TOPATAN: 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.
TOPATAN
Largest movements
- Receivables within one year +€72,879
up €72,879 (+111%), from €65,842 to €138,722
of which Trade receivables: +€76,326
- Cash -€65,519
down €65,519 (-36.8%), from €177,895 to €112,376
mainly Receivables within one year (-€72,879) and Investment in fixed assets (net) (-€30,050)
- Deferred charges and accrued income -€6,614
down €6,614 (-71.1%), from €9,301 to €2,688
- Tangible fixed assets +€5,383
up €5,383 (+6.4%), from €83,978 to €89,361
of which Plant, machinery and equipment: +€10,597
- Reserves +€38,333
up €38,333 (+20.9%), from €183,253 to €221,586
- Tax, wage and social debts -€29,579
down €29,579 (-36.2%), from €81,747 to €52,168
of which Taxes: -€29,481
- Debts after one year -€15,755
down €15,755 (-45.1%), from €34,961 to €19,206
- Trade debts +€9,127
up €9,127 (+51.0%), from €17,880 to €27,007
- Other debts +€6,424
new in 2025: €6,424
- Gross operating margin -€21,290
down €21,290 (-6.9%), from €310,349 to €289,059
- Staff costs +€15,182
up €15,182 (+9.6%), from €158,074 to €173,257
- Taxes -€6,730
down €6,730 (-17.7%), from €38,130 to €31,400
- Depreciation +€5,401
up €5,401 (+28.0%), from €19,266 to €24,667
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 | €337,017 | €343,146 | +€6,129 | +1.8% |
| Fixed assets | 21/28 | €83,978 | €89,361 | +€5,383 | +6.4% |
| Tangible fixed assets | 22/27 | €83,978 | €89,361 | +€5,383 | +6.4% |
| Plant, machinery and equipment | 23 | - | €10,597 | +€10,597 | |
| Furniture and vehicles | 24 | €80,584 | €75,855 | -€4,729 | -5.9% |
| Other tangible fixed assets | 26 | €3,394 | €2,909 | -€485 | -14.3% |
| Current assets | 29/58 | €253,039 | €253,785 | +€746 | +0.3% |
| Amounts receivable within one year | 40/41 | €65,842 | €138,722 | +€72,879 | +111% |
| Trade receivables | 40 | €50,135 | €126,461 | +€76,326 | +152% |
| Other amounts receivable | 41 | €15,707 | €12,261 | -€3,447 | -21.9% |
| Cash at bank and in hand | 54/58 | €177,895 | €112,376 | -€65,519 | -36.8% |
| Deferred charges and accrued income | 490/1 | €9,301 | €2,688 | -€6,614 | -71.1% |
| Total equity and liabilities | 10/49 | €337,017 | €343,146 | +€6,129 | +1.8% |
| Equity | 10/15 | €184,253 | €222,586 | +€38,333 | +20.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €183,253 | €221,586 | +€38,333 | +20.9% |
| Distributable reserves | 133 | €183,253 | €221,586 | +€38,333 | +20.9% |
| Amounts payable | 17/49 | €152,763 | €120,560 | -€32,204 | -21.1% |
| Amounts payable after more than one year | 17 | €34,961 | €19,206 | -€15,755 | -45.1% |
| Financial debts | 170/4 | €34,961 | €19,206 | -€15,755 | -45.1% |
| Amounts payable within one year | 42/48 | €117,002 | €101,354 | -€15,648 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €17,375 | €15,755 | -€1,620 | -9.3% |
| Trade debts | 44 | €17,880 | €27,007 | +€9,127 | +51.0% |
| Suppliers | 440/4 | €17,880 | €27,007 | +€9,127 | +51.0% |
| Taxes, remuneration and social security | 45 | €81,747 | €52,168 | -€29,579 | -36.2% |
| Taxes | 450/3 | €65,607 | €36,126 | -€29,481 | -44.9% |
| Remuneration and social security | 454/9 | €16,141 | €16,042 | -€99 | -0.6% |
| Other amounts payable | 47/48 | - | €6,424 | +€6,424 | |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Remuneration, social security and pensions | 62 | €158,074 | €173,257 | +€15,182 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,266 | €24,667 | +€5,401 | +28.0% |
| Other operating charges | 640/8 | €1,723 | €2,304 | +€581 | +33.7% |
| Gross operating margin | 9900 | €310,349 | €289,059 | -€21,290 | -6.9% |
| Operating profit (loss) | 9901 | €131,287 | €88,832 | -€42,455 | -32.3% |
| Financial income | 75/76B | €248 | €10 | -€238 | -96.0% |
| Recurring financial income | 75 | €244 | €10 | -€234 | -95.9% |
| Non-recurring financial income | 76B | €5 | - | -€5 | |
| Financial charges | 65/66B | €990 | €2,555 | +€1,566 | +158% |
| Recurring financial charges | 65 | €990 | €2,555 | +€1,566 | +158% |
| Profit (loss) for the period before taxes | 9903 | €130,545 | €86,286 | -€44,259 | -33.9% |
| Income taxes | 67/77 | €38,130 | €31,400 | -€6,730 | -17.7% |
| Profit (loss) for the period | 9904 | €92,415 | €54,886 | -€37,529 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,415 | €54,886 | -€37,529 | -40.6% |
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 13 October 2026 via checked.be.