TOPPERSPECTIVE: 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.
TOPPERSPECTIVE
Largest movements
- Receivables after one year -€39,663
down €39,663 (-34.6%), from €114,590 to €74,927
- Receivables within one year -€33,150
down €33,150 (-98.3%), from €33,706 to €556
of which Other amounts receivable: -€26,530
- Tangible fixed assets -€10,522
down €10,522 (-15.0%), from €70,133 to €59,611
of which Other tangible fixed assets: -€9,080
- Deferred charges and accrued income -€6,366
down €6,366 (-24.4%), from €26,052 to €19,686
- Profit (loss) carried forward -€46,093
down €46,093, from €1,796 to -€44,297
- Other debts -€27,394
no longer reported in 2025 (was €27,394)
- Reserves -€13,576
down €13,576 (-7.3%), from €185,551 to €171,975
of which Distributable reserves: -€13,576
- Gross operating margin -€72,722
down €72,722, from €24,073 to -€48,649
- Taxes -€3,338
down €3,338 (-94.1%), from €3,549 to €211
- Financial income -€929
down €929 (-37.3%), from €2,489 to €1,560
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 | €244,481 | €155,077 | -€89,404 | -36.6% |
| Fixed assets | 21/28 | €70,133 | €59,611 | -€10,522 | -15.0% |
| Tangible fixed assets | 22/27 | €70,133 | €59,611 | -€10,522 | -15.0% |
| Plant, machinery and equipment | 23 | €2,476 | €2,016 | -€460 | -18.6% |
| Furniture and vehicles | 24 | €2,867 | €1,885 | -€982 | -34.2% |
| Other tangible fixed assets | 26 | €64,790 | €55,710 | -€9,080 | -14.0% |
| Current assets | 29/58 | €174,348 | €95,466 | -€78,882 | -45.2% |
| Amounts receivable after more than one year | 29 | €114,590 | €74,927 | -€39,663 | -34.6% |
| Other amounts receivable | 291 | €114,590 | €74,927 | -€39,663 | -34.6% |
| Amounts receivable within one year | 40/41 | €33,706 | €556 | -€33,150 | -98.3% |
| Trade receivables | 40 | €6,620 | - | -€6,620 | |
| Other amounts receivable | 41 | €27,086 | €556 | -€26,530 | -97.9% |
| Cash at bank and in hand | 54/58 | €0 | €297 | +€297 | +988666.7% |
| Deferred charges and accrued income | 490/1 | €26,052 | €19,686 | -€6,366 | -24.4% |
| Total equity and liabilities | 10/49 | €244,481 | €155,077 | -€89,404 | -36.6% |
| Equity | 10/15 | €212,346 | €152,677 | -€59,669 | -28.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €185,551 | €171,975 | -€13,576 | -7.3% |
| Tax-exempt reserves | 132 | €20 | €20 | = | 0.0% |
| Distributable reserves | 133 | €185,531 | €171,955 | -€13,576 | -7.3% |
| Profit (loss) carried forward | 14 | €1,796 | -€44,297 | -€46,093 | |
| Amounts payable | 17/49 | €32,134 | €2,400 | -€29,735 | -92.5% |
| Amounts payable within one year | 42/48 | €32,013 | €2,400 | -€29,613 | -92.5% |
| Financial debts | 43 | €1,192 | - | -€1,192 | |
| Credit institutions | 430/8 | €1,192 | - | -€1,192 | |
| Trade debts | 44 | €3,243 | €2,005 | -€1,238 | -38.2% |
| Suppliers | 440/4 | €3,243 | €2,005 | -€1,238 | -38.2% |
| Taxes, remuneration and social security | 45 | €184 | €395 | +€211 | +115.0% |
| Taxes | 450/3 | €184 | €395 | +€211 | +115.0% |
| Other amounts payable | 47/48 | €27,394 | - | -€27,394 | |
| Accrued charges and deferred income | 492/3 | €122 | - | -€122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,446 | €10,522 | +€76 | +0.7% |
| Other operating charges | 640/8 | €1,050 | €1,144 | +€94 | +8.9% |
| Gross operating margin | 9900 | €24,073 | -€48,649 | -€72,722 | |
| Operating profit (loss) | 9901 | €12,576 | -€60,315 | -€72,892 | |
| Financial income | 75/76B | €2,489 | €1,560 | -€929 | -37.3% |
| Recurring financial income | 75 | €2,489 | €1,560 | -€929 | -37.3% |
| Financial charges | 65/66B | €440 | €703 | +€263 | +59.6% |
| Recurring financial charges | 65 | €440 | €703 | +€263 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | €14,625 | -€59,458 | -€74,083 | |
| Income taxes | 67/77 | €3,549 | €211 | -€3,338 | -94.1% |
| Profit (loss) for the period | 9904 | €11,076 | -€59,669 | -€70,745 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,076 | -€59,669 | -€70,745 |
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.