TIMUZ: 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.
TIMUZ
Largest movements
- Receivables within one year -€32,792
down €32,792 (-54.4%), from €60,228 to €27,436
of which Other amounts receivable: -€32,792
- Cash -€22,653
down €22,653 (-19.5%), from €115,936 to €93,283
mainly Contributions, distributions and other (-€55,814) and Other debts (-€52,290)
- Tangible fixed assets -€4,836
down €4,836 (-15.0%), from €32,189 to €27,353
- Other debts -€52,290
down €52,290 (-66.6%), from €78,482 to €26,192
- Debts after one year -€7,081
down €7,081 (-100%), from €7,081 to €0
- Tax, wage and social debts -€5,121
down €5,121 (-32.0%), from €15,998 to €10,877
- Trade debts +€3,285
up €3,285 (+588%), from €558 to €3,843
- Gross operating margin -€31,815
down €31,815 (-27.5%), from €115,557 to €83,742
- Taxes -€8,246
down €8,246 (-34.4%), from €23,955 to €15,709
- Depreciation +€4,145
up €4,145 (+38.2%), from €10,850 to €14,995
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 | €211,536 | €151,353 | -€60,184 | -28.5% |
| Fixed assets | 21/28 | €33,068 | €28,232 | -€4,836 | -14.6% |
| Tangible fixed assets | 22/27 | €32,189 | €27,353 | -€4,836 | -15.0% |
| Furniture and vehicles | 24 | €32,189 | €27,353 | -€4,836 | -15.0% |
| Financial fixed assets | 28 | €879 | €879 | = | 0.0% |
| Current assets | 29/58 | €178,468 | €123,121 | -€55,347 | -31.0% |
| Amounts receivable within one year | 40/41 | €60,228 | €27,436 | -€32,792 | -54.4% |
| Trade receivables | 40 | €13,000 | €13,000 | = | 0.0% |
| Other amounts receivable | 41 | €47,228 | €14,436 | -€32,792 | -69.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €115,936 | €93,283 | -€22,653 | -19.5% |
| Deferred charges and accrued income | 490/1 | €2,304 | €2,401 | +€97 | +4.2% |
| Total equity and liabilities | 10/49 | €211,536 | €151,353 | -€60,184 | -28.5% |
| Equity | 10/15 | €101,742 | €103,360 | +€1,617 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,142 | €84,760 | +€1,617 | +1.9% |
| Distributable reserves | 133 | €83,142 | €84,760 | +€1,617 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,794 | €47,993 | -€61,801 | -56.3% |
| Amounts payable after more than one year | 17 | €7,081 | €0 | -€7,081 | -100% |
| Financial debts | 170/4 | €7,081 | €0 | -€7,081 | -100% |
| Amounts payable within one year | 42/48 | €102,713 | €47,993 | -€54,720 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €7,675 | €7,081 | -€594 | -7.7% |
| Trade debts | 44 | €558 | €3,843 | +€3,285 | +588% |
| Suppliers | 440/4 | €558 | €3,843 | +€3,285 | +588% |
| Taxes, remuneration and social security | 45 | €15,998 | €10,877 | -€5,121 | -32.0% |
| Taxes | 450/3 | €15,998 | €10,877 | -€5,121 | -32.0% |
| Other amounts payable | 47/48 | €78,482 | €26,192 | -€52,290 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,850 | €14,995 | +€4,145 | +38.2% |
| Other operating charges | 640/8 | €466 | €577 | +€111 | +23.9% |
| Gross operating margin | 9900 | €115,557 | €83,742 | -€31,815 | -27.5% |
| Operating profit (loss) | 9901 | €104,241 | €68,170 | -€36,072 | -34.6% |
| Financial income | 75/76B | €6,164 | €5,112 | -€1,052 | -17.1% |
| Recurring financial income | 75 | €6,164 | €5,112 | -€1,052 | -17.1% |
| Financial charges | 65/66B | €245 | €141 | -€104 | -42.4% |
| Recurring financial charges | 65 | €245 | €141 | -€104 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €110,160 | €73,140 | -€37,020 | -33.6% |
| Income taxes | 67/77 | €23,955 | €15,709 | -€8,246 | -34.4% |
| Profit (loss) for the period | 9904 | €86,206 | €57,432 | -€28,774 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,206 | €57,432 | -€28,774 | -33.4% |
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 28 October 2026 via checked.be.