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
- Financial fixed assets +€210,000
up €210,000, from €0 to €210,000
- Cash -€78,365
down €78,365 (-62.3%), from €125,734 to €47,369
mainly Investment in fixed assets (net) (-€214,618) and Contributions, distributions and other (-€150,000)
- Deferred charges and accrued income -€50,500
down €50,500 (-11.1%), from €454,500 to €404,000
- Receivables after one year -€21,597
down €21,597 (-100.0%), from €21,597 to €0
- Receivables within one year +€17,663
up €17,663 (+128.0%), from €13,798 to €31,460
of which Other amounts receivable: +€23,713
- Other debts +€229,882
new in 2025: €229,882
- Reserves -€123,486
down €123,486 (-29.7%), from €415,997 to €292,511
- Debts after one year -€65,810
down €65,810 (-85.6%), from €76,849 to €11,038
- Tax, wage and social debts +€36,838
up €36,838 (+6361.0%), from €579 to €37,418
- Gross operating margin +€63,179
up €63,179 (+185.2%), from €34,105 to €97,285
- Taxes +€9,614
up €9,614 (+6891.0%), from €140 to €9,754
- Financial charges +€3,110
up €3,110 (+99.7%), from €3,118 to €6,228
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 | €618,664 | €699,480 | +€80,816 | +13.1% |
| Fixed assets | 21/28 | €3,034 | €216,650 | +€213,616 | +7039.9% |
| Tangible fixed assets | 22/27 | €3,034 | €6,650 | +€3,616 | +119.2% |
| Furniture and vehicles | 24 | €3,034 | €6,650 | +€3,616 | +119.2% |
| Financial fixed assets | 28 | €0 | €210,000 | +€210,000 | |
| Current assets | 29/58 | €615,629 | €482,830 | -€132,799 | -21.6% |
| Amounts receivable after more than one year | 29 | €21,597 | €0 | -€21,597 | -100.0% |
| Other amounts receivable | 291 | €21,597 | €0 | -€21,597 | -100.0% |
| Amounts receivable within one year | 40/41 | €13,798 | €31,460 | +€17,663 | +128.0% |
| Trade receivables | 40 | €6,050 | €0 | -€6,050 | -100.0% |
| Other amounts receivable | 41 | €7,748 | €31,460 | +€23,713 | +306.1% |
| Cash at bank and in hand | 54/58 | €125,734 | €47,369 | -€78,365 | -62.3% |
| Deferred charges and accrued income | 490/1 | €454,500 | €404,000 | -€50,500 | -11.1% |
| Total equity and liabilities | 10/49 | €618,664 | €699,480 | +€80,816 | +13.1% |
| Equity | 10/15 | €475,997 | €352,511 | -€123,486 | -25.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €415,997 | €292,511 | -€123,486 | -29.7% |
| Distributable reserves | 133 | €415,997 | €292,511 | -€123,486 | -29.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €142,667 | €346,969 | +€204,302 | +143.2% |
| Amounts payable after more than one year | 17 | €76,849 | €11,038 | -€65,810 | -85.6% |
| Financial debts | 170/4 | €76,849 | €11,038 | -€65,810 | -85.6% |
| Amounts payable within one year | 42/48 | €65,818 | €333,172 | +€267,354 | +406.2% |
| Current portion of amounts payable after more than one year | 42 | €65,096 | €65,810 | +€714 | +1.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €143 | €62 | -€81 | -56.6% |
| Suppliers | 440/4 | €143 | €62 | -€81 | -56.6% |
| Taxes, remuneration and social security | 45 | €579 | €37,418 | +€36,838 | +6361.0% |
| Taxes | 450/3 | €579 | €37,418 | +€36,838 | +6361.0% |
| Other amounts payable | 47/48 | - | €229,882 | +€229,882 | |
| Accrued charges and deferred income | 492/3 | - | €2,758 | +€2,758 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394 | €1,002 | +€608 | +154.3% |
| Other operating charges | 640/8 | €661 | €719 | +€58 | +8.8% |
| Non-recurring operating charges | 66A | €50,500 | €53,140 | +€2,640 | +5.2% |
| Gross operating margin | 9900 | €34,105 | €97,285 | +€63,179 | +185.2% |
| Operating profit (loss) | 9901 | -€17,450 | €42,423 | +€59,873 | |
| Financial income | 75/76B | €648 | €73 | -€575 | -88.8% |
| Recurring financial income | 75 | €648 | €73 | -€575 | -88.8% |
| Financial charges | 65/66B | €3,118 | €6,228 | +€3,110 | +99.7% |
| Recurring financial charges | 65 | €3,118 | €6,228 | +€3,110 | +99.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,920 | €36,268 | +€56,188 | |
| Income taxes | 67/77 | €140 | €9,754 | +€9,614 | +6891.0% |
| Profit (loss) for the period | 9904 | -€20,060 | €26,514 | +€46,574 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,060 | €26,514 | +€46,574 |
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 30 September 2026 via checked.be.