TOP IMMO: 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 IMMO
Largest movements
- Receivables within one year +€27,529
up €27,529 (+103.0%), from €26,721 to €54,250
of which Other amounts receivable: +€29,000
- Reserves +€107,000
up €107,000 (+28.3%), from €377,699 to €484,699
of which Distributable reserves: +€108,859
- Other debts -€75,167
down €75,167 (-35.1%), from €213,951 to €138,785
- Debts after one year -€29,976
down €29,976 (-32.1%), from €93,462 to €63,486
- Tax, wage and social debts +€11,660
up €11,660 (+22.5%), from €51,856 to €63,516
of which Taxes: +€6,148
- Gross operating margin +€89,802
up €89,802 (+72.2%), from €124,358 to €214,159
- Taxes +€51,778
up €51,778 (+191.7%), from €27,004 to €78,782
- Financial charges +€7,537
up €7,537 (+72.8%), from €10,358 to €17,895
- Depreciation -€2,290
down €2,290 (-20.6%), from €11,141 to €8,851
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,087,889 | €1,106,563 | +€18,674 | +1.7% |
| Fixed assets | 21/28 | €1,061,165 | €1,052,313 | -€8,851 | -0.8% |
| Tangible fixed assets | 22/27 | €50,694 | €41,842 | -€8,851 | -17.5% |
| Land and buildings | 22 | €36,255 | €33,382 | -€2,873 | -7.9% |
| Furniture and vehicles | 24 | €13,348 | €7,779 | -€5,569 | -41.7% |
| Other tangible fixed assets | 26 | €1,091 | €682 | -€409 | -37.5% |
| Financial fixed assets | 28 | €1,010,471 | €1,010,471 | = | 0.0% |
| Current assets | 29/58 | €26,725 | €54,250 | +€27,526 | +103.0% |
| Amounts receivable within one year | 40/41 | €26,721 | €54,250 | +€27,529 | +103.0% |
| Trade receivables | 40 | €1,471 | - | -€1,471 | |
| Other amounts receivable | 41 | €25,250 | €54,250 | +€29,000 | +114.9% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3 | - | -€3 | |
| Total equity and liabilities | 10/49 | €1,087,889 | €1,106,563 | +€18,674 | +1.7% |
| Equity | 10/15 | €396,291 | €503,291 | +€107,000 | +27.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €377,699 | €484,699 | +€107,000 | +28.3% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €375,839 | €484,699 | +€108,859 | +29.0% |
| Provisions and deferred taxes | 16 | €266,000 | €266,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €266,000 | €266,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €266,000 | €266,000 | = | 0.0% |
| Amounts payable | 17/49 | €425,599 | €337,273 | -€88,326 | -20.8% |
| Amounts payable after more than one year | 17 | €93,462 | €63,486 | -€29,976 | -32.1% |
| Financial debts | 170/4 | €93,462 | €63,486 | -€29,976 | -32.1% |
| Amounts payable within one year | 42/48 | €332,137 | €273,787 | -€58,350 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €19,147 | €20,156 | +€1,009 | +5.3% |
| Financial debts | 43 | €22,339 | €26,416 | +€4,077 | +18.2% |
| Credit institutions | 430/8 | €22,339 | €26,416 | +€4,077 | +18.2% |
| Trade debts | 44 | €24,843 | €24,914 | +€71 | +0.3% |
| Suppliers | 440/4 | €24,843 | €24,914 | +€71 | +0.3% |
| Taxes, remuneration and social security | 45 | €51,856 | €63,516 | +€11,660 | +22.5% |
| Taxes | 450/3 | €41,778 | €47,926 | +€6,148 | +14.7% |
| Remuneration and social security | 454/9 | €10,078 | €15,590 | +€5,512 | +54.7% |
| Other amounts payable | 47/48 | €213,951 | €138,785 | -€75,167 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,141 | €8,851 | -€2,290 | -20.6% |
| Other operating charges | 640/8 | €2,977 | €2,951 | -€26 | -0.9% |
| Gross operating margin | 9900 | €124,358 | €214,159 | +€89,802 | +72.2% |
| Operating profit (loss) | 9901 | €110,240 | €202,357 | +€92,117 | +83.6% |
| Financial income | 75/76B | €13 | €1,320 | +€1,307 | +9930.4% |
| Recurring financial income | 75 | €13 | €1,320 | +€1,307 | +9930.4% |
| Non-recurring financial income | 76B | - | €1,320 | +€1,320 | |
| Financial charges | 65/66B | €10,358 | €17,895 | +€7,537 | +72.8% |
| Recurring financial charges | 65 | €10,358 | €17,895 | +€7,537 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €99,895 | €185,782 | +€85,887 | +86.0% |
| Income taxes | 67/77 | €27,004 | €78,782 | +€51,778 | +191.7% |
| Profit (loss) for the period | 9904 | €72,891 | €107,000 | +€34,109 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,891 | €107,000 | +€34,109 | +46.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.