TOPCORDAGE: 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.
TOPCORDAGE
Largest movements
- Stocks and contracts +€2,045
up €2,045 (+20.8%), from €9,817 to €11,862
- Cash -€1,100
down €1,100 (-54.2%), from €2,029 to €929
mainly Stocks and contracts (-€2,045) and Receivables within one year (-€696)
- Receivables within one year +€696
up €696 (+1,289%), from €54 to €750
of which Trade receivables: +€643
- Tax, wage and social debts +€1,101
up €1,101 (+77.0%), from €1,430 to €2,531
- Profit (loss) carried forward +€414
up €414 (+4.0%), from -€10,356 to -€9,942
- Other debts +€183
up €183 (+14.8%), from €1,239 to €1,422
- Gross operating margin +€1,680
up €1,680, from -€605 to €1,075
- Financial income -€137
no longer reported in 2025 (was €137)
- Financial charges +€43
up €43 (+7.8%), from €553 to €596
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 | €11,900 | €13,541 | +€1,641 | +13.8% |
| Current assets | 29/58 | €11,900 | €13,541 | +€1,641 | +13.8% |
| Stocks and contracts in progress | 3 | €9,817 | €11,862 | +€2,045 | +20.8% |
| Stocks | 30/36 | €9,817 | €11,862 | +€2,045 | +20.8% |
| Amounts receivable within one year | 40/41 | €54 | €750 | +€696 | +1,289% |
| Trade receivables | 40 | €54 | €697 | +€643 | +1,191% |
| Other amounts receivable | 41 | - | €53 | +€53 | |
| Cash at bank and in hand | 54/58 | €2,029 | €929 | -€1,100 | -54.2% |
| Total equity and liabilities | 10/49 | €11,900 | €13,541 | +€1,641 | +13.8% |
| Equity | 10/15 | €9,174 | €9,588 | +€414 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €930 | €930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,356 | -€9,942 | +€414 | +4.0% |
| Amounts payable | 17/49 | €2,726 | €3,953 | +€1,227 | +45.0% |
| Amounts payable within one year | 42/48 | €2,726 | €3,953 | +€1,227 | +45.0% |
| Trade debts | 44 | €57 | - | -€57 | |
| Suppliers | 440/4 | €57 | - | -€57 | |
| Taxes, remuneration and social security | 45 | €1,430 | €2,531 | +€1,101 | +77.0% |
| Taxes | 450/3 | €1,430 | €2,531 | +€1,101 | +77.0% |
| Other amounts payable | 47/48 | €1,239 | €1,422 | +€183 | +14.8% |
| Other operating charges | 640/8 | €64 | €65 | +€1 | +1.6% |
| Gross operating margin | 9900 | -€605 | €1,075 | +€1,680 | |
| Operating profit (loss) | 9901 | -€669 | €1,010 | +€1,679 | |
| Financial income | 75/76B | €137 | - | -€137 | |
| Recurring financial income | 75 | €137 | - | -€137 | |
| Financial charges | 65/66B | €553 | €596 | +€43 | +7.8% |
| Recurring financial charges | 65 | €553 | €596 | +€43 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,085 | €414 | +€1,499 | |
| Profit (loss) for the period | 9904 | -€1,085 | €414 | +€1,499 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,085 | €414 | +€1,499 |
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 24 October 2026 via checked.be.