TOP CONSTRUCT-IVAN: what changed
Two financial 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 CONSTRUCT-IVAN
Largest movements
- Stocks and contracts -€841,703
down €841,703 (-45.4%), from €1.9m to €1.0m
- Cash +€132,575
up €132,575 (+933%), from €14,208 to €146,784
mainly Stocks and contracts (+€841,703) and Debts after one year (+€483,308)
- Receivables within one year +€130,320
up €130,320 (+77.9%), from €167,245 to €297,565
of which Trade receivables: +€81,880
- Short-term financial debts -€1.0m
no longer reported in 2025 (was €1.0m)
- Debts after one year +€483,308
up €483,308 (+1,027%), from €47,066 to €530,374
of which Financial debts: +€462,448
- Other debts -€150,209
down €150,209 (-38.7%), from €388,469 to €238,261
- Profit (loss) carried forward +€41,889
up €41,889 (+8.5%), from €490,707 to €532,595
- Trade debts +€40,902
up €40,902 (+44.9%), from €91,178 to €132,079
- Gross operating margin +€101,219
up €101,219 (+61.7%), from €164,112 to €265,331
- Financial charges -€33,570
down €33,570 (-59.7%), from €56,206 to €22,636
of which Financial charges: -€43,070
- Taxes +€32,930
up €32,930 (+156%), from €21,162 to €54,092
- Depreciation +€3,123
up €3,123 (+14.0%), from €22,240 to €25,363
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.
Derived cash bridge
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 | €2,126,222 | €1,526,277 | -€599,945 | -28.2% |
| Fixed assets | 21/28 | €87,539 | €66,567 | -€20,972 | -24.0% |
| Tangible fixed assets | 22/27 | €87,022 | €66,092 | -€20,930 | -24.1% |
| Plant, machinery and equipment | 23 | €4,606 | €4,819 | +€213 | +4.6% |
| Furniture and vehicles | 24 | €82,416 | €61,273 | -€21,143 | -25.7% |
| Financial fixed assets | 28 | €517 | €475 | -€42 | -8.1% |
| Current assets | 29/58 | €2,038,682 | €1,459,710 | -€578,973 | -28.4% |
| Stocks and contracts in progress | 3 | €1,853,945 | €1,012,242 | -€841,703 | -45.4% |
| Stocks | 30/36 | €1,853,945 | €1,012,242 | -€841,703 | -45.4% |
| Amounts receivable within one year | 40/41 | €167,245 | €297,565 | +€130,320 | +77.9% |
| Trade receivables | 40 | €152,096 | €233,976 | +€81,880 | +53.8% |
| Other amounts receivable | 41 | €15,149 | €63,589 | +€48,440 | +320% |
| Cash at bank and in hand | 54/58 | €14,208 | €146,784 | +€132,575 | +933% |
| Deferred charges and accrued income | 490/1 | €3,284 | €3,119 | -€165 | -5.0% |
| Total equity and liabilities | 10/49 | €2,126,222 | €1,526,277 | -€599,945 | -28.2% |
| Equity | 10/15 | €511,167 | €553,055 | +€41,889 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €490,707 | €532,595 | +€41,889 | +8.5% |
| Amounts payable | 17/49 | €1,615,055 | €973,221 | -€641,834 | -39.7% |
| Amounts payable after more than one year | 17 | €47,066 | €530,374 | +€483,308 | +1,027% |
| Financial debts | 170/4 | €47,066 | €509,514 | +€462,448 | +983% |
| Other amounts payable | 178/9 | - | €20,860 | +€20,860 | |
| Amounts payable within one year | 42/48 | €1,567,990 | €442,848 | -€1.1m | -71.8% |
| Current portion of amounts payable after more than one year | 42 | €36,355 | €72,508 | +€36,153 | +99.4% |
| Financial debts | 43 | €1,030,301 | - | -€1.0m | |
| Credit institutions | 430/8 | €1,030,301 | - | -€1.0m | |
| Trade debts | 44 | €91,178 | €132,079 | +€40,902 | +44.9% |
| Suppliers | 440/4 | €91,178 | €132,079 | +€40,902 | +44.9% |
| Taxes, remuneration and social security | 45 | €21,687 | - | -€21,687 | |
| Taxes | 450/3 | €21,687 | - | -€21,687 | |
| Other amounts payable | 47/48 | €388,469 | €238,261 | -€150,209 | -38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,240 | €25,363 | +€3,123 | +14.0% |
| Other operating charges | 640/8 | €2,727 | €3,704 | +€977 | +35.8% |
| Gross operating margin | 9900 | €164,112 | €265,331 | +€101,219 | +61.7% |
| Operating profit (loss) | 9901 | €139,145 | €236,264 | +€97,119 | +69.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +250% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +250% |
| Financial charges | 65/66B | €56,206 | €22,636 | -€33,570 | -59.7% |
| Recurring financial charges | 65 | €56,206 | €13,136 | -€43,070 | -76.6% |
| Non-recurring financial charges | 66B | - | €9,500 | +€9,500 | |
| Profit (loss) for the period before taxes | 9903 | €82,939 | €213,628 | +€130,689 | +158% |
| Income taxes | 67/77 | €21,162 | €54,092 | +€32,930 | +156% |
| Profit (loss) for the period | 9904 | €61,777 | €159,536 | +€97,759 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €61,777 | €159,536 | +€97,759 | +158% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.