TIMSAR: 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.
TIMSAR
Largest movements
- Cash +€16,566
up €16,566 (+30.3%), from €54,755 to €71,321
mainly Other debts (+€51,826) and Net result for the year (+€29,699)
- Tangible fixed assets -€15,275
down €15,275 (-2.8%), from €538,549 to €523,274
of which Land and buildings: -€14,064
- Other debts +€51,826
up €51,826 (+82.5%), from €62,800 to €114,626
- Debts after one year -€33,026
down €33,026 (-9.5%), from €348,433 to €315,407
- Profit (loss) carried forward -€21,134
down €21,134 (-14.2%), from €149,070 to €127,935
- Gross operating margin -€28,915
down €28,915 (-29.4%), from €98,227 to €69,312
- Taxes -€5,743
down €5,743 (-39.8%), from €14,425 to €8,681
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 | €626,938 | €627,226 | +€288 | 0.0% |
| Fixed assets | 21/28 | €543,049 | €527,774 | -€15,275 | -2.8% |
| Tangible fixed assets | 22/27 | €538,549 | €523,274 | -€15,275 | -2.8% |
| Land and buildings | 22 | €536,804 | €522,740 | -€14,064 | -2.6% |
| Furniture and vehicles | 24 | €1,745 | €533 | -€1,212 | -69.4% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €83,889 | €99,452 | +€15,563 | +18.6% |
| Stocks and contracts in progress | 3 | - | €2,644 | +€2,644 | |
| Stocks | 30/36 | - | €2,644 | +€2,644 | |
| Amounts receivable within one year | 40/41 | €22,202 | €18,666 | -€3,536 | -15.9% |
| Trade receivables | 40 | €13,104 | €12,114 | -€990 | -7.6% |
| Other amounts receivable | 41 | €9,097 | €6,552 | -€2,546 | -28.0% |
| Cash at bank and in hand | 54/58 | €54,755 | €71,321 | +€16,566 | +30.3% |
| Deferred charges and accrued income | 490/1 | €6,932 | €6,821 | -€111 | -1.6% |
| Total equity and liabilities | 10/49 | €626,938 | €627,226 | +€288 | 0.0% |
| Equity | 10/15 | €169,530 | €148,395 | -€21,134 | -12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,070 | €127,935 | -€21,134 | -14.2% |
| Amounts payable | 17/49 | €457,408 | €478,831 | +€21,422 | +4.7% |
| Amounts payable after more than one year | 17 | €348,433 | €315,407 | -€33,026 | -9.5% |
| Financial debts | 170/4 | €348,433 | €315,407 | -€33,026 | -9.5% |
| Amounts payable within one year | 42/48 | €107,843 | €160,813 | +€52,970 | +49.1% |
| Current portion of amounts payable after more than one year | 42 | €32,507 | €33,026 | +€519 | +1.6% |
| Financial debts | 43 | €106 | €252 | +€146 | +136.7% |
| Credit institutions | 430/8 | €106 | €252 | +€146 | +136.7% |
| Trade debts | 44 | €2,524 | €2,492 | -€32 | -1.3% |
| Suppliers | 440/4 | €2,524 | €2,492 | -€32 | -1.3% |
| Taxes, remuneration and social security | 45 | €9,907 | €10,417 | +€511 | +5.2% |
| Taxes | 450/3 | €7,407 | €7,917 | +€511 | +6.9% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €62,800 | €114,626 | +€51,826 | +82.5% |
| Accrued charges and deferred income | 492/3 | €1,132 | €2,610 | +€1,478 | +130.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,275 | €15,275 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,456 | €3,620 | +€163 | +4.7% |
| Gross operating margin | 9900 | €98,227 | €69,312 | -€28,915 | -29.4% |
| Operating profit (loss) | 9901 | €79,495 | €50,417 | -€29,078 | -36.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,913 | €12,037 | +€124 | +1.0% |
| Recurring financial charges | 65 | €11,913 | €12,037 | +€124 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €67,582 | €38,380 | -€29,202 | -43.2% |
| Income taxes | 67/77 | €14,425 | €8,681 | -€5,743 | -39.8% |
| Profit (loss) for the period | 9904 | €53,158 | €29,699 | -€23,459 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,158 | €29,699 | -€23,459 | -44.1% |
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 7 October 2026 via checked.be.