TIMSHEL: 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.
TIMSHEL
Largest movements
- Receivables within one year -€6,419
down €6,419 (-10.0%), from €63,896 to €57,478
of which Trade receivables: -€7,234
- Tangible fixed assets -€5,503
no longer reported in 2025 (was €5,503)
of which Plant, machinery and equipment: -€4,260
- Deferred charges and accrued income -€5,240
no longer reported in 2025 (was €5,240)
- Cash -€839
down €839 (-36.0%), from €2,331 to €1,491
mainly Net result for the year (-€38,175) and Trade debts (-€7,942)
- Profit (loss) carried forward -€38,175
down €38,175, from €7,658 to -€30,518
- Debts after one year +€27,000
up €27,000 (+83.1%), from €32,500 to €59,500
- Trade debts -€7,942
down €7,942 (-90.4%), from €8,787 to €845
- Provisions +€2,615
new in 2025: €2,615
- Short-term financial debts -€1,233
no longer reported in 2025 (was €1,233)
- Gross operating margin -€11,628
down €11,628 (-82.0%), from -€14,180 to -€25,808
- Depreciation -€4,948
no longer reported in 2025 (was €4,948)
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 | €77,049 | €59,079 | -€17,969 | -23.3% |
| Fixed assets | 21/28 | €5,582 | €79 | -€5,503 | -98.6% |
| Tangible fixed assets | 22/27 | €5,503 | - | -€5,503 | |
| Plant, machinery and equipment | 23 | €4,260 | - | -€4,260 | |
| Furniture and vehicles | 24 | €1,243 | - | -€1,243 | |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €71,466 | €59,000 | -€12,466 | -17.4% |
| Amounts receivable within one year | 40/41 | €63,896 | €57,478 | -€6,419 | -10.0% |
| Trade receivables | 40 | €62,834 | €55,600 | -€7,234 | -11.5% |
| Other amounts receivable | 41 | €1,063 | €1,878 | +€815 | +76.7% |
| Current investments | 50/53 | - | €32 | +€32 | |
| Cash at bank and in hand | 54/58 | €2,331 | €1,491 | -€839 | -36.0% |
| Deferred charges and accrued income | 490/1 | €5,240 | - | -€5,240 | |
| Total equity and liabilities | 10/49 | €77,049 | €59,079 | -€17,969 | -23.3% |
| Equity | 10/15 | €28,118 | -€10,058 | -€38,175 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,658 | -€30,518 | -€38,175 | |
| Provisions and deferred taxes | 16 | - | €2,615 | +€2,615 | |
| Provisions for liabilities and charges | 160/5 | - | €2,615 | +€2,615 | |
| Other liabilities and charges | 164/5 | - | €2,615 | +€2,615 | |
| Amounts payable | 17/49 | €48,931 | €66,522 | +€17,591 | +36.0% |
| Amounts payable after more than one year | 17 | €32,500 | €59,500 | +€27,000 | +83.1% |
| Financial debts | 170/4 | €32,500 | €59,500 | +€27,000 | +83.1% |
| Amounts payable within one year | 42/48 | €16,431 | €6,334 | -€10,098 | -61.5% |
| Financial debts | 43 | €1,233 | - | -€1,233 | |
| Credit institutions | 430/8 | €1,233 | - | -€1,233 | |
| Trade debts | 44 | €8,787 | €845 | -€7,942 | -90.4% |
| Suppliers | 440/4 | €8,787 | €845 | -€7,942 | -90.4% |
| Taxes, remuneration and social security | 45 | €637 | €236 | -€400 | -62.9% |
| Taxes | 450/3 | €637 | €236 | -€400 | -62.9% |
| Other amounts payable | 47/48 | €5,774 | €5,252 | -€522 | -9.0% |
| Accrued charges and deferred income | 492/3 | - | €689 | +€689 | |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,948 | - | -€4,948 | |
| Other operating charges | 640/8 | - | €225 | +€225 | |
| Non-recurring operating charges | 66A | - | €11,459 | +€11,459 | |
| Gross operating margin | 9900 | -€14,180 | -€25,808 | -€11,628 | -82.0% |
| Operating profit (loss) | 9901 | -€19,128 | -€37,492 | -€18,364 | -96.0% |
| Financial charges | 65/66B | €731 | €684 | -€47 | -6.4% |
| Recurring financial charges | 65 | €731 | €684 | -€47 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,858 | -€38,175 | -€18,317 | -92.2% |
| Income taxes | 67/77 | €236 | - | -€236 | |
| Profit (loss) for the period | 9904 | -€20,095 | -€38,175 | -€18,081 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,095 | -€38,175 | -€18,081 | -90.0% |
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.