TOPLAS: 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.
What changed
TOPLAS
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€195,853
2024 · €22,011+€173,842
Equity
€1.5m
2024 · €1.4m+€93,579
Cash
€166,683
2024 · €49,629+€117,055
Balance sheet total
€4.6m
2024 · €4.4m+€164,915
Largest movements
Assets
- Receivables within one year +€461,315
up €461,315 (+43.0%), from €1.1m to €1.5m
of which Trade receivables: +€475,265
- Tangible fixed assets -€403,929
down €403,929 (-16.8%), from €2.4m to €2.0m
of which Plant, machinery and equipment: -€216,231
- Cash +€117,055
up €117,055 (+235.9%), from €49,629 to €166,683
mainly Depreciation (+€615,451) and Net result for the year (+€195,853)
Equity and liabilities
- Debts after one year -€414,675
down €414,675 (-35.1%), from €1.2m to €765,082
- Trade debts +€141,676
up €141,676 (+18.4%), from €768,650 to €910,326
- Short-term financial debts +€125,000
up €125,000 (+100.0%), from €125,000 to €250,000
- Tax, wage and social debts +€95,849
up €95,849 (+91.6%), from €104,660 to €200,508
of which Taxes: +€50,653
- Reserves +€93,579
up €93,579 (+7.3%), from €1.3m to €1.4m
of which Distributable reserves: +€95,986
Income statement
- Gross operating margin +€613,456
up €613,456 (+30.2%), from €2.0m to €2.6m
- Staff costs +€399,683
up €399,683 (+31.5%), from €1.3m to €1.7m
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.
Result 2024
€22,011
Gross operating margin
+€613,456
Staff costs
-€399,683
Depreciation
-€12,296
Write-downs
-€3,400
Other operating charges
-€10,761
Other operating items
+€2,682
Financial income
-€5,384
Financial charges
+€8,353
Taxes
-€18,927
Deferred taxes and other
-€198
Result 2025
€195,853
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.
From operations
+€685,776
Investment
-€185,753
Financing
-€382,968
Cash 2024
€49,629
From operations (derived)
+€685,776
Net result for the year
+€195,853
Depreciation
+€615,451
Stocks and contracts
-€11,853
Receivables within one year
-€461,315
Deferred charges and accrued income
-€4,389
Provisions
-€802
Trade debts
+€141,676
Tax, wage and social debts
+€95,849
Other debts
+€92,095
Accrued charges and deferred income
+€23,213
Investment (derived)
-€185,753
Investment in fixed assets (net)
-€185,753
Financing
-€382,968
Debts after one year
-€414,675
Current portion of long-term debt
+€8,981
Short-term financial debts
+€125,000
Contributions, distributions and other
-€102,274
Cash 2025
€166,683
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,432,893 | €4,597,808 | +€164,915 | +3.7% |
| Fixed assets | 21/28 | €2,489,622 | €2,059,924 | -€429,697 | -17.3% |
| Intangible fixed assets | 21 | €80,992 | €55,224 | -€25,768 | -31.8% |
| Tangible fixed assets | 22/27 | €2,408,630 | €2,004,700 | -€403,929 | -16.8% |
| Land and buildings | 22 | €1,331,967 | €1,228,239 | -€103,728 | -7.8% |
| Plant, machinery and equipment | 23 | €520,051 | €303,820 | -€216,231 | -41.6% |
| Furniture and vehicles | 24 | €98,328 | €68,322 | -€30,006 | -30.5% |
| Leasing and similar rights | 25 | €458,284 | €404,320 | -€53,964 | -11.8% |
| Current assets | 29/58 | €1,943,271 | €2,537,884 | +€594,612 | +30.6% |
| Stocks and contracts in progress | 3 | €770,881 | €782,734 | +€11,853 | +1.5% |
| Stocks | 30/36 | €770,881 | €782,734 | +€11,853 | +1.5% |
| Amounts receivable within one year | 40/41 | €1,074,054 | €1,535,369 | +€461,315 | +43.0% |
| Trade receivables | 40 | €1,055,267 | €1,530,531 | +€475,265 | +45.0% |
| Other amounts receivable | 41 | €18,787 | €4,838 | -€13,949 | -74.2% |
| Cash at bank and in hand | 54/58 | €49,629 | €166,683 | +€117,055 | +235.9% |
| Deferred charges and accrued income | 490/1 | €48,708 | €53,097 | +€4,389 | +9.0% |
| Total equity and liabilities | 10/49 | €4,432,893 | €4,597,808 | +€164,915 | +3.7% |
| Equity | 10/15 | €1,413,862 | €1,507,442 | +€93,579 | +6.6% |
| Contributions | 10/11 | €133,240 | €133,240 | = | 0.0% |
| Capital | 10 | €133,240 | €133,240 | = | 0.0% |
| Issued capital | 100 | €133,240 | €133,240 | = | 0.0% |
| Reserves | 13 | €1,280,622 | €1,374,202 | +€93,579 | +7.3% |
| Non-distributable reserves | 130/1 | €13,324 | €13,324 | = | 0.0% |
| Legal reserve | 130 | €13,324 | €13,324 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,952 | €24,545 | -€2,406 | -8.9% |
| Distributable reserves | 133 | €1,240,346 | €1,336,332 | +€95,986 | +7.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €4,208 | €3,406 | -€802 | -19.1% |
| Deferred taxes | 168 | €4,208 | €3,406 | -€802 | -19.1% |
| Amounts payable | 17/49 | €3,014,822 | €3,086,960 | +€72,138 | +2.4% |
| Amounts payable after more than one year | 17 | €1,179,757 | €765,082 | -€414,675 | -35.1% |
| Financial debts | 170/4 | €1,179,757 | €765,082 | -€414,675 | -35.1% |
| Amounts payable within one year | 42/48 | €1,833,954 | €2,297,554 | +€463,600 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €636,395 | €645,376 | +€8,981 | +1.4% |
| Financial debts | 43 | €125,000 | €250,000 | +€125,000 | +100.0% |
| Credit institutions | 430/8 | €125,000 | €250,000 | +€125,000 | +100.0% |
| Trade debts | 44 | €768,650 | €910,326 | +€141,676 | +18.4% |
| Suppliers | 440/4 | €768,650 | €910,326 | +€141,676 | +18.4% |
| Taxes, remuneration and social security | 45 | €104,660 | €200,508 | +€95,849 | +91.6% |
| Taxes | 450/3 | €3,094 | €53,747 | +€50,653 | +1637.0% |
| Remuneration and social security | 454/9 | €101,565 | €146,762 | +€45,196 | +44.5% |
| Other amounts payable | 47/48 | €199,249 | €291,343 | +€92,095 | +46.2% |
| Accrued charges and deferred income | 492/3 | €1,112 | €24,325 | +€23,213 | +2088.2% |
| Non-recurring operating income | 76A | €10,879 | €0 | -€10,879 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,269,183 | €1,668,866 | +€399,683 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €603,155 | €615,451 | +€12,296 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €3,400 | +€3,400 | |
| Other operating charges | 640/8 | €45,174 | €55,935 | +€10,761 | +23.8% |
| Non-recurring operating charges | 66A | €2,682 | €0 | -€2,682 | -100.0% |
| Gross operating margin | 9900 | €2,031,943 | €2,645,399 | +€613,456 | +30.2% |
| Operating profit (loss) | 9901 | €111,749 | €301,748 | +€189,999 | +170.0% |
| Financial income | 75/76B | €8,928 | €3,544 | -€5,384 | -60.3% |
| Recurring financial income | 75 | €8,928 | €3,544 | -€5,384 | -60.3% |
| Financial charges | 65/66B | €79,689 | €71,336 | -€8,353 | -10.5% |
| Recurring financial charges | 65 | €79,689 | €71,336 | -€8,353 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €40,988 | €233,955 | +€192,967 | +470.8% |
| Transfer from deferred taxes | 780 | €1,000 | €802 | -€198 | -19.8% |
| Income taxes | 67/77 | €19,977 | €38,904 | +€18,927 | +94.7% |
| Profit (loss) for the period | 9904 | €22,011 | €195,853 | +€173,842 | +789.8% |
| Transfer from tax-exempt reserves | 789 | €3,000 | €2,406 | -€594 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,011 | €198,259 | +€173,249 | +692.7% |
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 7 October 2026 via checked.be.