Tim Leys: 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.
Tim Leys
Largest movements
- Tangible fixed assets +€261,993
up €261,993 (+29.0%), from €903,647 to €1.2m
of which Other tangible fixed assets: +€274,256
- Receivables within one year -€196,758
down €196,758 (-89.3%), from €220,213 to €23,455
of which Other amounts receivable: -€207,707
- Cash -€127,549
down €127,549 (-81.8%), from €155,902 to €28,353
mainly Investment in fixed assets (net) (-€327,267) and Contributions, distributions and other (-€150,000)
- Debts after one year -€75,260
down €75,260 (-8.5%), from €881,299 to €806,040
- Reserves -€43,278
down €43,278 (-13.4%), from €322,288 to €279,010
- Tax, wage and social debts +€33,925
up €33,925 (+138%), from €24,615 to €58,540
of which Taxes: +€32,791
- Current portion of long-term debt +€23,952
up €23,952 (+46.7%), from €51,308 to €75,260
- Depreciation +€27,808
up €27,808 (+74.2%), from €37,466 to €65,274
- Gross operating margin +€21,153
up €21,153 (+10.7%), from €197,538 to €218,691
- Financial charges +€10,749
up €10,749 (+124%), from €8,656 to €19,406
- Taxes -€8,353
down €8,353 (-25.1%), from €33,339 to €24,986
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,281,525 | €1,220,288 | -€61,237 | -4.8% |
| Fixed assets | 21/28 | €903,647 | €1,165,640 | +€261,993 | +29.0% |
| Tangible fixed assets | 22/27 | €903,647 | €1,165,640 | +€261,993 | +29.0% |
| Land and buildings | 22 | €412,154 | €412,154 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,264 | €2,701 | -€5,563 | -67.3% |
| Furniture and vehicles | 24 | €20,034 | €13,334 | -€6,700 | -33.4% |
| Other tangible fixed assets | 26 | €463,196 | €737,452 | +€274,256 | +59.2% |
| Current assets | 29/58 | €377,878 | €54,647 | -€323,231 | -85.5% |
| Amounts receivable within one year | 40/41 | €220,213 | €23,455 | -€196,758 | -89.3% |
| Trade receivables | 40 | €2,492 | €13,441 | +€10,949 | +439% |
| Other amounts receivable | 41 | €217,721 | €10,014 | -€207,707 | -95.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €155,902 | €28,353 | -€127,549 | -81.8% |
| Deferred charges and accrued income | 490/1 | €1,762 | €2,839 | +€1,076 | +61.1% |
| Total equity and liabilities | 10/49 | €1,281,525 | €1,220,288 | -€61,237 | -4.8% |
| Equity | 10/15 | €323,288 | €280,010 | -€43,278 | -13.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €322,288 | €279,010 | -€43,278 | -13.4% |
| Distributable reserves | 133 | €322,288 | €279,010 | -€43,278 | -13.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €958,237 | €940,278 | -€17,959 | -1.9% |
| Amounts payable after more than one year | 17 | €881,299 | €806,040 | -€75,260 | -8.5% |
| Financial debts | 170/4 | €881,299 | €806,040 | -€75,260 | -8.5% |
| Amounts payable within one year | 42/48 | €76,938 | €134,238 | +€57,301 | +74.5% |
| Current portion of amounts payable after more than one year | 42 | €51,308 | €75,260 | +€23,952 | +46.7% |
| Trade debts | 44 | €0 | €439 | +€439 | |
| Suppliers | 440/4 | €0 | €439 | +€439 | |
| Advances received on contracts in progress | 46 | €850 | €0 | -€850 | -100% |
| Taxes, remuneration and social security | 45 | €24,615 | €58,540 | +€33,925 | +138% |
| Taxes | 450/3 | €21,168 | €53,959 | +€32,791 | +155% |
| Remuneration and social security | 454/9 | €3,447 | €4,581 | +€1,134 | +32.9% |
| Other amounts payable | 47/48 | €165 | €0 | -€165 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,466 | €65,274 | +€27,808 | +74.2% |
| Other operating charges | 640/8 | €1,606 | €2,304 | +€698 | +43.5% |
| Gross operating margin | 9900 | €197,538 | €218,691 | +€21,153 | +10.7% |
| Operating profit (loss) | 9901 | €158,466 | €151,114 | -€7,353 | -4.6% |
| Financial income | 75/76B | €1,149 | €0 | -€1,149 | -100.0% |
| Recurring financial income | 75 | €1,149 | €0 | -€1,149 | -100.0% |
| Financial charges | 65/66B | €8,656 | €19,406 | +€10,749 | +124% |
| Recurring financial charges | 65 | €8,656 | €19,406 | +€10,749 | +124% |
| Profit (loss) for the period before taxes | 9903 | €150,958 | €131,708 | -€19,251 | -12.8% |
| Income taxes | 67/77 | €33,339 | €24,986 | -€8,353 | -25.1% |
| Profit (loss) for the period | 9904 | €117,619 | €106,722 | -€10,898 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,619 | €106,722 | -€10,898 | -9.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.