TOP HOLDING: 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 HOLDING
Largest movements
- Financial fixed assets +€375,000
up €375,000 (+2.6%), from €14.2m to €14.5m
- Receivables within one year +€286,573
up €286,573 (+13.4%), from €2.1m to €2.4m
of which Other amounts receivable: +€263,366
- Other debts +€560,000
new in 2025: €560,000
- Reserves -€286,679
down €286,679 (-5.1%), from €5.7m to €5.4m
of which Distributable reserves: -€286,679
- Debts after one year +€236,500
new in 2025: €236,500
- Financial income -€120,207
down €120,207 (-85.7%), from €140,307 to €20,100
of which Financial income: -€119,973
- Gross operating margin +€49,094
up €49,094 (+13.4%), from €365,352 to €414,446
- Taxes +€33,053
up €33,053 (+180%), from €18,403 to €51,456
- Staff costs -€7,855
down €7,855 (-3.4%), from €228,373 to €220,518
- Financial charges +€5,233
up €5,233 (+2,604%), from €201 to €5,434
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 | €16,739,543 | €17,372,503 | +€632,960 | +3.8% |
| Fixed assets | 21/28 | €14,196,436 | €14,608,030 | +€411,594 | +2.9% |
| Tangible fixed assets | 22/27 | €29,685 | €66,279 | +€36,594 | +123% |
| Plant, machinery and equipment | 23 | - | €10,721 | +€10,721 | |
| Furniture and vehicles | 24 | €20,185 | €46,058 | +€25,873 | +128% |
| Other tangible fixed assets | 26 | €9,500 | €9,500 | = | 0.0% |
| Financial fixed assets | 28 | €14,166,751 | €14,541,751 | +€375,000 | +2.6% |
| Current assets | 29/58 | €2,543,107 | €2,764,473 | +€221,366 | +8.7% |
| Amounts receivable within one year | 40/41 | €2,137,621 | €2,424,194 | +€286,573 | +13.4% |
| Trade receivables | 40 | €79,340 | €102,548 | +€23,208 | +29.3% |
| Other amounts receivable | 41 | €2,058,281 | €2,321,647 | +€263,366 | +12.8% |
| Cash at bank and in hand | 54/58 | €303,187 | €258,228 | -€44,958 | -14.8% |
| Deferred charges and accrued income | 490/1 | €102,300 | €82,051 | -€20,249 | -19.8% |
| Total equity and liabilities | 10/49 | €16,739,543 | €17,372,503 | +€632,960 | +3.8% |
| Equity | 10/15 | €16,665,968 | €16,379,289 | -€286,679 | -1.7% |
| Contributions | 10/11 | €11,000,052 | €11,000,052 | = | 0.0% |
| Capital | 10 | €11,000,052 | €11,000,052 | = | 0.0% |
| Issued capital | 100 | €11,000,052 | €11,000,052 | = | 0.0% |
| Reserves | 13 | €5,665,916 | €5,379,237 | -€286,679 | -5.1% |
| Non-distributable reserves | 130/1 | €1,100,005 | €1,100,005 | = | 0.0% |
| Legal reserve | 130 | €1,100,005 | €1,100,005 | = | 0.0% |
| Distributable reserves | 133 | €4,565,911 | €4,279,232 | -€286,679 | -6.3% |
| Amounts payable | 17/49 | €73,575 | €993,214 | +€919,639 | +1,250% |
| Amounts payable after more than one year | 17 | - | €236,500 | +€236,500 | |
| Financial debts | 170/4 | - | €236,500 | +€236,500 | |
| Amounts payable within one year | 42/48 | €73,575 | €756,714 | +€683,139 | +928% |
| Current portion of amounts payable after more than one year | 42 | - | €66,000 | +€66,000 | |
| Trade debts | 44 | €20,945 | €65,730 | +€44,786 | +214% |
| Suppliers | 440/4 | €20,945 | €65,730 | +€44,786 | +214% |
| Taxes, remuneration and social security | 45 | €52,631 | €64,984 | +€12,353 | +23.5% |
| Taxes | 450/3 | €24,157 | €30,934 | +€6,777 | +28.1% |
| Remuneration and social security | 454/9 | €28,473 | €34,050 | +€5,576 | +19.6% |
| Other amounts payable | 47/48 | - | €560,000 | +€560,000 | |
| Remuneration, social security and pensions | 62 | €228,373 | €220,518 | -€7,855 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,086 | €11,459 | -€2,628 | -18.7% |
| Other operating charges | 640/8 | €2,300 | €2,357 | +€58 | +2.5% |
| Gross operating margin | 9900 | €365,352 | €414,446 | +€49,094 | +13.4% |
| Operating profit (loss) | 9901 | €120,593 | €180,111 | +€59,519 | +49.4% |
| Financial income | 75/76B | €140,307 | €20,100 | -€120,207 | -85.7% |
| Recurring financial income | 75 | €140,073 | €20,100 | -€119,973 | -85.7% |
| Non-recurring financial income | 76B | €233 | - | -€233 | |
| Financial charges | 65/66B | €201 | €5,434 | +€5,233 | +2,604% |
| Recurring financial charges | 65 | €201 | €5,434 | +€5,233 | +2,604% |
| Profit (loss) for the period before taxes | 9903 | €260,698 | €194,777 | -€65,921 | -25.3% |
| Income taxes | 67/77 | €18,403 | €51,456 | +€33,053 | +180% |
| Profit (loss) for the period | 9904 | €242,295 | €143,321 | -€98,974 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €242,295 | €143,321 | -€98,974 | -40.8% |
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 23 October 2026 via checked.be.