TIMMERMANS - MICHIELS: 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 - MICHIELS
Largest movements
- Receivables within one year +€32,391
up €32,391 (+363%), from €8,926 to €41,317
of which Trade receivables: +€30,569
- Cash -€15,907
down €15,907 (-72.3%), from €21,988 to €6,081
mainly Receivables within one year (-€32,391) and Stocks and contracts (-€2,470)
- Stocks and contracts +€2,470
up €2,470 (+48.0%), from €5,148 to €7,618
- Financial fixed assets +€1,706
new in 2025: €1,706
- Profit (loss) carried forward +€9,499
up €9,499 (+32,454%), from €29 to €9,529
- Trade debts +€7,286
up €7,286 (+243%), from €2,995 to €10,281
- Tax, wage and social debts +€2,344
up €2,344 (+6,182%), from €38 to €2,382
- Other debts +€1,531
new in 2025: €1,531
- Gross operating margin +€12,167
up €12,167 (+14,071%), from €86 to €12,253
- Taxes +€2,367
up €2,367 (+32,343%), from €7 to €2,375
- Financial charges +€645
up €645 (+1,282%), from €50 to €696
- Financial income +€316
up €316 (+70,187%), from €0 to €316
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 | €36,062 | €56,723 | +€20,660 | +57.3% |
| Fixed assets | 21/28 | - | €1,706 | +€1,706 | |
| Financial fixed assets | 28 | - | €1,706 | +€1,706 | |
| Current assets | 29/58 | €36,062 | €55,017 | +€18,954 | +52.6% |
| Stocks and contracts in progress | 3 | €5,148 | €7,618 | +€2,470 | +48.0% |
| Stocks | 30/36 | €5,148 | €7,618 | +€2,470 | +48.0% |
| Amounts receivable within one year | 40/41 | €8,926 | €41,317 | +€32,391 | +363% |
| Trade receivables | 40 | €8,926 | €39,495 | +€30,569 | +342% |
| Other amounts receivable | 41 | - | €1,822 | +€1,822 | |
| Cash at bank and in hand | 54/58 | €21,988 | €6,081 | -€15,907 | -72.3% |
| Total equity and liabilities | 10/49 | €36,062 | €56,723 | +€20,660 | +57.3% |
| Equity | 10/15 | €3,029 | €12,529 | +€9,499 | +314% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29 | €9,529 | +€9,499 | +32,454% |
| Amounts payable | 17/49 | €33,033 | €44,194 | +€11,161 | +33.8% |
| Amounts payable after more than one year | 17 | €24,000 | €24,000 | = | 0.0% |
| Financial debts | 170/4 | €24,000 | €24,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,033 | €20,194 | +€11,161 | +124% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €2,995 | €10,281 | +€7,286 | +243% |
| Suppliers | 440/4 | €2,995 | €10,281 | +€7,286 | +243% |
| Taxes, remuneration and social security | 45 | €38 | €2,382 | +€2,344 | +6,182% |
| Taxes | 450/3 | €38 | €2,382 | +€2,344 | +6,182% |
| Other amounts payable | 47/48 | - | €1,531 | +€1,531 | |
| Gross operating margin | 9900 | €86 | €12,253 | +€12,167 | +14,071% |
| Operating profit (loss) | 9901 | €86 | €12,253 | +€12,167 | +14,071% |
| Financial income | 75/76B | €0 | €316 | +€316 | +70,187% |
| Recurring financial income | 75 | €0 | €316 | +€316 | +70,187% |
| Financial charges | 65/66B | €50 | €696 | +€645 | +1,282% |
| Recurring financial charges | 65 | €50 | €696 | +€645 | +1,282% |
| Profit (loss) for the period before taxes | 9903 | €37 | €11,874 | +€11,837 | +32,352% |
| Income taxes | 67/77 | €7 | €2,375 | +€2,367 | +32,343% |
| Profit (loss) for the period | 9904 | €29 | €9,499 | +€9,470 | +32,354% |
| Profit (loss) for the period to be appropriated | 9905 | €29 | €9,499 | +€9,470 | +32,354% |
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.