Topgrow: what changed
Two fiscal 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.
Topgrow
Largest movements
- Tangible fixed assets +€113,068
up €113,068 (+9739.5%), from €1,161 to €114,229
of which Assets under construction and advance payments: +€62,523
- Cash -€36,850
down €36,850 (-25.3%), from €145,929 to €109,080
mainly Investment in fixed assets (net) (-€119,615) and Tax, wage and social debts (-€6,635)
- Debts after one year +€44,805
new in 2025: €44,805
- Reserves +€40,900
up €40,900 (+39.3%), from €103,949 to €144,849
- Tax, wage and social debts -€6,635
down €6,635 (-14.5%), from €45,750 to €39,115
- Gross operating margin -€22,191
down €22,191 (-23.9%), from €92,977 to €70,786
- Taxes -€8,981
down €8,981 (-36.5%), from €24,600 to €15,619
- Depreciation +€6,117
up €6,117 (+1423.4%), from €430 to €6,547
- Financial charges +€5,368
up €5,368 (+6943.4%), from €77 to €5,445
- Other operating charges +€2,127
up €2,127 (+1170.2%), from €182 to €2,309
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
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 | €155,228 | €232,313 | +€77,085 | +49.7% |
| Fixed assets | 21/28 | €1,161 | €114,229 | +€113,068 | +9739.5% |
| Tangible fixed assets | 22/27 | €1,161 | €114,229 | +€113,068 | +9739.5% |
| Land and buildings | 22 | - | €50,975 | +€50,975 | |
| Furniture and vehicles | 24 | €1,161 | €731 | -€430 | -37.0% |
| Assets under construction and advance payments | 27 | - | €62,523 | +€62,523 | |
| Current assets | 29/58 | €154,067 | €118,084 | -€35,983 | -23.4% |
| Amounts receivable within one year | 40/41 | €8,137 | €9,005 | +€867 | +10.7% |
| Trade receivables | 40 | €8,131 | €9,000 | +€869 | +10.7% |
| Other amounts receivable | 41 | €6 | €5 | -€2 | -25.7% |
| Cash at bank and in hand | 54/58 | €145,929 | €109,080 | -€36,850 | -25.3% |
| Total equity and liabilities | 10/49 | €155,228 | €232,313 | +€77,085 | +49.7% |
| Equity | 10/15 | €106,949 | €147,849 | +€40,900 | +38.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €103,949 | €144,849 | +€40,900 | +39.3% |
| Distributable reserves | 133 | €103,949 | €144,849 | +€40,900 | +39.3% |
| Amounts payable | 17/49 | €48,279 | €84,464 | +€36,185 | +75.0% |
| Amounts payable after more than one year | 17 | - | €44,805 | +€44,805 | |
| Financial debts | 170/4 | - | €44,805 | +€44,805 | |
| Amounts payable within one year | 42/48 | €48,279 | €39,660 | -€8,620 | -17.9% |
| Trade debts | 44 | €2,529 | €545 | -€1,984 | -78.5% |
| Suppliers | 440/4 | €2,529 | €545 | -€1,984 | -78.5% |
| Taxes, remuneration and social security | 45 | €45,750 | €39,115 | -€6,635 | -14.5% |
| Taxes | 450/3 | €45,750 | €39,115 | -€6,635 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €430 | €6,547 | +€6,117 | +1423.4% |
| Other operating charges | 640/8 | €182 | €2,309 | +€2,127 | +1170.2% |
| Gross operating margin | 9900 | €92,977 | €70,786 | -€22,191 | -23.9% |
| Operating profit (loss) | 9901 | €92,366 | €61,930 | -€30,436 | -33.0% |
| Financial income | 75/76B | €161 | €34 | -€127 | -78.8% |
| Recurring financial income | 75 | €161 | €34 | -€127 | -78.8% |
| Financial charges | 65/66B | €77 | €5,445 | +€5,368 | +6943.4% |
| Recurring financial charges | 65 | €77 | €5,445 | +€5,368 | +6943.4% |
| Profit (loss) for the period before taxes | 9903 | €92,449 | €56,519 | -€35,930 | -38.9% |
| Income taxes | 67/77 | €24,600 | €15,619 | -€8,981 | -36.5% |
| Profit (loss) for the period | 9904 | €67,849 | €40,900 | -€26,949 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,849 | €40,900 | -€26,949 | -39.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.