TOP MERCHANDISING: 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 MERCHANDISING
Largest movements
- Receivables within one year +€27,801
up €27,801 (+37.8%), from €73,488 to €101,289
of which Other amounts receivable: +€21,336
- Intangible fixed assets -€6,040
down €6,040 (-58.9%), from €10,249 to €4,209
- Cash -€2,631
down €2,631 (-19.0%), from €13,840 to €11,209
mainly Receivables within one year (-€27,801) and Deferred charges and accrued income (-€397)
- Trade debts +€13,919
up €13,919 (+32.1%), from €43,415 to €57,334
- Tax, wage and social debts +€4,646
up €4,646 (+166.6%), from €2,789 to €7,435
of which Remuneration and social security: +€4,431
- Depreciation -€635
down €635 (-9.3%), from €6,797 to €6,163
- Staff costs +€495
up €495 (+1.3%), from €38,703 to €39,198
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 | €97,700 | €117,104 | +€19,404 | +19.9% |
| Fixed assets | 21/28 | €10,372 | €4,209 | -€6,163 | -59.4% |
| Intangible fixed assets | 21 | €10,249 | €4,209 | -€6,040 | -58.9% |
| Tangible fixed assets | 22/27 | €123 | - | -€123 | |
| Furniture and vehicles | 24 | €123 | - | -€123 | |
| Current assets | 29/58 | €87,328 | €112,895 | +€25,567 | +29.3% |
| Amounts receivable within one year | 40/41 | €73,488 | €101,289 | +€27,801 | +37.8% |
| Trade receivables | 40 | €25,718 | €32,183 | +€6,465 | +25.1% |
| Other amounts receivable | 41 | €47,770 | €69,106 | +€21,336 | +44.7% |
| Cash at bank and in hand | 54/58 | €13,840 | €11,209 | -€2,631 | -19.0% |
| Deferred charges and accrued income | 490/1 | - | €397 | +€397 | |
| Total equity and liabilities | 10/49 | €97,700 | €117,104 | +€19,404 | +19.9% |
| Equity | 10/15 | €51,151 | €51,933 | +€782 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,904 | €30,904 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €29,044 | €29,044 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,646 | €2,429 | +€782 | +47.5% |
| Amounts payable | 17/49 | €46,549 | €65,171 | +€18,622 | +40.0% |
| Amounts payable within one year | 42/48 | €46,549 | €65,171 | +€18,622 | +40.0% |
| Trade debts | 44 | €43,415 | €57,334 | +€13,919 | +32.1% |
| Suppliers | 440/4 | €43,415 | €57,334 | +€13,919 | +32.1% |
| Taxes, remuneration and social security | 45 | €2,789 | €7,435 | +€4,646 | +166.6% |
| Taxes | 450/3 | €450 | €665 | +€215 | +47.8% |
| Remuneration and social security | 454/9 | €2,339 | €6,770 | +€4,431 | +189.5% |
| Other amounts payable | 47/48 | €346 | €402 | +€56 | +16.3% |
| Remuneration, social security and pensions | 62 | €38,703 | €39,198 | +€495 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,797 | €6,163 | -€635 | -9.3% |
| Other operating charges | 640/8 | - | €396 | +€396 | |
| Gross operating margin | 9900 | €47,861 | €47,433 | -€428 | -0.9% |
| Operating profit (loss) | 9901 | €2,361 | €1,676 | -€684 | -29.0% |
| Financial income | 75/76B | €1 | €2 | +€1 | +139.8% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +139.8% |
| Financial charges | 65/66B | €265 | €205 | -€61 | -22.8% |
| Recurring financial charges | 65 | €265 | €205 | -€61 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €2,096 | €1,474 | -€622 | -29.7% |
| Income taxes | 67/77 | €450 | €692 | +€242 | +53.7% |
| Profit (loss) for the period | 9904 | €1,646 | €782 | -€864 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,646 | €782 | -€864 | -52.5% |
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 8 October 2026 via checked.be.