TIMON: 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.
TIMON
Largest movements
- Receivables within one year +€157,677
up €157,677 (+324%), from €48,740 to €206,416
of which Other amounts receivable: +€141,274
- Receivables after one year -€61,800
down €61,800 (-100%), from €61,800 to €0
- Cash -€16,297
down €16,297 (-79.6%), from €20,463 to €4,166
mainly Receivables within one year (-€157,677) and Debts after one year (-€4,016)
- Tangible fixed assets -€2,828
down €2,828 (-7.0%), from €40,519 to €37,690
of which Land and buildings: -€2,649
- Reserves +€51,564
up €51,564 (+215%), from €24,037 to €75,601
of which Distributable reserves: +€53,424
- Tax, wage and social debts +€18,609
up €18,609 (+78.0%), from €23,862 to €42,471
of which Taxes: +€16,974
- Trade debts +€17,595
up €17,595, from €0 to €17,595
- Debts after one year -€4,016
down €4,016 (-9.2%), from €43,491 to €39,475
- Profit (loss) carried forward -€3,540
down €3,540 (-100%), from €3,540 to €0
- Gross operating margin +€64,355
up €64,355 (+118%), from €54,595 to €118,950
- Taxes +€25,442
up €25,442 (+372%), from €6,831 to €32,273
- Financial income +€5,664
up €5,664 (+314%), from €1,804 to €7,468
- Financial charges +€5,302
up €5,302 (+182%), from €2,910 to €8,212
- Staff costs +€1,987
up €1,987 (+6.6%), from €30,292 to €32,280
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 | €171,522 | €248,465 | +€76,943 | +44.9% |
| Fixed assets | 21/28 | €40,519 | €37,690 | -€2,828 | -7.0% |
| Tangible fixed assets | 22/27 | €40,519 | €37,690 | -€2,828 | -7.0% |
| Land and buildings | 22 | €40,339 | €37,690 | -€2,649 | -6.6% |
| Plant, machinery and equipment | 23 | €180 | €0 | -€180 | -100% |
| Current assets | 29/58 | €131,003 | €210,775 | +€79,772 | +60.9% |
| Amounts receivable after more than one year | 29 | €61,800 | €0 | -€61,800 | -100% |
| Other amounts receivable | 291 | €61,800 | €0 | -€61,800 | -100% |
| Amounts receivable within one year | 40/41 | €48,740 | €206,416 | +€157,677 | +324% |
| Trade receivables | 40 | €12,468 | €28,870 | +€16,403 | +132% |
| Other amounts receivable | 41 | €36,272 | €177,546 | +€141,274 | +389% |
| Cash at bank and in hand | 54/58 | €20,463 | €4,166 | -€16,297 | -79.6% |
| Deferred charges and accrued income | 490/1 | €0 | €192 | +€192 | |
| Total equity and liabilities | 10/49 | €171,522 | €248,465 | +€76,943 | +44.9% |
| Equity | 10/15 | €39,976 | €88,001 | +€48,024 | +120% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €24,037 | €75,601 | +€51,564 | +215% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €22,177 | €75,601 | +€53,424 | +241% |
| Profit (loss) carried forward | 14 | €3,540 | €0 | -€3,540 | -100% |
| Amounts payable | 17/49 | €131,546 | €160,464 | +€28,919 | +22.0% |
| Amounts payable after more than one year | 17 | €43,491 | €39,475 | -€4,016 | -9.2% |
| Financial debts | 170/4 | €43,491 | €39,475 | -€4,016 | -9.2% |
| Amounts payable within one year | 42/48 | €88,054 | €120,112 | +€32,058 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €63,496 | €60,046 | -€3,450 | -5.4% |
| Trade debts | 44 | €0 | €17,595 | +€17,595 | |
| Suppliers | 440/4 | €0 | €17,595 | +€17,595 | |
| Taxes, remuneration and social security | 45 | €23,862 | €42,471 | +€18,609 | +78.0% |
| Taxes | 450/3 | €21,764 | €38,738 | +€16,974 | +78.0% |
| Remuneration and social security | 454/9 | €2,098 | €3,733 | +€1,635 | +77.9% |
| Other amounts payable | 47/48 | €696 | €0 | -€696 | -100% |
| Accrued charges and deferred income | 492/3 | - | €877 | +€877 | |
| Non-recurring operating income | 76A | €4,132 | €0 | -€4,132 | -100% |
| Remuneration, social security and pensions | 62 | €30,292 | €32,280 | +€1,987 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,403 | €2,833 | -€570 | -16.7% |
| Other operating charges | 640/8 | €4,102 | €2,796 | -€1,306 | -31.8% |
| Gross operating margin | 9900 | €54,595 | €118,950 | +€64,355 | +118% |
| Operating profit (loss) | 9901 | €16,798 | €81,041 | +€64,243 | +382% |
| Financial income | 75/76B | €1,804 | €7,468 | +€5,664 | +314% |
| Recurring financial income | 75 | €1,804 | €7,468 | +€5,664 | +314% |
| Financial charges | 65/66B | €2,910 | €8,212 | +€5,302 | +182% |
| Recurring financial charges | 65 | €2,910 | €8,212 | +€5,302 | +182% |
| Profit (loss) for the period before taxes | 9903 | €15,691 | €80,297 | +€64,606 | +412% |
| Income taxes | 67/77 | €6,831 | €32,273 | +€25,442 | +372% |
| Profit (loss) for the period | 9904 | €8,861 | €48,024 | +€39,164 | +442% |
| Profit (loss) for the period to be appropriated | 9905 | €8,861 | €48,024 | +€39,164 | +442% |
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 16 October 2026 via checked.be.