TIMUCOL: 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.
TIMUCOL
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€87,000
up €87,000 (+16.1%), from €539,000 to €626,000
- Other debts -€74,912
down €74,912 (-44.5%), from €168,179 to €93,267
- Gross operating margin +€66,700
up €66,700 (+48.0%), from €138,893 to €205,592
- Taxes +€18,153
up €18,153 (+70.8%), from €25,630 to €43,783
- Depreciation +€10,448
up €10,448 (+19.7%), from €52,938 to €63,385
- Financial charges -€2,161
down €2,161 (-22.9%), from €9,425 to €7,264
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 | €2,753,582 | €2,771,940 | +€18,358 | +0.7% |
| Fixed assets | 21/28 | €2,664,608 | €2,653,075 | -€11,533 | -0.4% |
| Tangible fixed assets | 22/27 | €562,908 | €551,375 | -€11,533 | -2.0% |
| Land and buildings | 22 | €406,391 | €368,406 | -€37,985 | -9.3% |
| Furniture and vehicles | 24 | €14,405 | €43,646 | +€29,241 | +203.0% |
| Other tangible fixed assets | 26 | €142,112 | €139,323 | -€2,790 | -2.0% |
| Financial fixed assets | 28 | €2,101,700 | €2,101,700 | = | 0.0% |
| Current assets | 29/58 | €88,974 | €118,865 | +€29,891 | +33.6% |
| Amounts receivable within one year | 40/41 | €13,244 | €34,408 | +€21,164 | +159.8% |
| Trade receivables | 40 | €5,132 | €34,408 | +€29,276 | +570.5% |
| Other amounts receivable | 41 | €8,112 | - | -€8,112 | |
| Cash at bank and in hand | 54/58 | €75,730 | €84,457 | +€8,727 | +11.5% |
| Total equity and liabilities | 10/49 | €2,753,582 | €2,771,940 | +€18,358 | +0.7% |
| Equity | 10/15 | €2,156,574 | €2,244,469 | +€87,895 | +4.1% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Reserves | 13 | €539,000 | €626,000 | +€87,000 | +16.1% |
| Distributable reserves | 133 | €539,000 | €626,000 | +€87,000 | +16.1% |
| Profit (loss) carried forward | 14 | €1,207,574 | €1,208,469 | +€895 | +0.1% |
| Amounts payable | 17/49 | €597,008 | €527,471 | -€69,537 | -11.6% |
| Amounts payable after more than one year | 17 | €378,371 | €360,384 | -€17,987 | -4.8% |
| Financial debts | 170/4 | €128,371 | €110,384 | -€17,987 | -14.0% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €218,638 | €165,837 | -€52,801 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €25,587 | €17,924 | -€7,662 | -29.9% |
| Trade debts | 44 | €5,430 | €11,330 | +€5,900 | +108.6% |
| Suppliers | 440/4 | €5,430 | €11,330 | +€5,900 | +108.6% |
| Taxes, remuneration and social security | 45 | €19,441 | €43,315 | +€23,874 | +122.8% |
| Taxes | 450/3 | €19,441 | €43,315 | +€23,874 | +122.8% |
| Other amounts payable | 47/48 | €168,179 | €93,267 | -€74,912 | -44.5% |
| Accrued charges and deferred income | 492/3 | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,938 | €63,385 | +€10,448 | +19.7% |
| Other operating charges | 640/8 | €3,024 | €3,264 | +€241 | +8.0% |
| Gross operating margin | 9900 | €138,893 | €205,592 | +€66,700 | +48.0% |
| Operating profit (loss) | 9901 | €82,931 | €138,943 | +€56,012 | +67.5% |
| Financial charges | 65/66B | €9,425 | €7,264 | -€2,161 | -22.9% |
| Recurring financial charges | 65 | €9,425 | €7,264 | -€2,161 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €73,506 | €131,678 | +€58,172 | +79.1% |
| Income taxes | 67/77 | €25,630 | €43,783 | +€18,153 | +70.8% |
| Profit (loss) for the period | 9904 | €47,876 | €87,895 | +€40,019 | +83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,876 | €87,895 | +€40,019 | +83.6% |
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 4 October 2026 via checked.be.