Timmermans - Frederickx: 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 - Frederickx
Largest movements
- Tangible fixed assets -€9,168
down €9,168 (-22.8%), from €40,127 to €30,958
of which Furniture and vehicles: -€7,487
- Receivables within one year +€4,021
up €4,021 (+27.9%), from €14,396 to €18,417
of which Trade receivables: +€16,160
- Debts after one year -€6,065
down €6,065 (-28.6%), from €21,174 to €15,109
- Trade debts -€2,363
down €2,363 (-71.7%), from €3,294 to €931
- Reserves +€2,276
up €2,276 (+64.0%), from €3,559 to €5,835
- Tax, wage and social debts +€843
up €843 (+16.9%), from €4,983 to €5,826
- Depreciation +€1,205
up €1,205 (+15.1%), from €7,963 to €9,168
- Gross operating margin +€829
up €829 (+5.5%), from €15,005 to €15,834
- Other operating charges +€712
up €712 (+109%), from €654 to €1,366
- Financial income -€353
down €353 (-91.5%), from €386 to €33
- Taxes +€280
up €280 (+16.1%), from €1,741 to €2,021
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 | €57,442 | €52,366 | -€5,076 | -8.8% |
| Fixed assets | 21/28 | €40,127 | €30,958 | -€9,168 | -22.8% |
| Tangible fixed assets | 22/27 | €40,127 | €30,958 | -€9,168 | -22.8% |
| Plant, machinery and equipment | 23 | €11,636 | €9,955 | -€1,681 | -14.4% |
| Furniture and vehicles | 24 | €28,490 | €21,003 | -€7,487 | -26.3% |
| Current assets | 29/58 | €17,315 | €21,408 | +€4,093 | +23.6% |
| Amounts receivable within one year | 40/41 | €14,396 | €18,417 | +€4,021 | +27.9% |
| Trade receivables | 40 | €655 | €16,814 | +€16,160 | +2,469% |
| Other amounts receivable | 41 | €13,741 | €1,603 | -€12,139 | -88.3% |
| Cash at bank and in hand | 54/58 | €1,975 | €2,364 | +€389 | +19.7% |
| Deferred charges and accrued income | 490/1 | €945 | €628 | -€317 | -33.6% |
| Total equity and liabilities | 10/49 | €57,442 | €52,366 | -€5,076 | -8.8% |
| Equity | 10/15 | €22,159 | €24,435 | +€2,276 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,559 | €5,835 | +€2,276 | +64.0% |
| Distributable reserves | 133 | €3,559 | €5,835 | +€2,276 | +64.0% |
| Amounts payable | 17/49 | €35,283 | €27,932 | -€7,352 | -20.8% |
| Amounts payable after more than one year | 17 | €21,174 | €15,109 | -€6,065 | -28.6% |
| Financial debts | 170/4 | €21,174 | €15,109 | -€6,065 | -28.6% |
| Amounts payable within one year | 42/48 | €14,109 | €12,822 | -€1,287 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €5,832 | €6,065 | +€233 | +4.0% |
| Trade debts | 44 | €3,294 | €931 | -€2,363 | -71.7% |
| Suppliers | 440/4 | €3,294 | €931 | -€2,363 | -71.7% |
| Taxes, remuneration and social security | 45 | €4,983 | €5,826 | +€843 | +16.9% |
| Taxes | 450/3 | €4,983 | €5,826 | +€843 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,963 | €9,168 | +€1,205 | +15.1% |
| Other operating charges | 640/8 | €654 | €1,366 | +€712 | +109% |
| Gross operating margin | 9900 | €15,005 | €15,834 | +€829 | +5.5% |
| Operating profit (loss) | 9901 | €6,388 | €5,300 | -€1,088 | -17.0% |
| Financial income | 75/76B | €386 | €33 | -€353 | -91.5% |
| Recurring financial income | 75 | €386 | €33 | -€353 | -91.5% |
| Financial charges | 65/66B | €829 | €1,036 | +€207 | +24.9% |
| Recurring financial charges | 65 | €829 | €1,036 | +€207 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €5,945 | €4,297 | -€1,648 | -27.7% |
| Income taxes | 67/77 | €1,741 | €2,021 | +€280 | +16.1% |
| Profit (loss) for the period | 9904 | €4,203 | €2,276 | -€1,927 | -45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,203 | €2,276 | -€1,927 | -45.9% |
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 28 October 2026 via checked.be.