TOP ECO: 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 ECO
Largest movements
- Tangible fixed assets -€25,393
down €25,393 (-1.9%), from €1.3m to €1.3m
- Receivables within one year -€19,265
down €19,265 (-58.1%), from €33,137 to €13,872
of which Trade receivables: -€18,440
- Debts after one year -€84,958
down €84,958 (-12.5%), from €681,446 to €596,488
- Reserves +€36,368
up €36,368 (+98.7%), from €36,860 to €73,228
of which Distributable reserves: +€36,368
- Other debts -€26,429
down €26,429 (-7.2%), from €368,120 to €341,691
- Profit (loss) carried forward +€18,638
up €18,638, from -€18,638 to €0
- Depreciation -€90,143
down €90,143 (-67.9%), from €132,786 to €42,643
- Gross operating margin -€70,251
down €70,251 (-35.3%), from €198,937 to €128,686
- Financial charges -€25,468
down €25,468 (-43.9%), from €58,026 to €32,558
- Taxes +€2,637
new in 2025: €2,637
- Other operating charges -€2,450
down €2,450 (-29.5%), from €8,292 to €5,842
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 | €1,391,316 | €1,338,413 | -€52,903 | -3.8% |
| Fixed assets | 21/28 | €1,336,131 | €1,310,738 | -€25,393 | -1.9% |
| Tangible fixed assets | 22/27 | €1,336,131 | €1,310,738 | -€25,393 | -1.9% |
| Land and buildings | 22 | €1,336,131 | €1,310,738 | -€25,393 | -1.9% |
| Current assets | 29/58 | €55,185 | €27,675 | -€27,510 | -49.9% |
| Amounts receivable within one year | 40/41 | €33,137 | €13,872 | -€19,265 | -58.1% |
| Trade receivables | 40 | €32,312 | €13,872 | -€18,440 | -57.1% |
| Other amounts receivable | 41 | €825 | €0 | -€825 | -100% |
| Cash at bank and in hand | 54/58 | €20,397 | €13,320 | -€7,077 | -34.7% |
| Deferred charges and accrued income | 490/1 | €1,651 | €483 | -€1,168 | -70.8% |
| Total equity and liabilities | 10/49 | €1,391,316 | €1,338,413 | -€52,903 | -3.8% |
| Equity | 10/15 | €218,831 | €263,837 | +€45,006 | +20.6% |
| Contributions | 10/11 | €35,609 | €35,609 | = | 0.0% |
| Revaluation surpluses | 12 | €165,000 | €155,000 | -€10,000 | -6.1% |
| Reserves | 13 | €36,860 | €73,228 | +€36,368 | +98.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €36,860 | €73,228 | +€36,368 | +98.7% |
| Profit (loss) carried forward | 14 | -€18,638 | €0 | +€18,638 | |
| Amounts payable | 17/49 | €1,172,485 | €1,074,576 | -€97,909 | -8.4% |
| Amounts payable after more than one year | 17 | €681,446 | €596,488 | -€84,958 | -12.5% |
| Financial debts | 170/4 | €681,446 | €596,488 | -€84,958 | -12.5% |
| Amounts payable within one year | 42/48 | €490,539 | €478,088 | -€12,451 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €81,707 | €84,958 | +€3,252 | +4.0% |
| Trade debts | 44 | €16,839 | €21,129 | +€4,290 | +25.5% |
| Suppliers | 440/4 | €16,839 | €21,129 | +€4,290 | +25.5% |
| Advances received on contracts in progress | 46 | €5,595 | €6,004 | +€409 | +7.3% |
| Taxes, remuneration and social security | 45 | €18,278 | €24,306 | +€6,027 | +33.0% |
| Taxes | 450/3 | €15,971 | €21,980 | +€6,009 | +37.6% |
| Remuneration and social security | 454/9 | €2,308 | €2,326 | +€18 | +0.8% |
| Other amounts payable | 47/48 | €368,120 | €341,691 | -€26,429 | -7.2% |
| Accrued charges and deferred income | 492/3 | €500 | €0 | -€500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,786 | €42,643 | -€90,143 | -67.9% |
| Other operating charges | 640/8 | €8,292 | €5,842 | -€2,450 | -29.5% |
| Gross operating margin | 9900 | €198,937 | €128,686 | -€70,251 | -35.3% |
| Operating profit (loss) | 9901 | €57,858 | €80,201 | +€22,342 | +38.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €58,026 | €32,558 | -€25,468 | -43.9% |
| Recurring financial charges | 65 | €58,026 | €32,558 | -€25,468 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | -€167 | €47,643 | +€47,810 | |
| Income taxes | 67/77 | - | €2,637 | +€2,637 | |
| Profit (loss) for the period | 9904 | -€167 | €45,006 | +€45,173 | |
| Profit (loss) for the period to be appropriated | 9905 | -€167 | €45,006 | +€45,173 |
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.