TOP GAZON: 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 GAZON
Largest movements
- Tangible fixed assets -€34,247
down €34,247 (-33.9%), from €101,074 to €66,827
of which Plant, machinery and equipment: -€24,330
- Deferred charges and accrued income +€1,628
up €1,628 (+191.1%), from €852 to €2,480
- Reserves -€22,803
no longer reported in 2025 (was €22,803)
- Debts after one year -€15,280
down €15,280 (-17.4%), from €87,980 to €72,701
- Profit (loss) carried forward -€10,514
new in 2025: -€10,514
- Trade debts +€9,910
up €9,910 (+63.8%), from €15,534 to €25,443
- Other debts +€3,079
new in 2025: €3,079
- Gross operating margin -€142,358
down €142,358 (-75.9%), from €187,537 to €45,179
- Staff costs -€58,271
down €58,271 (-64.2%), from €90,699 to €32,428
- Other operating charges -€55,369
down €55,369 (-95.4%), from €58,022 to €2,653
- Financial charges -€6,875
down €6,875 (-49.7%), from €13,841 to €6,965
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 | €151,920 | €118,977 | -€32,943 | -21.7% |
| Fixed assets | 21/28 | €101,249 | €67,002 | -€34,247 | -33.8% |
| Tangible fixed assets | 22/27 | €101,074 | €66,827 | -€34,247 | -33.9% |
| Plant, machinery and equipment | 23 | €65,595 | €41,265 | -€24,330 | -37.1% |
| Furniture and vehicles | 24 | €35,479 | €25,562 | -€9,917 | -28.0% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €50,671 | €51,975 | +€1,304 | +2.6% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €46,250 | €45,466 | -€784 | -1.7% |
| Trade receivables | 40 | €32,272 | €44,419 | +€12,147 | +37.6% |
| Other amounts receivable | 41 | €13,978 | €1,047 | -€12,931 | -92.5% |
| Cash at bank and in hand | 54/58 | €1,069 | €1,529 | +€460 | +43.0% |
| Deferred charges and accrued income | 490/1 | €852 | €2,480 | +€1,628 | +191.1% |
| Total equity and liabilities | 10/49 | €151,920 | €118,977 | -€32,943 | -21.7% |
| Equity | 10/15 | €27,803 | -€5,514 | -€33,317 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,803 | - | -€22,803 | |
| Distributable reserves | 133 | €22,803 | - | -€22,803 | |
| Profit (loss) carried forward | 14 | - | -€10,514 | -€10,514 | |
| Amounts payable | 17/49 | €124,117 | €124,491 | +€374 | +0.3% |
| Amounts payable after more than one year | 17 | €87,980 | €72,701 | -€15,280 | -17.4% |
| Financial debts | 170/4 | €87,980 | €72,701 | -€15,280 | -17.4% |
| Amounts payable within one year | 42/48 | €36,136 | €51,790 | +€15,654 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €15,246 | €15,280 | +€33 | +0.2% |
| Trade debts | 44 | €15,534 | €25,443 | +€9,910 | +63.8% |
| Suppliers | 440/4 | €15,534 | €25,443 | +€9,910 | +63.8% |
| Taxes, remuneration and social security | 45 | €5,356 | €7,988 | +€2,632 | +49.1% |
| Taxes | 450/3 | - | €4,443 | +€4,443 | |
| Remuneration and social security | 454/9 | €5,356 | €3,544 | -€1,812 | -33.8% |
| Other amounts payable | 47/48 | - | €3,079 | +€3,079 | |
| Remuneration, social security and pensions | 62 | €90,699 | €32,428 | -€58,271 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,245 | €34,844 | +€1,599 | +4.8% |
| Other operating charges | 640/8 | €58,022 | €2,653 | -€55,369 | -95.4% |
| Gross operating margin | 9900 | €187,537 | €45,179 | -€142,358 | -75.9% |
| Operating profit (loss) | 9901 | €5,571 | -€24,746 | -€30,316 | |
| Financial charges | 65/66B | €13,841 | €6,965 | -€6,875 | -49.7% |
| Recurring financial charges | 65 | €13,841 | €6,965 | -€6,875 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,270 | -€31,711 | -€23,441 | -283.4% |
| Income taxes | 67/77 | - | €1,606 | +€1,606 | |
| Profit (loss) for the period | 9904 | -€8,270 | -€33,317 | -€25,047 | -302.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,270 | -€33,317 | -€25,047 | -302.9% |
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 9 October 2026 via checked.be.