TOPO GD: 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 GD
Largest movements
- Receivables within one year +€43,434
up €43,434 (+131.5%), from €33,036 to €76,470
of which Trade receivables: +€43,831
- Tangible fixed assets -€8,853
down €8,853 (-35.2%), from €25,176 to €16,323
of which Leasing and similar rights: -€24,946
- Cash +€1,036
up €1,036 (+23545.9%), from €4 to €1,040
mainly Trade debts (+€32,143) and Depreciation (+€4,417)
- Trade debts +€32,143
up €32,143 (+305.1%), from €10,536 to €42,679
- Tax, wage and social debts +€3,491
up €3,491 (+49.7%), from €7,019 to €10,510
of which Taxes: +€5,991
- Current portion of long-term debt -€2,765
down €2,765 (-25.4%), from €10,894 to €8,130
- Profit (loss) carried forward +€2,170
up €2,170 (+15.5%), from €14,027 to €16,197
- Other operating charges +€6,920
up €6,920 (+569.9%), from €1,214 to €8,134
- Depreciation -€5,192
down €5,192 (-54.0%), from €9,609 to €4,417
- Gross operating margin +€1,070
up €1,070 (+6.7%), from €15,971 to €17,041
- Taxes +€394
up €394 (+308.0%), from €128 to €522
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 | €59,610 | €95,585 | +€35,976 | +60.4% |
| Fixed assets | 21/28 | €25,218 | €16,590 | -€8,628 | -34.2% |
| Tangible fixed assets | 22/27 | €25,176 | €16,323 | -€8,853 | -35.2% |
| Plant, machinery and equipment | 23 | €230 | €0 | -€230 | -100.0% |
| Furniture and vehicles | 24 | - | €16,323 | +€16,323 | |
| Leasing and similar rights | 25 | €24,946 | €0 | -€24,946 | -100.0% |
| Financial fixed assets | 28 | €42 | €267 | +€225 | +531.2% |
| Current assets | 29/58 | €34,391 | €78,995 | +€44,604 | +129.7% |
| Amounts receivable within one year | 40/41 | €33,036 | €76,470 | +€43,434 | +131.5% |
| Trade receivables | 40 | €19,287 | €63,118 | +€43,831 | +227.3% |
| Other amounts receivable | 41 | €13,749 | €13,352 | -€397 | -2.9% |
| Cash at bank and in hand | 54/58 | €4 | €1,040 | +€1,036 | +23545.9% |
| Deferred charges and accrued income | 490/1 | €1,351 | €1,485 | +€134 | +9.9% |
| Total equity and liabilities | 10/49 | €59,610 | €95,585 | +€35,976 | +60.4% |
| Equity | 10/15 | €20,227 | €22,397 | +€2,170 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,027 | €16,197 | +€2,170 | +15.5% |
| Amounts payable | 17/49 | €39,382 | €73,188 | +€33,805 | +85.8% |
| Amounts payable after more than one year | 17 | €10,692 | €11,397 | +€705 | +6.6% |
| Financial debts | 170/4 | €10,692 | €11,397 | +€705 | +6.6% |
| Amounts payable within one year | 42/48 | €28,690 | €61,791 | +€33,101 | +115.4% |
| Current portion of amounts payable after more than one year | 42 | €10,894 | €8,130 | -€2,765 | -25.4% |
| Trade debts | 44 | €10,536 | €42,679 | +€32,143 | +305.1% |
| Suppliers | 440/4 | €10,536 | €42,679 | +€32,143 | +305.1% |
| Taxes, remuneration and social security | 45 | €7,019 | €10,510 | +€3,491 | +49.7% |
| Taxes | 450/3 | €4,519 | €10,510 | +€5,991 | +132.6% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts payable | 47/48 | €241 | €472 | +€232 | +96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,609 | €4,417 | -€5,192 | -54.0% |
| Other operating charges | 640/8 | €1,214 | €8,134 | +€6,920 | +569.9% |
| Non-recurring operating charges | 66A | €148 | €119 | -€29 | -19.7% |
| Gross operating margin | 9900 | €15,971 | €17,041 | +€1,070 | +6.7% |
| Operating profit (loss) | 9901 | €5,000 | €4,372 | -€628 | -12.6% |
| Financial charges | 65/66B | €1,590 | €1,679 | +€89 | +5.6% |
| Recurring financial charges | 65 | €1,590 | €1,679 | +€89 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €3,410 | €2,692 | -€718 | -21.0% |
| Income taxes | 67/77 | €128 | €522 | +€394 | +308.0% |
| Profit (loss) for the period | 9904 | €3,282 | €2,170 | -€1,112 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,282 | €2,170 | -€1,112 | -33.9% |
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.