TOP - CHOICE: what changed
TOP - CHOICE
Largest movements
- Stocks and contracts -€53,122
down €53,122 (-18.7%), from €284,372 to €231,250
- Receivables within one year -€46,100
down €46,100 (-25.0%), from €184,364 to €138,264
of which Trade receivables: -€43,860
- Tangible fixed assets -€21,309
down €21,309 (-13.1%), from €163,039 to €141,730
- Cash -€18,924
down €18,924 (-13.7%), from €137,747 to €118,824
mainly Net result for the year (-€108,764) and Contributions, distributions and other (-€36,000)
- Deferred charges and accrued income +€8,274
up €8,274 (+96.2%), from €8,604 to €16,877
- Reserves -€144,764
down €144,764 (-35.9%), from €403,213 to €258,449
of which Distributable reserves: -€144,764
- Other debts +€19,091
up €19,091 (+101%), from €18,823 to €37,914
- Trade debts -€17,354
down €17,354 (-42.4%), from €40,918 to €23,564
- Debts after one year +€16,024
up €16,024 (+23.9%), from €67,062 to €83,086
- Gross operating margin -€104,507
down €104,507, from €96,025 to -€8,482
- Financial income -€16,907
down €16,907 (-81.3%), from €20,799 to €3,892
- Staff costs +€7,610
up €7,610 (+15.0%), from €50,789 to €58,399
- Depreciation -€6,960
down €6,960 (-18.7%), from €37,249 to €30,289
- Taxes -€5,537
down €5,537 (-87.0%), from €6,367 to €830
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €787,233 | €655,502 | -€131,731 | -16.7% |
| Fixed assets | 21/28 | €172,145 | €150,287 | -€21,859 | -12.7% |
| Intangible fixed assets | 21 | €1,392 | €842 | -€550 | -39.5% |
| Tangible fixed assets | 22/27 | €163,039 | €141,730 | -€21,309 | -13.1% |
| Land and buildings | 22 | €139,359 | €129,028 | -€10,332 | -7.4% |
| Plant, machinery and equipment | 23 | €9,994 | €7,857 | -€2,137 | -21.4% |
| Furniture and vehicles | 24 | €13,686 | €4,846 | -€8,840 | -64.6% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €7,714 | €7,714 | = | 0.0% |
| Current assets | 29/58 | €615,087 | €505,215 | -€109,872 | -17.9% |
| Stocks and contracts in progress | 3 | €284,372 | €231,250 | -€53,122 | -18.7% |
| Stocks | 30/36 | €284,372 | €231,250 | -€53,122 | -18.7% |
| Amounts receivable within one year | 40/41 | €184,364 | €138,264 | -€46,100 | -25.0% |
| Trade receivables | 40 | €178,844 | €134,984 | -€43,860 | -24.5% |
| Other amounts receivable | 41 | €5,520 | €3,280 | -€2,241 | -40.6% |
| Cash at bank and in hand | 54/58 | €137,747 | €118,824 | -€18,924 | -13.7% |
| Deferred charges and accrued income | 490/1 | €8,604 | €16,877 | +€8,274 | +96.2% |
| Total equity and liabilities | 10/49 | €787,233 | €655,502 | -€131,731 | -16.7% |
| Equity | 10/15 | €608,213 | €463,449 | -€144,764 | -23.8% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €403,213 | €258,449 | -€144,764 | -35.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €384,463 | €239,699 | -€144,764 | -37.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,019 | €192,053 | +€13,033 | +7.3% |
| Amounts payable after more than one year | 17 | €67,062 | €83,086 | +€16,024 | +23.9% |
| Other amounts payable | 178/9 | €67,062 | €83,086 | +€16,024 | +23.9% |
| Amounts payable within one year | 42/48 | €106,748 | €103,933 | -€2,815 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €4,310 | €0 | -€4,310 | -100% |
| Trade debts | 44 | €40,918 | €23,564 | -€17,354 | -42.4% |
| Suppliers | 440/4 | €40,918 | €23,564 | -€17,354 | -42.4% |
| Taxes, remuneration and social security | 45 | €42,698 | €42,455 | -€242 | -0.6% |
| Taxes | 450/3 | €38,505 | €37,718 | -€788 | -2.0% |
| Remuneration and social security | 454/9 | €4,192 | €4,738 | +€545 | +13.0% |
| Other amounts payable | 47/48 | €18,823 | €37,914 | +€19,091 | +101% |
| Accrued charges and deferred income | 492/3 | €5,210 | €5,034 | -€175 | -3.4% |
| Remuneration, social security and pensions | 62 | €50,789 | €58,399 | +€7,610 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,249 | €30,289 | -€6,960 | -18.7% |
| Other operating charges | 640/8 | €9,840 | €8,017 | -€1,823 | -18.5% |
| Non-recurring operating charges | 66A | €278 | €0 | -€278 | -100% |
| Gross operating margin | 9900 | €96,025 | -€8,482 | -€104,507 | |
| Operating profit (loss) | 9901 | -€2,132 | -€105,187 | -€103,055 | -4,834% |
| Financial income | 75/76B | €20,799 | €3,892 | -€16,907 | -81.3% |
| Recurring financial income | 75 | €20,799 | €3,892 | -€16,907 | -81.3% |
| Financial charges | 65/66B | €8,500 | €6,639 | -€1,861 | -21.9% |
| Recurring financial charges | 65 | €8,500 | €6,639 | -€1,861 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €10,167 | -€107,934 | -€118,101 | |
| Income taxes | 67/77 | €6,367 | €830 | -€5,537 | -87.0% |
| Profit (loss) for the period | 9904 | €3,800 | -€108,764 | -€112,564 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,800 | -€108,764 | -€112,564 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.