TOP-CONCEPT: 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.
TOP-CONCEPT
Largest movements
- Receivables within one year -€170,926
down €170,926 (-31.2%), from €547,328 to €376,402
of which Trade receivables: -€121,571
- Tangible fixed assets -€62,060
down €62,060 (-3.6%), from €1.7m to €1.7m
of which Leasing and similar rights: -€43,814
- Cash +€31,833
up €31,833 (+276.0%), from €11,536 to €43,369
mainly Short-term financial debts (+€186,995) and Receivables within one year (+€170,926)
- Current portion of long-term debt -€249,377
down €249,377 (-68.4%), from €364,795 to €115,418
- Short-term financial debts +€186,995
up €186,995 (+302.8%), from €61,750 to €248,745
of which Credit institutions: +€178,250
- Debts after one year -€115,418
down €115,418 (-10.6%), from €1.1m to €970,176
- Trade debts -€83,856
down €83,856 (-22.5%), from €372,000 to €288,143
- Reserves +€55,022
up €55,022 (+10.7%), from €514,031 to €569,054
- Other operating charges +€78,762
up €78,762 (+1231.6%), from €6,395 to €85,157
- Taxes -€22,517
down €22,517 (-36.4%), from €61,845 to €39,328
- Depreciation +€19,956
up €19,956 (+24.0%), from €83,213 to €103,169
- Financial charges +€12,422
up €12,422 (+21.8%), from €57,007 to €69,430
- Financial income +€11,004
up €11,004 (+514.2%), from €2,140 to €13,144
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,464,541 | €2,280,761 | -€183,780 | -7.5% |
| Fixed assets | 21/28 | €1,712,788 | €1,657,481 | -€55,308 | -3.2% |
| Intangible fixed assets | 21 | - | €6,752 | +€6,752 | |
| Tangible fixed assets | 22/27 | €1,712,463 | €1,650,403 | -€62,060 | -3.6% |
| Land and buildings | 22 | €1,255,933 | €1,218,082 | -€37,852 | -3.0% |
| Plant, machinery and equipment | 23 | €47,670 | €63,007 | +€15,337 | +32.2% |
| Furniture and vehicles | 24 | €13,054 | €17,322 | +€4,268 | +32.7% |
| Leasing and similar rights | 25 | €395,806 | €351,993 | -€43,814 | -11.1% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €751,753 | €623,280 | -€128,472 | -17.1% |
| Stocks and contracts in progress | 3 | €174,496 | €198,360 | +€23,865 | +13.7% |
| Stocks | 30/36 | €174,496 | €198,360 | +€23,865 | +13.7% |
| Amounts receivable within one year | 40/41 | €547,328 | €376,402 | -€170,926 | -31.2% |
| Trade receivables | 40 | €436,789 | €315,218 | -€121,571 | -27.8% |
| Other amounts receivable | 41 | €110,539 | €61,183 | -€49,355 | -44.6% |
| Cash at bank and in hand | 54/58 | €11,536 | €43,369 | +€31,833 | +276.0% |
| Deferred charges and accrued income | 490/1 | €18,394 | €5,149 | -€13,244 | -72.0% |
| Total equity and liabilities | 10/49 | €2,464,541 | €2,280,761 | -€183,780 | -7.5% |
| Equity | 10/15 | €520,231 | €575,254 | +€55,022 | +10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €514,031 | €569,054 | +€55,022 | +10.7% |
| Distributable reserves | 133 | €514,031 | €569,054 | +€55,022 | +10.7% |
| Amounts payable | 17/49 | €1,944,309 | €1,705,507 | -€238,802 | -12.3% |
| Amounts payable after more than one year | 17 | €1,085,594 | €970,176 | -€115,418 | -10.6% |
| Financial debts | 170/4 | €1,085,594 | €970,176 | -€115,418 | -10.6% |
| Amounts payable within one year | 42/48 | €858,710 | €735,331 | -€123,380 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €364,795 | €115,418 | -€249,377 | -68.4% |
| Financial debts | 43 | €61,750 | €248,745 | +€186,995 | +302.8% |
| Credit institutions | 430/8 | €61,750 | €240,000 | +€178,250 | +288.7% |
| Other loans | 439 | - | €8,745 | +€8,745 | |
| Trade debts | 44 | €372,000 | €288,143 | -€83,856 | -22.5% |
| Suppliers | 440/4 | €372,000 | €288,143 | -€83,856 | -22.5% |
| Taxes, remuneration and social security | 45 | €60,165 | €83,025 | +€22,860 | +38.0% |
| Taxes | 450/3 | €38,540 | €53,043 | +€14,503 | +37.6% |
| Remuneration and social security | 454/9 | €21,625 | €29,982 | +€8,357 | +38.6% |
| Accrued charges and deferred income | 492/3 | €5 | €0 | -€5 | -100.0% |
| Non-recurring operating income | 76A | €17,554 | €2,850 | -€14,703 | -83.8% |
| Remuneration, social security and pensions | 62 | €539,180 | €529,840 | -€9,340 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,213 | €103,169 | +€19,956 | +24.0% |
| Other operating charges | 640/8 | €6,395 | €85,157 | +€78,762 | +1231.6% |
| Non-recurring operating charges | 66A | €2,325 | €0 | -€2,325 | -100.0% |
| Gross operating margin | 9900 | €865,183 | €868,803 | +€3,620 | +0.4% |
| Operating profit (loss) | 9901 | €234,070 | €150,637 | -€83,434 | -35.6% |
| Financial income | 75/76B | €2,140 | €13,144 | +€11,004 | +514.2% |
| Recurring financial income | 75 | €2,140 | €13,144 | +€11,004 | +514.2% |
| Financial charges | 65/66B | €57,007 | €69,430 | +€12,422 | +21.8% |
| Recurring financial charges | 65 | €57,007 | €69,430 | +€12,422 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €179,203 | €94,351 | -€84,853 | -47.3% |
| Income taxes | 67/77 | €61,845 | €39,328 | -€22,517 | -36.4% |
| Profit (loss) for the period | 9904 | €117,358 | €55,022 | -€62,335 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €117,358 | €55,022 | -€62,335 | -53.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.