Tom Timmermans: 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.
Tom Timmermans
Largest movements
- Tangible fixed assets +€22,963
up €22,963 (+12.5%), from €183,087 to €206,050
of which Land and buildings: +€49,002
- Receivables within one year +€16,287
up €16,287 (+34.1%), from €47,814 to €64,101
of which Trade receivables: +€9,173
- Cash +€14,436
up €14,436 (+60.0%), from €24,069 to €38,504
mainly Debts after one year (+€41,046) and Depreciation (+€40,805)
- Debts after one year +€41,046
up €41,046 (+39.2%), from €104,826 to €145,873
- Advances received +€10,296
new in 2025: €10,296
- Current portion of long-term debt +€5,064
up €5,064 (+21.1%), from €24,019 to €29,082
- Reserves -€4,205
down €4,205 (-8.7%), from €48,162 to €43,957
- Trade debts +€4,056
up €4,056 (+2,162%), from €188 to €4,243
- Gross operating margin -€13,438
down €13,438 (-17.6%), from €76,489 to €63,050
- Taxes +€10,416
up €10,416 (+94.3%), from €11,042 to €21,458
- Write-downs -€10,213
down €10,213, from €2,390 to -€7,823
- Other operating charges +€8,694
up €8,694 (+903%), from €963 to €9,657
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 | €256,048 | €311,619 | +€55,571 | +21.7% |
| Fixed assets | 21/28 | €183,087 | €206,050 | +€22,963 | +12.5% |
| Tangible fixed assets | 22/27 | €183,087 | €206,050 | +€22,963 | +12.5% |
| Land and buildings | 22 | €134,277 | €183,279 | +€49,002 | +36.5% |
| Plant, machinery and equipment | 23 | €10,920 | €2,004 | -€8,916 | -81.6% |
| Furniture and vehicles | 24 | €37,889 | €20,766 | -€17,123 | -45.2% |
| Current assets | 29/58 | €72,961 | €105,569 | +€32,608 | +44.7% |
| Amounts receivable within one year | 40/41 | €47,814 | €64,101 | +€16,287 | +34.1% |
| Trade receivables | 40 | €35,769 | €44,942 | +€9,173 | +25.6% |
| Other amounts receivable | 41 | €12,045 | €19,158 | +€7,114 | +59.1% |
| Cash at bank and in hand | 54/58 | €24,069 | €38,504 | +€14,436 | +60.0% |
| Deferred charges and accrued income | 490/1 | €1,079 | €2,964 | +€1,886 | +175% |
| Total equity and liabilities | 10/49 | €256,048 | €311,619 | +€55,571 | +21.7% |
| Equity | 10/15 | €120,562 | €116,357 | -€4,205 | -3.5% |
| Contributions | 10/11 | €72,400 | €72,400 | = | 0.0% |
| Reserves | 13 | €48,162 | €43,957 | -€4,205 | -8.7% |
| Distributable reserves | 133 | €48,162 | €43,957 | -€4,205 | -8.7% |
| Amounts payable | 17/49 | €135,486 | €195,262 | +€59,776 | +44.1% |
| Amounts payable after more than one year | 17 | €104,826 | €145,873 | +€41,046 | +39.2% |
| Financial debts | 170/4 | €104,826 | €145,873 | +€41,046 | +39.2% |
| Amounts payable within one year | 42/48 | €25,106 | €46,230 | +€21,124 | +84.1% |
| Current portion of amounts payable after more than one year | 42 | €24,019 | €29,082 | +€5,064 | +21.1% |
| Trade debts | 44 | €188 | €4,243 | +€4,056 | +2,162% |
| Suppliers | 440/4 | €188 | €4,243 | +€4,056 | +2,162% |
| Advances received on contracts in progress | 46 | - | €10,296 | +€10,296 | |
| Taxes, remuneration and social security | 45 | €900 | €2,609 | +€1,709 | +190% |
| Taxes | 450/3 | - | €1,709 | +€1,709 | |
| Remuneration and social security | 454/9 | €900 | €900 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,553 | €3,159 | -€2,394 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,475 | €40,805 | +€330 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,390 | -€7,823 | -€10,213 | |
| Other operating charges | 640/8 | €963 | €9,657 | +€8,694 | +903% |
| Gross operating margin | 9900 | €76,489 | €63,050 | -€13,438 | -17.6% |
| Operating profit (loss) | 9901 | €32,662 | €20,412 | -€12,250 | -37.5% |
| Financial income | 75/76B | €552 | €775 | +€223 | +40.4% |
| Recurring financial income | 75 | €552 | €775 | +€223 | +40.4% |
| Financial charges | 65/66B | €3,636 | €3,933 | +€297 | +8.2% |
| Recurring financial charges | 65 | €3,636 | €3,933 | +€297 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €29,577 | €17,253 | -€12,324 | -41.7% |
| Income taxes | 67/77 | €11,042 | €21,458 | +€10,416 | +94.3% |
| Profit (loss) for the period | 9904 | €18,535 | -€4,205 | -€22,740 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,535 | -€4,205 | -€22,740 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.