TOPICO: 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.
TOPICO
Largest movements
- Current investments +€133,097
up €133,097 (+45.2%), from €294,740 to €427,837
- Tangible fixed assets -€54,483
down €54,483 (-22.2%), from €244,977 to €190,495
of which Land and buildings: -€52,821
- Receivables within one year +€20,279
up €20,279 (+17.7%), from €114,500 to €134,779
of which Other amounts receivable: +€46,850
- Cash -€14,552
down €14,552 (-27.5%), from €52,878 to €38,326
mainly Current investments (-€133,097) and Receivables within one year (-€20,279)
- Deferred charges and accrued income +€8,190
up €8,190 (+396.0%), from €2,068 to €10,258
- Reserves +€83,748
up €83,748 (+12.6%), from €665,878 to €749,626
of which Non-distributable reserves: +€83,700
- Gross operating margin -€33,511
down €33,511 (-13.7%), from €244,885 to €211,374
- Depreciation -€5,460
down €5,460 (-8.8%), from €61,919 to €56,459
- Taxes -€3,810
down €3,810 (-6.8%), from €56,183 to €52,374
- Financial income -€3,076
down €3,076 (-35.5%), from €8,667 to €5,591
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 | €714,164 | €806,695 | +€92,531 | +13.0% |
| Fixed assets | 21/28 | €249,977 | €195,495 | -€54,483 | -21.8% |
| Tangible fixed assets | 22/27 | €244,977 | €190,495 | -€54,483 | -22.2% |
| Land and buildings | 22 | €219,284 | €166,463 | -€52,821 | -24.1% |
| Plant, machinery and equipment | 23 | €9,936 | €9,634 | -€302 | -3.0% |
| Furniture and vehicles | 24 | €15,757 | €14,398 | -€1,359 | -8.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €464,187 | €611,200 | +€147,014 | +31.7% |
| Amounts receivable within one year | 40/41 | €114,500 | €134,779 | +€20,279 | +17.7% |
| Trade receivables | 40 | €84,346 | €57,776 | -€26,570 | -31.5% |
| Other amounts receivable | 41 | €30,153 | €77,003 | +€46,850 | +155.4% |
| Current investments | 50/53 | €294,740 | €427,837 | +€133,097 | +45.2% |
| Cash at bank and in hand | 54/58 | €52,878 | €38,326 | -€14,552 | -27.5% |
| Deferred charges and accrued income | 490/1 | €2,068 | €10,258 | +€8,190 | +396.0% |
| Total equity and liabilities | 10/49 | €714,164 | €806,695 | +€92,531 | +13.0% |
| Equity | 10/15 | €684,478 | €768,226 | +€83,748 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €665,878 | €749,626 | +€83,748 | +12.6% |
| Non-distributable reserves | 130/1 | €221,050 | €304,750 | +€83,700 | +37.9% |
| Own shares acquired | 1312 | €221,050 | €304,750 | +€83,700 | +37.9% |
| Distributable reserves | 133 | €444,828 | €444,876 | +€48 | 0.0% |
| Amounts payable | 17/49 | €29,686 | €38,469 | +€8,783 | +29.6% |
| Amounts payable within one year | 42/48 | €29,686 | €38,469 | +€8,783 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €19,924 | €13,480 | -€6,444 | -32.3% |
| Trade debts | 44 | €5,545 | €13,388 | +€7,842 | +141.4% |
| Suppliers | 440/4 | €5,545 | €13,388 | +€7,842 | +141.4% |
| Taxes, remuneration and social security | 45 | €4,217 | €11,602 | +€7,385 | +175.1% |
| Taxes | 450/3 | €4,217 | €11,602 | +€7,385 | +175.1% |
| Non-recurring operating income | 76A | €21,259 | - | -€21,259 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,919 | €56,459 | -€5,460 | -8.8% |
| Other operating charges | 640/8 | €4,653 | €5,359 | +€706 | +15.2% |
| Non-recurring operating charges | 66A | - | €9,647 | +€9,647 | |
| Gross operating margin | 9900 | €244,885 | €211,374 | -€33,511 | -13.7% |
| Operating profit (loss) | 9901 | €178,313 | €139,909 | -€38,403 | -21.5% |
| Financial income | 75/76B | €8,667 | €5,591 | -€3,076 | -35.5% |
| Recurring financial income | 75 | €8,667 | €5,591 | -€3,076 | -35.5% |
| Financial charges | 65/66B | €7,344 | €9,378 | +€2,034 | +27.7% |
| Recurring financial charges | 65 | €7,344 | €9,378 | +€2,034 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €179,635 | €136,122 | -€43,513 | -24.2% |
| Income taxes | 67/77 | €56,183 | €52,374 | -€3,810 | -6.8% |
| Profit (loss) for the period | 9904 | €123,452 | €83,748 | -€39,704 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €123,452 | €83,748 | -€39,704 | -32.2% |
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 4 October 2026 via checked.be.