TOP FINANCES: 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 FINANCES
Largest movements
- Financial fixed assets +€35,900
up €35,900 (+7.4%), from €485,305 to €521,205
- Tangible fixed assets -€33,186
down €33,186 (-4.3%), from €772,810 to €739,624
of which Land and buildings: -€31,616
- Receivables within one year +€16,733
up €16,733 (+82.3%), from €20,331 to €37,064
of which Trade receivables: +€14,500
- Debts after one year -€54,237
down €54,237 (-54.2%), from €99,998 to €45,760
- Other debts +€39,750
up €39,750 (+624.1%), from €6,370 to €46,120
- Profit (loss) carried forward +€32,688
up €32,688 (+11.9%), from €275,565 to €308,253
- Short-term financial debts +€30,000
up €30,000 (+36.9%), from €81,200 to €111,200
- Trade debts -€19,397
down €19,397 (-11.6%), from €166,939 to €147,542
- Financial income -€227,305
down €227,305 (-78.4%), from €289,969 to €62,663
of which Non-recurring financial income: -€284,508
- Gross operating margin -€22,101
down €22,101 (-53.9%), from €41,021 to €18,920
- Depreciation -€8,596
down €8,596 (-20.6%), from €41,783 to €33,186
- Other operating charges +€1,716
up €1,716 (+67.8%), from €2,532 to €4,248
- Taxes -€970
down €970 (-85.8%), from €1,130 to €160
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 | €1,398,731 | €1,427,657 | +€28,926 | +2.1% |
| Fixed assets | 21/28 | €1,258,115 | €1,260,829 | +€2,714 | +0.2% |
| Tangible fixed assets | 22/27 | €772,810 | €739,624 | -€33,186 | -4.3% |
| Land and buildings | 22 | €768,947 | €737,331 | -€31,616 | -4.1% |
| Plant, machinery and equipment | 23 | €3,143 | €2,292 | -€851 | -27.1% |
| Other tangible fixed assets | 26 | €720 | - | -€720 | |
| Financial fixed assets | 28 | €485,305 | €521,205 | +€35,900 | +7.4% |
| Current assets | 29/58 | €140,616 | €166,828 | +€26,212 | +18.6% |
| Amounts receivable after more than one year | 29 | €88,420 | €95,080 | +€6,660 | +7.5% |
| Other amounts receivable | 291 | €88,420 | €95,080 | +€6,660 | +7.5% |
| Amounts receivable within one year | 40/41 | €20,331 | €37,064 | +€16,733 | +82.3% |
| Trade receivables | 40 | - | €14,500 | +€14,500 | |
| Other amounts receivable | 41 | €20,331 | €22,564 | +€2,233 | +11.0% |
| Cash at bank and in hand | 54/58 | €11,301 | €9,632 | -€1,669 | -14.8% |
| Deferred charges and accrued income | 490/1 | €20,564 | €25,052 | +€4,488 | +21.8% |
| Total equity and liabilities | 10/49 | €1,398,731 | €1,427,657 | +€28,926 | +2.1% |
| Equity | 10/15 | €878,253 | €910,941 | +€32,688 | +3.7% |
| Contributions | 10/11 | €8,057 | €8,057 | = | 0.0% |
| Reserves | 13 | €594,631 | €594,631 | = | 0.0% |
| Tax-exempt reserves | 132 | €269,631 | €269,631 | = | 0.0% |
| Distributable reserves | 133 | €325,000 | €325,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,565 | €308,253 | +€32,688 | +11.9% |
| Provisions and deferred taxes | 16 | €89,877 | €89,877 | = | 0.0% |
| Deferred taxes | 168 | €89,877 | €89,877 | = | 0.0% |
| Amounts payable | 17/49 | €430,601 | €426,839 | -€3,762 | -0.9% |
| Amounts payable after more than one year | 17 | €99,998 | €45,760 | -€54,237 | -54.2% |
| Financial debts | 170/4 | €99,998 | €45,760 | -€54,237 | -54.2% |
| Amounts payable within one year | 42/48 | €330,603 | €381,078 | +€50,475 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €49,124 | €50,041 | +€917 | +1.9% |
| Financial debts | 43 | €81,200 | €111,200 | +€30,000 | +36.9% |
| Other loans | 439 | €81,200 | €111,200 | +€30,000 | +36.9% |
| Trade debts | 44 | €166,939 | €147,542 | -€19,397 | -11.6% |
| Suppliers | 440/4 | €166,939 | €147,542 | -€19,397 | -11.6% |
| Taxes, remuneration and social security | 45 | €26,970 | €26,175 | -€795 | -2.9% |
| Taxes | 450/3 | €26,970 | €26,175 | -€795 | -2.9% |
| Other amounts payable | 47/48 | €6,370 | €46,120 | +€39,750 | +624.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,783 | €33,186 | -€8,596 | -20.6% |
| Other operating charges | 640/8 | €2,532 | €4,248 | +€1,716 | +67.8% |
| Gross operating margin | 9900 | €41,021 | €18,920 | -€22,101 | -53.9% |
| Operating profit (loss) | 9901 | -€3,293 | -€18,515 | -€15,221 | -462.2% |
| Financial income | 75/76B | €289,969 | €62,663 | -€227,305 | -78.4% |
| Recurring financial income | 75 | €5,460 | €62,663 | +€57,203 | +1047.6% |
| Non-recurring financial income | 76B | €284,508 | - | -€284,508 | |
| Financial charges | 65/66B | €11,479 | €11,301 | -€179 | -1.6% |
| Recurring financial charges | 65 | €11,479 | €11,301 | -€179 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €275,196 | €32,848 | -€242,348 | -88.1% |
| Transfer to deferred taxes | 680 | €71,127 | - | -€71,127 | |
| Income taxes | 67/77 | €1,130 | €160 | -€970 | -85.8% |
| Profit (loss) for the period | 9904 | €202,939 | €32,688 | -€170,251 | -83.9% |
| Transfer to tax-exempt reserves | 689 | €213,381 | - | -€213,381 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,442 | €32,688 | +€43,131 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.