TIMUCIN: 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.
TIMUCIN
Largest movements
- Receivables within one year +€145,918
up €145,918 (+104%), from €139,981 to €285,899
of which Trade receivables: +€89,695
- Deferred charges and accrued income +€128,781
up €128,781 (+265%), from €48,572 to €177,353
- Stocks and contracts +€102,739
up €102,739 (+14.6%), from €701,390 to €804,129
- Cash +€69,340
up €69,340 (+59.8%), from €116,017 to €185,358
mainly Trade debts (+€259,717) and Depreciation (+€101,796)
- Tangible fixed assets -€40,209
down €40,209 (-9.1%), from €441,589 to €401,380
of which Leasing and similar rights: -€31,602
- Trade debts +€259,717
up €259,717 (+31.9%), from €812,960 to €1.1m
- Debts after one year +€64,262
up €64,262 (+49.1%), from €130,898 to €195,160
- Reserves +€35,666
up €35,666 (+25.2%), from €141,309 to €176,975
- Current portion of long-term debt +€26,174
up €26,174 (+48.5%), from €54,016 to €80,190
- Gross operating margin +€68,718
up €68,718 (+7.9%), from €875,076 to €943,794
- Staff costs +€60,273
up €60,273 (+10.1%), from €594,293 to €654,565
- Financial charges +€46,655
up €46,655 (+76.0%), from €61,349 to €108,004
of which Non-recurring financial charges: +€36,921
- Taxes +€13,546
up €13,546 (+77.8%), from €17,409 to €30,954
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 | €1,602,549 | €2,009,119 | +€406,570 | +25.4% |
| Fixed assets | 21/28 | €456,589 | €416,380 | -€40,209 | -8.8% |
| Tangible fixed assets | 22/27 | €441,589 | €401,380 | -€40,209 | -9.1% |
| Plant, machinery and equipment | 23 | €46,465 | €36,580 | -€9,885 | -21.3% |
| Furniture and vehicles | 24 | €4,222 | €2,642 | -€1,581 | -37.4% |
| Leasing and similar rights | 25 | €119,913 | €88,311 | -€31,602 | -26.4% |
| Other tangible fixed assets | 26 | €270,988 | €273,846 | +€2,858 | +1.1% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €1,145,960 | €1,592,739 | +€446,779 | +39.0% |
| Amounts receivable after more than one year | 29 | €140,000 | €140,000 | = | 0.0% |
| Trade receivables | 290 | €140,000 | €140,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €701,390 | €804,129 | +€102,739 | +14.6% |
| Stocks | 30/36 | €701,390 | €804,129 | +€102,739 | +14.6% |
| Amounts receivable within one year | 40/41 | €139,981 | €285,899 | +€145,918 | +104% |
| Trade receivables | 40 | €36,752 | €126,447 | +€89,695 | +244% |
| Other amounts receivable | 41 | €103,228 | €159,452 | +€56,223 | +54.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €116,017 | €185,358 | +€69,340 | +59.8% |
| Deferred charges and accrued income | 490/1 | €48,572 | €177,353 | +€128,781 | +265% |
| Total equity and liabilities | 10/49 | €1,602,549 | €2,009,119 | +€406,570 | +25.4% |
| Equity | 10/15 | €309,909 | €345,575 | +€35,666 | +11.5% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €141,309 | €176,975 | +€35,666 | +25.2% |
| Distributable reserves | 133 | €141,309 | €176,975 | +€35,666 | +25.2% |
| Amounts payable | 17/49 | €1,292,640 | €1,663,544 | +€370,904 | +28.7% |
| Amounts payable after more than one year | 17 | €130,898 | €195,160 | +€64,262 | +49.1% |
| Financial debts | 170/4 | €130,898 | €195,160 | +€64,262 | +49.1% |
| Amounts payable within one year | 42/48 | €1,157,908 | €1,465,228 | +€307,320 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €54,016 | €80,190 | +€26,174 | +48.5% |
| Financial debts | 43 | €167,406 | €170,906 | +€3,500 | +2.1% |
| Credit institutions | 430/8 | €167,406 | €170,906 | +€3,500 | +2.1% |
| Trade debts | 44 | €812,960 | €1,072,677 | +€259,717 | +31.9% |
| Suppliers | 440/4 | €812,960 | €1,072,677 | +€259,717 | +31.9% |
| Taxes, remuneration and social security | 45 | €107,567 | €125,496 | +€17,929 | +16.7% |
| Taxes | 450/3 | €32,602 | €57,281 | +€24,678 | +75.7% |
| Remuneration and social security | 454/9 | €74,964 | €68,215 | -€6,749 | -9.0% |
| Other amounts payable | 47/48 | €15,959 | €15,959 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,835 | €3,156 | -€678 | -17.7% |
| Non-recurring operating income | 76A | €0 | €1,399 | +€1,399 | |
| Remuneration, social security and pensions | 62 | €594,293 | €654,565 | +€60,273 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,049 | €101,796 | -€254 | -0.2% |
| Other operating charges | 640/8 | €14,266 | €13,336 | -€930 | -6.5% |
| Non-recurring operating charges | 66A | €51,529 | €0 | -€51,529 | -100% |
| Gross operating margin | 9900 | €875,076 | €943,794 | +€68,718 | +7.9% |
| Operating profit (loss) | 9901 | €112,939 | €174,097 | +€61,158 | +54.2% |
| Financial income | 75/76B | €2,655 | €527 | -€2,128 | -80.1% |
| Recurring financial income | 75 | €2,655 | €527 | -€2,128 | -80.1% |
| Financial charges | 65/66B | €61,349 | €108,004 | +€46,655 | +76.0% |
| Recurring financial charges | 65 | €61,349 | €71,083 | +€9,734 | +15.9% |
| Non-recurring financial charges | 66B | €0 | €36,921 | +€36,921 | |
| Profit (loss) for the period before taxes | 9903 | €54,246 | €66,620 | +€12,374 | +22.8% |
| Income taxes | 67/77 | €17,409 | €30,954 | +€13,546 | +77.8% |
| Profit (loss) for the period | 9904 | €36,837 | €35,666 | -€1,172 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,837 | €35,666 | -€1,172 | -3.2% |
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 15 October 2026 via checked.be.