TOPCO: 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.
TOPCO
Largest movements
- Tangible fixed assets -€55,616
down €55,616 (-10.4%), from €536,501 to €480,885
- Profit (loss) carried forward -€20,089
down €20,089 (-4.0%), from -€496,088 to -€516,177
- Other debts +€19,000
up €19,000 (+6.6%), from €289,295 to €308,295
- Trade debts -€17,866
down €17,866 (-7.7%), from €233,380 to €215,514
- Tax, wage and social debts -€16,197
down €16,197 (-61.6%), from €26,280 to €10,083
of which Remuneration and social security: -€16,998
- Debts after one year -€15,113
down €15,113 (-9.3%), from €162,159 to €147,046
of which Financial debts: -€15,113
- Gross operating margin -€24,704
down €24,704 (-25.0%), from €98,982 to €74,279
- Depreciation -€12,797
down €12,797 (-18.4%), from €69,698 to €56,901
- Staff costs -€7,629
down €7,629 (-47.6%), from €16,031 to €8,402
- Financial charges -€2,470
down €2,470 (-24.6%), from €10,042 to €7,572
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €684,302 | €630,621 | -€53,681 | -7.8% |
| Fixed assets | 21/28 | €541,392 | €485,776 | -€55,616 | -10.3% |
| Tangible fixed assets | 22/27 | €536,501 | €480,885 | -€55,616 | -10.4% |
| Land and buildings | 22 | €365,853 | €349,552 | -€16,301 | -4.5% |
| Plant, machinery and equipment | 23 | €11,271 | €9,065 | -€2,206 | -19.6% |
| Furniture and vehicles | 24 | €70,336 | €51,282 | -€19,053 | -27.1% |
| Other tangible fixed assets | 26 | €89,042 | €70,986 | -€18,056 | -20.3% |
| Financial fixed assets | 28 | €4,891 | €4,891 | = | 0.0% |
| Current assets | 29/58 | €142,910 | €144,845 | +€1,935 | +1.4% |
| Stocks and contracts in progress | 3 | €26,148 | €22,858 | -€3,290 | -12.6% |
| Stocks | 30/36 | €26,148 | €22,858 | -€3,290 | -12.6% |
| Amounts receivable within one year | 40/41 | €113,787 | €118,998 | +€5,211 | +4.6% |
| Trade receivables | 40 | €113,787 | €118,998 | +€5,211 | +4.6% |
| Deferred charges and accrued income | 490/1 | €2,975 | €2,989 | +€14 | +0.5% |
| Total equity and liabilities | 10/49 | €684,302 | €630,621 | -€53,681 | -7.8% |
| Equity | 10/15 | -€55,088 | -€75,177 | -€20,089 | -36.5% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Revaluation surpluses | 12 | €105,300 | €105,300 | = | 0.0% |
| Reserves | 13 | €245,700 | €245,700 | = | 0.0% |
| Distributable reserves | 133 | €245,700 | €245,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€496,088 | -€516,177 | -€20,089 | -4.0% |
| Amounts payable | 17/49 | €739,390 | €705,798 | -€33,592 | -4.5% |
| Amounts payable after more than one year | 17 | €162,159 | €147,046 | -€15,113 | -9.3% |
| Financial debts | 170/4 | €39,632 | €24,519 | -€15,113 | -38.1% |
| Other amounts payable | 178/9 | €122,527 | €122,527 | = | 0.0% |
| Amounts payable within one year | 42/48 | €577,232 | €557,676 | -€19,556 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €14,831 | €20,371 | +€5,540 | +37.4% |
| Financial debts | 43 | €13,445 | €3,412 | -€10,033 | -74.6% |
| Credit institutions | 430/8 | €13,445 | €3,412 | -€10,033 | -74.6% |
| Trade debts | 44 | €233,380 | €215,514 | -€17,866 | -7.7% |
| Suppliers | 440/4 | €233,380 | €215,514 | -€17,866 | -7.7% |
| Taxes, remuneration and social security | 45 | €26,280 | €10,083 | -€16,197 | -61.6% |
| Taxes | 450/3 | €1,104 | €1,906 | +€801 | +72.6% |
| Remuneration and social security | 454/9 | €25,176 | €8,178 | -€16,998 | -67.5% |
| Other amounts payable | 47/48 | €289,295 | €308,295 | +€19,000 | +6.6% |
| Accrued charges and deferred income | 492/3 | - | €1,076 | +€1,076 | |
| Remuneration, social security and pensions | 62 | €16,031 | €8,402 | -€7,629 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,698 | €56,901 | -€12,797 | -18.4% |
| Other operating charges | 640/8 | €21,388 | €21,238 | -€150 | -0.7% |
| Gross operating margin | 9900 | €98,982 | €74,279 | -€24,704 | -25.0% |
| Operating profit (loss) | 9901 | -€8,135 | -€12,262 | -€4,127 | -50.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,042 | €7,572 | -€2,470 | -24.6% |
| Recurring financial charges | 65 | €10,042 | €7,572 | -€2,470 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,177 | -€19,835 | -€1,657 | -9.1% |
| Income taxes | 67/77 | - | €254 | +€254 | |
| Profit (loss) for the period | 9904 | -€18,177 | -€20,089 | -€1,912 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,177 | -€20,089 | -€1,912 | -10.5% |
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 12 October 2026 via checked.be.