TOPS STEPHAN: 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 STEPHAN
Largest movements
- Tangible fixed assets +€198,704
up €198,704 (+170.8%), from €116,371 to €315,074
of which Plant, machinery and equipment: +€188,877
- Cash +€52,224
up €52,224 (+804.8%), from €6,489 to €58,712
mainly Debts after one year (+€196,650) and Trade debts (+€38,428)
- Receivables within one year +€6,068
up €6,068 (+27.5%), from €22,063 to €28,131
of which Other amounts receivable: +€3,248
- Debts after one year +€196,650
up €196,650 (+1196.7%), from €16,433 to €213,083
- Trade debts +€38,428
up €38,428 (+103.5%), from €37,130 to €75,558
- Reserves +€16,935
up €16,935 (+13.0%), from €129,855 to €146,790
of which Distributable reserves: +€16,935
- Current portion of long-term debt +€16,238
up €16,238 (+94.4%), from €17,195 to €33,433
- Gross operating margin +€26,592
up €26,592 (+72.8%), from €36,504 to €63,097
- Depreciation +€19,147
up €19,147 (+116.4%), from €16,453 to €35,600
- Financial charges +€3,715
up €3,715 (+291.4%), from €1,275 to €4,990
- Taxes -€2,363
down €2,363 (-56.0%), from €4,221 to €1,858
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 | €233,473 | €496,218 | +€262,746 | +112.5% |
| Fixed assets | 21/28 | €118,202 | €315,681 | +€197,480 | +167.1% |
| Intangible fixed assets | 21 | €1,831 | €607 | -€1,224 | -66.8% |
| Tangible fixed assets | 22/27 | €116,371 | €315,074 | +€198,704 | +170.8% |
| Land and buildings | 22 | €84,097 | €95,924 | +€11,827 | +14.1% |
| Plant, machinery and equipment | 23 | €27,975 | €216,852 | +€188,877 | +675.2% |
| Furniture and vehicles | 24 | €4,298 | €2,298 | -€2,000 | -46.5% |
| Current assets | 29/58 | €115,271 | €180,537 | +€65,266 | +56.6% |
| Stocks and contracts in progress | 3 | €85,496 | €89,428 | +€3,932 | +4.6% |
| Stocks | 30/36 | €85,496 | €89,428 | +€3,932 | +4.6% |
| Amounts receivable within one year | 40/41 | €22,063 | €28,131 | +€6,068 | +27.5% |
| Trade receivables | 40 | €16,598 | €19,418 | +€2,819 | +17.0% |
| Other amounts receivable | 41 | €5,465 | €8,713 | +€3,248 | +59.4% |
| Cash at bank and in hand | 54/58 | €6,489 | €58,712 | +€52,224 | +804.8% |
| Deferred charges and accrued income | 490/1 | €1,223 | €4,265 | +€3,043 | +248.8% |
| Total equity and liabilities | 10/49 | €233,473 | €496,218 | +€262,746 | +112.5% |
| Equity | 10/15 | €148,855 | €165,790 | +€16,935 | +11.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €129,855 | €146,790 | +€16,935 | +13.0% |
| Non-distributable reserves | 130/1 | €3,428 | €3,428 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,428 | €3,428 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,891 | €4,891 | = | 0.0% |
| Distributable reserves | 133 | €121,537 | €138,472 | +€16,935 | +13.9% |
| Amounts payable | 17/49 | €84,617 | €330,428 | +€245,811 | +290.5% |
| Amounts payable after more than one year | 17 | €16,433 | €213,083 | +€196,650 | +1196.7% |
| Financial debts | 170/4 | €16,433 | €213,083 | +€196,650 | +1196.7% |
| Amounts payable within one year | 42/48 | €68,184 | €117,345 | +€49,161 | +72.1% |
| Current portion of amounts payable after more than one year | 42 | €17,195 | €33,433 | +€16,238 | +94.4% |
| Trade debts | 44 | €37,130 | €75,558 | +€38,428 | +103.5% |
| Suppliers | 440/4 | €37,130 | €75,558 | +€38,428 | +103.5% |
| Taxes, remuneration and social security | 45 | €4,378 | €436 | -€3,942 | -90.0% |
| Taxes | 450/3 | €3,289 | €436 | -€2,853 | -86.8% |
| Remuneration and social security | 454/9 | €1,089 | €0 | -€1,089 | -100.0% |
| Other amounts payable | 47/48 | €9,481 | €7,918 | -€1,563 | -16.5% |
| Remuneration, social security and pensions | 62 | €136 | €136 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,453 | €35,600 | +€19,147 | +116.4% |
| Other operating charges | 640/8 | €3,164 | €3,639 | +€475 | +15.0% |
| Gross operating margin | 9900 | €36,504 | €63,097 | +€26,592 | +72.8% |
| Operating profit (loss) | 9901 | €16,751 | €23,721 | +€6,970 | +41.6% |
| Financial income | 75/76B | €0 | €61 | +€61 | |
| Recurring financial income | 75 | €0 | €61 | +€61 | |
| Financial charges | 65/66B | €1,275 | €4,990 | +€3,715 | +291.4% |
| Recurring financial charges | 65 | €1,275 | €4,990 | +€3,715 | +291.4% |
| Profit (loss) for the period before taxes | 9903 | €15,476 | €18,793 | +€3,317 | +21.4% |
| Income taxes | 67/77 | €4,221 | €1,858 | -€2,363 | -56.0% |
| Profit (loss) for the period | 9904 | €11,255 | €16,935 | +€5,680 | +50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,255 | €16,935 | +€5,680 | +50.5% |
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 10 October 2026 via checked.be.