TOPPIO: 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.
TOPPIO
Largest movements
- Stocks and contracts +€55,157
up €55,157 (+31.2%), from €176,679 to €231,836
- Receivables within one year -€27,757
down €27,757 (-9.1%), from €304,747 to €276,990
of which Other amounts receivable: -€16,493
- Intangible fixed assets -€27,500
down €27,500 (-14.3%), from €192,425 to €164,925
- Cash -€18,319
down €18,319 (-18.2%), from €100,448 to €82,128
mainly Debts after one year (-€80,313) and Stocks and contracts (-€55,157)
- Tangible fixed assets -€13,616
down €13,616 (-49.6%), from €27,453 to €13,837
of which Plant, machinery and equipment: -€7,000
- Debts after one year -€80,313
down €80,313 (-40.3%), from €199,265 to €118,952
- Reserves +€51,201
up €51,201 (+14.2%), from €359,727 to €410,928
of which Distributable reserves: +€51,201
- Other debts +€31,426
up €31,426 (+255%), from €12,304 to €43,729
- Tax, wage and social debts -€17,684
down €17,684 (-18.6%), from €95,000 to €77,316
of which Taxes: -€20,054
- Write-downs +€20,681
up €20,681, from -€11,748 to €8,933
- Staff costs +€10,453
up €10,453 (+5.6%), from €186,378 to €196,831
- Gross operating margin +€10,283
up €10,283 (+3.0%), from €342,113 to €352,396
- Taxes -€8,766
down €8,766 (-19.5%), from €44,904 to €36,139
- Financial income +€7,464
up €7,464 (+32.8%), from €22,758 to €30,222
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 | €805,289 | €774,405 | -€30,884 | -3.8% |
| Fixed assets | 21/28 | €219,877 | €178,761 | -€41,116 | -18.7% |
| Intangible fixed assets | 21 | €192,425 | €164,925 | -€27,500 | -14.3% |
| Tangible fixed assets | 22/27 | €27,453 | €13,837 | -€13,616 | -49.6% |
| Plant, machinery and equipment | 23 | €13,981 | €6,981 | -€7,000 | -50.1% |
| Furniture and vehicles | 24 | €13,472 | €6,856 | -€6,616 | -49.1% |
| Current assets | 29/58 | €585,412 | €595,644 | +€10,232 | +1.7% |
| Stocks and contracts in progress | 3 | €176,679 | €231,836 | +€55,157 | +31.2% |
| Stocks | 30/36 | €176,679 | €231,836 | +€55,157 | +31.2% |
| Amounts receivable within one year | 40/41 | €304,747 | €276,990 | -€27,757 | -9.1% |
| Trade receivables | 40 | €41,138 | €29,873 | -€11,265 | -27.4% |
| Other amounts receivable | 41 | €263,609 | €247,117 | -€16,493 | -6.3% |
| Cash at bank and in hand | 54/58 | €100,448 | €82,128 | -€18,319 | -18.2% |
| Deferred charges and accrued income | 490/1 | €3,538 | €4,689 | +€1,151 | +32.5% |
| Total equity and liabilities | 10/49 | €805,289 | €774,405 | -€30,884 | -3.8% |
| Equity | 10/15 | €389,727 | €440,928 | +€51,201 | +13.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €359,727 | €410,928 | +€51,201 | +14.2% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €275,527 | €326,728 | +€51,201 | +18.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €415,562 | €333,477 | -€82,085 | -19.8% |
| Amounts payable after more than one year | 17 | €199,265 | €118,952 | -€80,313 | -40.3% |
| Financial debts | 170/4 | €199,265 | €118,952 | -€80,313 | -40.3% |
| Amounts payable within one year | 42/48 | €202,914 | €209,106 | +€6,192 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €86,834 | €84,551 | -€2,283 | -2.6% |
| Trade debts | 44 | €8,777 | €3,510 | -€5,267 | -60.0% |
| Suppliers | 440/4 | €8,777 | €3,510 | -€5,267 | -60.0% |
| Taxes, remuneration and social security | 45 | €95,000 | €77,316 | -€17,684 | -18.6% |
| Taxes | 450/3 | €59,480 | €39,425 | -€20,054 | -33.7% |
| Remuneration and social security | 454/9 | €35,520 | €37,890 | +€2,370 | +6.7% |
| Other amounts payable | 47/48 | €12,304 | €43,729 | +€31,426 | +255% |
| Accrued charges and deferred income | 492/3 | €13,382 | €5,418 | -€7,964 | -59.5% |
| Remuneration, social security and pensions | 62 | €186,378 | €196,831 | +€10,453 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,116 | €41,116 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,748 | €8,933 | +€20,681 | |
| Other operating charges | 640/8 | €1,030 | €1,746 | +€716 | +69.5% |
| Gross operating margin | 9900 | €342,113 | €352,396 | +€10,283 | +3.0% |
| Operating profit (loss) | 9901 | €125,338 | €103,771 | -€21,567 | -17.2% |
| Financial income | 75/76B | €22,758 | €30,222 | +€7,464 | +32.8% |
| Recurring financial income | 75 | €22,758 | €30,222 | +€7,464 | +32.8% |
| Financial charges | 65/66B | €21,253 | €16,654 | -€4,599 | -21.6% |
| Recurring financial charges | 65 | €21,253 | €16,654 | -€4,599 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €126,843 | €117,340 | -€9,503 | -7.5% |
| Income taxes | 67/77 | €44,904 | €36,139 | -€8,766 | -19.5% |
| Profit (loss) for the period | 9904 | €81,939 | €81,201 | -€738 | -0.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €81,939 | €81,201 | -€738 | -0.9% |
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 16 October 2026 via checked.be.