TIMVAL: 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.
TIMVAL
Largest movements
- Receivables within one year +€88,647
up €88,647 (+35.7%), from €248,057 to €336,704
of which Other amounts receivable: +€75,078
- Cash -€7,225
down €7,225 (-92.5%), from €7,811 to €586
mainly Receivables within one year (-€88,647) and Tax, wage and social debts (-€9,078)
- Profit (loss) carried forward +€83,337
up €83,337 (+51.4%), from €162,242 to €245,580
- Tax, wage and social debts -€9,078
down €9,078 (-20.7%), from €43,848 to €34,770
- Trade debts +€7,709
up €7,709 (+16.2%), from €47,715 to €55,424
of which Bills of exchange payable: +€6,732
- Purchases and services -€116,718
down €116,718 (-31.4%), from €372,215 to €255,497
- Turnover -€83,501
down €83,501 (-18.5%), from €451,872 to €368,371
- Gross operating margin +€32,862
up €32,862 (+41.3%), from €79,657 to €112,519
- Taxes +€7,179
up €7,179 (+49.1%), from €14,613 to €21,792
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 | €256,306 | €338,274 | +€81,968 | +32.0% |
| Current assets | 29/58 | €256,306 | €338,274 | +€81,968 | +32.0% |
| Amounts receivable within one year | 40/41 | €248,057 | €336,704 | +€88,647 | +35.7% |
| Trade receivables | 40 | €61,978 | €75,547 | +€13,569 | +21.9% |
| Other amounts receivable | 41 | €186,079 | €261,157 | +€75,078 | +40.3% |
| Cash at bank and in hand | 54/58 | €7,811 | €586 | -€7,225 | -92.5% |
| Deferred charges and accrued income | 490/1 | €438 | €984 | +€547 | +124.8% |
| Total equity and liabilities | 10/49 | €256,306 | €338,274 | +€81,968 | +32.0% |
| Equity | 10/15 | €164,742 | €248,080 | +€83,337 | +50.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,242 | €245,580 | +€83,337 | +51.4% |
| Amounts payable | 17/49 | €91,563 | €90,194 | -€1,369 | -1.5% |
| Amounts payable within one year | 42/48 | €91,563 | €90,194 | -€1,369 | -1.5% |
| Trade debts | 44 | €47,715 | €55,424 | +€7,709 | +16.2% |
| Suppliers | 440/4 | €19,333 | €20,310 | +€977 | +5.1% |
| Bills of exchange payable | 441 | €28,382 | €35,114 | +€6,732 | +23.7% |
| Taxes, remuneration and social security | 45 | €43,848 | €34,770 | -€9,078 | -20.7% |
| Taxes | 450/3 | €43,848 | €34,770 | -€9,078 | -20.7% |
| Turnover | 70 | €451,872 | €368,371 | -€83,501 | -18.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €372,215 | €255,497 | -€116,718 | -31.4% |
| Other operating charges | 640/8 | €226 | - | -€226 | |
| Gross operating margin | 9900 | €79,657 | €112,519 | +€32,862 | +41.3% |
| Operating profit (loss) | 9901 | €79,431 | €112,519 | +€33,088 | +41.7% |
| Financial income | 75/76B | €7 | €1 | -€6 | -92.1% |
| Recurring financial income | 75 | €7 | €1 | -€6 | -92.1% |
| Financial charges | 65/66B | €8,380 | €7,390 | -€990 | -11.8% |
| Recurring financial charges | 65 | €8,380 | €7,390 | -€990 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €71,058 | €105,130 | +€34,072 | +47.9% |
| Income taxes | 67/77 | €14,613 | €21,792 | +€7,179 | +49.1% |
| Profit (loss) for the period | 9904 | €56,445 | €83,337 | +€26,893 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,445 | €83,337 | +€26,893 | +47.6% |
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 28 September 2026 via checked.be.