TIMSTOR: 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.
TIMSTOR
Largest movements
- Receivables within one year +€2.1m
up €2.1m (+579.0%), from €363,620 to €2.5m
of which Trade receivables: +€2.2m
- Cash -€130,334
down €130,334 (-91.9%), from €141,824 to €11,490
mainly Receivables within one year (-€2.1m) and Other debts (-€425,086)
- Tangible fixed assets +€112,061
up €112,061 (+5.5%), from €2.0m to €2.1m
of which Leasing and similar rights: +€136,419
- Deferred charges and accrued income +€91,663
up €91,663 (+19.6%), from €468,406 to €560,068
- Short-term financial debts +€1.9m
new in 2025: €1.9m
- Reserves +€605,523
up €605,523 (+37.5%), from €1.6m to €2.2m
of which Distributable reserves: +€605,523
- Other debts -€425,086
down €425,086 (-86.4%), from €491,910 to €66,824
- Trade debts +€172,222
up €172,222 (+569.0%), from €30,268 to €202,490
- Debts after one year -€169,063
down €169,063 (-14.9%), from €1.1m to €964,591
- Financial income +€699,664
up €699,664 (+208152.8%), from €336 to €700,000
- Other operating charges -€229,998
down €229,998 (-86.8%), from €264,898 to €34,901
- Gross operating margin -€69,591
down €69,591 (-6.0%), from €1.2m to €1.1m
- Staff costs +€66,185
up €66,185 (+11.9%), from €557,026 to €623,211
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 | €3,978,659 | €6,145,408 | +€2.2m | +54.5% |
| Fixed assets | 21/28 | €2,030,348 | €2,142,409 | +€112,061 | +5.5% |
| Tangible fixed assets | 22/27 | €2,024,698 | €2,136,759 | +€112,061 | +5.5% |
| Land and buildings | 22 | €1,352,159 | €1,263,455 | -€88,704 | -6.6% |
| Plant, machinery and equipment | 23 | €479,171 | €548,621 | +€69,450 | +14.5% |
| Furniture and vehicles | 24 | €18,107 | €13,004 | -€5,104 | -28.2% |
| Leasing and similar rights | 25 | €175,261 | €311,680 | +€136,419 | +77.8% |
| Financial fixed assets | 28 | €5,650 | €5,650 | = | 0.0% |
| Current assets | 29/58 | €1,948,312 | €4,002,998 | +€2.1m | +105.5% |
| Stocks and contracts in progress | 3 | €974,462 | €962,364 | -€12,098 | -1.2% |
| Stocks | 30/36 | €974,462 | €962,364 | -€12,098 | -1.2% |
| Amounts receivable within one year | 40/41 | €363,620 | €2,469,075 | +€2.1m | +579.0% |
| Trade receivables | 40 | €203,499 | €2,431,146 | +€2.2m | +1094.7% |
| Other amounts receivable | 41 | €160,121 | €37,929 | -€122,192 | -76.3% |
| Cash at bank and in hand | 54/58 | €141,824 | €11,490 | -€130,334 | -91.9% |
| Deferred charges and accrued income | 490/1 | €468,406 | €560,068 | +€91,663 | +19.6% |
| Total equity and liabilities | 10/49 | €3,978,659 | €6,145,408 | +€2.2m | +54.5% |
| Equity | 10/15 | €1,964,459 | €2,569,982 | +€605,523 | +30.8% |
| Contributions | 10/11 | €351,200 | €351,200 | = | 0.0% |
| Capital | 10 | €351,200 | €351,200 | = | 0.0% |
| Issued capital | 100 | €351,200 | €351,200 | = | 0.0% |
| Reserves | 13 | €1,613,259 | €2,218,782 | +€605,523 | +37.5% |
| Non-distributable reserves | 130/1 | €35,120 | €35,120 | = | 0.0% |
| Legal reserve | 130 | €35,120 | €35,120 | = | 0.0% |
| Distributable reserves | 133 | €1,578,139 | €2,183,662 | +€605,523 | +38.4% |
| Amounts payable | 17/49 | €2,014,200 | €3,575,426 | +€1.6m | +77.5% |
| Amounts payable after more than one year | 17 | €1,133,654 | €964,591 | -€169,063 | -14.9% |
| Financial debts | 170/4 | €1,133,654 | €964,591 | -€169,063 | -14.9% |
| Amounts payable within one year | 42/48 | €880,547 | €2,606,941 | +€1.7m | +196.1% |
| Current portion of amounts payable after more than one year | 42 | €301,881 | €351,748 | +€49,867 | +16.5% |
| Financial debts | 43 | - | €1,925,601 | +€1.9m | |
| Credit institutions | 430/8 | - | €1,925,601 | +€1.9m | |
| Trade debts | 44 | €30,268 | €202,490 | +€172,222 | +569.0% |
| Suppliers | 440/4 | €30,268 | €202,490 | +€172,222 | +569.0% |
| Taxes, remuneration and social security | 45 | €56,488 | €60,277 | +€3,789 | +6.7% |
| Taxes | 450/3 | €426 | €1,803 | +€1,377 | +323.0% |
| Remuneration and social security | 454/9 | €56,061 | €58,474 | +€2,412 | +4.3% |
| Other amounts payable | 47/48 | €491,910 | €66,824 | -€425,086 | -86.4% |
| Accrued charges and deferred income | 492/3 | - | €3,894 | +€3,894 | |
| Non-recurring operating income | 76A | €12,675 | - | -€12,675 | |
| Remuneration, social security and pensions | 62 | €557,026 | €623,211 | +€66,185 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,304 | €234,800 | -€504 | -0.2% |
| Other operating charges | 640/8 | €264,898 | €34,901 | -€229,998 | -86.8% |
| Non-recurring operating charges | 66A | €3,915 | - | -€3,915 | |
| Gross operating margin | 9900 | €1,158,016 | €1,088,424 | -€69,591 | -6.0% |
| Operating profit (loss) | 9901 | €96,872 | €195,512 | +€98,640 | +101.8% |
| Financial income | 75/76B | €336 | €700,000 | +€699,664 | +208152.8% |
| Recurring financial income | 75 | €336 | €700,000 | +€699,664 | +208152.8% |
| Financial charges | 65/66B | €183,362 | €182,605 | -€758 | -0.4% |
| Recurring financial charges | 65 | €183,362 | €182,605 | -€758 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€86,154 | €712,908 | +€799,062 | |
| Income taxes | 67/77 | €6,573 | €7,384 | +€811 | +12.3% |
| Profit (loss) for the period | 9904 | -€92,728 | €705,523 | +€798,251 | |
| Transfer from tax-exempt reserves | 789 | €20,636 | - | -€20,636 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,092 | €705,523 | +€777,615 |
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.