TOP TRADING: 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 TRADING
Largest movements
- Stocks and contracts +€676,891
up €676,891 (+39.9%), from €1.7m to €2.4m
- Cash -€235,518
down €235,518 (-70.1%), from €335,754 to €100,236
mainly Investment in fixed assets (net) (-€705,515) and Stocks and contracts (-€676,891)
- Receivables within one year -€167,912
down €167,912 (-29.5%), from €570,102 to €402,190
of which Other amounts receivable: -€164,971
- Tangible fixed assets +€134,461
up €134,461 (+8.1%), from €1.7m to €1.8m
of which Plant, machinery and equipment: +€434,312
- Profit (loss) carried forward -€301,661
down €301,661 (-15.5%), from €2.0m to €1.7m
- Trade debts +€297,308
up €297,308 (+59.0%), from €504,030 to €801,338
- Debts after one year +€275,760
up €275,760 (+473%), from €58,334 to €334,094
- Tax, wage and social debts +€79,677
up €79,677 (+19.3%), from €413,874 to €493,551
of which Remuneration and social security: +€52,591
- Current portion of long-term debt +€54,282
up €54,282 (+54.3%), from €100,000 to €154,282
- Staff costs +€243,756
up €243,756 (+21.8%), from €1.1m to €1.4m
- Depreciation +€190,373
up €190,373 (+50.0%), from €380,681 to €571,054
- Gross operating margin -€162,210
down €162,210 (-8.7%), from €1.9m to €1.7m
- Taxes -€90,745
no longer reported in 2025 (was €90,745)
- Other operating charges +€19,586
up €19,586 (+82.1%), from €23,848 to €43,434
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 | €4,308,697 | €4,722,877 | +€414,180 | +9.6% |
| Fixed assets | 21/28 | €1,662,909 | €1,797,370 | +€134,461 | +8.1% |
| Tangible fixed assets | 22/27 | €1,662,909 | €1,797,370 | +€134,461 | +8.1% |
| Land and buildings | 22 | €95,694 | €85,431 | -€10,263 | -10.7% |
| Plant, machinery and equipment | 23 | €68,188 | €502,500 | +€434,312 | +637% |
| Furniture and vehicles | 24 | €59,478 | €184,137 | +€124,659 | +210% |
| Other tangible fixed assets | 26 | €1,439,549 | €1,025,302 | -€414,247 | -28.8% |
| Current assets | 29/58 | €2,645,788 | €2,925,507 | +€279,719 | +10.6% |
| Stocks and contracts in progress | 3 | €1,695,193 | €2,372,084 | +€676,891 | +39.9% |
| Stocks | 30/36 | €1,695,193 | €2,372,084 | +€676,891 | +39.9% |
| Amounts receivable within one year | 40/41 | €570,102 | €402,190 | -€167,912 | -29.5% |
| Trade receivables | 40 | €3,376 | €435 | -€2,941 | -87.1% |
| Other amounts receivable | 41 | €566,726 | €401,755 | -€164,971 | -29.1% |
| Cash at bank and in hand | 54/58 | €335,754 | €100,236 | -€235,518 | -70.1% |
| Deferred charges and accrued income | 490/1 | €44,739 | €50,997 | +€6,258 | +14.0% |
| Total equity and liabilities | 10/49 | €4,308,697 | €4,722,877 | +€414,180 | +9.6% |
| Equity | 10/15 | €3,200,908 | €2,899,247 | -€301,661 | -9.4% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,128,500 | €1,128,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,500 | €16,500 | = | 0.0% |
| Distributable reserves | 133 | €1,112,000 | €1,112,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,952,408 | €1,650,747 | -€301,661 | -15.5% |
| Amounts payable | 17/49 | €1,107,789 | €1,823,630 | +€715,841 | +64.6% |
| Amounts payable after more than one year | 17 | €58,334 | €334,094 | +€275,760 | +473% |
| Financial debts | 170/4 | €58,334 | €334,094 | +€275,760 | +473% |
| Amounts payable within one year | 42/48 | €1,021,305 | €1,453,888 | +€432,583 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €154,282 | +€54,282 | +54.3% |
| Trade debts | 44 | €504,030 | €801,338 | +€297,308 | +59.0% |
| Suppliers | 440/4 | €504,030 | €801,338 | +€297,308 | +59.0% |
| Taxes, remuneration and social security | 45 | €413,874 | €493,551 | +€79,677 | +19.3% |
| Taxes | 450/3 | €219,182 | €246,268 | +€27,086 | +12.4% |
| Remuneration and social security | 454/9 | €194,692 | €247,283 | +€52,591 | +27.0% |
| Other amounts payable | 47/48 | €3,401 | €4,717 | +€1,316 | +38.7% |
| Accrued charges and deferred income | 492/3 | €28,150 | €35,648 | +€7,498 | +26.6% |
| Remuneration, social security and pensions | 62 | €1,117,814 | €1,361,570 | +€243,756 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380,681 | €571,054 | +€190,373 | +50.0% |
| Other operating charges | 640/8 | €23,848 | €43,434 | +€19,586 | +82.1% |
| Gross operating margin | 9900 | €1,870,516 | €1,708,306 | -€162,210 | -8.7% |
| Operating profit (loss) | 9901 | €348,173 | -€267,752 | -€615,925 | |
| Financial income | 75/76B | €26,980 | €18,721 | -€8,259 | -30.6% |
| Recurring financial income | 75 | €26,980 | €18,721 | -€8,259 | -30.6% |
| Financial charges | 65/66B | €42,229 | €52,630 | +€10,401 | +24.6% |
| Recurring financial charges | 65 | €42,229 | €52,630 | +€10,401 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €332,924 | -€301,661 | -€634,585 | |
| Income taxes | 67/77 | €90,745 | - | -€90,745 | |
| Profit (loss) for the period | 9904 | €242,179 | -€301,661 | -€543,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €242,179 | -€301,661 | -€543,840 |
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 21 October 2026 via checked.be.