TOPOVINO: 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.
TOPOVINO
Largest movements
- Receivables within one year -€91,592
down €91,592 (-67.9%), from €134,954 to €43,362
of which Trade receivables: -€92,485
- Cash +€55,420
up €55,420 (+78.9%), from €70,197 to €125,616
mainly Receivables within one year (+€91,592) and Trade debts (+€14,597)
- Stocks and contracts +€16,197
up €16,197 (+26.2%), from €61,728 to €77,924
- Tax, wage and social debts -€19,694
down €19,694 (-75.8%), from €25,967 to €6,273
- Trade debts +€14,597
up €14,597 (+21.1%), from €69,017 to €83,614
- Debts after one year -€14,000
down €14,000 (-100%), from €14,000 to €0
- Other debts -€8,781
down €8,781 (-96.0%), from €9,143 to €362
- Reserves +€8,253
up €8,253 (+6.3%), from €131,552 to €139,805
- Gross operating margin -€25,232
down €25,232 (-52.3%), from €48,223 to €22,991
- Write-downs -€8,557
down €8,557 (-100%), from €8,557 to €0
- Other operating charges -€4,715
down €4,715 (-25.8%), from €18,304 to €13,589
- Financial charges -€1,941
down €1,941 (-82.4%), from €2,356 to €415
- Financial income +€1,560
up €1,560 (+80.9%), from €1,927 to €3,487
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 | €268,279 | €248,654 | -€19,625 | -7.3% |
| Fixed assets | 21/28 | €1,400 | €1,400 | = | 0.0% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €266,879 | €247,254 | -€19,625 | -7.4% |
| Stocks and contracts in progress | 3 | €61,728 | €77,924 | +€16,197 | +26.2% |
| Stocks | 30/36 | €61,728 | €77,924 | +€16,197 | +26.2% |
| Amounts receivable within one year | 40/41 | €134,954 | €43,362 | -€91,592 | -67.9% |
| Trade receivables | 40 | €134,954 | €42,469 | -€92,485 | -68.5% |
| Other amounts receivable | 41 | €0 | €893 | +€893 | |
| Cash at bank and in hand | 54/58 | €70,197 | €125,616 | +€55,420 | +78.9% |
| Deferred charges and accrued income | 490/1 | €0 | €351 | +€351 | |
| Total equity and liabilities | 10/49 | €268,279 | €248,654 | -€19,625 | -7.3% |
| Equity | 10/15 | €150,152 | €158,405 | +€8,253 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,552 | €139,805 | +€8,253 | +6.3% |
| Distributable reserves | 133 | €131,552 | €139,805 | +€8,253 | +6.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €118,127 | €90,249 | -€27,878 | -23.6% |
| Amounts payable after more than one year | 17 | €14,000 | €0 | -€14,000 | -100% |
| Financial debts | 170/4 | €14,000 | €0 | -€14,000 | -100% |
| Amounts payable within one year | 42/48 | €104,127 | €90,249 | -€13,878 | -13.3% |
| Trade debts | 44 | €69,017 | €83,614 | +€14,597 | +21.1% |
| Suppliers | 440/4 | €69,017 | €83,614 | +€14,597 | +21.1% |
| Taxes, remuneration and social security | 45 | €25,967 | €6,273 | -€19,694 | -75.8% |
| Taxes | 450/3 | €25,967 | €6,273 | -€19,694 | -75.8% |
| Other amounts payable | 47/48 | €9,143 | €362 | -€8,781 | -96.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,557 | €0 | -€8,557 | -100% |
| Other operating charges | 640/8 | €18,304 | €13,589 | -€4,715 | -25.8% |
| Gross operating margin | 9900 | €48,223 | €22,991 | -€25,232 | -52.3% |
| Operating profit (loss) | 9901 | €21,362 | €9,402 | -€11,960 | -56.0% |
| Financial income | 75/76B | €1,927 | €3,487 | +€1,560 | +80.9% |
| Recurring financial income | 75 | €1,927 | €3,487 | +€1,560 | +80.9% |
| Financial charges | 65/66B | €2,356 | €415 | -€1,941 | -82.4% |
| Recurring financial charges | 65 | €2,356 | €415 | -€1,941 | -82.4% |
| Profit (loss) for the period before taxes | 9903 | €20,933 | €12,474 | -€8,459 | -40.4% |
| Income taxes | 67/77 | €5,704 | €4,221 | -€1,483 | -26.0% |
| Profit (loss) for the period | 9904 | €15,229 | €8,253 | -€6,976 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,229 | €8,253 | -€6,976 | -45.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.