BVBA TOPCO+: 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.
BVBA TOPCO+
Largest movements
- Receivables within one year +€30,966
up €30,966 (+14.6%), from €211,959 to €242,925
of which Trade receivables: +€19,164
- Profit (loss) carried forward +€49,105
up €49,105, from -€45,273 to €3,833
- Trade debts -€12,265
down €12,265 (-44.0%), from €27,903 to €15,638
- Tax, wage and social debts -€5,571
down €5,571 (-17.4%), from €31,960 to €26,389
of which Remuneration and social security: -€5,799
- Gross operating margin +€53,105
up €53,105, from -€6,760 to €46,345
- Staff costs -€41,084
down €41,084, from €35,673 to -€5,411
- Financial charges -€929
down €929 (-45.1%), from €2,062 to €1,133
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 | €212,934 | €243,543 | +€30,609 | +14.4% |
| Fixed assets | 21/28 | €882 | €618 | -€264 | -30.0% |
| Tangible fixed assets | 22/27 | €882 | €618 | -€264 | -30.0% |
| Furniture and vehicles | 24 | €882 | €618 | -€264 | -30.0% |
| Current assets | 29/58 | €212,052 | €242,925 | +€30,873 | +14.6% |
| Amounts receivable within one year | 40/41 | €211,959 | €242,925 | +€30,966 | +14.6% |
| Trade receivables | 40 | €31,712 | €50,876 | +€19,164 | +60.4% |
| Other amounts receivable | 41 | €180,247 | €192,049 | +€11,802 | +6.5% |
| Cash at bank and in hand | 54/58 | €18 | - | -€18 | |
| Deferred charges and accrued income | 490/1 | €76 | - | -€76 | |
| Total equity and liabilities | 10/49 | €212,934 | €243,543 | +€30,609 | +14.4% |
| Equity | 10/15 | -€37,213 | €11,893 | +€49,105 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€45,273 | €3,833 | +€49,105 | |
| Amounts payable | 17/49 | €250,147 | €231,650 | -€18,497 | -7.4% |
| Amounts payable within one year | 42/48 | €250,147 | €231,650 | -€18,497 | -7.4% |
| Financial debts | 43 | €202 | €1,041 | +€839 | +415% |
| Credit institutions | 430/8 | €202 | €1,041 | +€839 | +415% |
| Trade debts | 44 | €27,903 | €15,638 | -€12,265 | -44.0% |
| Suppliers | 440/4 | €27,903 | €15,638 | -€12,265 | -44.0% |
| Advances received on contracts in progress | 46 | €5,463 | €5,463 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €31,960 | €26,389 | -€5,571 | -17.4% |
| Taxes | 450/3 | - | €228 | +€228 | |
| Remuneration and social security | 454/9 | €31,960 | €26,161 | -€5,799 | -18.1% |
| Other amounts payable | 47/48 | €184,619 | €183,119 | -€1,500 | -0.8% |
| Remuneration, social security and pensions | 62 | €35,673 | -€5,411 | -€41,084 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264 | €264 | = | 0.0% |
| Other operating charges | 640/8 | €854 | €1,026 | +€171 | +20.1% |
| Gross operating margin | 9900 | -€6,760 | €46,345 | +€53,105 | |
| Operating profit (loss) | 9901 | -€43,552 | €50,466 | +€94,018 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +33.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +33.3% |
| Financial charges | 65/66B | €2,062 | €1,133 | -€929 | -45.1% |
| Recurring financial charges | 65 | €2,062 | €1,133 | -€929 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,614 | €49,334 | +€94,948 | |
| Income taxes | 67/77 | - | €228 | +€228 | |
| Profit (loss) for the period | 9904 | -€45,614 | €49,105 | +€94,719 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,614 | €49,105 | +€94,719 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.