William 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.
William Timmermans
Largest movements
- Financial fixed assets -€408,292
down €408,292 (-97.4%), from €419,317 to €11,025
- Tangible fixed assets +€393,123
up €393,123 (+63.1%), from €622,950 to €1.0m
of which Land and buildings: +€380,645
- Intangible fixed assets +€255,406
new in 2025: €255,406
- Receivables within one year -€136,730
down €136,730 (-59.8%), from €228,692 to €91,962
of which Other amounts receivable: -€125,412
- Cash +€102,640
up €102,640 (+287%), from €35,710 to €138,350
mainly Receivables within one year (+€136,730) and Other debts (+€105,955)
- Reserves +€112,519
up €112,519 (+12.9%), from €874,260 to €986,779
of which Tax-exempt reserves: +€153,389
- Other debts +€105,955
up €105,955 (+49.6%), from €213,460 to €319,415
- Provisions +€51,131
new in 2025: €51,131
- Tax, wage and social debts -€20,153
no longer reported in 2025 (was €20,153)
- Financial income -€23,131
down €23,131 (-92.3%), from €25,059 to €1,927
- Taxes -€7,722
down €7,722 (-17.5%), from €44,117 to €36,395
- Other operating charges +€5,422
up €5,422 (+305%), from €1,779 to €7,201
- Depreciation +€2,720
up €2,720 (+11.9%), from €22,853 to €25,573
- Gross operating margin +€2,006
up €2,006 (+1.3%), from €155,365 to €157,372
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 | €1,505,872 | €1,748,048 | +€242,176 | +16.1% |
| Fixed assets | 21/28 | €1,042,267 | €1,282,504 | +€240,237 | +23.0% |
| Intangible fixed assets | 21 | - | €255,406 | +€255,406 | |
| Tangible fixed assets | 22/27 | €622,950 | €1,016,073 | +€393,123 | +63.1% |
| Land and buildings | 22 | €618,433 | €999,078 | +€380,645 | +61.5% |
| Furniture and vehicles | 24 | €4,517 | €16,995 | +€12,478 | +276% |
| Financial fixed assets | 28 | €419,317 | €11,025 | -€408,292 | -97.4% |
| Current assets | 29/58 | €463,605 | €465,544 | +€1,939 | +0.4% |
| Amounts receivable within one year | 40/41 | €228,692 | €91,962 | -€136,730 | -59.8% |
| Trade receivables | 40 | €96,385 | €85,067 | -€11,318 | -11.7% |
| Other amounts receivable | 41 | €132,308 | €6,896 | -€125,412 | -94.8% |
| Current investments | 50/53 | €198,473 | €234,473 | +€36,000 | +18.1% |
| Cash at bank and in hand | 54/58 | €35,710 | €138,350 | +€102,640 | +287% |
| Deferred charges and accrued income | 490/1 | €730 | €759 | +€29 | +3.9% |
| Total equity and liabilities | 10/49 | €1,505,872 | €1,748,048 | +€242,176 | +16.1% |
| Equity | 10/15 | €1,262,148 | €1,374,672 | +€112,523 | +8.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €874,260 | €986,779 | +€112,519 | +12.9% |
| Tax-exempt reserves | 132 | - | €153,389 | +€153,389 | |
| Distributable reserves | 133 | €874,260 | €833,390 | -€40,870 | -4.7% |
| Profit (loss) carried forward | 14 | €375,488 | €375,493 | +€4 | 0.0% |
| Provisions and deferred taxes | 16 | - | €51,131 | +€51,131 | |
| Deferred taxes | 168 | - | €51,131 | +€51,131 | |
| Amounts payable | 17/49 | €243,724 | €322,246 | +€78,522 | +32.2% |
| Amounts payable within one year | 42/48 | €243,724 | €321,129 | +€77,405 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €10,001 | - | -€10,001 | |
| Trade debts | 44 | €111 | €1,715 | +€1,604 | +1,447% |
| Suppliers | 440/4 | €111 | €1,715 | +€1,604 | +1,447% |
| Taxes, remuneration and social security | 45 | €20,153 | - | -€20,153 | |
| Taxes | 450/3 | €20,153 | - | -€20,153 | |
| Other amounts payable | 47/48 | €213,460 | €319,415 | +€105,955 | +49.6% |
| Accrued charges and deferred income | 492/3 | - | €1,116 | +€1,116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,853 | €25,573 | +€2,720 | +11.9% |
| Other operating charges | 640/8 | €1,779 | €7,201 | +€5,422 | +305% |
| Gross operating margin | 9900 | €155,365 | €157,372 | +€2,006 | +1.3% |
| Operating profit (loss) | 9901 | €130,733 | €124,598 | -€6,136 | -4.7% |
| Financial income | 75/76B | €25,059 | €1,927 | -€23,131 | -92.3% |
| Recurring financial income | 75 | €25,059 | €1,927 | -€23,131 | -92.3% |
| Financial charges | 65/66B | €3,723 | €3,541 | -€182 | -4.9% |
| Recurring financial charges | 65 | €3,723 | €3,541 | -€182 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €152,069 | €122,984 | -€29,085 | -19.1% |
| Transfer from deferred taxes | 780 | - | €1,136 | +€1,136 | |
| Income taxes | 67/77 | €44,117 | €36,395 | -€7,722 | -17.5% |
| Profit (loss) for the period | 9904 | €107,952 | €87,726 | -€20,226 | -18.7% |
| Transfer from tax-exempt reserves | 789 | - | €3,409 | +€3,409 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,952 | €91,134 | -€16,818 | -15.6% |
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 17 October 2026 via checked.be.