TOP FARMA: 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 FARMA
Largest movements
- Receivables within one year +€65,850
up €65,850 (+35.2%), from €187,312 to €253,162
of which Trade receivables: +€35,034
- Tangible fixed assets -€23,928
down €23,928 (-39.9%), from €59,993 to €36,066
of which Furniture and vehicles: -€15,661
- Cash -€17,347
down €17,347 (-5.6%), from €312,135 to €294,787
mainly Other debts (-€181,979) and Receivables within one year (-€65,850)
- Stocks and contracts -€12,582
down €12,582 (-5.9%), from €214,220 to €201,638
- Other debts -€181,979
down €181,979 (-99.9%), from €182,197 to €218
- Reserves +€150,921
up €150,921 (+45.2%), from €333,868 to €484,789
of which Distributable reserves: +€150,921
- Trade debts +€56,513
up €56,513 (+35.9%), from €157,476 to €213,989
- Tax, wage and social debts -€13,384
down €13,384 (-29.8%), from €44,860 to €31,476
of which Taxes: -€22,324
- Gross operating margin -€56,707
down €56,707 (-12.4%), from €458,073 to €401,366
- Staff costs +€18,721
up €18,721 (+13.0%), from €144,034 to €162,755
- Financial charges -€17,343
down €17,343 (-61.0%), from €28,415 to €11,072
- Taxes -€11,899
down €11,899 (-18.5%), from €64,156 to €52,256
- Depreciation -€10,051
down €10,051 (-28.6%), from €35,148 to €25,098
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 | €780,373 | €792,445 | +€12,072 | +1.5% |
| Fixed assets | 21/28 | €59,993 | €36,066 | -€23,928 | -39.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €59,993 | €36,066 | -€23,928 | -39.9% |
| Plant, machinery and equipment | 23 | €22,186 | €13,919 | -€8,267 | -37.3% |
| Furniture and vehicles | 24 | €37,808 | €22,146 | -€15,661 | -41.4% |
| Current assets | 29/58 | €720,380 | €756,380 | +€36,000 | +5.0% |
| Stocks and contracts in progress | 3 | €214,220 | €201,638 | -€12,582 | -5.9% |
| Stocks | 30/36 | €214,220 | €201,638 | -€12,582 | -5.9% |
| Amounts receivable within one year | 40/41 | €187,312 | €253,162 | +€65,850 | +35.2% |
| Trade receivables | 40 | €184,172 | €219,206 | +€35,034 | +19.0% |
| Other amounts receivable | 41 | €3,140 | €33,957 | +€30,816 | +981% |
| Cash at bank and in hand | 54/58 | €312,135 | €294,787 | -€17,347 | -5.6% |
| Deferred charges and accrued income | 490/1 | €6,713 | €6,792 | +€79 | +1.2% |
| Total equity and liabilities | 10/49 | €780,373 | €792,445 | +€12,072 | +1.5% |
| Equity | 10/15 | €395,841 | €546,762 | +€150,921 | +38.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €333,868 | €484,789 | +€150,921 | +45.2% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €327,671 | €478,592 | +€150,921 | +46.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €384,532 | €245,683 | -€138,849 | -36.1% |
| Amounts payable within one year | 42/48 | €384,532 | €245,683 | -€138,849 | -36.1% |
| Trade debts | 44 | €157,476 | €213,989 | +€56,513 | +35.9% |
| Suppliers | 440/4 | €157,476 | €213,989 | +€56,513 | +35.9% |
| Taxes, remuneration and social security | 45 | €44,860 | €31,476 | -€13,384 | -29.8% |
| Taxes | 450/3 | €27,018 | €4,694 | -€22,324 | -82.6% |
| Remuneration and social security | 454/9 | €17,841 | €26,782 | +€8,940 | +50.1% |
| Other amounts payable | 47/48 | €182,197 | €218 | -€181,979 | -99.9% |
| Remuneration, social security and pensions | 62 | €144,034 | €162,755 | +€18,721 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,148 | €25,098 | -€10,051 | -28.6% |
| Other operating charges | 640/8 | €892 | €917 | +€26 | +2.9% |
| Gross operating margin | 9900 | €458,073 | €401,366 | -€56,707 | -12.4% |
| Operating profit (loss) | 9901 | €277,998 | €212,595 | -€65,403 | -23.5% |
| Financial income | 75/76B | €1,456 | €1,654 | +€198 | +13.6% |
| Recurring financial income | 75 | €1,456 | €1,654 | +€198 | +13.6% |
| Financial charges | 65/66B | €28,415 | €11,072 | -€17,343 | -61.0% |
| Recurring financial charges | 65 | €28,415 | €11,072 | -€17,343 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €251,039 | €203,177 | -€47,862 | -19.1% |
| Income taxes | 67/77 | €64,156 | €52,256 | -€11,899 | -18.5% |
| Profit (loss) for the period | 9904 | €186,883 | €150,921 | -€35,962 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €186,883 | €150,921 | -€35,962 | -19.2% |
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 25 October 2026 via checked.be.