TOPCONSTRUCT: 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.
TOPCONSTRUCT
Largest movements
- Tangible fixed assets -€4,023
down €4,023 (-1.4%), from €291,687 to €287,664
of which Land and buildings: -€6,614
- Reserves -€36,801
down €36,801 (-46.2%), from €79,708 to €42,908
- Debts after one year +€32,142
up €32,142 (+11.7%), from €273,974 to €306,116
of which Other amounts payable: +€46,208
- Gross operating margin -€13,886
down €13,886, from €1,801 to -€12,085
- Financial charges +€931
up €931 (+8.0%), from €11,651 to €12,583
- Depreciation +€249
up €249 (+2.6%), from €9,459 to €9,708
- Other operating charges +€126
up €126 (+5.5%), from €2,300 to €2,426
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 | €393,178 | €388,793 | -€4,385 | -1.1% |
| Fixed assets | 21/28 | €392,339 | €388,316 | -€4,023 | -1.0% |
| Intangible fixed assets | 21 | €100,652 | €100,652 | = | 0.0% |
| Tangible fixed assets | 22/27 | €291,687 | €287,664 | -€4,023 | -1.4% |
| Land and buildings | 22 | €291,687 | €285,073 | -€6,614 | -2.3% |
| Plant, machinery and equipment | 23 | - | €2,590 | +€2,590 | |
| Current assets | 29/58 | €839 | €478 | -€361 | -43.1% |
| Cash at bank and in hand | 54/58 | €536 | €166 | -€370 | -69.0% |
| Deferred charges and accrued income | 490/1 | €303 | €311 | +€9 | +2.8% |
| Total equity and liabilities | 10/49 | €393,178 | €388,793 | -€4,385 | -1.1% |
| Equity | 10/15 | €98,308 | €61,508 | -€36,801 | -37.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,708 | €42,908 | -€36,801 | -46.2% |
| Distributable reserves | 133 | €79,708 | €42,908 | -€36,801 | -46.2% |
| Amounts payable | 17/49 | €294,870 | €327,286 | +€32,416 | +11.0% |
| Amounts payable after more than one year | 17 | €273,974 | €306,116 | +€32,142 | +11.7% |
| Financial debts | 170/4 | €41,719 | €27,654 | -€14,065 | -33.7% |
| Other amounts payable | 178/9 | €232,255 | €278,463 | +€46,208 | +19.9% |
| Amounts payable within one year | 42/48 | €19,579 | €21,170 | +€1,591 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €13,390 | €14,065 | +€675 | +5.0% |
| Trade debts | 44 | €554 | €1,867 | +€1,314 | +237% |
| Suppliers | 440/4 | €554 | €1,867 | +€1,314 | +237% |
| Taxes, remuneration and social security | 45 | €698 | €0 | -€698 | -100% |
| Taxes | 450/3 | €698 | €0 | -€698 | -100% |
| Other amounts payable | 47/48 | €4,937 | €5,237 | +€300 | +6.1% |
| Accrued charges and deferred income | 492/3 | €1,317 | €0 | -€1,317 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,459 | €9,708 | +€249 | +2.6% |
| Other operating charges | 640/8 | €2,300 | €2,426 | +€126 | +5.5% |
| Gross operating margin | 9900 | €1,801 | -€12,085 | -€13,886 | |
| Operating profit (loss) | 9901 | -€9,957 | -€24,218 | -€14,261 | -143% |
| Financial charges | 65/66B | €11,651 | €12,583 | +€931 | +8.0% |
| Recurring financial charges | 65 | €11,651 | €12,583 | +€931 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,609 | -€36,801 | -€15,192 | -70.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€21,609 | -€36,801 | -€15,192 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,609 | -€36,801 | -€15,192 | -70.3% |
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 19 October 2026 via checked.be.