TIMOTHY SPEELMAN: 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 SPEELMAN
Largest movements
- Cash +€204,673
up €204,673 (+58.3%), from €351,298 to €555,971
mainly Net result for the year (+€217,545) and Short-term financial debts (+€68,932)
- Receivables after one year -€45,000
down €45,000 (-45.0%), from €100,000 to €55,000
- Receivables within one year +€10,884
up €10,884 (+517%), from €2,105 to €12,989
of which Other amounts receivable: +€5,884
- Reserves +€114,128
up €114,128 (+24.7%), from €461,702 to €575,830
- Short-term financial debts +€68,932
new in 2025: €68,932
- Debts after one year -€22,578
down €22,578 (-15.5%), from €145,479 to €122,901
- Tax, wage and social debts +€9,299
up €9,299 (+70.0%), from €13,291 to €22,590
- Gross operating margin +€117,130
up €117,130 (+52.1%), from €224,951 to €342,081
- Taxes +€37,549
up €37,549 (+62.8%), from €59,756 to €97,305
- Other operating charges +€7,117
up €7,117 (+431%), from €1,653 to €8,770
- Depreciation -€4,078
down €4,078 (-23.4%), from €17,437 to €13,359
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 | €655,630 | €826,184 | +€170,554 | +26.0% |
| Fixed assets | 21/28 | €202,228 | €202,224 | -€3 | 0.0% |
| Tangible fixed assets | 22/27 | €202,228 | €202,224 | -€3 | 0.0% |
| Land and buildings | 22 | €162,619 | €160,765 | -€1,855 | -1.1% |
| Plant, machinery and equipment | 23 | €13,832 | €21,679 | +€7,847 | +56.7% |
| Furniture and vehicles | 24 | €25,776 | €19,781 | -€5,996 | -23.3% |
| Current assets | 29/58 | €453,403 | €623,960 | +€170,558 | +37.6% |
| Amounts receivable after more than one year | 29 | €100,000 | €55,000 | -€45,000 | -45.0% |
| Other amounts receivable | 291 | €100,000 | €55,000 | -€45,000 | -45.0% |
| Amounts receivable within one year | 40/41 | €2,105 | €12,989 | +€10,884 | +517% |
| Trade receivables | 40 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €2,105 | €7,989 | +€5,884 | +280% |
| Cash at bank and in hand | 54/58 | €351,298 | €555,971 | +€204,673 | +58.3% |
| Total equity and liabilities | 10/49 | €655,630 | €826,184 | +€170,554 | +26.0% |
| Equity | 10/15 | €474,102 | €588,230 | +€114,128 | +24.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €461,702 | €575,830 | +€114,128 | +24.7% |
| Distributable reserves | 133 | €461,702 | €575,830 | +€114,128 | +24.7% |
| Amounts payable | 17/49 | €181,528 | €237,954 | +€56,426 | +31.1% |
| Amounts payable after more than one year | 17 | €145,479 | €122,901 | -€22,578 | -15.5% |
| Financial debts | 170/4 | €145,479 | €122,901 | -€22,578 | -15.5% |
| Amounts payable within one year | 42/48 | €36,050 | €115,054 | +€79,004 | +219% |
| Current portion of amounts payable after more than one year | 42 | €21,865 | €22,578 | +€713 | +3.3% |
| Financial debts | 43 | - | €68,932 | +€68,932 | |
| Credit institutions | 430/8 | - | €68,932 | +€68,932 | |
| Trade debts | 44 | €894 | €953 | +€59 | +6.6% |
| Suppliers | 440/4 | €894 | €953 | +€59 | +6.6% |
| Taxes, remuneration and social security | 45 | €13,291 | €22,590 | +€9,299 | +70.0% |
| Taxes | 450/3 | €13,291 | €22,590 | +€9,299 | +70.0% |
| Non-recurring operating income | 76A | - | €14,372 | +€14,372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,437 | €13,359 | -€4,078 | -23.4% |
| Other operating charges | 640/8 | €1,653 | €8,770 | +€7,117 | +431% |
| Gross operating margin | 9900 | €224,951 | €342,081 | +€117,130 | +52.1% |
| Operating profit (loss) | 9901 | €205,862 | €319,952 | +€114,091 | +55.4% |
| Financial income | 75/76B | €1,276 | €3,092 | +€1,817 | +142% |
| Recurring financial income | 75 | €1,276 | €3,092 | +€1,817 | +142% |
| Financial charges | 65/66B | €6,524 | €8,195 | +€1,671 | +25.6% |
| Recurring financial charges | 65 | €6,524 | €8,195 | +€1,671 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €200,614 | €314,850 | +€114,236 | +56.9% |
| Income taxes | 67/77 | €59,756 | €97,305 | +€37,549 | +62.8% |
| Profit (loss) for the period | 9904 | €140,858 | €217,545 | +€76,687 | +54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €140,858 | €217,545 | +€76,687 | +54.4% |
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 22 October 2026 via checked.be.