TOPAZ-IMMO: 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.
What changed
TOPAZ-IMMO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€21,437
2024 · €23,219-€1,781
Equity
€1.3m
2024 · €1.3m+€21,437
Cash
€78,005
2024 · €130,645-€52,639
Balance sheet total
€2.2m
2024 · €2.4m-€253,185
Largest movements
Assets
- Tangible fixed assets -€193,179
down €193,179 (-8.4%), from €2.3m to €2.1m
- Cash -€52,639
down €52,639 (-40.3%), from €130,645 to €78,005
mainly Other debts (-€190,308) and Debts after one year (-€90,645)
Equity and liabilities
- Other debts -€190,308
down €190,308 (-26.1%), from €727,989 to €537,681
- Debts after one year -€90,645
down €90,645 (-27.6%), from €328,924 to €238,280
Income statement
- Depreciation +€5,557
up €5,557 (+2.9%), from €194,836 to €200,393
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.
Result 2024
€23,219
Gross operating margin
+€2,414
Depreciation
-€5,557
Other operating charges
-€845
Financial income
+€6
Financial charges
+€2,233
Taxes
-€32
Result 2025
€21,437
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.
From operations
+€43,322
Investment
-€7,214
Financing
-€88,748
Cash 2024
€130,645
From operations (derived)
+€43,322
Net result for the year
+€21,437
Depreciation
+€200,393
Receivables within one year
+€2,167
Deferred charges and accrued income
+€5,200
Trade debts
+€2,347
Tax, wage and social debts
+€1,448
Other debts
-€190,308
Accrued charges and deferred income
+€637
Investment (derived)
-€7,214
Investment in fixed assets (net)
-€7,214
Financing
-€88,748
Debts after one year
-€90,645
Current portion of long-term debt
+€1,897
Cash 2025
€78,005
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,442,706 | €2,189,521 | -€253,185 | -10.4% |
| Fixed assets | 21/28 | €2,304,694 | €2,111,515 | -€193,179 | -8.4% |
| Tangible fixed assets | 22/27 | €2,304,694 | €2,111,515 | -€193,179 | -8.4% |
| Land and buildings | 22 | €1,525,245 | €1,457,908 | -€67,338 | -4.4% |
| Plant, machinery and equipment | 23 | €8,034 | €5,836 | -€2,198 | -27.4% |
| Furniture and vehicles | 24 | €27,873 | €26,908 | -€964 | -3.5% |
| Leasing and similar rights | 25 | €180,223 | €120,360 | -€59,863 | -33.2% |
| Other tangible fixed assets | 26 | €563,318 | €500,503 | -€62,815 | -11.2% |
| Current assets | 29/58 | €138,012 | €78,005 | -€60,007 | -43.5% |
| Amounts receivable within one year | 40/41 | €2,167 | €0 | -€2,167 | -100.0% |
| Trade receivables | 40 | €2,090 | €0 | -€2,090 | -100.0% |
| Other amounts receivable | 41 | €77 | €0 | -€77 | -100.0% |
| Cash at bank and in hand | 54/58 | €130,645 | €78,005 | -€52,639 | -40.3% |
| Deferred charges and accrued income | 490/1 | €5,200 | €0 | -€5,200 | -100.0% |
| Total equity and liabilities | 10/49 | €2,442,706 | €2,189,521 | -€253,185 | -10.4% |
| Equity | 10/15 | €1,291,588 | €1,313,025 | +€21,437 | +1.7% |
| Contributions | 10/11 | €1,400,000 | €1,400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,412 | -€86,975 | +€21,437 | +19.8% |
| Amounts payable | 17/49 | €1,151,118 | €876,495 | -€274,622 | -23.9% |
| Amounts payable after more than one year | 17 | €328,924 | €238,280 | -€90,645 | -27.6% |
| Financial debts | 170/4 | €328,924 | €238,280 | -€90,645 | -27.6% |
| Amounts payable within one year | 42/48 | €819,693 | €635,078 | -€184,615 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €88,748 | €90,645 | +€1,897 | +2.1% |
| Trade debts | 44 | €1,540 | €3,887 | +€2,347 | +152.4% |
| Suppliers | 440/4 | €1,540 | €3,887 | +€2,347 | +152.4% |
| Taxes, remuneration and social security | 45 | €1,417 | €2,865 | +€1,448 | +102.2% |
| Taxes | 450/3 | €1,417 | €2,865 | +€1,448 | +102.2% |
| Other amounts payable | 47/48 | €727,989 | €537,681 | -€190,308 | -26.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | €3,137 | +€637 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,836 | €200,393 | +€5,557 | +2.9% |
| Other operating charges | 640/8 | €30,745 | €31,590 | +€845 | +2.7% |
| Gross operating margin | 9900 | €263,576 | €265,989 | +€2,414 | +0.9% |
| Operating profit (loss) | 9901 | €37,995 | €34,007 | -€3,988 | -10.5% |
| Financial income | 75/76B | €1 | €7 | +€6 | +495.2% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +495.2% |
| Financial charges | 65/66B | €13,361 | €11,128 | -€2,233 | -16.7% |
| Recurring financial charges | 65 | €13,361 | €11,128 | -€2,233 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €24,635 | €22,886 | -€1,749 | -7.1% |
| Income taxes | 67/77 | €1,417 | €1,449 | +€32 | +2.3% |
| Profit (loss) for the period | 9904 | €23,219 | €21,437 | -€1,781 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,219 | €21,437 | -€1,781 | -7.7% |
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 8 October 2026 via checked.be.