Timo: what changed
Two fiscal 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.
Timo
Largest movements
- Current investments +€141,498
up €141,498 (+317.9%), from €44,511 to €186,009
- Cash -€111,907
down €111,907 (-90.4%), from €123,762 to €11,855
mainly Trade debts (-€225,095) and Investment in fixed assets (net) (-€220,661)
- Receivables within one year -€100,226
down €100,226 (-65.9%), from €152,045 to €51,818
of which Trade receivables: -€110,410
- Financial fixed assets +€75,790
up €75,790 (+4.9%), from €1.5m to €1.6m
- Trade debts -€225,095
down €225,095 (-30.7%), from €733,070 to €507,974
- Short-term financial debts +€125,000
new in 2025: €125,000
- Debts after one year +€62,203
up €62,203 (+6.6%), from €939,043 to €1.0m
- Profit (loss) carried forward +€34,252
up €34,252 (+37.8%), from €90,722 to €124,974
- Current portion of long-term debt +€28,654
up €28,654 (+216.6%), from €13,227 to €41,881
- Gross operating margin +€151,236
up €151,236 (+98.4%), from -€153,687 to -€2,452
- Depreciation +€128,042
up €128,042 (+1252.0%), from €10,227 to €138,269
- Financial income +€11,691
up €11,691 (+6.6%), from €178,329 to €190,020
of which Non-recurring financial income: +€7,521
- Financial charges +€3,278
up €3,278 (+51.7%), from €6,341 to €9,619
- Taxes +€3,090
up €3,090 (+1225.5%), from €252 to €3,343
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.
Cash bridge derived
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 | €2,582,881 | €2,593,296 | +€10,415 | +0.4% |
| Fixed assets | 21/28 | €2,260,762 | €2,343,154 | +€82,392 | +3.6% |
| Intangible fixed assets | 21 | €599,672 | €593,572 | -€6,100 | -1.0% |
| Tangible fixed assets | 22/27 | €114,442 | €127,144 | +€12,702 | +11.1% |
| Plant, machinery and equipment | 23 | €519 | €219 | -€300 | -57.8% |
| Furniture and vehicles | 24 | €113,923 | €126,925 | +€13,002 | +11.4% |
| Financial fixed assets | 28 | €1,546,648 | €1,622,438 | +€75,790 | +4.9% |
| Current assets | 29/58 | €322,119 | €250,143 | -€71,977 | -22.3% |
| Amounts receivable within one year | 40/41 | €152,045 | €51,818 | -€100,226 | -65.9% |
| Trade receivables | 40 | €151,579 | €41,169 | -€110,410 | -72.8% |
| Other amounts receivable | 41 | €465 | €10,649 | +€10,184 | +2188.8% |
| Current investments | 50/53 | €44,511 | €186,009 | +€141,498 | +317.9% |
| Cash at bank and in hand | 54/58 | €123,762 | €11,855 | -€111,907 | -90.4% |
| Deferred charges and accrued income | 490/1 | €1,801 | €460 | -€1,341 | -74.4% |
| Total equity and liabilities | 10/49 | €2,582,881 | €2,593,296 | +€10,415 | +0.4% |
| Equity | 10/15 | €767,245 | €801,498 | +€34,252 | +4.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €614,550 | €614,550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €608,353 | €608,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,722 | €124,974 | +€34,252 | +37.8% |
| Amounts payable | 17/49 | €1,815,636 | €1,791,799 | -€23,837 | -1.3% |
| Amounts payable after more than one year | 17 | €939,043 | €1,001,246 | +€62,203 | +6.6% |
| Financial debts | 170/4 | €939,043 | €1,001,246 | +€62,203 | +6.6% |
| Amounts payable within one year | 42/48 | €876,593 | €790,553 | -€86,040 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €13,227 | €41,881 | +€28,654 | +216.6% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €733,070 | €507,974 | -€225,095 | -30.7% |
| Suppliers | 440/4 | €733,070 | €507,974 | -€225,095 | -30.7% |
| Taxes, remuneration and social security | 45 | €35,203 | €6,591 | -€28,612 | -81.3% |
| Taxes | 450/3 | €35,203 | €6,591 | -€28,612 | -81.3% |
| Other amounts payable | 47/48 | €95,094 | €109,107 | +€14,013 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,227 | €138,269 | +€128,042 | +1252.0% |
| Other operating charges | 640/8 | €4,695 | €2,085 | -€2,610 | -55.6% |
| Gross operating margin | 9900 | -€153,687 | -€2,452 | +€151,236 | +98.4% |
| Operating profit (loss) | 9901 | -€168,609 | -€142,806 | +€25,803 | +15.3% |
| Financial income | 75/76B | €178,329 | €190,020 | +€11,691 | +6.6% |
| Recurring financial income | 75 | €178,329 | €4,170 | -€174,159 | -97.7% |
| Non-recurring financial income | 76B | €178,329 | €185,850 | +€7,521 | +4.2% |
| Financial charges | 65/66B | €6,341 | €9,619 | +€3,278 | +51.7% |
| Recurring financial charges | 65 | €6,341 | €9,619 | +€3,278 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €3,379 | €37,595 | +€34,216 | +1012.8% |
| Income taxes | 67/77 | €252 | €3,343 | +€3,090 | +1225.5% |
| Profit (loss) for the period | 9904 | €3,126 | €34,252 | +€31,126 | +995.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,126 | €34,252 | +€31,126 | +995.6% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.