TOP CYCLE: 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 CYCLE
Largest movements
- Tangible fixed assets -€49,268
down €49,268 (-10.9%), from €452,853 to €403,585
of which Land and buildings: -€40,853
- Stocks and contracts -€8,113
down €8,113 (-4.1%), from €199,316 to €191,203
- Receivables within one year +€7,145
up €7,145 (+617%), from €1,159 to €8,304
of which Trade receivables: +€6,501
- Debts after one year -€33,245
down €33,245 (-7.8%), from €428,674 to €395,429
- Trade debts -€28,983
down €28,983 (-61.8%), from €46,917 to €17,934
- Short-term financial debts +€7,453
up €7,453 (+15.6%), from €47,623 to €55,075
- Gross operating margin +€47,179
up €47,179 (+233%), from €20,207 to €67,387
- Other operating charges -€5,501
down €5,501 (-47.4%), from €11,613 to €6,112
- Financial charges -€3,320
down €3,320 (-21.1%), from €15,756 to €12,436
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 | €657,743 | €608,316 | -€49,426 | -7.5% |
| Fixed assets | 21/28 | €453,028 | €403,760 | -€49,268 | -10.9% |
| Tangible fixed assets | 22/27 | €452,853 | €403,585 | -€49,268 | -10.9% |
| Land and buildings | 22 | €418,216 | €377,363 | -€40,853 | -9.8% |
| Plant, machinery and equipment | 23 | €16,385 | €13,494 | -€2,891 | -17.6% |
| Furniture and vehicles | 24 | €18,253 | €12,729 | -€5,524 | -30.3% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €204,714 | €204,556 | -€158 | -0.1% |
| Stocks and contracts in progress | 3 | €199,316 | €191,203 | -€8,113 | -4.1% |
| Stocks | 30/36 | €199,316 | €191,203 | -€8,113 | -4.1% |
| Amounts receivable within one year | 40/41 | €1,159 | €8,304 | +€7,145 | +617% |
| Trade receivables | 40 | €1,159 | €7,660 | +€6,501 | +561% |
| Other amounts receivable | 41 | - | €645 | +€645 | |
| Cash at bank and in hand | 54/58 | €4,023 | €4,945 | +€922 | +22.9% |
| Deferred charges and accrued income | 490/1 | €217 | €104 | -€113 | -52.2% |
| Total equity and liabilities | 10/49 | €657,743 | €608,316 | -€49,426 | -7.5% |
| Equity | 10/15 | €59,845 | €60,123 | +€278 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,675 | €3,675 | = | 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% |
| Tax-exempt reserves | 132 | €1,815 | €1,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,969 | €50,247 | +€278 | +0.6% |
| Amounts payable | 17/49 | €597,898 | €548,194 | -€49,704 | -8.3% |
| Amounts payable after more than one year | 17 | €428,674 | €395,429 | -€33,245 | -7.8% |
| Financial debts | 170/4 | €428,674 | €395,429 | -€33,245 | -7.8% |
| Amounts payable within one year | 42/48 | €169,224 | €151,349 | -€17,875 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €32,459 | €35,467 | +€3,008 | +9.3% |
| Financial debts | 43 | €47,623 | €55,075 | +€7,453 | +15.6% |
| Credit institutions | 430/8 | €47,623 | €55,075 | +€7,453 | +15.6% |
| Trade debts | 44 | €46,917 | €17,934 | -€28,983 | -61.8% |
| Suppliers | 440/4 | €46,917 | €17,934 | -€28,983 | -61.8% |
| Advances received on contracts in progress | 46 | €34,735 | €35,110 | +€375 | +1.1% |
| Taxes, remuneration and social security | 45 | €1,991 | €3,374 | +€1,383 | +69.5% |
| Taxes | 450/3 | €1,991 | €3,374 | +€1,383 | +69.5% |
| Other amounts payable | 47/48 | €5,500 | €4,389 | -€1,111 | -20.2% |
| Accrued charges and deferred income | 492/3 | - | €1,415 | +€1,415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,939 | €49,268 | -€671 | -1.3% |
| Other operating charges | 640/8 | €11,613 | €6,112 | -€5,501 | -47.4% |
| Gross operating margin | 9900 | €20,207 | €67,387 | +€47,179 | +233% |
| Operating profit (loss) | 9901 | -€41,345 | €12,007 | +€53,351 | |
| Financial income | 75/76B | €893 | €707 | -€186 | -20.8% |
| Recurring financial income | 75 | €893 | €707 | -€186 | -20.8% |
| Financial charges | 65/66B | €15,756 | €12,436 | -€3,320 | -21.1% |
| Recurring financial charges | 65 | €15,756 | €12,436 | -€3,320 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€56,208 | €278 | +€56,486 | |
| Income taxes | 67/77 | €10 | - | -€10 | |
| Profit (loss) for the period | 9904 | -€56,217 | €278 | +€56,496 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,217 | €278 | +€56,496 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.