T.O.P.: 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.
T.O.P.
Largest movements
- Stocks and contracts -€87,908
down €87,908 (-31.0%), from €283,952 to €196,044
of which Contracts in progress: -€81,466
- Receivables within one year -€48,014
down €48,014 (-17.9%), from €267,496 to €219,482
of which Trade receivables: -€37,700
- Profit (loss) carried forward -€226,630
down €226,630 (-230%), from -€98,502 to -€325,132
- Trade debts +€59,995
up €59,995 (+19.1%), from €314,553 to €374,548
- Other debts +€22,847
up €22,847 (+44.2%), from €51,672 to €74,519
- Tax, wage and social debts +€18,319
up €18,319 (+80,102%), from €23 to €18,342
of which Remuneration and social security: +€14,683
- Debts after one year -€10,533
down €10,533 (-7.7%), from €136,939 to €126,406
- Gross operating margin -€86,205
down €86,205 (-127%), from -€68,081 to -€154,286
- Staff costs +€52,613
new in 2025: €52,613
- Financial income +€8,174
up €8,174 (+288%), from €2,837 to €11,010
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 | €590,848 | €452,909 | -€137,939 | -23.3% |
| Fixed assets | 21/28 | €2,426 | €1,979 | -€447 | -18.4% |
| Tangible fixed assets | 22/27 | €2,276 | €1,829 | -€447 | -19.7% |
| Furniture and vehicles | 24 | €2,276 | €1,829 | -€447 | -19.7% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €588,422 | €450,930 | -€137,492 | -23.4% |
| Stocks and contracts in progress | 3 | €283,952 | €196,044 | -€87,908 | -31.0% |
| Stocks | 30/36 | €80,155 | €73,713 | -€6,442 | -8.0% |
| Contracts in progress | 37 | €203,797 | €122,331 | -€81,466 | -40.0% |
| Amounts receivable within one year | 40/41 | €267,496 | €219,482 | -€48,014 | -17.9% |
| Trade receivables | 40 | €253,320 | €215,620 | -€37,700 | -14.9% |
| Other amounts receivable | 41 | €14,176 | €3,862 | -€10,314 | -72.8% |
| Cash at bank and in hand | 54/58 | €2,338 | €208 | -€2,129 | -91.1% |
| Deferred charges and accrued income | 490/1 | €34,637 | €35,196 | +€559 | +1.6% |
| Total equity and liabilities | 10/49 | €590,848 | €452,909 | -€137,939 | -23.3% |
| Equity | 10/15 | €57,470 | -€169,160 | -€226,630 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,372 | €137,372 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,500 | €34,500 | = | 0.0% |
| Distributable reserves | 133 | €101,012 | €101,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,502 | -€325,132 | -€226,630 | -230% |
| Amounts payable | 17/49 | €533,378 | €622,069 | +€88,690 | +16.6% |
| Amounts payable after more than one year | 17 | €136,939 | €126,406 | -€10,533 | -7.7% |
| Other amounts payable | 178/9 | €136,939 | €126,406 | -€10,533 | -7.7% |
| Amounts payable within one year | 42/48 | €396,439 | €495,663 | +€99,224 | +25.0% |
| Financial debts | 43 | €30,191 | €28,254 | -€1,937 | -6.4% |
| Credit institutions | 430/8 | €30,191 | €28,254 | -€1,937 | -6.4% |
| Trade debts | 44 | €314,553 | €374,548 | +€59,995 | +19.1% |
| Suppliers | 440/4 | €314,553 | €374,548 | +€59,995 | +19.1% |
| Taxes, remuneration and social security | 45 | €23 | €18,342 | +€18,319 | +80,102% |
| Taxes | 450/3 | €23 | €3,659 | +€3,636 | +15,900% |
| Remuneration and social security | 454/9 | - | €14,683 | +€14,683 | |
| Other amounts payable | 47/48 | €51,672 | €74,519 | +€22,847 | +44.2% |
| Remuneration, social security and pensions | 62 | - | €52,613 | +€52,613 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,794 | €1,821 | +€27 | +1.5% |
| Other operating charges | 640/8 | €25,114 | €23,847 | -€1,267 | -5.0% |
| Gross operating margin | 9900 | -€68,081 | -€154,286 | -€86,205 | -127% |
| Operating profit (loss) | 9901 | -€94,989 | -€232,567 | -€137,578 | -145% |
| Financial income | 75/76B | €2,837 | €11,010 | +€8,174 | +288% |
| Recurring financial income | 75 | €2,837 | €11,010 | +€8,174 | +288% |
| Financial charges | 65/66B | €6,319 | €5,073 | -€1,246 | -19.7% |
| Recurring financial charges | 65 | €6,319 | €5,073 | -€1,246 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€98,472 | -€226,630 | -€128,158 | -130% |
| Income taxes | 67/77 | €30 | €0 | -€30 | -100% |
| Profit (loss) for the period | 9904 | -€98,502 | -€226,630 | -€128,128 | -130% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,502 | -€226,630 | -€128,128 | -130% |
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 29 October 2026 via checked.be.