Timothy Darras: 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.
What changed
Timothy Darras
NACE 64.999, Other financial services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,154
2024 · €241,301-€147,147
Equity
€542,592
2024 · €568,438-€25,846
Cash
€22,795
2024 · €23,824-€1,029
Balance sheet total
€674,458
2024 · €664,697+€9,761
Largest movements
Assets
- Tangible fixed assets +€26,663
up €26,663 (+7.3%), from €364,253 to €390,916
of which Land and buildings: +€25,701
- Current investments -€17,830
down €17,830 (-7.1%), from €251,263 to €233,433
Equity and liabilities
- Profit (loss) carried forward -€25,846
down €25,846 (-5.0%), from €519,498 to €493,652
- Other debts +€22,459
up €22,459 (+74.9%), from €30,000 to €52,459
- Debts after one year +€7,917
up €7,917 (+15.1%), from €52,541 to €60,459
Income statement
- Gross operating margin -€143,217
down €143,217 (-50.1%), from €285,870 to €142,653
- Depreciation +€9,081
up €9,081 (+47.4%), from €19,157 to €28,238
- Taxes -€8,507
down €8,507 (-24.3%), from €34,952 to €26,444
- Financial income -€4,388
down €4,388 (-25.2%), from €17,404 to €13,015
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.
Result 2024
€241,301
Gross operating margin
-€143,217
Depreciation
-€9,081
Other operating charges
-€1,327
Other operating items
+€506
Financial income
-€4,388
Financial charges
+€1,853
Taxes
+€8,507
Result 2025
€94,154
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€142,385
Investment
-€37,071
Financing
-€106,343
Cash 2024
€23,824
From operations (derived)
+€142,385
Net result for the year
+€94,154
Depreciation
+€28,238
Receivables after one year
+€5,209
Receivables within one year
-€4,824
Deferred charges and accrued income
-€2,343
Trade debts
-€442
Tax, wage and social debts
-€66
Other debts
+€22,459
Investment (derived)
-€37,071
Investment in fixed assets (net)
-€54,901
Current investments
+€17,830
Financing
-€106,343
Debts after one year
+€7,917
Current portion of long-term debt
+€740
Short-term financial debts
+€5,000
Contributions, distributions and other
-€120,000
Cash 2025
€22,795
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €664,697 | €674,458 | +€9,761 | +1.5% |
| Fixed assets | 21/28 | €367,253 | €393,916 | +€26,663 | +7.3% |
| Tangible fixed assets | 22/27 | €364,253 | €390,916 | +€26,663 | +7.3% |
| Land and buildings | 22 | €324,033 | €349,733 | +€25,701 | +7.9% |
| Furniture and vehicles | 24 | €40,221 | €41,182 | +€962 | +2.4% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €297,444 | €280,543 | -€16,902 | -5.7% |
| Amounts receivable after more than one year | 29 | €5,209 | €0 | -€5,209 | -100% |
| Other amounts receivable | 291 | €5,209 | €0 | -€5,209 | -100% |
| Amounts receivable within one year | 40/41 | €11,184 | €16,007 | +€4,824 | +43.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €11,184 | €16,007 | +€4,824 | +43.1% |
| Current investments | 50/53 | €251,263 | €233,433 | -€17,830 | -7.1% |
| Cash at bank and in hand | 54/58 | €23,824 | €22,795 | -€1,029 | -4.3% |
| Deferred charges and accrued income | 490/1 | €5,965 | €8,308 | +€2,343 | +39.3% |
| Total equity and liabilities | 10/49 | €664,697 | €674,458 | +€9,761 | +1.5% |
| Equity | 10/15 | €568,438 | €542,592 | -€25,846 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,340 | €30,340 | = | 0.0% |
| Distributable reserves | 133 | €30,340 | €30,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €519,498 | €493,652 | -€25,846 | -5.0% |
| Amounts payable | 17/49 | €96,259 | €131,867 | +€35,607 | +37.0% |
| Amounts payable after more than one year | 17 | €52,541 | €60,459 | +€7,917 | +15.1% |
| Financial debts | 170/4 | €52,541 | €60,459 | +€7,917 | +15.1% |
| Amounts payable within one year | 42/48 | €42,593 | €70,283 | +€27,690 | +65.0% |
| Current portion of amounts payable after more than one year | 42 | €7,579 | €8,319 | +€740 | +9.8% |
| Financial debts | 43 | - | €5,000 | +€5,000 | |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €4,947 | €4,505 | -€442 | -8.9% |
| Suppliers | 440/4 | €4,947 | €4,505 | -€442 | -8.9% |
| Taxes, remuneration and social security | 45 | €66 | €0 | -€66 | -100% |
| Taxes | 450/3 | €66 | €0 | -€66 | -100% |
| Other amounts payable | 47/48 | €30,000 | €52,459 | +€22,459 | +74.9% |
| Accrued charges and deferred income | 492/3 | €1,125 | €1,125 | = | 0.0% |
| Non-recurring operating income | 76A | €109,673 | €0 | -€109,673 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,157 | €28,238 | +€9,081 | +47.4% |
| Other operating charges | 640/8 | €2,069 | €3,396 | +€1,327 | +64.1% |
| Non-recurring operating charges | 66A | €506 | €0 | -€506 | -100% |
| Gross operating margin | 9900 | €285,870 | €142,653 | -€143,217 | -50.1% |
| Operating profit (loss) | 9901 | €264,138 | €111,019 | -€153,119 | -58.0% |
| Financial income | 75/76B | €17,404 | €13,015 | -€4,388 | -25.2% |
| Recurring financial income | 75 | €17,404 | €13,015 | -€4,388 | -25.2% |
| Financial charges | 65/66B | €5,289 | €3,437 | -€1,853 | -35.0% |
| Recurring financial charges | 65 | €5,289 | €3,437 | -€1,853 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €276,253 | €120,598 | -€155,654 | -56.3% |
| Income taxes | 67/77 | €34,952 | €26,444 | -€8,507 | -24.3% |
| Profit (loss) for the period | 9904 | €241,301 | €94,154 | -€147,147 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €241,301 | €94,154 | -€147,147 | -61.0% |
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 25 October 2026 via checked.be.