Timo Mortier: 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.
Timo Mortier
Largest movements
- Receivables within one year +€59,397
up €59,397 (+188%), from €31,523 to €90,920
of which Trade receivables: +€62,740
- Tangible fixed assets -€52,567
down €52,567 (-10.6%), from €497,240 to €444,673
of which Plant, machinery and equipment: -€28,104
- Cash -€33,330
down €33,330 (-51.6%), from €64,595 to €31,266
mainly Receivables within one year (-€59,397) and Debts after one year (-€37,588)
- Debts after one year -€37,588
down €37,588 (-12.5%), from €301,164 to €263,577
of which Financial debts: -€37,588
- Reserves +€23,800
up €23,800 (+14.0%), from €170,000 to €193,800
- Other debts -€7,048
down €7,048 (-49.2%), from €14,337 to €7,289
- Gross operating margin -€9,885
down €9,885 (-6.9%), from €142,380 to €132,495
- Taxes -€3,076
down €3,076 (-23.0%), from €13,352 to €10,275
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 | €605,922 | €579,424 | -€26,498 | -4.4% |
| Fixed assets | 21/28 | €497,655 | €445,088 | -€52,567 | -10.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €497,240 | €444,673 | -€52,567 | -10.6% |
| Land and buildings | 22 | €242,500 | €232,500 | -€10,000 | -4.1% |
| Plant, machinery and equipment | 23 | €208,160 | €180,056 | -€28,104 | -13.5% |
| Furniture and vehicles | 24 | €46,580 | €32,117 | -€14,463 | -31.1% |
| Financial fixed assets | 28 | €415 | €415 | = | 0.0% |
| Current assets | 29/58 | €108,267 | €134,336 | +€26,069 | +24.1% |
| Stocks and contracts in progress | 3 | €8,505 | €7,672 | -€833 | -9.8% |
| Stocks | 30/36 | €8,505 | €7,672 | -€833 | -9.8% |
| Amounts receivable within one year | 40/41 | €31,523 | €90,920 | +€59,397 | +188% |
| Trade receivables | 40 | €26,549 | €89,289 | +€62,740 | +236% |
| Other amounts receivable | 41 | €4,974 | €1,631 | -€3,343 | -67.2% |
| Cash at bank and in hand | 54/58 | €64,595 | €31,266 | -€33,330 | -51.6% |
| Deferred charges and accrued income | 490/1 | €3,643 | €4,478 | +€835 | +22.9% |
| Total equity and liabilities | 10/49 | €605,922 | €579,424 | -€26,498 | -4.4% |
| Equity | 10/15 | €214,910 | €238,711 | +€23,801 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,000 | €193,800 | +€23,800 | +14.0% |
| Distributable reserves | 133 | €170,000 | €193,800 | +€23,800 | +14.0% |
| Profit (loss) carried forward | 14 | €26,310 | €26,311 | +€1 | 0.0% |
| Amounts payable | 17/49 | €391,012 | €340,713 | -€50,299 | -12.9% |
| Amounts payable after more than one year | 17 | €301,164 | €263,577 | -€37,588 | -12.5% |
| Financial debts | 170/4 | €301,164 | €263,577 | -€37,588 | -12.5% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €87,704 | €75,129 | -€12,575 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €39,867 | €37,588 | -€2,279 | -5.7% |
| Trade debts | 44 | €20,483 | €18,047 | -€2,436 | -11.9% |
| Suppliers | 440/4 | €20,483 | €18,047 | -€2,436 | -11.9% |
| Taxes, remuneration and social security | 45 | €13,017 | €12,205 | -€812 | -6.2% |
| Taxes | 450/3 | €6,441 | €6,472 | +€32 | +0.5% |
| Remuneration and social security | 454/9 | €6,576 | €5,732 | -€844 | -12.8% |
| Other amounts payable | 47/48 | €14,337 | €7,289 | -€7,048 | -49.2% |
| Accrued charges and deferred income | 492/3 | €2,144 | €2,008 | -€136 | -6.3% |
| Remuneration, social security and pensions | 62 | €19,939 | €19,840 | -€99 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,405 | €67,561 | +€1,157 | +1.7% |
| Other operating charges | 640/8 | €4,158 | €4,565 | +€407 | +9.8% |
| Gross operating margin | 9900 | €142,380 | €132,495 | -€9,885 | -6.9% |
| Operating profit (loss) | 9901 | €51,879 | €40,529 | -€11,350 | -21.9% |
| Financial income | 75/76B | €705 | €551 | -€154 | -21.8% |
| Recurring financial income | 75 | €705 | €551 | -€154 | -21.8% |
| Financial charges | 65/66B | €7,036 | €7,005 | -€31 | -0.4% |
| Recurring financial charges | 65 | €7,036 | €7,005 | -€31 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €45,548 | €34,076 | -€11,472 | -25.2% |
| Income taxes | 67/77 | €13,352 | €10,275 | -€3,076 | -23.0% |
| Profit (loss) for the period | 9904 | €32,196 | €23,801 | -€8,396 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,196 | €23,801 | -€8,396 | -26.1% |
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 13 October 2026 via checked.be.