TOP-CLASS: what changed
Two fiscal 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-CLASS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€479,532
2024 · €412,299+€67,233
Equity
€7.5m
2024 · €7.0m+€479,532
Cash
€11,643
2024 · €14,719-€3,076
Balance sheet total
€8.0m
2024 · €7.6m+€414,166
Largest movements
Assets
- Receivables within one year +€422,450
up €422,450 (+8.4%), from €5.0m to €5.5m
of which Other amounts receivable: +€553,250
Equity and liabilities
- Reserves +€479,532
up €479,532 (+13.1%), from €3.7m to €4.1m
of which Distributable reserves: +€456,541
- Other debts -€81,589
down €81,589 (-13.6%), from €600,541 to €518,951
Income statement
- Gross operating margin +€84,409
up €84,409 (+15.4%), from €547,524 to €631,934
- Taxes +€24,350
up €24,350 (+18.6%), from €131,220 to €155,571
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
€412,299
Gross operating margin
+€84,409
Other operating charges
+€151
Financial income
+€5,975
Financial charges
+€1,048
Taxes
-€24,350
Result 2025
€479,532
Cash bridge derived
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
-€3,076
Investment
€0
Financing
€0
Cash 2024
€14,719
From operations (derived)
-€3,076
Net result for the year
+€479,532
Depreciation
+€5,216
Receivables within one year
-€422,450
Deferred charges and accrued income
-€8
Provisions
-€1,202
Trade debts
-€1,591
Tax, wage and social debts
+€20,302
Other debts
-€81,589
Accrued charges and deferred income
-€1,286
Cash 2025
€11,643
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,631,266 | €8,045,432 | +€414,166 | +5.4% |
| Fixed assets | 21/28 | €2,566,822 | €2,561,605 | -€5,216 | -0.2% |
| Tangible fixed assets | 22/27 | €113,006 | €107,790 | -€5,216 | -4.6% |
| Land and buildings | 22 | €113,006 | €107,790 | -€5,216 | -4.6% |
| Financial fixed assets | 28 | €2,453,815 | €2,453,815 | = | 0.0% |
| Current assets | 29/58 | €5,064,444 | €5,483,827 | +€419,382 | +8.3% |
| Amounts receivable within one year | 40/41 | €5,049,512 | €5,471,962 | +€422,450 | +8.4% |
| Trade receivables | 40 | €130,800 | - | -€130,800 | |
| Other amounts receivable | 41 | €4,918,712 | €5,471,962 | +€553,250 | +11.2% |
| Cash at bank and in hand | 54/58 | €14,719 | €11,643 | -€3,076 | -20.9% |
| Deferred charges and accrued income | 490/1 | €214 | €222 | +€8 | +3.9% |
| Total equity and liabilities | 10/49 | €7,631,266 | €8,045,432 | +€414,166 | +5.4% |
| Equity | 10/15 | €6,997,691 | €7,477,223 | +€479,532 | +6.9% |
| Contributions | 10/11 | €3,345,656 | €3,345,656 | = | 0.0% |
| Capital | 10 | €3,345,656 | €3,345,656 | = | 0.0% |
| Issued capital | 100 | €3,345,656 | €3,345,656 | = | 0.0% |
| Reserves | 13 | €3,652,035 | €4,131,567 | +€479,532 | +13.1% |
| Non-distributable reserves | 130/1 | €253,707 | €277,735 | +€24,028 | +9.5% |
| Legal reserve | 130 | €253,707 | €277,735 | +€24,028 | +9.5% |
| Tax-exempt reserves | 132 | €29,594 | €28,557 | -€1,037 | -3.5% |
| Distributable reserves | 133 | €3,368,734 | €3,825,275 | +€456,541 | +13.6% |
| Provisions and deferred taxes | 16 | €20,539 | €19,337 | -€1,202 | -5.9% |
| Deferred taxes | 168 | €20,539 | €19,337 | -€1,202 | -5.9% |
| Amounts payable | 17/49 | €613,036 | €548,872 | -€64,164 | -10.5% |
| Amounts payable within one year | 42/48 | €610,925 | €548,046 | -€62,878 | -10.3% |
| Trade debts | 44 | €1,864 | €273 | -€1,591 | -85.4% |
| Suppliers | 440/4 | €1,864 | €273 | -€1,591 | -85.4% |
| Taxes, remuneration and social security | 45 | €8,520 | €28,822 | +€20,302 | +238.3% |
| Taxes | 450/3 | - | €28,822 | +€28,822 | |
| Remuneration and social security | 454/9 | €8,520 | - | -€8,520 | |
| Other amounts payable | 47/48 | €600,541 | €518,951 | -€81,589 | -13.6% |
| Accrued charges and deferred income | 492/3 | €2,111 | €825 | -€1,286 | -60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,216 | €5,216 | = | 0.0% |
| Other operating charges | 640/8 | €2,118 | €1,967 | -€151 | -7.1% |
| Gross operating margin | 9900 | €547,524 | €631,934 | +€84,409 | +15.4% |
| Operating profit (loss) | 9901 | €540,190 | €624,750 | +€84,560 | +15.7% |
| Financial income | 75/76B | €4,037 | €10,012 | +€5,975 | +148.0% |
| Recurring financial income | 75 | €4,037 | €10,012 | +€5,975 | +148.0% |
| Financial charges | 65/66B | €1,910 | €862 | -€1,048 | -54.9% |
| Recurring financial charges | 65 | €1,910 | €862 | -€1,048 | -54.9% |
| Profit (loss) for the period before taxes | 9903 | €542,317 | €633,901 | +€91,583 | +16.9% |
| Transfer from deferred taxes | 780 | €1,202 | €1,202 | = | 0.0% |
| Income taxes | 67/77 | €131,220 | €155,571 | +€24,350 | +18.6% |
| Profit (loss) for the period | 9904 | €412,299 | €479,532 | +€67,233 | +16.3% |
| Transfer from tax-exempt reserves | 789 | €1,037 | €1,037 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €413,337 | €480,570 | +€67,233 | +16.3% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.