Top Brands: 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.
What changed
Top Brands
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€9.2m
2024 · €74,946-€9.3m
Equity
€4.9m
2024 · €14.2m-€9.3m
Cash
€2.6m
2024 · €3.1m-€494,838
Balance sheet total
€44.1m
2024 · €53.6m-€9.5m
Largest movements
Assets
- Financial fixed assets -€9.5m
down €9.5m (-23.9%), from €39.7m to €30.2m
Equity and liabilities
- Profit (loss) carried forward -€9.3m
down €9.3m (-72.4%), from €12.9m to €3.5m
- Debts after one year +€5.0m
new in 2025: €5.0m
- Short-term financial debts -€3.8m
no longer reported in 2025 (was €3.8m)
- Other debts -€1.4m
down €1.4m (-4.1%), from €35.3m to €33.8m
Income statement
- Financial charges +€9.6m
up €9.6m (+2,391%), from €399,930 to €10.0m
of which Non-recurring financial charges: +€9.5m
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.
Result 2024
€74,946
Staff costs
+€20,443
Other operating charges
+€259
Other operating items
+€159,789
Financial income
+€57,785
Financial charges
-€9.6m
Result 2025
-€9.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€11.1m
Investment
+€9.5m
Financing
+€1.1m
Cash 2024
€3.1m
From operations (derived)
-€11.1m
Net result for the year
-€9.2m
Receivables within one year
-€511,837
Trade debts
+€17,674
Tax, wage and social debts
+€70,252
Other debts
-€1.4m
Accrued charges and deferred income
+€44,534
Investment (derived)
+€9.5m
Investment in fixed assets (net)
+€9.5m
Financing
+€1.1m
Debts after one year
+€5.0m
Short-term financial debts
-€3.8m
Contributions, distributions and other
-€75,000
Cash 2025
€2.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,557,281 | €44,074,280 | -€9.5m | -17.7% |
| Fixed assets | 21/28 | €39,746,550 | €30,246,550 | -€9.5m | -23.9% |
| Financial fixed assets | 28 | €39,746,550 | €30,246,550 | -€9.5m | -23.9% |
| Affiliated companies | 280/1 | €39,746,550 | €30,246,550 | -€9.5m | -23.9% |
| Participating interests | 280 | €39,746,550 | €30,246,550 | -€9.5m | -23.9% |
| Current assets | 29/58 | €13,810,731 | €13,827,730 | +€16,999 | +0.1% |
| Amounts receivable within one year | 40/41 | €10,253,300 | €10,765,137 | +€511,837 | +5.0% |
| Other amounts receivable | 41 | €10,253,300 | €10,765,137 | +€511,837 | +5.0% |
| Current investments | 50/53 | €475,000 | €475,000 | = | 0.0% |
| Own shares | 50 | €475,000 | €475,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,082,431 | €2,587,593 | -€494,838 | -16.1% |
| Total equity and liabilities | 10/49 | €53,557,281 | €44,074,280 | -€9.5m | -17.7% |
| Equity | 10/15 | €14,237,051 | €4,914,860 | -€9.3m | -65.5% |
| Contributions | 10/11 | €812,500 | €812,500 | = | 0.0% |
| Capital | 10 | €812,500 | €812,500 | = | 0.0% |
| Issued capital | 100 | €812,500 | €812,500 | = | 0.0% |
| Reserves | 13 | €556,250 | €556,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €556,250 | €556,250 | = | 0.0% |
| Legal reserve | 130 | €81,250 | €81,250 | = | 0.0% |
| Own shares acquired | 1312 | €475,000 | €475,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,868,301 | €3,546,110 | -€9.3m | -72.4% |
| Amounts payable | 17/49 | €39,320,230 | €39,159,420 | -€160,810 | -0.4% |
| Amounts payable after more than one year | 17 | - | €5,000,000 | +€5.0m | |
| Financial debts | 170/4 | - | €5,000,000 | +€5.0m | |
| Subordinated loans | 170 | - | €5,000,000 | +€5.0m | |
| Amounts payable within one year | 42/48 | €39,320,230 | €34,114,886 | -€5.2m | -13.2% |
| Financial debts | 43 | €3,845,405 | - | -€3.8m | |
| Other loans | 439 | €3,845,405 | - | -€3.8m | |
| Trade debts | 44 | €166,421 | €184,095 | +€17,674 | +10.6% |
| Suppliers | 440/4 | €166,421 | €184,095 | +€17,674 | +10.6% |
| Taxes, remuneration and social security | 45 | €25,822 | €96,074 | +€70,252 | +272% |
| Taxes | 450/3 | €21,017 | €62,592 | +€41,575 | +198% |
| Remuneration and social security | 454/9 | €4,805 | €33,482 | +€28,677 | +597% |
| Other amounts payable | 47/48 | €35,282,582 | €33,834,717 | -€1.4m | -4.1% |
| Accrued charges and deferred income | 492/3 | - | €44,534 | +€44,534 | |
| Operating income | 70/76A | €1,703,653 | €1,907,146 | +€203,493 | +11.9% |
| Other operating income | 74 | €1,703,653 | €1,907,146 | +€203,493 | +11.9% |
| Operating charges | 60/66A | €1,539,247 | €1,562,249 | +€23,002 | +1.5% |
| Services and other goods | 61 | €1,448,717 | €1,492,421 | +€43,704 | +3.0% |
| Remuneration, social security and pensions | 62 | €89,153 | €68,710 | -€20,443 | -22.9% |
| Other operating charges | 640/8 | €1,377 | €1,118 | -€259 | -18.8% |
| Operating profit (loss) | 9901 | €164,406 | €344,897 | +€180,491 | +110% |
| Financial income | 75/76B | €310,470 | €368,255 | +€57,785 | +18.6% |
| Recurring financial income | 75 | €310,470 | €368,255 | +€57,785 | +18.6% |
| Income from current assets | 751 | €310,470 | €368,255 | +€57,785 | +18.6% |
| Financial charges | 65/66B | €399,930 | €9,960,343 | +€9.6m | +2,391% |
| Recurring financial charges | 65 | €399,930 | €460,343 | +€60,413 | +15.1% |
| Debt charges | 650 | €399,262 | €397,867 | -€1,395 | -0.3% |
| Other financial charges | 652/9 | €668 | €62,476 | +€61,808 | +9,253% |
| Non-recurring financial charges | 66B | - | €9,500,000 | +€9.5m | |
| Profit (loss) for the period before taxes | 9903 | €74,946 | -€9,247,191 | -€9.3m | |
| Profit (loss) for the period | 9904 | €74,946 | -€9,247,191 | -€9.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €74,946 | -€9,247,191 | -€9.3m |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.