land and buildings | 22 | €93,625 | €272,427 | +€178,801 | +191% |
| Furniture and vehicles | 24 | €7,323 | €3,014 | -€4,309 | -58.8% |
| Current assets | 29/58 | €356,259 | €208,525 | -€147,734 | -41.5% |
| Stocks and contracts in progress | 3 | €12,544 | €14,294 | +€1,750 | +14.0% |
| Stocks | 30/36 | €12,544 | €14,294 | +€1,750 | +14.0% |
| Amounts receivable within one year | 40/41 | €67,990 | €102,059 | +€34,070 | +50.1% |
| Trade receivables | 40 | €56,583 | €101,342 | +€44,759 | +79.1% |
| Other amounts receivable | 41 | €11,407 | €717 | -€10,690 | -93.7% |
| Cash at bank and in hand | 54/58 | €272,883 | €92,172 | -€180,711 | -66.2% |
| Deferred charges and accrued income | 490/1 | €2,842 | - | -€2,842 | |
| Total equity and liabilities | 10/49 | €457,207 | €483,966 | +€26,759 | +5.9% |
| Equity | 10/15 | €256,340 | €138,345 | -€117,995 | -46.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €237,740 | €119,745 | -€117,995 | -49.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €235,880 | €117,885 | -€117,995 | -50.0% |
| Amounts payable | 17/49 | €200,866 | €345,620 | +€144,754 | +72.1% |
| Amounts payable after more than one year | 17 | €89,995 | €136,691 | +€46,696 | +51.9% |
| Financial debts | 170/4 | €89,995 | €136,691 | +€46,696 | +51.9% |
| Amounts payable within one year | 42/48 | €110,872 | €208,350 | +€97,478 | +87.9% |
| Current portion of amounts payable after more than one year | 42 | €17,400 | €18,156 | +€756 | +4.3% |
| Trade debts | 44 | €24,373 | €7,038 | -€17,335 | -71.1% |
| Suppliers | 440/4 | €24,373 | €7,038 | -€17,335 | -71.1% |
| Taxes, remuneration and social security | 45 | €15,895 | €22,415 | +€6,520 | +41.0% |
| Taxes | 450/3 | €15,895 | €22,415 | +€6,520 | +41.0% |
| Other amounts payable | 47/48 | €53,203 | €160,741 | +€107,538 | +202% |
| Accrued charges and deferred income | 492/3 | - | €580 | +€580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,154 | €14,545 | -€55,609 | -79.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,564 | +€3,564 | |
| Other operating charges | 640/8 | €1,837 | €1,982 | +€146 | +7.9% |
| Gross operating margin | 9900 | €104,314 | €89,882 | -€14,431 | -13.8% |
| Operating profit (loss) | 9901 | €32,323 | €69,792 | +€37,468 | +116% |
| Financial charges | 65/66B | €5,899 | €6,661 | +€763 | +12.9% |
| Recurring financial charges | 65 | €5,899 | €6,661 | +€763 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €26,424 | €63,130 | +€36,706 | +139% |
| Income taxes | 67/77 | €7,857 | €15,625 | +€7,768 | +98.9% |
| Profit (loss) for the period | 9904 | €18,568 | €47,505 | +€28,937 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €18,568 | €47,505 | +€28,937 | +156% |
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 14 October 2026 via checked.be.