Timotheus: 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.
Timotheus
Largest movements
- Cash +€31,163
up €31,163 (+7.3%), from €425,681 to €456,844
mainly Net result for the year (+€50,891) and Depreciation (+€7,730)
- Deferred charges and accrued income +€10,311
up €10,311 (+30.6%), from €33,717 to €44,028
- Profit (loss) carried forward +€50,891
up €50,891 (+9.9%), from €513,275 to €564,166
- Accrued charges and deferred income -€17,304
down €17,304 (-45.1%), from €38,372 to €21,069
- Gross operating margin +€46,886
up €46,886 (+54.0%), from €86,755 to €133,641
- Financial charges -€2,229
down €2,229 (-38.9%), from €5,732 to €3,503
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 | €636,685 | €675,058 | +€38,372 | +6.0% |
| Fixed assets | 21/28 | €21,538 | €16,665 | -€4,873 | -22.6% |
| Intangible fixed assets | 21 | €8,857 | €5,303 | -€3,554 | -40.1% |
| Tangible fixed assets | 22/27 | €3,394 | €2,225 | -€1,169 | -34.4% |
| Plant, machinery and equipment | 23 | €2,862 | €1,870 | -€992 | -34.7% |
| Other tangible fixed assets | 26 | €532 | €355 | -€177 | -33.3% |
| Financial fixed assets | 28 | €9,288 | €9,138 | -€150 | -1.6% |
| Current assets | 29/58 | €615,147 | €658,393 | +€43,245 | +7.0% |
| Stocks and contracts in progress | 3 | €7,226 | €6,731 | -€495 | -6.9% |
| Stocks | 30/36 | €7,226 | €6,731 | -€495 | -6.9% |
| Amounts receivable within one year | 40/41 | €2,426 | €4,693 | +€2,266 | +93.4% |
| Trade receivables | 40 | €2,426 | €4,693 | +€2,266 | +93.4% |
| Current investments | 50/53 | €146,097 | €146,097 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €425,681 | €456,844 | +€31,163 | +7.3% |
| Deferred charges and accrued income | 490/1 | €33,717 | €44,028 | +€10,311 | +30.6% |
| Total equity and liabilities | 10/49 | €636,685 | €675,058 | +€38,372 | +6.0% |
| Equity | 10/15 | €513,275 | €564,166 | +€50,891 | +9.9% |
| Profit (loss) carried forward | 14 | €513,275 | €564,166 | +€50,891 | +9.9% |
| Amounts payable | 17/49 | €123,410 | €110,892 | -€12,519 | -10.1% |
| Amounts payable within one year | 42/48 | €85,038 | €89,823 | +€4,785 | +5.6% |
| Trade debts | 44 | €64,818 | €62,950 | -€1,868 | -2.9% |
| Suppliers | 440/4 | €64,818 | €62,950 | -€1,868 | -2.9% |
| Advances received on contracts in progress | 46 | €15,413 | €18,440 | +€3,027 | +19.6% |
| Taxes, remuneration and social security | 45 | €4,807 | €8,433 | +€3,626 | +75.4% |
| Taxes | 450/3 | €4,807 | - | -€4,807 | |
| Remuneration and social security | 454/9 | - | €8,433 | +€8,433 | |
| Accrued charges and deferred income | 492/3 | €38,372 | €21,069 | -€17,304 | -45.1% |
| Remuneration, social security and pensions | 62 | €71,308 | €72,258 | +€950 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,657 | €7,730 | -€927 | -10.7% |
| Other operating charges | 640/8 | €144 | €144 | = | 0.0% |
| Gross operating margin | 9900 | €86,755 | €133,641 | +€46,886 | +54.0% |
| Operating profit (loss) | 9901 | €6,646 | €53,509 | +€46,863 | +705.1% |
| Financial income | 75/76B | €133 | €885 | +€752 | +565.7% |
| Recurring financial income | 75 | €133 | €885 | +€752 | +565.7% |
| Financial charges | 65/66B | €5,732 | €3,503 | -€2,229 | -38.9% |
| Recurring financial charges | 65 | €5,732 | €3,503 | -€2,229 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €1,047 | €50,891 | +€49,843 | +4759.1% |
| Profit (loss) for the period | 9904 | €1,047 | €50,891 | +€49,843 | +4759.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,047 | €50,891 | +€49,843 | +4759.1% |
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 12 October 2026 via checked.be.