TOP-FROID: 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-FROID
Largest movements
- Cash +€157,807
up €157,807 (+205%), from €76,938 to €234,745
mainly Other debts (+€208,388) and Net result for the year (+€121,268)
- Receivables within one year -€15,804
down €15,804 (-47.3%), from €33,443 to €17,639
of which Other amounts receivable: -€17,742
- Stocks and contracts -€8,239
down €8,239 (-33.6%), from €24,510 to €16,271
- Other debts +€208,388
up €208,388 (+3,185%), from €6,542 to €214,930
- Reserves -€78,732
down €78,732 (-33.4%), from €235,619 to €156,888
- Advances received +€10,734
new in 2025: €10,734
- Gross operating margin +€91,072
up €91,072 (+48.5%), from €187,629 to €278,701
- Taxes +€20,075
up €20,075 (+191%), from €10,485 to €30,560
- Staff costs +€15,471
up €15,471 (+22.0%), from €70,342 to €85,813
- Depreciation +€3,532
up €3,532 (+12.2%), from €28,908 to €32,440
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 | €430,576 | €569,439 | +€138,863 | +32.3% |
| Fixed assets | 21/28 | €289,914 | €293,816 | +€3,902 | +1.3% |
| Tangible fixed assets | 22/27 | €289,914 | €293,816 | +€3,902 | +1.3% |
| Land and buildings | 22 | €229,518 | €217,337 | -€12,181 | -5.3% |
| Plant, machinery and equipment | 23 | €3,005 | €3,007 | +€2 | +0.1% |
| Furniture and vehicles | 24 | €57,391 | €73,471 | +€16,081 | +28.0% |
| Current assets | 29/58 | €140,663 | €275,623 | +€134,961 | +95.9% |
| Stocks and contracts in progress | 3 | €24,510 | €16,271 | -€8,239 | -33.6% |
| Stocks | 30/36 | €24,510 | €16,271 | -€8,239 | -33.6% |
| Amounts receivable within one year | 40/41 | €33,443 | €17,639 | -€15,804 | -47.3% |
| Trade receivables | 40 | €5,469 | €7,407 | +€1,938 | +35.4% |
| Other amounts receivable | 41 | €27,973 | €10,232 | -€17,742 | -63.4% |
| Cash at bank and in hand | 54/58 | €76,938 | €234,745 | +€157,807 | +205% |
| Deferred charges and accrued income | 490/1 | €5,772 | €6,968 | +€1,197 | +20.7% |
| Total equity and liabilities | 10/49 | €430,576 | €569,439 | +€138,863 | +32.3% |
| Equity | 10/15 | €240,619 | €161,888 | -€78,732 | -32.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €235,619 | €156,888 | -€78,732 | -33.4% |
| Distributable reserves | 133 | €235,619 | €156,888 | -€78,732 | -33.4% |
| Amounts payable | 17/49 | €189,957 | €407,551 | +€217,594 | +115% |
| Amounts payable after more than one year | 17 | €165,740 | €160,211 | -€5,530 | -3.3% |
| Financial debts | 170/4 | €165,740 | €160,211 | -€5,530 | -3.3% |
| Amounts payable within one year | 42/48 | €24,202 | €247,341 | +€223,139 | +922% |
| Current portion of amounts payable after more than one year | 42 | €12,240 | €15,140 | +€2,900 | +23.7% |
| Trade debts | 44 | €792 | €301 | -€491 | -62.0% |
| Suppliers | 440/4 | €792 | €301 | -€491 | -62.0% |
| Advances received on contracts in progress | 46 | - | €10,734 | +€10,734 | |
| Taxes, remuneration and social security | 45 | €4,627 | €6,236 | +€1,609 | +34.8% |
| Taxes | 450/3 | - | €560 | +€560 | |
| Remuneration and social security | 454/9 | €4,627 | €5,676 | +€1,049 | +22.7% |
| Other amounts payable | 47/48 | €6,542 | €214,930 | +€208,388 | +3,185% |
| Accrued charges and deferred income | 492/3 | €15 | - | -€15 | |
| Non-recurring operating income | 76A | €151 | - | -€151 | |
| Remuneration, social security and pensions | 62 | €70,342 | €85,813 | +€15,471 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,908 | €32,440 | +€3,532 | +12.2% |
| Other operating charges | 640/8 | €641 | €1,014 | +€373 | +58.1% |
| Non-recurring operating charges | 66A | - | €43 | +€43 | |
| Gross operating margin | 9900 | €187,629 | €278,701 | +€91,072 | +48.5% |
| Operating profit (loss) | 9901 | €87,738 | €159,392 | +€71,653 | +81.7% |
| Financial income | 75/76B | €0 | €6 | +€5 | +1,276% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +1,276% |
| Financial charges | 65/66B | €8,488 | €7,569 | -€919 | -10.8% |
| Recurring financial charges | 65 | €8,488 | €7,569 | -€919 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €79,250 | €151,828 | +€72,578 | +91.6% |
| Income taxes | 67/77 | €10,485 | €30,560 | +€20,075 | +191% |
| Profit (loss) for the period | 9904 | €68,765 | €121,268 | +€52,503 | +76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,765 | €121,268 | +€52,503 | +76.4% |
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 24 October 2026 via checked.be.