TOPS: 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.
TOPS
Largest movements
- Stocks and contracts +€195,988
up €195,988 (+57.5%), from €341,014 to €537,002
- Receivables within one year -€65,582
down €65,582 (-52.1%), from €125,960 to €60,378
of which Trade receivables: -€68,458
- Tangible fixed assets -€35,494
down €35,494 (-14.1%), from €252,427 to €216,932
of which Furniture and vehicles: -€17,858
- Deferred charges and accrued income +€11,326
new in 2025: €11,326
- Other debts +€105,105
up €105,105 (+510%), from €20,614 to €125,719
- Current portion of long-term debt +€95,528
up €95,528 (+643%), from €14,854 to €110,382
- Profit (loss) carried forward -€48,949
down €48,949 (-486%), from -€10,064 to -€59,013
- Trade debts -€41,794
down €41,794 (-21.1%), from €197,708 to €155,914
- Debts after one year -€15,382
down €15,382 (-26.7%), from €57,696 to €42,314
- Gross operating margin -€44,131
down €44,131 (-90.6%), from €48,702 to €4,570
- Financial charges -€2,388
down €2,388 (-13.4%), from €17,881 to €15,493
- Depreciation -€1,626
down €1,626 (-4.4%), from €37,120 to €35,494
- Other operating charges -€920
down €920 (-27.1%), from €3,399 to €2,479
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 | €725,829 | €829,737 | +€103,909 | +14.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €252,677 | €217,182 | -€35,494 | -14.0% |
| Tangible fixed assets | 22/27 | €252,427 | €216,932 | -€35,494 | -14.1% |
| Land and buildings | 22 | €200,098 | €182,803 | -€17,295 | -8.6% |
| Plant, machinery and equipment | 23 | €711 | €370 | -€341 | -48.0% |
| Furniture and vehicles | 24 | €51,617 | €33,759 | -€17,858 | -34.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €473,152 | €612,555 | +€139,403 | +29.5% |
| Stocks and contracts in progress | 3 | €341,014 | €537,002 | +€195,988 | +57.5% |
| Stocks | 30/36 | €341,014 | €537,002 | +€195,988 | +57.5% |
| Amounts receivable within one year | 40/41 | €125,960 | €60,378 | -€65,582 | -52.1% |
| Trade receivables | 40 | €122,449 | €53,992 | -€68,458 | -55.9% |
| Other amounts receivable | 41 | €3,511 | €6,386 | +€2,876 | +81.9% |
| Cash at bank and in hand | 54/58 | €6,178 | €3,849 | -€2,329 | -37.7% |
| Deferred charges and accrued income | 490/1 | - | €11,326 | +€11,326 | |
| Total equity and liabilities | 10/49 | €725,829 | €829,737 | +€103,909 | +14.3% |
| Equity | 10/15 | €217,745 | €168,796 | -€48,949 | -22.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €165,809 | €165,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €84,790 | €84,790 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €78,590 | €78,590 | = | 0.0% |
| Distributable reserves | 133 | €81,019 | €81,019 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,064 | -€59,013 | -€48,949 | -486% |
| Amounts payable | 17/49 | €508,084 | €660,942 | +€152,858 | +30.1% |
| Amounts payable after more than one year | 17 | €57,696 | €42,314 | -€15,382 | -26.7% |
| Financial debts | 170/4 | €57,696 | €42,314 | -€15,382 | -26.7% |
| Amounts payable within one year | 42/48 | €444,709 | €606,200 | +€161,491 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €14,854 | €110,382 | +€95,528 | +643% |
| Financial debts | 43 | €199,000 | €200,000 | +€1,000 | +0.5% |
| Credit institutions | 430/8 | €199,000 | €200,000 | +€1,000 | +0.5% |
| Trade debts | 44 | €197,708 | €155,914 | -€41,794 | -21.1% |
| Suppliers | 440/4 | €197,708 | €155,914 | -€41,794 | -21.1% |
| Advances received on contracts in progress | 46 | - | €12,006 | +€12,006 | |
| Taxes, remuneration and social security | 45 | €12,533 | €2,180 | -€10,353 | -82.6% |
| Taxes | 450/3 | €10,353 | - | -€10,353 | |
| Remuneration and social security | 454/9 | €2,180 | €2,180 | = | 0.0% |
| Other amounts payable | 47/48 | €20,614 | €125,719 | +€105,105 | +510% |
| Accrued charges and deferred income | 492/3 | €5,679 | €12,427 | +€6,748 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,120 | €35,494 | -€1,626 | -4.4% |
| Other operating charges | 640/8 | €3,399 | €2,479 | -€920 | -27.1% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Non-recurring operating charges | 66A | €366 | €53 | -€313 | -85.5% |
| Gross operating margin | 9900 | €48,702 | €4,570 | -€44,131 | -90.6% |
| Operating profit (loss) | 9901 | €7,817 | -€33,456 | -€41,273 | |
| Financial charges | 65/66B | €17,881 | €15,493 | -€2,388 | -13.4% |
| Recurring financial charges | 65 | €17,881 | €15,493 | -€2,388 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,064 | -€48,949 | -€38,885 | -386% |
| Profit (loss) for the period | 9904 | -€10,064 | -€48,949 | -€38,885 | -386% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,064 | -€48,949 | -€38,885 | -386% |
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 17 October 2026 via checked.be.