TIMU: 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.
TIMU
Largest movements
- Cash +€56,615
up €56,615 (+390.7%), from €14,489 to €71,105
mainly Net result for the year (+€48,565) and Depreciation (+€24,279)
- Tangible fixed assets -€9,981
down €9,981 (-2.3%), from €438,922 to €428,941
of which Land and buildings: -€19,153
- Reserves +€48,565
up €48,565 (+26.0%), from €186,719 to €235,284
- Debts after one year -€12,642
down €12,642 (-6.0%), from €209,971 to €197,329
- Tax, wage and social debts +€5,794
up €5,794 (+175.5%), from €3,302 to €9,096
- Other debts +€5,594
up €5,594 (+17.4%), from €32,212 to €37,807
- Gross operating margin +€28,315
up €28,315 (+38.4%), from €73,647 to €101,962
- Taxes +€5,084
up €5,084 (+60.9%), from €8,347 to €13,430
- Financial charges -€2,284
down €2,284 (-14.7%), from €15,582 to €13,298
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 | €474,775 | €526,309 | +€51,534 | +10.9% |
| Fixed assets | 21/28 | €439,039 | €429,058 | -€9,981 | -2.3% |
| Tangible fixed assets | 22/27 | €438,922 | €428,941 | -€9,981 | -2.3% |
| Land and buildings | 22 | €420,985 | €401,832 | -€19,153 | -4.5% |
| Plant, machinery and equipment | 23 | €15,079 | €11,726 | -€3,354 | -22.2% |
| Furniture and vehicles | 24 | €2,858 | €15,384 | +€12,526 | +438.3% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €35,736 | €97,251 | +€61,514 | +172.1% |
| Amounts receivable within one year | 40/41 | €20,700 | €24,053 | +€3,353 | +16.2% |
| Trade receivables | 40 | €19,315 | €22,668 | +€3,353 | +17.4% |
| Other amounts receivable | 41 | €1,385 | €1,385 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,489 | €71,105 | +€56,615 | +390.7% |
| Deferred charges and accrued income | 490/1 | €547 | €2,093 | +€1,546 | +282.7% |
| Total equity and liabilities | 10/49 | €474,775 | €526,309 | +€51,534 | +10.9% |
| Equity | 10/15 | €205,319 | €253,884 | +€48,565 | +23.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €186,719 | €235,284 | +€48,565 | +26.0% |
| Distributable reserves | 133 | €186,719 | €235,284 | +€48,565 | +26.0% |
| Amounts payable | 17/49 | €269,456 | €272,425 | +€2,969 | +1.1% |
| Amounts payable after more than one year | 17 | €209,971 | €197,329 | -€12,642 | -6.0% |
| Financial debts | 170/4 | €209,971 | €197,329 | -€12,642 | -6.0% |
| Amounts payable within one year | 42/48 | €49,386 | €61,636 | +€12,249 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €12,153 | €12,642 | +€489 | +4.0% |
| Trade debts | 44 | €1,720 | €2,091 | +€371 | +21.6% |
| Suppliers | 440/4 | €1,720 | €2,091 | +€371 | +21.6% |
| Taxes, remuneration and social security | 45 | €3,302 | €9,096 | +€5,794 | +175.5% |
| Taxes | 450/3 | €3,302 | €9,096 | +€5,794 | +175.5% |
| Other amounts payable | 47/48 | €32,212 | €37,807 | +€5,594 | +17.4% |
| Accrued charges and deferred income | 492/3 | €10,098 | €13,460 | +€3,362 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,765 | €24,279 | +€514 | +2.2% |
| Other operating charges | 640/8 | €2,347 | €2,411 | +€64 | +2.7% |
| Non-recurring operating charges | 66A | €151 | €0 | -€151 | -100.0% |
| Gross operating margin | 9900 | €73,647 | €101,962 | +€28,315 | +38.4% |
| Operating profit (loss) | 9901 | €47,385 | €75,272 | +€27,887 | +58.9% |
| Financial income | 75/76B | €1 | €21 | +€20 | +3928.8% |
| Recurring financial income | 75 | €1 | €21 | +€20 | +3928.8% |
| Financial charges | 65/66B | €15,582 | €13,298 | -€2,284 | -14.7% |
| Recurring financial charges | 65 | €15,582 | €13,298 | -€2,284 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €31,804 | €61,996 | +€30,191 | +94.9% |
| Income taxes | 67/77 | €8,347 | €13,430 | +€5,084 | +60.9% |
| Profit (loss) for the period | 9904 | €23,458 | €48,565 | +€25,107 | +107.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,458 | €48,565 | +€25,107 | +107.0% |
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 8 October 2026 via checked.be.