Topco 2022: 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.
What changed
Topco 2022
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€110,679
2024 · €122,429-€11,749
Equity
€16.8m
2024 · €16.7m+€110,679
Cash
-
2024 · €0
Balance sheet total
€43.9m
2024 · €44.4m-€492,938
Largest movements
Assets
- Receivables within one year -€492,938
down €492,938 (-76.3%), from €646,256 to €153,318
of which Trade receivables: -€456,045
Equity and liabilities
- Debts after one year -€2.1m
down €2.1m (-11.7%), from €17.8m to €15.7m
- Other debts +€1.6m
up €1.6m (+22.0%), from €7.4m to €9.1m
Income statement
- Turnover -€376,897
down €376,897 (-14.0%), from €2.7m to €2.3m
- Financial charges -€334,467
down €334,467 (-22.0%), from €1.5m to €1.2m
- Services and other goods -€120,819
down €120,819 (-10.9%), from €1.1m to €983,694
- Financial income -€94,378
down €94,378 (-100.0%), from €94,378 to €0
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
€122,429
Turnover
-€376,897
Services and other goods
+€120,819
Other operating charges
+€246
Financial income
-€94,378
Financial charges
+€334,467
Taxes
+€3,993
Result 2025
€110,679
raises the resultlowers the result
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.
From operations
+€2.1m
Investment
€0
Financing
-€2.1m
Cash 2024
€0
From operations (derived)
+€2.1m
Net result for the year
+€110,679
Receivables within one year
+€492,938
Trade debts
-€74,412
Tax, wage and social debts
-€76,526
Other debts
+€1.6m
Accrued charges and deferred income
+€107
Financing
-€2.1m
Debts after one year
-€2.1m
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,363,926 | €43,870,989 | -€492,938 | -1.1% |
| Fixed assets | 21/28 | €43,717,671 | €43,717,671 | = | 0.0% |
| Financial fixed assets | 28 | €43,717,671 | €43,717,671 | = | 0.0% |
| Affiliated companies | 280/1 | €43,717,671 | €43,717,671 | = | 0.0% |
| Participating interests | 280 | €43,717,671 | €43,717,671 | = | 0.0% |
| Current assets | 29/58 | €646,256 | €153,318 | -€492,938 | -76.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €646,256 | €153,318 | -€492,938 | -76.3% |
| Trade receivables | 40 | €600,105 | €144,060 | -€456,045 | -76.0% |
| Other amounts receivable | 41 | €46,151 | €9,258 | -€36,893 | -79.9% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €44,363,926 | €43,870,989 | -€492,938 | -1.1% |
| Equity | 10/15 | €16,717,489 | €16,828,168 | +€110,679 | +0.7% |
| Contributions | 10/11 | €16,511,000 | €16,511,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,489 | €317,168 | +€110,679 | +53.6% |
| Amounts payable | 17/49 | €27,646,437 | €27,042,820 | -€603,617 | -2.2% |
| Amounts payable after more than one year | 17 | €17,750,000 | €15,666,667 | -€2.1m | -11.7% |
| Financial debts | 170/4 | €17,750,000 | €15,666,667 | -€2.1m | -11.7% |
| Credit institutions | 173 | €17,750,000 | €15,666,667 | -€2.1m | -11.7% |
| Amounts payable within one year | 42/48 | €9,759,253 | €11,238,862 | +€1.5m | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €2,083,333 | €2,083,333 | = | 0.0% |
| Trade debts | 44 | €166,501 | €92,089 | -€74,412 | -44.7% |
| Suppliers | 440/4 | €166,501 | €92,089 | -€74,412 | -44.7% |
| Taxes, remuneration and social security | 45 | €85,544 | €9,017 | -€76,526 | -89.5% |
| Taxes | 450/3 | €85,544 | €9,017 | -€76,526 | -89.5% |
| Other amounts payable | 47/48 | €7,423,874 | €9,054,422 | +€1.6m | +22.0% |
| Accrued charges and deferred income | 492/3 | €137,184 | €137,291 | +€107 | +0.1% |
| Operating income | 70/76A | €2,695,954 | €2,319,058 | -€376,897 | -14.0% |
| Turnover | 70 | €2,695,954 | €2,319,058 | -€376,897 | -14.0% |
| Operating charges | 60/66A | €1,104,879 | €983,814 | -€121,065 | -11.0% |
| Services and other goods | 61 | €1,104,513 | €983,694 | -€120,819 | -10.9% |
| Other operating charges | 640/8 | €366 | €120 | -€246 | -67.2% |
| Operating profit (loss) | 9901 | €1,591,075 | €1,335,244 | -€255,832 | -16.1% |
| Financial income | 75/76B | €94,378 | €0 | -€94,378 | -100.0% |
| Recurring financial income | 75 | €94,378 | €0 | -€94,378 | -100.0% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €94,378 | €0 | -€94,378 | -100.0% |
| Financial charges | 65/66B | €1,522,139 | €1,187,671 | -€334,467 | -22.0% |
| Recurring financial charges | 65 | €1,522,139 | €1,187,671 | -€334,467 | -22.0% |
| Debt charges | 650 | €1,521,851 | €1,187,378 | -€334,472 | -22.0% |
| Other financial charges | 652/9 | €288 | €293 | +€5 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €163,315 | €147,572 | -€15,743 | -9.6% |
| Income taxes | 67/77 | €40,886 | €36,893 | -€3,993 | -9.8% |
| Taxes | 670/3 | €40,886 | €36,893 | -€3,993 | -9.8% |
| Profit (loss) for the period | 9904 | €122,429 | €110,679 | -€11,749 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,429 | €110,679 | -€11,749 | -9.6% |
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 15 October 2026 via checked.be.