TOPO Vastgoed: 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 Vastgoed
Largest movements
- Cash -€37,490
down €37,490 (-85.7%), from €43,744 to €6,254
mainly Net result for the year (-€63,532) and Receivables within one year (-€27,022)
- Receivables within one year +€27,022
up €27,022 (+107%), from €25,328 to €52,350
of which Trade receivables: +€25,022
- Tangible fixed assets -€16,844
down €16,844 (-41.8%), from €40,289 to €23,445
of which Furniture and vehicles: -€15,631
- Profit (loss) carried forward -€63,532
new in 2025: -€63,532
- Short-term financial debts +€29,000
up €29,000 (+181%), from €16,000 to €45,000
- Trade debts +€5,363
up €5,363 (+394%), from €1,363 to €6,726
- Tax, wage and social debts +€1,961
up €1,961 (+9.6%), from €20,500 to €22,461
of which Taxes: +€1,630
- Gross operating margin -€4,071
down €4,071 (-6.9%), from €59,226 to €55,155
- Staff costs +€3,303
up €3,303 (+3.6%), from €91,656 to €94,958
- Depreciation -€2,800
down €2,800 (-15.1%), from €18,543 to €15,743
- Financial charges +€2,716
up €2,716 (+97.4%), from €2,787 to €5,504
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 | €117,016 | €88,745 | -€28,271 | -24.2% |
| Fixed assets | 21/28 | €41,239 | €24,395 | -€16,844 | -40.8% |
| Tangible fixed assets | 22/27 | €40,289 | €23,445 | -€16,844 | -41.8% |
| Plant, machinery and equipment | 23 | €4,632 | €3,419 | -€1,212 | -26.2% |
| Furniture and vehicles | 24 | €35,657 | €20,026 | -€15,631 | -43.8% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €75,777 | €64,350 | -€11,427 | -15.1% |
| Amounts receivable within one year | 40/41 | €25,328 | €52,350 | +€27,022 | +107% |
| Trade receivables | 40 | €25,328 | €50,350 | +€25,022 | +98.8% |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €43,744 | €6,254 | -€37,490 | -85.7% |
| Deferred charges and accrued income | 490/1 | €6,705 | €5,746 | -€959 | -14.3% |
| Total equity and liabilities | 10/49 | €117,016 | €88,745 | -€28,271 | -24.2% |
| Equity | 10/15 | €64,431 | €898 | -€63,532 | -98.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €44,431 | €44,431 | = | 0.0% |
| Distributable reserves | 133 | €44,431 | €44,431 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€63,532 | -€63,532 | |
| Amounts payable | 17/49 | €52,585 | €87,847 | +€35,261 | +67.1% |
| Amounts payable within one year | 42/48 | €50,585 | €85,847 | +€35,261 | +69.7% |
| Financial debts | 43 | €16,000 | €45,000 | +€29,000 | +181% |
| Credit institutions | 430/8 | €16,000 | €45,000 | +€29,000 | +181% |
| Trade debts | 44 | €1,363 | €6,726 | +€5,363 | +394% |
| Suppliers | 440/4 | €1,363 | €6,726 | +€5,363 | +394% |
| Taxes, remuneration and social security | 45 | €20,500 | €22,461 | +€1,961 | +9.6% |
| Taxes | 450/3 | €9,200 | €10,831 | +€1,630 | +17.7% |
| Remuneration and social security | 454/9 | €11,299 | €11,630 | +€331 | +2.9% |
| Other amounts payable | 47/48 | €12,723 | €11,660 | -€1,063 | -8.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €91,656 | €94,958 | +€3,303 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,543 | €15,743 | -€2,800 | -15.1% |
| Other operating charges | 640/8 | €1,744 | €1,192 | -€551 | -31.6% |
| Non-recurring operating charges | 66A | - | €894 | +€894 | |
| Gross operating margin | 9900 | €59,226 | €55,155 | -€4,071 | -6.9% |
| Operating profit (loss) | 9901 | -€52,716 | -€57,633 | -€4,917 | -9.3% |
| Financial income | 75/76B | €141 | €146 | +€5 | +3.6% |
| Recurring financial income | 75 | €141 | €146 | +€5 | +3.6% |
| Financial charges | 65/66B | €2,787 | €5,504 | +€2,716 | +97.4% |
| Recurring financial charges | 65 | €2,787 | €5,504 | +€2,716 | +97.4% |
| Profit (loss) for the period before taxes | 9903 | -€55,363 | -€62,991 | -€7,628 | -13.8% |
| Income taxes | 67/77 | €393 | €541 | +€148 | +37.8% |
| Profit (loss) for the period | 9904 | -€55,756 | -€63,532 | -€7,777 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,756 | -€63,532 | -€7,777 | -13.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.