TopAngels: 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.
TopAngels
Largest movements
- Tangible fixed assets +€86,234
up €86,234 (+92.3%), from €93,446 to €179,680
of which Other tangible fixed assets: +€74,358
- Cash -€21,771
down €21,771 (-7.1%), from €305,541 to €283,771
mainly Investment in fixed assets (net) (-€119,144) and Trade debts (-€11,245)
- Profit (loss) carried forward +€56,410
up €56,410 (+13.4%), from €422,337 to €478,746
- Tax, wage and social debts +€23,741
up €23,741 (+23.3%), from €101,817 to €125,558
of which Remuneration and social security: +€18,632
- Trade debts -€11,245
down €11,245 (-21.3%), from €52,709 to €41,464
- Gross operating margin +€359,839
up €359,839 (+20.1%), from €1.8m to €2.1m
- Staff costs +€326,571
up €326,571 (+19.4%), from €1.7m to €2.0m
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 | €1,010,644 | €1,081,722 | +€71,079 | +7.0% |
| Fixed assets | 21/28 | €177,061 | €270,882 | +€93,822 | +53.0% |
| Intangible fixed assets | 21 | €4,496 | €12,084 | +€7,588 | +169% |
| Tangible fixed assets | 22/27 | €93,446 | €179,680 | +€86,234 | +92.3% |
| Plant, machinery and equipment | 23 | €5,189 | €18,411 | +€13,222 | +255% |
| Furniture and vehicles | 24 | €15,723 | €14,377 | -€1,346 | -8.6% |
| Other tangible fixed assets | 26 | €72,534 | €146,892 | +€74,358 | +103% |
| Financial fixed assets | 28 | €79,118 | €79,118 | = | 0.0% |
| Current assets | 29/58 | €833,583 | €810,840 | -€22,743 | -2.7% |
| Amounts receivable within one year | 40/41 | €515,414 | €519,013 | +€3,599 | +0.7% |
| Trade receivables | 40 | €476,617 | €413,317 | -€63,301 | -13.3% |
| Other amounts receivable | 41 | €38,796 | €105,696 | +€66,900 | +172% |
| Cash at bank and in hand | 54/58 | €305,541 | €283,771 | -€21,771 | -7.1% |
| Deferred charges and accrued income | 490/1 | €12,628 | €8,057 | -€4,571 | -36.2% |
| Total equity and liabilities | 10/49 | €1,010,644 | €1,081,722 | +€71,079 | +7.0% |
| Equity | 10/15 | €751,871 | €808,746 | +€56,876 | +7.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €29,534 | €30,000 | +€466 | +1.6% |
| Non-distributable reserves | 130/1 | €29,534 | €30,000 | +€466 | +1.6% |
| Legal reserve | 130 | €29,534 | €30,000 | +€466 | +1.6% |
| Profit (loss) carried forward | 14 | €422,337 | €478,746 | +€56,410 | +13.4% |
| Amounts payable | 17/49 | €258,773 | €272,976 | +€14,203 | +5.5% |
| Amounts payable within one year | 42/48 | €254,526 | €269,260 | +€14,735 | +5.8% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €52,709 | €41,464 | -€11,245 | -21.3% |
| Suppliers | 440/4 | €52,709 | €41,464 | -€11,245 | -21.3% |
| Taxes, remuneration and social security | 45 | €101,817 | €125,558 | +€23,741 | +23.3% |
| Taxes | 450/3 | €51,912 | €57,021 | +€5,109 | +9.8% |
| Remuneration and social security | 454/9 | €49,905 | €68,537 | +€18,632 | +37.3% |
| Other amounts payable | 47/48 | €0 | €2,239 | +€2,239 | |
| Accrued charges and deferred income | 492/3 | €4,248 | €3,716 | -€531 | -12.5% |
| Non-recurring operating income | 76A | - | €3,220 | +€3,220 | |
| Remuneration, social security and pensions | 62 | €1,684,945 | €2,011,516 | +€326,571 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,368 | €25,322 | +€2,955 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €455 | -€455 | -€910 | |
| Other operating charges | 640/8 | €5,224 | €7,064 | +€1,841 | +35.2% |
| Gross operating margin | 9900 | €1,788,323 | €2,148,162 | +€359,839 | +20.1% |
| Operating profit (loss) | 9901 | €75,331 | €104,714 | +€29,383 | +39.0% |
| Financial income | 75/76B | €3,057 | €1,837 | -€1,220 | -39.9% |
| Recurring financial income | 75 | €3,057 | €1,837 | -€1,220 | -39.9% |
| Financial charges | 65/66B | €11,661 | €12,529 | +€869 | +7.4% |
| Recurring financial charges | 65 | €11,661 | €12,529 | +€869 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €66,728 | €94,021 | +€27,294 | +40.9% |
| Income taxes | 67/77 | €30,165 | €37,146 | +€6,981 | +23.1% |
| Profit (loss) for the period | 9904 | €36,563 | €56,876 | +€20,312 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,563 | €56,876 | +€20,312 | +55.6% |
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 14 October 2026 via checked.be.