TOPAL: 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.
TOPAL
Largest movements
- Financial fixed assets -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Current investments +€50,000
new in 2025: €50,000
- Deferred charges and accrued income +€48,266
up €48,266 (+1159.0%), from €4,165 to €52,430
- Cash +€14,109
up €14,109 (+28.5%), from €49,449 to €63,558
mainly Investment in fixed assets (net) (+€48,126) and Net result for the year (+€33,637)
- Stocks and contracts -€10,602
down €10,602 (-9.9%), from €107,342 to €96,739
- Reserves +€33,637
up €33,637 (+30.5%), from €110,148 to €143,784
- Short-term financial debts +€10,000
new in 2025: €10,000
- Trade debts -€5,645
down €5,645 (-16.1%), from €34,983 to €29,338
- Current portion of long-term debt -€3,739
down €3,739 (-16.9%), from €22,073 to €18,333
- Gross operating margin -€52,722
down €52,722 (-16.2%), from €325,954 to €273,232
- Taxes -€19,267
down €19,267 (-62.8%), from €30,666 to €11,399
- Depreciation +€3,766
up €3,766 (+202.1%), from €1,864 to €5,630
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 | €271,776 | €311,364 | +€39,588 | +14.6% |
| Fixed assets | 21/28 | €75,657 | €21,902 | -€53,756 | -71.1% |
| Tangible fixed assets | 22/27 | €25,657 | €21,902 | -€3,756 | -14.6% |
| Plant, machinery and equipment | 23 | €14,547 | €12,592 | -€1,955 | -13.4% |
| Furniture and vehicles | 24 | €2,566 | €1,661 | -€906 | -35.3% |
| Other tangible fixed assets | 26 | €8,544 | €7,649 | -€895 | -10.5% |
| Financial fixed assets | 28 | €50,000 | €0 | -€50,000 | -100.0% |
| Current assets | 29/58 | €196,119 | €289,463 | +€93,344 | +47.6% |
| Stocks and contracts in progress | 3 | €107,342 | €96,739 | -€10,602 | -9.9% |
| Stocks | 30/36 | €107,342 | €96,739 | -€10,602 | -9.9% |
| Amounts receivable within one year | 40/41 | €35,163 | €26,735 | -€8,428 | -24.0% |
| Trade receivables | 40 | €35,163 | €16,274 | -€18,889 | -53.7% |
| Other amounts receivable | 41 | - | €10,461 | +€10,461 | |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €49,449 | €63,558 | +€14,109 | +28.5% |
| Deferred charges and accrued income | 490/1 | €4,165 | €52,430 | +€48,266 | +1159.0% |
| Total equity and liabilities | 10/49 | €271,776 | €311,364 | +€39,588 | +14.6% |
| Equity | 10/15 | €135,148 | €168,784 | +€33,637 | +24.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €110,148 | €143,784 | +€33,637 | +30.5% |
| Distributable reserves | 133 | €110,148 | €143,784 | +€33,637 | +30.5% |
| Amounts payable | 17/49 | €136,628 | €142,580 | +€5,951 | +4.4% |
| Amounts payable within one year | 42/48 | €113,585 | €117,819 | +€4,234 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €22,073 | €18,333 | -€3,739 | -16.9% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Other loans | 439 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €34,983 | €29,338 | -€5,645 | -16.1% |
| Suppliers | 440/4 | €34,983 | €29,338 | -€5,645 | -16.1% |
| Taxes, remuneration and social security | 45 | €35,662 | €38,739 | +€3,077 | +8.6% |
| Taxes | 450/3 | €14,982 | €14,935 | -€47 | -0.3% |
| Remuneration and social security | 454/9 | €20,679 | €23,803 | +€3,124 | +15.1% |
| Other amounts payable | 47/48 | €20,867 | €21,409 | +€542 | +2.6% |
| Accrued charges and deferred income | 492/3 | €23,043 | €24,761 | +€1,717 | +7.5% |
| Non-recurring operating income | 76A | - | €31,252 | +€31,252 | |
| Remuneration, social security and pensions | 62 | €175,950 | €178,166 | +€2,216 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,864 | €5,630 | +€3,766 | +202.1% |
| Other operating charges | 640/8 | €2,318 | €3,701 | +€1,384 | +59.7% |
| Non-recurring operating charges | 66A | - | €35,487 | +€35,487 | |
| Gross operating margin | 9900 | €325,954 | €273,232 | -€52,722 | -16.2% |
| Operating profit (loss) | 9901 | €145,822 | €50,248 | -€95,574 | -65.5% |
| Financial income | 75/76B | €145 | €1,681 | +€1,536 | +1057.1% |
| Recurring financial income | 75 | €145 | €1,681 | +€1,536 | +1057.1% |
| Financial charges | 65/66B | €5,153 | €6,893 | +€1,740 | +33.8% |
| Recurring financial charges | 65 | €5,153 | €6,893 | +€1,740 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €140,814 | €45,036 | -€95,778 | -68.0% |
| Income taxes | 67/77 | €30,666 | €11,399 | -€19,267 | -62.8% |
| Profit (loss) for the period | 9904 | €110,148 | €33,637 | -€76,511 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €110,148 | €33,637 | -€76,511 | -69.5% |
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 4 October 2026 via checked.be.