TOPFORM: 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.
TOPFORM
Largest movements
- Cash +€17,914
up €17,914 (+70.1%), from €25,552 to €43,466
mainly Net result for the year (+€37,847) and Depreciation (+€21,750)
- Tangible fixed assets -€17,080
down €17,080 (-7.5%), from €228,085 to €211,005
of which Land and buildings: -€12,486
- Current investments +€10,000
up €10,000 (+18.2%), from €55,000 to €65,000
- Profit (loss) carried forward +€37,847
up €37,847 (+28.4%), from -€133,081 to -€95,234
- Debts after one year -€17,793
down €17,793 (-18.7%), from €94,895 to €77,102
- Current portion of long-term debt -€12,425
down €12,425 (-39.8%), from €31,231 to €18,807
- Gross operating margin -€18,655
down €18,655 (-22.0%), from €84,975 to €66,319
- Depreciation -€9,334
down €9,334 (-30.0%), from €31,084 to €21,750
- Financial income +€1,588
up €1,588 (+919%), from €173 to €1,761
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 | €320,739 | €328,921 | +€8,182 | +2.6% |
| Fixed assets | 21/28 | €228,086 | €211,006 | -€17,080 | -7.5% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €228,085 | €211,005 | -€17,080 | -7.5% |
| Land and buildings | 22 | €196,036 | €183,550 | -€12,486 | -6.4% |
| Plant, machinery and equipment | 23 | €2,745 | €6,060 | +€3,315 | +121% |
| Furniture and vehicles | 24 | €29,304 | €21,394 | -€7,910 | -27.0% |
| Current assets | 29/58 | €92,653 | €117,915 | +€25,262 | +27.3% |
| Stocks and contracts in progress | 3 | €6,167 | €4,479 | -€1,688 | -27.4% |
| Stocks | 30/36 | €6,167 | €4,479 | -€1,688 | -27.4% |
| Amounts receivable within one year | 40/41 | €3,042 | €1,559 | -€1,483 | -48.7% |
| Trade receivables | 40 | €2,456 | €442 | -€2,014 | -82.0% |
| Other amounts receivable | 41 | €586 | €1,117 | +€531 | +90.6% |
| Current investments | 50/53 | €55,000 | €65,000 | +€10,000 | +18.2% |
| Cash at bank and in hand | 54/58 | €25,552 | €43,466 | +€17,914 | +70.1% |
| Deferred charges and accrued income | 490/1 | €2,892 | €3,411 | +€520 | +18.0% |
| Total equity and liabilities | 10/49 | €320,739 | €328,921 | +€8,182 | +2.6% |
| Equity | 10/15 | €183,529 | €221,376 | +€37,847 | +20.6% |
| Contributions | 10/11 | €286,700 | €286,700 | = | 0.0% |
| Reserves | 13 | €29,910 | €29,910 | = | 0.0% |
| Distributable reserves | 133 | €29,910 | €29,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,081 | -€95,234 | +€37,847 | +28.4% |
| Amounts payable | 17/49 | €137,210 | €107,545 | -€29,665 | -21.6% |
| Amounts payable after more than one year | 17 | €94,895 | €77,102 | -€17,793 | -18.7% |
| Financial debts | 170/4 | €94,895 | €77,102 | -€17,793 | -18.7% |
| Amounts payable within one year | 42/48 | €42,316 | €30,443 | -€11,872 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €31,231 | €18,807 | -€12,425 | -39.8% |
| Trade debts | 44 | €1,856 | €3,910 | +€2,054 | +111% |
| Suppliers | 440/4 | €1,856 | €3,910 | +€2,054 | +111% |
| Taxes, remuneration and social security | 45 | €277 | €0 | -€277 | -100% |
| Taxes | 450/3 | €277 | €0 | -€277 | -100% |
| Other amounts payable | 47/48 | €8,952 | €7,727 | -€1,225 | -13.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,084 | €21,750 | -€9,334 | -30.0% |
| Other operating charges | 640/8 | €4,381 | €4,617 | +€236 | +5.4% |
| Gross operating margin | 9900 | €84,975 | €66,319 | -€18,655 | -22.0% |
| Operating profit (loss) | 9901 | €49,509 | €39,952 | -€9,558 | -19.3% |
| Financial income | 75/76B | €173 | €1,761 | +€1,588 | +919% |
| Recurring financial income | 75 | €173 | €1,761 | +€1,588 | +919% |
| Financial charges | 65/66B | €4,166 | €3,566 | -€600 | -14.4% |
| Recurring financial charges | 65 | €4,166 | €3,566 | -€600 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €45,516 | €38,146 | -€7,370 | -16.2% |
| Income taxes | 67/77 | €322 | €299 | -€23 | -7.1% |
| Profit (loss) for the period | 9904 | €45,195 | €37,847 | -€7,348 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,195 | €37,847 | -€7,348 | -16.3% |
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 27 October 2026 via checked.be.