TOP-OFF: 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-OFF
Largest movements
- Tangible fixed assets -€681,261
down €681,261 (-21.0%), from €3.2m to €2.6m
of which Plant, machinery and equipment: -€582,869
- Receivables within one year -€181,334
down €181,334 (-7.0%), from €2.6m to €2.4m
of which Trade receivables: -€189,964
- Cash +€180,824
up €180,824 (+62.0%), from €291,616 to €472,440
mainly Depreciation (+€848,849) and Other debts (+€550,558)
- Stocks and contracts -€156,054
down €156,054 (-16.6%), from €938,289 to €782,235
- Trade debts -€1.7m
down €1.7m (-71.4%), from €2.3m to €667,615
- Other debts +€550,558
up €550,558 (+18.0%), from €3.1m to €3.6m
- Profit (loss) carried forward +€219,263
up €219,263, from -€68,406 to €150,857
- Accrued charges and deferred income +€125,000
new in 2025: €125,000
- Taxes +€154,325
up €154,325 (+114%), from €135,944 to €290,269
- Depreciation -€91,528
down €91,528 (-9.7%), from €940,377 to €848,849
- Gross operating margin -€82,843
down €82,843 (-1.8%), from €4.5m to €4.4m
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 | €7,289,111 | €6,454,107 | -€835,005 | -11.5% |
| Fixed assets | 21/28 | €3,260,237 | €2,576,770 | -€683,468 | -21.0% |
| Intangible fixed assets | 21 | €4,942 | €1,235 | -€3,706 | -75.0% |
| Tangible fixed assets | 22/27 | €3,248,841 | €2,567,579 | -€681,261 | -21.0% |
| Plant, machinery and equipment | 23 | €2,236,861 | €1,653,992 | -€582,869 | -26.1% |
| Furniture and vehicles | 24 | €479,125 | €409,504 | -€69,621 | -14.5% |
| Other tangible fixed assets | 26 | €532,855 | €462,504 | -€70,351 | -13.2% |
| Assets under construction and advance payments | 27 | - | €41,580 | +€41,580 | |
| Financial fixed assets | 28 | €6,455 | €7,955 | +€1,500 | +23.2% |
| Current assets | 29/58 | €4,028,874 | €3,877,337 | -€151,537 | -3.8% |
| Stocks and contracts in progress | 3 | €938,289 | €782,235 | -€156,054 | -16.6% |
| Stocks | 30/36 | €938,289 | €782,235 | -€156,054 | -16.6% |
| Amounts receivable within one year | 40/41 | €2,597,733 | €2,416,399 | -€181,334 | -7.0% |
| Trade receivables | 40 | €2,585,077 | €2,395,113 | -€189,964 | -7.3% |
| Other amounts receivable | 41 | €12,655 | €21,286 | +€8,630 | +68.2% |
| Cash at bank and in hand | 54/58 | €291,616 | €472,440 | +€180,824 | +62.0% |
| Deferred charges and accrued income | 490/1 | €201,237 | €206,263 | +€5,026 | +2.5% |
| Total equity and liabilities | 10/49 | €7,289,111 | €6,454,107 | -€835,005 | -11.5% |
| Equity | 10/15 | €1,593,485 | €1,812,748 | +€219,263 | +13.8% |
| Contributions | 10/11 | €179,062 | €179,062 | = | 0.0% |
| Capital | 10 | €179,062 | €179,062 | = | 0.0% |
| Issued capital | 100 | €179,062 | €179,062 | = | 0.0% |
| Reserves | 13 | €1,482,829 | €1,482,829 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,402 | €20,402 | = | 0.0% |
| Legal reserve | 130 | €17,906 | €17,906 | = | 0.0% |
| Other | 1319 | €2,496 | €2,496 | = | 0.0% |
| Distributable reserves | 133 | €1,462,428 | €1,462,428 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,406 | €150,857 | +€219,263 | |
| Amounts payable | 17/49 | €5,695,627 | €4,641,359 | -€1.1m | -18.5% |
| Amounts payable within one year | 42/48 | €5,695,627 | €4,516,359 | -€1.2m | -20.7% |
| Trade debts | 44 | €2,334,964 | €667,615 | -€1.7m | -71.4% |
| Suppliers | 440/4 | €2,334,964 | €667,615 | -€1.7m | -71.4% |
| Taxes, remuneration and social security | 45 | €295,091 | €232,615 | -€62,476 | -21.2% |
| Taxes | 450/3 | €5,486 | €6,939 | +€1,453 | +26.5% |
| Remuneration and social security | 454/9 | €289,605 | €225,677 | -€63,929 | -22.1% |
| Other amounts payable | 47/48 | €3,065,571 | €3,616,129 | +€550,558 | +18.0% |
| Accrued charges and deferred income | 492/3 | - | €125,000 | +€125,000 | |
| Non-recurring operating income | 76A | €143 | €112,090 | +€111,947 | +78,285% |
| Remuneration, social security and pensions | 62 | €2,782,945 | €2,748,615 | -€34,330 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €940,377 | €848,849 | -€91,528 | -9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €31,003 | +€31,003 | |
| Other operating charges | 640/8 | €169,006 | €201,011 | +€32,006 | +18.9% |
| Non-recurring operating charges | 66A | €731 | - | -€731 | |
| Gross operating margin | 9900 | €4,529,664 | €4,446,821 | -€82,843 | -1.8% |
| Operating profit (loss) | 9901 | €636,605 | €617,342 | -€19,263 | -3.0% |
| Financial income | 75/76B | €57 | €12 | -€44 | -78.2% |
| Recurring financial income | 75 | €57 | €12 | -€44 | -78.2% |
| Financial charges | 65/66B | €118,825 | €107,822 | -€11,004 | -9.3% |
| Recurring financial charges | 65 | €118,825 | €107,822 | -€11,004 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €517,836 | €509,533 | -€8,304 | -1.6% |
| Income taxes | 67/77 | €135,944 | €290,269 | +€154,325 | +114% |
| Profit (loss) for the period | 9904 | €381,892 | €219,263 | -€162,629 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €381,892 | €219,263 | -€162,629 | -42.6% |
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 15 October 2026 via checked.be.