HMTOPO: 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.
HMTOPO
Largest movements
- Cash -€29,525
down €29,525 (-38.2%), from €77,355 to €47,830
mainly Contributions, distributions and other (-€15,000) and Trade debts (-€14,232)
- Tangible fixed assets -€4,615
down €4,615 (-25.3%), from €18,223 to €13,608
of which Plant, machinery and equipment: -€7,863
- Receivables within one year +€2,610
up €2,610 (+18.1%), from €14,395 to €17,004
of which Trade receivables: +€3,033
- Deferred charges and accrued income -€1,539
down €1,539 (-38.4%), from €4,011 to €2,472
- Trade debts -€14,232
down €14,232 (-63.7%), from €22,328 to €8,096
- Other debts -€13,884
down €13,884 (-27.7%), from €50,208 to €36,324
- Tax, wage and social debts -€6,775
down €6,775 (-25.3%), from €26,769 to €19,994
of which Taxes: -€6,548
- Profit (loss) carried forward +€3,220
up €3,220 (+38.9%), from €8,279 to €11,499
- Accrued charges and deferred income -€1,399
no longer reported in 2025 (was €1,399)
- Gross operating margin +€8,964
up €8,964 (+10.9%), from €82,445 to €91,409
- Depreciation -€5,029
down €5,029 (-25.7%), from €19,564 to €14,535
- Taxes +€2,433
up €2,433 (+93.0%), from €2,616 to €5,049
- Staff costs +€1,336
up €1,336 (+2.6%), from €50,567 to €51,903
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 | €113,983 | €80,913 | -€33,070 | -29.0% |
| Fixed assets | 21/28 | €18,223 | €13,608 | -€4,615 | -25.3% |
| Tangible fixed assets | 22/27 | €18,223 | €13,608 | -€4,615 | -25.3% |
| Land and buildings | 22 | €2,094 | €1,859 | -€235 | -11.2% |
| Plant, machinery and equipment | 23 | €7,863 | - | -€7,863 | |
| Furniture and vehicles | 24 | €8,016 | €11,749 | +€3,733 | +46.6% |
| Other tangible fixed assets | 26 | €250 | - | -€250 | |
| Current assets | 29/58 | €95,760 | €67,306 | -€28,454 | -29.7% |
| Amounts receivable within one year | 40/41 | €14,395 | €17,004 | +€2,610 | +18.1% |
| Trade receivables | 40 | €13,971 | €17,004 | +€3,033 | +21.7% |
| Other amounts receivable | 41 | €424 | - | -€424 | |
| Cash at bank and in hand | 54/58 | €77,355 | €47,830 | -€29,525 | -38.2% |
| Deferred charges and accrued income | 490/1 | €4,011 | €2,472 | -€1,539 | -38.4% |
| Total equity and liabilities | 10/49 | €113,983 | €80,913 | -€33,070 | -29.0% |
| Equity | 10/15 | €13,279 | €16,499 | +€3,220 | +24.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,279 | €11,499 | +€3,220 | +38.9% |
| Amounts payable | 17/49 | €100,704 | €64,414 | -€36,290 | -36.0% |
| Amounts payable within one year | 42/48 | €99,305 | €64,414 | -€34,891 | -35.1% |
| Trade debts | 44 | €22,328 | €8,096 | -€14,232 | -63.7% |
| Suppliers | 440/4 | €22,328 | €8,096 | -€14,232 | -63.7% |
| Taxes, remuneration and social security | 45 | €26,769 | €19,994 | -€6,775 | -25.3% |
| Taxes | 450/3 | €26,542 | €19,994 | -€6,548 | -24.7% |
| Remuneration and social security | 454/9 | €227 | - | -€227 | |
| Other amounts payable | 47/48 | €50,208 | €36,324 | -€13,884 | -27.7% |
| Accrued charges and deferred income | 492/3 | €1,399 | - | -€1,399 | |
| Remuneration, social security and pensions | 62 | €50,567 | €51,903 | +€1,336 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,564 | €14,535 | -€5,029 | -25.7% |
| Other operating charges | 640/8 | €1,120 | €1,363 | +€244 | +21.8% |
| Gross operating margin | 9900 | €82,445 | €91,409 | +€8,964 | +10.9% |
| Operating profit (loss) | 9901 | €11,194 | €23,607 | +€12,413 | +111% |
| Financial income | 75/76B | €20 | €10 | -€10 | -50.7% |
| Recurring financial income | 75 | €20 | €10 | -€10 | -50.7% |
| Financial charges | 65/66B | €219 | €348 | +€129 | +58.9% |
| Recurring financial charges | 65 | €219 | €348 | +€129 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €10,995 | €23,269 | +€12,274 | +112% |
| Income taxes | 67/77 | €2,616 | €5,049 | +€2,433 | +93.0% |
| Profit (loss) for the period | 9904 | €8,379 | €18,220 | +€9,841 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €8,379 | €18,220 | +€9,841 | +117% |
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.