TIMMERMANS KOEN: 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 KOEN
Largest movements
- Receivables within one year +€70,063
up €70,063 (+25.5%), from €274,959 to €345,022
of which Trade receivables: +€63,607
- Tangible fixed assets -€59,633
down €59,633 (-33.7%), from €176,864 to €117,231
of which Leasing and similar rights: -€32,000
- Cash -€34,092
down €34,092 (-83.6%), from €40,796 to €6,704
mainly Contributions, distributions and other (-€175,173) and Receivables within one year (-€70,063)
- Deferred charges and accrued income -€7,468
down €7,468 (-51.8%), from €14,418 to €6,950
- Other debts +€144,960
up €144,960 (+480%), from €30,213 to €175,173
- Reserves -€108,433
down €108,433 (-37.3%), from €290,396 to €181,963
- Trade debts -€27,844
down €27,844 (-53.4%), from €52,099 to €24,255
- Debts after one year -€23,281
down €23,281 (-61.2%), from €38,027 to €14,746
- Current portion of long-term debt -€21,915
down €21,915 (-28.5%), from €76,969 to €55,053
- Gross operating margin +€32,198
up €32,198 (+14.4%), from €223,421 to €255,619
- Staff costs +€13,535
up €13,535 (+50.3%), from €26,896 to €40,432
- Depreciation -€9,175
down €9,175 (-7.4%), from €123,426 to €114,251
- Taxes +€7,146
up €7,146 (+37.8%), from €18,926 to €26,072
- Financial charges -€3,805
down €3,805 (-29.3%), from €12,987 to €9,181
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 | €507,186 | €476,056 | -€31,131 | -6.1% |
| Fixed assets | 21/28 | €177,013 | €117,380 | -€59,633 | -33.7% |
| Tangible fixed assets | 22/27 | €176,864 | €117,231 | -€59,633 | -33.7% |
| Plant, machinery and equipment | 23 | €31,679 | €21,293 | -€10,386 | -32.8% |
| Furniture and vehicles | 24 | €104,788 | €89,407 | -€15,381 | -14.7% |
| Leasing and similar rights | 25 | €34,323 | €2,323 | -€32,000 | -93.2% |
| Other tangible fixed assets | 26 | €6,074 | €4,208 | -€1,866 | -30.7% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €330,173 | €358,676 | +€28,503 | +8.6% |
| Amounts receivable within one year | 40/41 | €274,959 | €345,022 | +€70,063 | +25.5% |
| Trade receivables | 40 | €104,676 | €168,283 | +€63,607 | +60.8% |
| Other amounts receivable | 41 | €170,283 | €176,739 | +€6,456 | +3.8% |
| Cash at bank and in hand | 54/58 | €40,796 | €6,704 | -€34,092 | -83.6% |
| Deferred charges and accrued income | 490/1 | €14,418 | €6,950 | -€7,468 | -51.8% |
| Total equity and liabilities | 10/49 | €507,186 | €476,056 | -€31,131 | -6.1% |
| Equity | 10/15 | €299,896 | €191,463 | -€108,433 | -36.2% |
| Contributions | 10/11 | €9,500 | €9,500 | = | 0.0% |
| Reserves | 13 | €290,396 | €181,963 | -€108,433 | -37.3% |
| Distributable reserves | 133 | €290,396 | €181,963 | -€108,433 | -37.3% |
| Amounts payable | 17/49 | €207,290 | €284,592 | +€77,302 | +37.3% |
| Amounts payable after more than one year | 17 | €38,027 | €14,746 | -€23,281 | -61.2% |
| Financial debts | 170/4 | €38,027 | €14,746 | -€23,281 | -61.2% |
| Amounts payable within one year | 42/48 | €169,263 | €269,846 | +€100,583 | +59.4% |
| Current portion of amounts payable after more than one year | 42 | €76,969 | €55,053 | -€21,915 | -28.5% |
| Trade debts | 44 | €52,099 | €24,255 | -€27,844 | -53.4% |
| Suppliers | 440/4 | €52,099 | €24,255 | -€27,844 | -53.4% |
| Taxes, remuneration and social security | 45 | €9,983 | €15,364 | +€5,381 | +53.9% |
| Taxes | 450/3 | €8,400 | €14,472 | +€6,072 | +72.3% |
| Remuneration and social security | 454/9 | €1,583 | €892 | -€691 | -43.6% |
| Other amounts payable | 47/48 | €30,213 | €175,173 | +€144,960 | +480% |
| Non-recurring operating income | 76A | €4,710 | - | -€4,710 | |
| Remuneration, social security and pensions | 62 | €26,896 | €40,432 | +€13,535 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,426 | €114,251 | -€9,175 | -7.4% |
| Other operating charges | 640/8 | €5,428 | €7,637 | +€2,209 | +40.7% |
| Gross operating margin | 9900 | €223,421 | €255,619 | +€32,198 | +14.4% |
| Operating profit (loss) | 9901 | €67,671 | €93,300 | +€25,629 | +37.9% |
| Financial income | 75/76B | €8,289 | €8,694 | +€406 | +4.9% |
| Recurring financial income | 75 | €8,289 | €8,694 | +€406 | +4.9% |
| Financial charges | 65/66B | €12,987 | €9,181 | -€3,805 | -29.3% |
| Recurring financial charges | 65 | €12,987 | €9,181 | -€3,805 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €62,973 | €92,812 | +€29,840 | +47.4% |
| Income taxes | 67/77 | €18,926 | €26,072 | +€7,146 | +37.8% |
| Profit (loss) for the period | 9904 | €44,047 | €66,741 | +€22,694 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,047 | €66,741 | +€22,694 | +51.5% |
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 30 October 2026 via checked.be.