TOP-Concepts: 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-Concepts
Largest movements
- Tangible fixed assets -€302,654
down €302,654 (-17.2%), from €1.8m to €1.5m
of which Land and buildings: -€290,574
- Intangible fixed assets -€218,781
down €218,781 (-28.0%), from €781,237 to €562,456
- Other debts -€585,876
down €585,876 (-57.4%), from €1.0m to €435,008
- Debts after one year +€312,283
up €312,283 (+56.4%), from €553,213 to €865,496
- Short-term financial debts -€124,813
down €124,813 (-83.2%), from €150,000 to €25,187
of which Credit institutions: -€150,000
- Current portion of long-term debt -€94,661
down €94,661 (-51.6%), from €183,318 to €88,657
- Reserves -€50,210
down €50,210 (-7.8%), from €639,690 to €589,480
of which Tax-exempt reserves: -€112,097
- Taxes +€38,933
up €38,933 (+283.4%), from €13,736 to €52,669
- Depreciation +€26,506
up €26,506 (+20.7%), from €128,029 to €154,535
- Gross operating margin +€16,161
up €16,161 (+6.1%), from €263,774 to €279,936
- Financial income -€11,362
no longer reported in 2025 (was €11,362)
- Financial charges +€10,923
up €10,923 (+26.8%), from €40,689 to €51,612
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 | €2,948,026 | €2,461,154 | -€486,872 | -16.5% |
| Fixed assets | 21/28 | €2,542,331 | €2,020,896 | -€521,435 | -20.5% |
| Intangible fixed assets | 21 | €781,237 | €562,456 | -€218,781 | -28.0% |
| Tangible fixed assets | 22/27 | €1,761,094 | €1,458,440 | -€302,654 | -17.2% |
| Land and buildings | 22 | €1,652,114 | €1,361,541 | -€290,574 | -17.6% |
| Plant, machinery and equipment | 23 | €45,019 | €40,128 | -€4,891 | -10.9% |
| Furniture and vehicles | 24 | €63,960 | €56,771 | -€7,190 | -11.2% |
| Current assets | 29/58 | €405,695 | €440,257 | +€34,563 | +8.5% |
| Amounts receivable after more than one year | 29 | €301,366 | €301,366 | = | 0.0% |
| Other amounts receivable | 291 | €301,366 | €301,366 | = | 0.0% |
| Stocks and contracts in progress | 3 | €101,202 | €99,971 | -€1,231 | -1.2% |
| Stocks | 30/36 | €101,202 | €99,971 | -€1,231 | -1.2% |
| Amounts receivable within one year | 40/41 | - | €22,119 | +€22,119 | |
| Trade receivables | 40 | - | €13,922 | +€13,922 | |
| Other amounts receivable | 41 | - | €8,197 | +€8,197 | |
| Cash at bank and in hand | 54/58 | €1,533 | €15,819 | +€14,285 | +931.6% |
| Deferred charges and accrued income | 490/1 | €1,593 | €982 | -€611 | -38.4% |
| Total equity and liabilities | 10/49 | €2,948,026 | €2,461,154 | -€486,872 | -16.5% |
| Equity | 10/15 | €659,690 | €609,480 | -€50,210 | -7.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €639,690 | €589,480 | -€50,210 | -7.8% |
| Tax-exempt reserves | 132 | €580,194 | €468,097 | -€112,097 | -19.3% |
| Distributable reserves | 133 | €59,495 | €121,383 | +€61,887 | +104.0% |
| Provisions and deferred taxes | 16 | €181,821 | €156,032 | -€25,789 | -14.2% |
| Deferred taxes | 168 | €181,821 | €156,032 | -€25,789 | -14.2% |
| Amounts payable | 17/49 | €2,106,515 | €1,695,641 | -€410,874 | -19.5% |
| Amounts payable after more than one year | 17 | €553,213 | €865,496 | +€312,283 | +56.4% |
| Financial debts | 170/4 | €553,213 | €865,496 | +€312,283 | +56.4% |
| Amounts payable within one year | 42/48 | €1,553,302 | €830,145 | -€723,157 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €183,318 | €88,657 | -€94,661 | -51.6% |
| Financial debts | 43 | €150,000 | €25,187 | -€124,813 | -83.2% |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Other loans | 439 | - | €25,187 | +€25,187 | |
| Trade debts | 44 | €119,170 | €166,740 | +€47,570 | +39.9% |
| Suppliers | 440/4 | €119,170 | €166,740 | +€47,570 | +39.9% |
| Taxes, remuneration and social security | 45 | €79,929 | €114,552 | +€34,623 | +43.3% |
| Taxes | 450/3 | €65,689 | €103,223 | +€37,534 | +57.1% |
| Remuneration and social security | 454/9 | €14,240 | €11,329 | -€2,911 | -20.4% |
| Other amounts payable | 47/48 | €1,020,884 | €435,008 | -€585,876 | -57.4% |
| Remuneration, social security and pensions | 62 | €77,023 | €79,214 | +€2,190 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,029 | €154,535 | +€26,506 | +20.7% |
| Other operating charges | 640/8 | €21,378 | €17,905 | -€3,473 | -16.2% |
| Gross operating margin | 9900 | €263,774 | €279,936 | +€16,161 | +6.1% |
| Operating profit (loss) | 9901 | €37,344 | €28,283 | -€9,062 | -24.3% |
| Financial income | 75/76B | €11,362 | - | -€11,362 | |
| Recurring financial income | 75 | €11,362 | - | -€11,362 | |
| Financial charges | 65/66B | €40,689 | €51,612 | +€10,923 | +26.8% |
| Recurring financial charges | 65 | €40,689 | €51,612 | +€10,923 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €8,017 | -€23,329 | -€31,346 | |
| Transfer from deferred taxes | 780 | €26,049 | €25,789 | -€260 | -1.0% |
| Income taxes | 67/77 | €13,736 | €52,669 | +€38,933 | +283.4% |
| Profit (loss) for the period | 9904 | €20,330 | -€50,210 | -€70,540 | |
| Transfer from tax-exempt reserves | 789 | €43,414 | €112,097 | +€68,683 | +158.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,744 | €61,887 | -€1,857 | -2.9% |
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 4 October 2026 via checked.be.