Timothy Ivens: 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.
Timothy Ivens
Largest movements
- Current investments +€50,718
up €50,718 (+102%), from €49,860 to €100,578
- Cash -€4,417
down €4,417 (-10.5%), from €42,107 to €37,690
mainly Contributions, distributions and other (-€120,000) and Current investments (-€50,718)
- Tax, wage and social debts +€22,016
up €22,016 (+3,207%), from €686 to €22,703
- Other debts +€17,410
up €17,410 (+20.5%), from €85,046 to €102,455
- Reserves +€7,150
up €7,150 (+272%), from €2,633 to €9,782
- Gross operating margin +€54,771
up €54,771 (+46.2%), from €118,519 to €173,290
- Taxes +€13,590
up €13,590 (+43.7%), from €31,124 to €44,714
- Depreciation -€3,530
down €3,530 (-89.7%), from €3,936 to €406
- Financial income -€1,737
down €1,737 (-50.9%), from €3,414 to €1,677
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 | €107,595 | €155,132 | +€47,537 | +44.2% |
| Fixed assets | 21/28 | €15,629 | €16,792 | +€1,163 | +7.4% |
| Tangible fixed assets | 22/27 | €629 | €1,792 | +€1,163 | +185% |
| Plant, machinery and equipment | 23 | €629 | €1,792 | +€1,163 | +185% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €91,967 | €138,340 | +€46,374 | +50.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €49,860 | €100,578 | +€50,718 | +102% |
| Cash at bank and in hand | 54/58 | €42,107 | €37,690 | -€4,417 | -10.5% |
| Deferred charges and accrued income | 490/1 | €0 | €73 | +€73 | |
| Total equity and liabilities | 10/49 | €107,595 | €155,132 | +€47,537 | +44.2% |
| Equity | 10/15 | €21,233 | €28,382 | +€7,150 | +33.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,633 | €9,782 | +€7,150 | +272% |
| Distributable reserves | 133 | €2,633 | €9,782 | +€7,150 | +272% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,362 | €126,750 | +€40,388 | +46.8% |
| Amounts payable within one year | 42/48 | €86,362 | €126,750 | +€40,388 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €893 | +€893 | |
| Other loans | 439 | - | €893 | +€893 | |
| Trade debts | 44 | €630 | €699 | +€69 | +10.9% |
| Suppliers | 440/4 | €630 | €699 | +€69 | +10.9% |
| Taxes, remuneration and social security | 45 | €686 | €22,703 | +€22,016 | +3,207% |
| Taxes | 450/3 | €686 | €22,703 | +€22,016 | +3,207% |
| Other amounts payable | 47/48 | €85,046 | €102,455 | +€17,410 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,936 | €406 | -€3,530 | -89.7% |
| Other operating charges | 640/8 | €2,173 | €2,269 | +€96 | +4.4% |
| Gross operating margin | 9900 | €118,519 | €173,290 | +€54,771 | +46.2% |
| Operating profit (loss) | 9901 | €112,411 | €170,615 | +€58,205 | +51.8% |
| Financial income | 75/76B | €3,414 | €1,677 | -€1,737 | -50.9% |
| Recurring financial income | 75 | €3,414 | €1,677 | -€1,737 | -50.9% |
| Financial charges | 65/66B | €619 | €429 | -€190 | -30.6% |
| Recurring financial charges | 65 | €619 | €429 | -€190 | -30.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €115,205 | €171,863 | +€56,658 | +49.2% |
| Income taxes | 67/77 | €31,124 | €44,714 | +€13,590 | +43.7% |
| Profit (loss) for the period | 9904 | €84,082 | €127,150 | +€43,068 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,082 | €127,150 | +€43,068 | +51.2% |
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 26 October 2026 via checked.be.