TOP-C MANAGEMENT: what changed
What changed
TOP-C MANAGEMENT
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€164,710
2024 · -€450,032+€614,742
Equity
€729,502
2024 · €564,791+€164,710
Cash
€231,786
2024 · €2,863+€228,922
Balance sheet total
€3.0m
2024 · €2.9m+€36,431
Largest movements
Assets
- Cash +€228,922
up €228,922 (+7,995%), from €2,863 to €231,786
mainly Net result for the year (+€164,710) and Investment in fixed assets (net) (+€93,511)
- Tangible fixed assets -€171,598
down €171,598 (-7.0%), from €2.4m to €2.3m
of which Land and buildings: -€175,476
Equity and liabilities
- Profit (loss) carried forward +€164,710
up €164,710 (+114%), from €144,183 to €308,893
- Trade debts -€144,314
down €144,314 (-84.3%), from €171,173 to €26,859
- Other debts +€41,606
up €41,606 (+4.1%), from €1.0m to €1.0m
Income statement
- Gross operating margin +€941,707
up €941,707, from -€614,501 to €327,207
- Financial income -€492,801
down €492,801 (-100.0%), from €493,026 to €225
- Other operating charges -€132,305
down €132,305 (-67.2%), from €196,864 to €64,559
- Provisions -€29,200
new in 2025: -€29,200
- Depreciation -€11,447
down €11,447 (-12.8%), from €89,534 to €78,087
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€450,032
Gross operating margin
+€941,707
Depreciation
+€11,447
Provisions
+€29,200
Other operating charges
+€132,305
Financial income
-€492,801
Financial charges
+€1,743
Taxes
-€8,858
Result 2025
€164,710
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€125,859
Investment
+€93,511
Financing
+€9,552
Cash 2024
€2,863
From operations (derived)
+€125,859
Net result for the year
+€164,710
Depreciation
+€78,087
Receivables within one year
-€6,004
Deferred charges and accrued income
+€26,898
Provisions
-€29,200
Trade debts
-€144,314
Tax, wage and social debts
-€5,396
Other debts
+€41,606
Accrued charges and deferred income
-€527
Investment (derived)
+€93,511
Investment in fixed assets (net)
+€93,511
Financing
+€9,552
Debts after one year
+€5,885
Current portion of long-term debt
+€25,667
Short-term financial debts
-€22,000
Cash 2025
€231,786
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,924,409 | €2,960,840 | +€36,431 | +1.2% |
| Fixed assets | 21/28 | €2,570,299 | €2,398,701 | -€171,598 | -6.7% |
| Tangible fixed assets | 22/27 | €2,440,799 | €2,269,201 | -€171,598 | -7.0% |
| Land and buildings | 22 | €2,431,343 | €2,255,867 | -€175,476 | -7.2% |
| Furniture and vehicles | 24 | €9,455 | €13,334 | +€3,879 | +41.0% |
| Financial fixed assets | 28 | €129,500 | €129,500 | = | 0.0% |
| Current assets | 29/58 | €354,110 | €562,139 | +€208,029 | +58.7% |
| Amounts receivable within one year | 40/41 | €201,247 | €207,251 | +€6,004 | +3.0% |
| Trade receivables | 40 | €108,063 | €103,514 | -€4,549 | -4.2% |
| Other amounts receivable | 41 | €93,184 | €103,737 | +€10,553 | +11.3% |
| Cash at bank and in hand | 54/58 | €2,863 | €231,786 | +€228,922 | +7,995% |
| Deferred charges and accrued income | 490/1 | €150,000 | €123,102 | -€26,898 | -17.9% |
| Total equity and liabilities | 10/49 | €2,924,409 | €2,960,840 | +€36,431 | +1.2% |
| Equity | 10/15 | €564,791 | €729,502 | +€164,710 | +29.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €352,408 | €352,408 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,183 | €308,893 | +€164,710 | +114% |
| Provisions and deferred taxes | 16 | €29,200 | - | -€29,200 | |
| Provisions for liabilities and charges | 160/5 | €29,200 | - | -€29,200 | |
| Major repairs and maintenance | 162 | €29,200 | - | -€29,200 | |
| Amounts payable | 17/49 | €2,330,418 | €2,231,338 | -€99,080 | -4.3% |
| Amounts payable after more than one year | 17 | €713,746 | €719,631 | +€5,885 | +0.8% |
| Financial debts | 170/4 | €713,746 | €719,631 | +€5,885 | +0.8% |
| Amounts payable within one year | 42/48 | €1,616,144 | €1,511,707 | -€104,437 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €146,636 | €172,303 | +€25,667 | +17.5% |
| Financial debts | 43 | €143,000 | €121,000 | -€22,000 | -15.4% |
| Other loans | 439 | €143,000 | €121,000 | -€22,000 | -15.4% |
| Trade debts | 44 | €171,173 | €26,859 | -€144,314 | -84.3% |
| Suppliers | 440/4 | €171,173 | €26,859 | -€144,314 | -84.3% |
| Taxes, remuneration and social security | 45 | €148,227 | €142,830 | -€5,396 | -3.6% |
| Taxes | 450/3 | €9,707 | €10,074 | +€368 | +3.8% |
| Remuneration and social security | 454/9 | €138,520 | €132,756 | -€5,764 | -4.2% |
| Other amounts payable | 47/48 | €1,007,109 | €1,048,715 | +€41,606 | +4.1% |
| Accrued charges and deferred income | 492/3 | €527 | - | -€527 | |
| Non-recurring operating income | 76A | - | €11,386 | +€11,386 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,534 | €78,087 | -€11,447 | -12.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€29,200 | -€29,200 | |
| Other operating charges | 640/8 | €196,864 | €64,559 | -€132,305 | -67.2% |
| Gross operating margin | 9900 | -€614,501 | €327,207 | +€941,707 | |
| Operating profit (loss) | 9901 | -€900,898 | €213,761 | +€1.1m | |
| Financial income | 75/76B | €493,026 | €225 | -€492,801 | -100.0% |
| Recurring financial income | 75 | €493,026 | €225 | -€492,801 | -100.0% |
| Financial charges | 65/66B | €41,906 | €40,163 | -€1,743 | -4.2% |
| Recurring financial charges | 65 | €41,906 | €40,163 | -€1,743 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€449,777 | €173,823 | +€623,600 | |
| Income taxes | 67/77 | €254 | €9,112 | +€8,858 | +3,485% |
| Profit (loss) for the period | 9904 | -€450,032 | €164,710 | +€614,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€450,032 | €164,710 | +€614,742 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.