@TOPO: 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.
@TOPO
Largest movements
- Cash -€292,232
down €292,232 (-56.5%), from €517,100 to €224,868
mainly Other debts (-€587,382) and Contributions, distributions and other (-€240,000)
- Receivables after one year +€116,011
new in 2025: €116,011
- Receivables within one year -€92,086
down €92,086 (-29.9%), from €307,617 to €215,532
of which Trade receivables: -€74,457
- Stocks and contracts -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets +€47,533
up €47,533 (+17.3%), from €274,706 to €322,240
of which Furniture and vehicles: +€64,211
- Other debts -€587,382
down €587,382 (-70.9%), from €828,204 to €240,823
- Trade debts +€304,271
up €304,271 (+265.7%), from €114,521 to €418,792
- Tax, wage and social debts -€43,272
down €43,272 (-54.3%), from €79,655 to €36,383
of which Taxes: -€47,810
- Debts after one year +€19,461
up €19,461 (+19.5%), from €99,674 to €119,134
- Accrued charges and deferred income -€17,700
no longer reported in 2025 (was €17,700)
- Gross operating margin -€83,048
down €83,048 (-13.6%), from €609,807 to €526,759
- Staff costs -€14,398
down €14,398 (-6.2%), from €234,032 to €219,634
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 | €1,207,867 | €909,787 | -€298,080 | -24.7% |
| Fixed assets | 21/28 | €316,860 | €322,240 | +€5,379 | +1.7% |
| Tangible fixed assets | 22/27 | €274,706 | €322,240 | +€47,533 | +17.3% |
| Land and buildings | 22 | €85,358 | €82,108 | -€3,250 | -3.8% |
| Plant, machinery and equipment | 23 | €132,401 | €118,973 | -€13,428 | -10.1% |
| Furniture and vehicles | 24 | €56,948 | €121,158 | +€64,211 | +112.8% |
| Financial fixed assets | 28 | €42,154 | - | -€42,154 | |
| Current assets | 29/58 | €891,007 | €587,548 | -€303,459 | -34.1% |
| Amounts receivable after more than one year | 29 | - | €116,011 | +€116,011 | |
| Other amounts receivable | 291 | - | €116,011 | +€116,011 | |
| Stocks and contracts in progress | 3 | €50,000 | - | -€50,000 | |
| Stocks | 30/36 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €307,617 | €215,532 | -€92,086 | -29.9% |
| Trade receivables | 40 | €186,290 | €111,832 | -€74,457 | -40.0% |
| Other amounts receivable | 41 | €121,328 | €103,699 | -€17,629 | -14.5% |
| Cash at bank and in hand | 54/58 | €517,100 | €224,868 | -€292,232 | -56.5% |
| Deferred charges and accrued income | 490/1 | €16,289 | €31,137 | +€14,848 | +91.2% |
| Total equity and liabilities | 10/49 | €1,207,867 | €909,787 | -€298,080 | -24.7% |
| Equity | 10/15 | €31,708 | €42,687 | +€10,979 | +34.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,108 | €24,087 | +€10,979 | +83.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,248 | €22,227 | +€10,979 | +97.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,176,160 | €867,101 | -€309,059 | -26.3% |
| Amounts payable after more than one year | 17 | €99,674 | €119,134 | +€19,461 | +19.5% |
| Financial debts | 170/4 | €99,674 | €119,134 | +€19,461 | +19.5% |
| Amounts payable within one year | 42/48 | €1,058,786 | €747,967 | -€310,819 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €36,406 | €51,970 | +€15,564 | +42.7% |
| Trade debts | 44 | €114,521 | €418,792 | +€304,271 | +265.7% |
| Suppliers | 440/4 | €114,521 | €418,792 | +€304,271 | +265.7% |
| Taxes, remuneration and social security | 45 | €79,655 | €36,383 | -€43,272 | -54.3% |
| Taxes | 450/3 | €49,964 | €2,154 | -€47,810 | -95.7% |
| Remuneration and social security | 454/9 | €29,691 | €34,229 | +€4,538 | +15.3% |
| Other amounts payable | 47/48 | €828,204 | €240,823 | -€587,382 | -70.9% |
| Accrued charges and deferred income | 492/3 | €17,700 | - | -€17,700 | |
| Remuneration, social security and pensions | 62 | €234,032 | €219,634 | -€14,398 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,809 | €46,925 | -€1,884 | -3.9% |
| Other operating charges | 640/8 | €2,894 | €2,432 | -€461 | -15.9% |
| Gross operating margin | 9900 | €609,807 | €526,759 | -€83,048 | -13.6% |
| Operating profit (loss) | 9901 | €324,072 | €257,767 | -€66,305 | -20.5% |
| Financial income | 75/76B | €8,291 | €8,537 | +€246 | +3.0% |
| Recurring financial income | 75 | €8,291 | €8,537 | +€246 | +3.0% |
| Financial charges | 65/66B | €6,712 | €6,182 | -€530 | -7.9% |
| Recurring financial charges | 65 | €6,712 | €6,182 | -€530 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €325,651 | €260,122 | -€65,529 | -20.1% |
| Income taxes | 67/77 | €6,495 | €9,144 | +€2,649 | +40.8% |
| Profit (loss) for the period | 9904 | €319,156 | €250,979 | -€68,178 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €319,156 | €250,979 | -€68,178 | -21.4% |
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.