TOPA: 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.
TOPA
Largest movements
- Cash +€1.3m
up €1.3m (+56.0%), from €2.3m to €3.7m
mainly Debts after one year (+€1.9m) and Depreciation (+€663,789)
- Tangible fixed assets +€1.3m
up €1.3m (+53.9%), from €2.3m to €3.6m
of which Land and buildings: +€1.7m
- Receivables within one year +€701,173
up €701,173 (+286.6%), from €244,627 to €945,800
of which Other amounts receivable: +€789,483
- Current investments -€250,000
down €250,000 (-31.4%), from €795,566 to €545,566
- Receivables after one year -€129,959
down €129,959 (-100.0%), from €129,959 to €0
- Debts after one year +€1.9m
up €1.9m (+188.3%), from €994,036 to €2.9m
- Reserves +€428,578
up €428,578 (+11.1%), from €3.9m to €4.3m
of which Distributable reserves: +€387,500
- Trade debts +€344,095
up €344,095 (+69.9%), from €492,036 to €836,131
- Current portion of long-term debt +€153,911
up €153,911 (+56.1%), from €274,375 to €428,286
- Gross operating margin -€807,563
down €807,563 (-29.7%), from €2.7m to €1.9m
- Taxes -€224,277
down €224,277 (-55.1%), from €407,093 to €182,816
- Staff costs -€32,896
down €32,896 (-7.2%), from €459,649 to €426,753
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 | €6,027,725 | €8,790,256 | +€2.8m | +45.8% |
| Fixed assets | 21/28 | €2,326,728 | €3,582,883 | +€1.3m | +54.0% |
| Tangible fixed assets | 22/27 | €2,326,393 | €3,580,297 | +€1.3m | +53.9% |
| Land and buildings | 22 | €706,319 | €2,369,317 | +€1.7m | +235.4% |
| Plant, machinery and equipment | 23 | €938,185 | €781,865 | -€156,320 | -16.7% |
| Furniture and vehicles | 24 | €376,740 | €324,114 | -€52,626 | -14.0% |
| Leasing and similar rights | 25 | €305,149 | €105,000 | -€200,149 | -65.6% |
| Financial fixed assets | 28 | €335 | €2,586 | +€2,251 | +671.9% |
| Current assets | 29/58 | €3,700,997 | €5,207,373 | +€1.5m | +40.7% |
| Amounts receivable after more than one year | 29 | €129,959 | €0 | -€129,959 | -100.0% |
| Other amounts receivable | 291 | €129,959 | €0 | -€129,959 | -100.0% |
| Stocks and contracts in progress | 3 | €133,900 | €38,194 | -€95,706 | -71.5% |
| Stocks | 30/36 | €133,900 | €38,194 | -€95,706 | -71.5% |
| Amounts receivable within one year | 40/41 | €244,627 | €945,800 | +€701,173 | +286.6% |
| Trade receivables | 40 | €215,227 | €126,917 | -€88,310 | -41.0% |
| Other amounts receivable | 41 | €29,400 | €818,883 | +€789,483 | +2685.3% |
| Current investments | 50/53 | €795,566 | €545,566 | -€250,000 | -31.4% |
| Cash at bank and in hand | 54/58 | €2,341,099 | €3,653,246 | +€1.3m | +56.0% |
| Deferred charges and accrued income | 490/1 | €55,846 | €24,567 | -€31,279 | -56.0% |
| Total equity and liabilities | 10/49 | €6,027,725 | €8,790,256 | +€2.8m | +45.8% |
| Equity | 10/15 | €4,167,506 | €4,594,590 | +€427,084 | +10.2% |
| Contributions | 10/11 | €292,604 | €292,604 | -€0 | 0.0% |
| Reserves | 13 | €3,873,386 | €4,301,964 | +€428,578 | +11.1% |
| Tax-exempt reserves | 132 | €692,886 | €733,964 | +€41,078 | +5.9% |
| Distributable reserves | 133 | €3,180,500 | €3,568,000 | +€387,500 | +12.2% |
| Profit (loss) carried forward | 14 | €1,516 | €23 | -€1,493 | -98.5% |
| Provisions and deferred taxes | 16 | €6,429 | €20,121 | +€13,692 | +213.0% |
| Deferred taxes | 168 | €6,429 | €20,121 | +€13,692 | +213.0% |
| Amounts payable | 17/49 | €1,853,790 | €4,175,544 | +€2.3m | +125.2% |
| Amounts payable after more than one year | 17 | €994,036 | €2,865,750 | +€1.9m | +188.3% |
| Financial debts | 170/4 | €994,036 | €2,865,750 | +€1.9m | +188.3% |
| Amounts payable within one year | 42/48 | €859,754 | €1,309,794 | +€450,040 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €274,375 | €428,286 | +€153,911 | +56.1% |
| Trade debts | 44 | €492,036 | €836,131 | +€344,095 | +69.9% |
| Suppliers | 440/4 | €492,036 | €836,131 | +€344,095 | +69.9% |
| Taxes, remuneration and social security | 45 | €93,343 | €43,710 | -€49,633 | -53.2% |
| Taxes | 450/3 | €64,000 | €19,220 | -€44,780 | -70.0% |
| Remuneration and social security | 454/9 | €29,343 | €24,490 | -€4,853 | -16.5% |
| Other amounts payable | 47/48 | - | €1,666 | +€1,666 | |
| Non-recurring operating income | 76A | €49,310 | €77,106 | +€27,796 | +56.4% |
| Remuneration, social security and pensions | 62 | €459,649 | €426,753 | -€32,896 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683,172 | €663,789 | -€19,383 | -2.8% |
| Other operating charges | 640/8 | €29,032 | €30,495 | +€1,463 | +5.0% |
| Non-recurring operating charges | 66A | €4,939 | €11,437 | +€6,498 | +131.6% |
| Gross operating margin | 9900 | €2,715,206 | €1,907,643 | -€807,563 | -29.7% |
| Operating profit (loss) | 9901 | €1,538,414 | €775,169 | -€763,245 | -49.6% |
| Financial income | 75/76B | €40,172 | €27,231 | -€12,941 | -32.2% |
| Recurring financial income | 75 | €40,172 | €27,231 | -€12,941 | -32.2% |
| Financial charges | 65/66B | €37,879 | €27,140 | -€10,739 | -28.3% |
| Recurring financial charges | 65 | €37,879 | €27,140 | -€10,739 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €1,540,707 | €775,260 | -€765,447 | -49.7% |
| Transfer from deferred taxes | 780 | - | €2,840 | +€2,840 | |
| Transfer to deferred taxes | 680 | €6,429 | €16,532 | +€10,103 | +157.2% |
| Income taxes | 67/77 | €407,093 | €182,816 | -€224,277 | -55.1% |
| Profit (loss) for the period | 9904 | €1,127,185 | €578,751 | -€548,434 | -48.7% |
| Transfer from tax-exempt reserves | 789 | - | €8,519 | +€8,519 | |
| Transfer to tax-exempt reserves | 689 | €440,286 | €49,597 | -€390,689 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €686,899 | €537,673 | -€149,226 | -21.7% |
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 11 October 2026 via checked.be.