TOPAGRA: 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.
TOPAGRA
Largest movements
- Stocks and contracts +€20,027
up €20,027 (+41.7%), from €48,036 to €68,063
- Tangible fixed assets -€16,428
down €16,428 (-57.0%), from €28,822 to €12,394
- Receivables within one year +€11,579
up €11,579 (+21.2%), from €54,698 to €66,277
of which Trade receivables: +€12,860
- Cash -€4,722
down €4,722 (-86.8%), from €5,439 to €717
mainly Stocks and contracts (-€20,027) and Tax, wage and social debts (-€15,080)
- Tax, wage and social debts -€15,080
down €15,080 (-86.8%), from €17,365 to €2,285
- Trade debts +€14,894
up €14,894 (+79.4%), from €18,759 to €33,653
- Other debts +€12,872
up €12,872 (+3.9%), from €328,443 to €341,315
- Current portion of long-term debt -€5,784
no longer reported in 2025 (was €5,784)
- Profit (loss) carried forward +€3,509
up €3,509 (+0.9%), from -€402,176 to -€398,667
- Depreciation -€8,077
down €8,077 (-94.4%), from €8,553 to €476
- Gross operating margin -€4,099
down €4,099 (-16.3%), from €25,164 to €21,066
- Financial charges -€1,600
down €1,600 (-17.0%), from €9,403 to €7,803
- Financial income -€1,047
down €1,047 (-50.5%), from €2,074 to €1,027
of which Financial income: -€724
- Other operating charges -€734
down €734 (-29.8%), from €2,463 to €1,730
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 | €137,214 | €147,450 | +€10,236 | +7.5% |
| Fixed assets | 21/28 | €29,042 | €12,394 | -€16,648 | -57.3% |
| Intangible fixed assets | 21 | €220 | - | -€220 | |
| Tangible fixed assets | 22/27 | €28,822 | €12,394 | -€16,428 | -57.0% |
| Furniture and vehicles | 24 | €28,822 | €12,394 | -€16,428 | -57.0% |
| Current assets | 29/58 | €108,173 | €135,057 | +€26,884 | +24.9% |
| Stocks and contracts in progress | 3 | €48,036 | €68,063 | +€20,027 | +41.7% |
| Stocks | 30/36 | €48,036 | €68,063 | +€20,027 | +41.7% |
| Amounts receivable within one year | 40/41 | €54,698 | €66,277 | +€11,579 | +21.2% |
| Trade receivables | 40 | €53,070 | €65,930 | +€12,860 | +24.2% |
| Other amounts receivable | 41 | €1,628 | €348 | -€1,281 | -78.6% |
| Cash at bank and in hand | 54/58 | €5,439 | €717 | -€4,722 | -86.8% |
| Total equity and liabilities | 10/49 | €137,214 | €147,450 | +€10,236 | +7.5% |
| Equity | 10/15 | -€383,576 | -€380,067 | +€3,509 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€402,176 | -€398,667 | +€3,509 | +0.9% |
| Amounts payable | 17/49 | €520,790 | €527,517 | +€6,727 | +1.3% |
| Amounts payable within one year | 42/48 | €520,351 | €527,252 | +€6,901 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €5,784 | - | -€5,784 | |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €18,759 | €33,653 | +€14,894 | +79.4% |
| Suppliers | 440/4 | €18,759 | €33,653 | +€14,894 | +79.4% |
| Taxes, remuneration and social security | 45 | €17,365 | €2,285 | -€15,080 | -86.8% |
| Taxes | 450/3 | €17,365 | €2,285 | -€15,080 | -86.8% |
| Other amounts payable | 47/48 | €328,443 | €341,315 | +€12,872 | +3.9% |
| Accrued charges and deferred income | 492/3 | €439 | €265 | -€173 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,553 | €476 | -€8,077 | -94.4% |
| Other operating charges | 640/8 | €2,463 | €1,730 | -€734 | -29.8% |
| Non-recurring operating charges | 66A | - | €8,479 | +€8,479 | |
| Gross operating margin | 9900 | €25,164 | €21,066 | -€4,099 | -16.3% |
| Operating profit (loss) | 9901 | €14,148 | €10,380 | -€3,767 | -26.6% |
| Financial income | 75/76B | €2,074 | €1,027 | -€1,047 | -50.5% |
| Recurring financial income | 75 | €740 | €16 | -€724 | -97.8% |
| Non-recurring financial income | 76B | €1,334 | €1,011 | -€323 | -24.2% |
| Financial charges | 65/66B | €9,403 | €7,803 | -€1,600 | -17.0% |
| Recurring financial charges | 65 | €9,403 | €7,803 | -€1,600 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €6,819 | €3,605 | -€3,214 | -47.1% |
| Income taxes | 67/77 | €225 | €96 | -€129 | -57.2% |
| Profit (loss) for the period | 9904 | €6,594 | €3,509 | -€3,085 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,594 | €3,509 | -€3,085 | -46.8% |
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 5 October 2026 via checked.be.