TOPSALES: 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.
TOPSALES
Largest movements
- Receivables within one year +€239,047
up €239,047 (+46.3%), from €516,025 to €755,072
of which Trade receivables: +€212,581
- Cash -€79,968
down €79,968 (-77.2%), from €103,520 to €23,552
mainly Receivables within one year (-€239,047) and Debts after one year (-€65,692)
- Accrued charges and deferred income +€90,000
new in 2025: €90,000
- Short-term financial debts +€70,327
up €70,327 (+33.5%), from €210,113 to €280,440
- Debts after one year -€65,692
down €65,692 (-13.1%), from €499,634 to €433,942
- Profit (loss) carried forward +€60,530
up €60,530 (+15.7%), from €385,242 to €445,772
- Tax, wage and social debts +€57,606
up €57,606 (+139.3%), from €41,345 to €98,951
of which Taxes: +€57,110
- Gross operating margin -€90,394
down €90,394 (-11.6%), from €779,373 to €688,980
- Staff costs -€53,962
down €53,962 (-9.2%), from €589,628 to €535,666
- Depreciation -€21,802
down €21,802 (-28.3%), from €77,112 to €55,310
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 | €1,752,423 | €1,914,155 | +€161,732 | +9.2% |
| Fixed assets | 21/28 | €1,132,878 | €1,135,531 | +€2,653 | +0.2% |
| Tangible fixed assets | 22/27 | €1,106,506 | €1,109,159 | +€2,653 | +0.2% |
| Land and buildings | 22 | €1,075,210 | €1,040,141 | -€35,069 | -3.3% |
| Plant, machinery and equipment | 23 | €25,518 | €42,073 | +€16,555 | +64.9% |
| Furniture and vehicles | 24 | €5,779 | €26,945 | +€21,166 | +366.2% |
| Financial fixed assets | 28 | €26,372 | €26,372 | = | 0.0% |
| Current assets | 29/58 | €619,545 | €778,624 | +€159,080 | +25.7% |
| Amounts receivable within one year | 40/41 | €516,025 | €755,072 | +€239,047 | +46.3% |
| Trade receivables | 40 | €512,491 | €725,072 | +€212,581 | +41.5% |
| Other amounts receivable | 41 | €3,534 | €30,000 | +€26,466 | +748.9% |
| Cash at bank and in hand | 54/58 | €103,520 | €23,552 | -€79,968 | -77.2% |
| Total equity and liabilities | 10/49 | €1,752,423 | €1,914,155 | +€161,732 | +9.2% |
| Equity | 10/15 | €650,841 | €704,050 | +€53,209 | +8.2% |
| 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 | €203,599 | €196,278 | -€7,321 | -3.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €197,399 | €190,078 | -€7,321 | -3.7% |
| Profit (loss) carried forward | 14 | €385,242 | €445,772 | +€60,530 | +15.7% |
| Provisions and deferred taxes | 16 | €65,800 | €63,359 | -€2,440 | -3.7% |
| Deferred taxes | 168 | €65,800 | €63,359 | -€2,440 | -3.7% |
| Amounts payable | 17/49 | €1,035,782 | €1,146,746 | +€110,964 | +10.7% |
| Amounts payable after more than one year | 17 | €499,634 | €433,942 | -€65,692 | -13.1% |
| Financial debts | 170/4 | €499,634 | €433,942 | -€65,692 | -13.1% |
| Amounts payable within one year | 42/48 | €536,148 | €622,803 | +€86,655 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €80,636 | €88,238 | +€7,603 | +9.4% |
| Financial debts | 43 | €210,113 | €280,440 | +€70,327 | +33.5% |
| Credit institutions | 430/8 | €210,113 | €280,440 | +€70,327 | +33.5% |
| Trade debts | 44 | €204,054 | €155,174 | -€48,880 | -24.0% |
| Suppliers | 440/4 | €204,054 | €155,174 | -€48,880 | -24.0% |
| Taxes, remuneration and social security | 45 | €41,345 | €98,951 | +€57,606 | +139.3% |
| Taxes | 450/3 | - | €57,110 | +€57,110 | |
| Remuneration and social security | 454/9 | €41,345 | €41,841 | +€496 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €90,000 | +€90,000 | |
| Remuneration, social security and pensions | 62 | €589,628 | €535,666 | -€53,962 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,112 | €55,310 | -€21,802 | -28.3% |
| Other operating charges | 640/8 | €12,150 | €13,548 | +€1,398 | +11.5% |
| Gross operating margin | 9900 | €779,373 | €688,980 | -€90,394 | -11.6% |
| Operating profit (loss) | 9901 | €100,484 | €84,456 | -€16,028 | -16.0% |
| Financial income | 75/76B | €832 | €2,286 | +€1,454 | +174.8% |
| Recurring financial income | 75 | €832 | €2,286 | +€1,454 | +174.8% |
| Financial charges | 65/66B | €32,932 | €29,721 | -€3,211 | -9.8% |
| Recurring financial charges | 65 | €32,932 | €29,721 | -€3,211 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €68,384 | €57,021 | -€11,363 | -16.6% |
| Transfer from deferred taxes | 780 | €2,440 | €2,440 | = | 0.0% |
| Income taxes | 67/77 | €1,370 | €6,253 | +€4,883 | +356.5% |
| Profit (loss) for the period | 9904 | €69,455 | €53,209 | -€16,246 | -23.4% |
| Transfer from tax-exempt reserves | 789 | €7,321 | €7,321 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,776 | €60,530 | -€16,246 | -21.2% |
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.