TOPO-LOUVE: what changed
Two financial 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-LOUVE
Largest movements
- Receivables within one year +€35,792
up €35,792 (+31.8%), from €112,507 to €148,299
of which Other amounts receivable: +€34,639
- Tangible fixed assets -€7,742
down €7,742 (-22.9%), from €33,810 to €26,068
- Cash +€4,868
up €4,868 (+5.4%), from €89,490 to €94,358
mainly Net result for the year (+€31,529) and Depreciation (+€8,068)
- Reserves +€31,529
up €31,529 (+33.1%), from €95,147 to €126,676
- Tax, wage and social debts -€5,491
no longer reported in 2025 (was €5,491)
- Trade debts +€5,254
new in 2025: €5,254
- Current portion of long-term debt +€3,562
up €3,562 (+877%), from €406 to €3,968
- Debts after one year -€3,116
no longer reported in 2025 (was €3,116)
- Gross operating margin +€13,851
up €13,851 (+26.6%), from €52,105 to €65,956
- Taxes +€7,948
up €7,948 (+95.3%), from €8,337 to €16,285
- Other operating charges -€4,503
down €4,503 (-48.6%), from €9,264 to €4,761
- Financial charges +€3,003
up €3,003 (+129%), from €2,320 to €5,323
of which Financial charges: +€2,481
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.
Derived cash bridge
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 | €239,689 | €271,427 | +€31,738 | +13.2% |
| Fixed assets | 21/28 | €34,930 | €27,188 | -€7,742 | -22.2% |
| Tangible fixed assets | 22/27 | €33,810 | €26,068 | -€7,742 | -22.9% |
| Land and buildings | 22 | €10,318 | €9,171 | -€1,147 | -11.1% |
| Plant, machinery and equipment | 23 | €9,983 | €7,408 | -€2,575 | -25.8% |
| Furniture and vehicles | 24 | €1,226 | €490 | -€736 | -60.0% |
| Leasing and similar rights | 25 | €12,283 | €8,999 | -€3,284 | -26.7% |
| Financial fixed assets | 28 | €1,120 | €1,120 | = | 0.0% |
| Current assets | 29/58 | €204,759 | €244,239 | +€39,480 | +19.3% |
| Amounts receivable within one year | 40/41 | €112,507 | €148,299 | +€35,792 | +31.8% |
| Trade receivables | 40 | €64,616 | €65,769 | +€1,153 | +1.8% |
| Other amounts receivable | 41 | €47,891 | €82,530 | +€34,639 | +72.3% |
| Cash at bank and in hand | 54/58 | €89,490 | €94,358 | +€4,868 | +5.4% |
| Deferred charges and accrued income | 490/1 | €2,762 | €1,582 | -€1,180 | -42.7% |
| Total equity and liabilities | 10/49 | €239,689 | €271,427 | +€31,738 | +13.2% |
| Equity | 10/15 | €230,676 | €262,205 | +€31,529 | +13.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €95,147 | €126,676 | +€31,529 | +33.1% |
| Distributable reserves | 133 | €95,147 | €126,676 | +€31,529 | +33.1% |
| Profit (loss) carried forward | 14 | €115,069 | €115,069 | = | 0.0% |
| Amounts payable | 17/49 | €9,013 | €9,222 | +€209 | +2.3% |
| Amounts payable after more than one year | 17 | €3,116 | - | -€3,116 | |
| Financial debts | 170/4 | €3,116 | - | -€3,116 | |
| Amounts payable within one year | 42/48 | €5,897 | €9,222 | +€3,325 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €406 | €3,968 | +€3,562 | +877% |
| Trade debts | 44 | - | €5,254 | +€5,254 | |
| Suppliers | 440/4 | - | €5,254 | +€5,254 | |
| Taxes, remuneration and social security | 45 | €5,491 | - | -€5,491 | |
| Taxes | 450/3 | €5,491 | - | -€5,491 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,133 | €8,068 | -€65 | -0.8% |
| Other operating charges | 640/8 | €9,264 | €4,761 | -€4,503 | -48.6% |
| Non-recurring operating charges | 66A | €243 | - | -€243 | |
| Gross operating margin | 9900 | €52,105 | €65,956 | +€13,851 | +26.6% |
| Operating profit (loss) | 9901 | €34,465 | €53,127 | +€18,662 | +54.1% |
| Financial income | 75/76B | €16 | €10 | -€6 | -37.5% |
| Recurring financial income | 75 | €16 | €10 | -€6 | -37.5% |
| Financial charges | 65/66B | €2,320 | €5,323 | +€3,003 | +129% |
| Recurring financial charges | 65 | €2,320 | €4,801 | +€2,481 | +107% |
| Non-recurring financial charges | 66B | - | €522 | +€522 | |
| Profit (loss) for the period before taxes | 9903 | €32,161 | €47,814 | +€15,653 | +48.7% |
| Income taxes | 67/77 | €8,337 | €16,285 | +€7,948 | +95.3% |
| Profit (loss) for the period | 9904 | €23,824 | €31,529 | +€7,705 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,824 | €31,529 | +€7,705 | +32.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.