TOP FLY: what changed
Two fiscal 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 FLY
Largest movements
- Cash +€507,545
up €507,545 (+1324.3%), from €38,326 to €545,871
mainly Current investments (+€500,000) and Depreciation (+€110,573)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Tangible fixed assets -€94,845
down €94,845 (-6.5%), from €1.5m to €1.4m
of which Land and buildings: -€81,429
- Reserves -€100,000
down €100,000 (-6.0%), from €1.7m to €1.6m
- Other debts -€24,356
down €24,356 (-8.7%), from €280,564 to €256,208
- Profit (loss) carried forward +€20,829
up €20,829 (+286.9%), from €7,259 to €28,089
- Gross operating margin -€377,465
down €377,465 (-92.7%), from €407,354 to €29,889
- Taxes -€82,274
down €82,274 (-99.5%), from €82,670 to €395
- Depreciation -€31,330
down €31,330 (-22.1%), from €141,903 to €110,573
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 | €2,030,946 | €1,926,579 | -€104,367 | -5.1% |
| Fixed assets | 21/28 | €1,459,941 | €1,365,096 | -€94,845 | -6.5% |
| Tangible fixed assets | 22/27 | €1,459,916 | €1,365,071 | -€94,845 | -6.5% |
| Land and buildings | 22 | €1,241,211 | €1,159,782 | -€81,429 | -6.6% |
| Furniture and vehicles | 24 | €11,800 | €10,924 | -€876 | -7.4% |
| Other tangible fixed assets | 26 | €206,905 | €194,365 | -€12,540 | -6.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €571,005 | €561,483 | -€9,522 | -1.7% |
| Amounts receivable within one year | 40/41 | €25,343 | €14,322 | -€11,021 | -43.5% |
| Trade receivables | 40 | €15,675 | €4,104 | -€11,571 | -73.8% |
| Other amounts receivable | 41 | €9,668 | €10,218 | +€550 | +5.7% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €38,326 | €545,871 | +€507,545 | +1324.3% |
| Deferred charges and accrued income | 490/1 | €7,336 | €1,290 | -€6,046 | -82.4% |
| Total equity and liabilities | 10/49 | €2,030,946 | €1,926,579 | -€104,367 | -5.1% |
| Equity | 10/15 | €1,745,430 | €1,666,259 | -€79,171 | -4.5% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Reserves | 13 | €1,670,000 | €1,570,000 | -€100,000 | -6.0% |
| Distributable reserves | 133 | €1,670,000 | €1,570,000 | -€100,000 | -6.0% |
| Profit (loss) carried forward | 14 | €7,259 | €28,089 | +€20,829 | +286.9% |
| Amounts payable | 17/49 | €285,516 | €260,320 | -€25,197 | -8.8% |
| Amounts payable within one year | 42/48 | €285,516 | €259,460 | -€26,057 | -9.1% |
| Trade debts | 44 | €4,952 | €3,252 | -€1,700 | -34.3% |
| Suppliers | 440/4 | €4,952 | €3,252 | -€1,700 | -34.3% |
| Other amounts payable | 47/48 | €280,564 | €256,208 | -€24,356 | -8.7% |
| Accrued charges and deferred income | 492/3 | - | €860 | +€860 | |
| Non-recurring operating income | 76A | €362,605 | - | -€362,605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,903 | €110,573 | -€31,330 | -22.1% |
| Other operating charges | 640/8 | €6,103 | €8,640 | +€2,536 | +41.6% |
| Gross operating margin | 9900 | €407,354 | €29,889 | -€377,465 | -92.7% |
| Operating profit (loss) | 9901 | €259,347 | -€89,323 | -€348,671 | |
| Financial income | 75/76B | €9,108 | €10,628 | +€1,520 | +16.7% |
| Recurring financial income | 75 | €9,108 | €10,628 | +€1,520 | +16.7% |
| Financial charges | 65/66B | €11 | €80 | +€69 | +654.0% |
| Recurring financial charges | 65 | €11 | €80 | +€69 | +654.0% |
| Profit (loss) for the period before taxes | 9903 | €268,445 | -€78,775 | -€347,220 | |
| Income taxes | 67/77 | €82,670 | €395 | -€82,274 | -99.5% |
| Profit (loss) for the period | 9904 | €185,775 | -€79,171 | -€264,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,775 | -€79,171 | -€264,946 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.