TIMOW: what changed
Two fiscal 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.
TIMOW
Largest movements
- Receivables within one year +€7,589
up €7,589 (+36.0%), from €21,079 to €28,667
of which Other amounts receivable: +€4,149
- Cash -€5,223
down €5,223 (-14.8%), from €35,276 to €30,053
mainly Contributions, distributions and other (-€47,200) and Debts after one year (-€12,352)
- Financial fixed assets +€3,146
up €3,146 (+19.1%), from €16,472 to €19,619
- Other debts +€35,817
up €35,817 (+511.8%), from €6,999 to €42,815
- Profit (loss) carried forward -€21,676
down €21,676 (-53.6%), from €40,405 to €18,730
- Reserves +€14,000
up €14,000 (+13.5%), from €104,000 to €118,000
- Debts after one year -€12,352
down €12,352 (-28.0%), from €44,047 to €31,696
- Trade debts -€5,901
down €5,901 (-24.9%), from €23,702 to €17,801
- Gross operating margin -€10,668
down €10,668 (-16.0%), from €66,566 to €55,899
- Taxes -€7,012
down €7,012 (-34.4%), from €20,405 to €13,393
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 | €266,654 | €270,643 | +€3,989 | +1.5% |
| Fixed assets | 21/28 | €201,425 | €205,518 | +€4,094 | +2.0% |
| Tangible fixed assets | 22/27 | €184,952 | €185,900 | +€948 | +0.5% |
| Land and buildings | 22 | €183,919 | €183,919 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,033 | €1,344 | +€311 | +30.1% |
| Furniture and vehicles | 24 | - | €637 | +€637 | |
| Financial fixed assets | 28 | €16,472 | €19,619 | +€3,146 | +19.1% |
| Current assets | 29/58 | €65,230 | €65,125 | -€105 | -0.2% |
| Amounts receivable within one year | 40/41 | €21,079 | €28,667 | +€7,589 | +36.0% |
| Trade receivables | 40 | €20,208 | €23,648 | +€3,439 | +17.0% |
| Other amounts receivable | 41 | €870 | €5,020 | +€4,149 | +476.8% |
| Cash at bank and in hand | 54/58 | €35,276 | €30,053 | -€5,223 | -14.8% |
| Deferred charges and accrued income | 490/1 | €8,875 | €6,404 | -€2,471 | -27.8% |
| Total equity and liabilities | 10/49 | €266,654 | €270,643 | +€3,989 | +1.5% |
| Equity | 10/15 | €163,005 | €155,330 | -€7,676 | -4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,000 | €118,000 | +€14,000 | +13.5% |
| Distributable reserves | 133 | €104,000 | €118,000 | +€14,000 | +13.5% |
| Profit (loss) carried forward | 14 | €40,405 | €18,730 | -€21,676 | -53.6% |
| Amounts payable | 17/49 | €103,649 | €115,313 | +€11,664 | +11.3% |
| Amounts payable after more than one year | 17 | €44,047 | €31,696 | -€12,352 | -28.0% |
| Financial debts | 170/4 | €44,047 | €31,696 | -€12,352 | -28.0% |
| Amounts payable within one year | 42/48 | €58,564 | €82,987 | +€24,423 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €12,169 | €12,352 | +€183 | +1.5% |
| Trade debts | 44 | €23,702 | €17,801 | -€5,901 | -24.9% |
| Suppliers | 440/4 | €23,702 | €17,801 | -€5,901 | -24.9% |
| Taxes, remuneration and social security | 45 | €15,695 | €10,019 | -€5,675 | -36.2% |
| Taxes | 450/3 | €15,695 | €10,019 | -€5,675 | -36.2% |
| Other amounts payable | 47/48 | €6,999 | €42,815 | +€35,817 | +511.8% |
| Accrued charges and deferred income | 492/3 | €1,038 | €631 | -€407 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €635 | +€450 | +243.5% |
| Other operating charges | 640/8 | €387 | €440 | +€52 | +13.5% |
| Gross operating margin | 9900 | €66,566 | €55,899 | -€10,668 | -16.0% |
| Operating profit (loss) | 9901 | €65,994 | €54,824 | -€11,170 | -16.9% |
| Financial income | 75/76B | €0 | €17 | +€17 | +41875.0% |
| Recurring financial income | 75 | €0 | €17 | +€17 | +41875.0% |
| Financial charges | 65/66B | €2,216 | €1,924 | -€292 | -13.2% |
| Recurring financial charges | 65 | €2,216 | €1,924 | -€292 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €63,779 | €52,917 | -€10,861 | -17.0% |
| Income taxes | 67/77 | €20,405 | €13,393 | -€7,012 | -34.4% |
| Profit (loss) for the period | 9904 | €43,374 | €39,524 | -€3,849 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,374 | €39,524 | -€3,849 | -8.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.