TOPCATH: 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.
TOPCATH
Largest movements
- Receivables within one year -€152,871
down €152,871 (-31.7%), from €482,359 to €329,488
of which Other amounts receivable: -€132,871
- Cash +€79,695
up €79,695 (+204%), from €39,037 to €118,732
mainly Receivables within one year (+€152,871) and Net result for the year (+€122,377)
- Tangible fixed assets -€20,598
down €20,598 (-28.9%), from €71,175 to €50,577
of which Furniture and vehicles: -€20,252
- Reserves -€72,453
down €72,453 (-13.8%), from €526,671 to €454,218
of which Distributable reserves: -€72,453
- Debts after one year -€17,287
down €17,287 (-43.4%), from €39,836 to €22,549
- Gross operating margin +€100,024
up €100,024 (+129%), from €77,825 to €177,849
- Taxes +€37,280
up €37,280 (+233%), from €15,979 to €53,259
- Financial income +€22,020
up €22,020 (+218,451%), from €10 to €22,030
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 | €613,929 | €523,031 | -€90,899 | -14.8% |
| Fixed assets | 21/28 | €71,215 | €50,617 | -€20,598 | -28.9% |
| Tangible fixed assets | 22/27 | €71,175 | €50,577 | -€20,598 | -28.9% |
| Plant, machinery and equipment | 23 | €1,013 | €667 | -€346 | -34.1% |
| Furniture and vehicles | 24 | €70,162 | €49,910 | -€20,252 | -28.9% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €542,714 | €472,413 | -€70,301 | -13.0% |
| Amounts receivable after more than one year | 29 | €18,416 | €18,416 | = | 0.0% |
| Other amounts receivable | 291 | €18,416 | €18,416 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €482,359 | €329,488 | -€152,871 | -31.7% |
| Trade receivables | 40 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 41 | €462,359 | €329,488 | -€132,871 | -28.7% |
| Cash at bank and in hand | 54/58 | €39,037 | €118,732 | +€79,695 | +204% |
| Deferred charges and accrued income | 490/1 | €2,902 | €5,778 | +€2,876 | +99.1% |
| Total equity and liabilities | 10/49 | €613,929 | €523,031 | -€90,899 | -14.8% |
| Equity | 10/15 | €527,671 | €455,218 | -€72,453 | -13.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €526,671 | €454,218 | -€72,453 | -13.8% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €526,571 | €454,118 | -€72,453 | -13.8% |
| Amounts payable | 17/49 | €86,258 | €67,813 | -€18,445 | -21.4% |
| Amounts payable after more than one year | 17 | €39,836 | €22,549 | -€17,287 | -43.4% |
| Financial debts | 170/4 | €39,836 | €22,549 | -€17,287 | -43.4% |
| Amounts payable within one year | 42/48 | €46,423 | €45,264 | -€1,159 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €31,088 | €31,336 | +€248 | +0.8% |
| Trade debts | 44 | €11,356 | €5,609 | -€5,747 | -50.6% |
| Suppliers | 440/4 | €11,356 | €5,609 | -€5,747 | -50.6% |
| Taxes, remuneration and social security | 45 | €3,979 | €8,319 | +€4,340 | +109% |
| Taxes | 450/3 | €3,979 | €8,319 | +€4,340 | +109% |
| Non-recurring operating income | 76A | - | €12,500 | +€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,598 | €20,598 | = | 0.0% |
| Other operating charges | 640/8 | €895 | €793 | -€102 | -11.4% |
| Gross operating margin | 9900 | €77,825 | €177,849 | +€100,024 | +129% |
| Operating profit (loss) | 9901 | €56,332 | €156,458 | +€100,126 | +178% |
| Financial income | 75/76B | €10 | €22,030 | +€22,020 | +218,451% |
| Recurring financial income | 75 | €10 | €22,030 | +€22,020 | +218,451% |
| Financial charges | 65/66B | €3,722 | €2,852 | -€870 | -23.4% |
| Recurring financial charges | 65 | €3,722 | €2,852 | -€870 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €52,620 | €175,636 | +€123,016 | +234% |
| Income taxes | 67/77 | €15,979 | €53,259 | +€37,280 | +233% |
| Profit (loss) for the period | 9904 | €36,640 | €122,377 | +€85,737 | +234% |
| Profit (loss) for the period to be appropriated | 9905 | €36,640 | €122,377 | +€85,737 | +234% |
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 16 October 2026 via checked.be.