TOPSBRANDS: 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.
TOPSBRANDS
Largest movements
- Stocks and contracts +€60,706
up €60,706 (+170.1%), from €35,691 to €96,397
- Cash -€28,816
down €28,816 (-64.4%), from €44,733 to €15,917
mainly Stocks and contracts (-€60,706) and Tax, wage and social debts (-€10,543)
- Receivables within one year -€14,929
down €14,929 (-45.6%), from €32,762 to €17,833
of which Trade receivables: -€15,065
- Tangible fixed assets -€3,891
down €3,891 (-18.2%), from €21,377 to €17,486
of which Furniture and vehicles: -€3,288
- Trade debts +€17,802
up €17,802 (+113.3%), from €15,708 to €33,510
- Reserves +€15,000
up €15,000 (+24.6%), from €61,000 to €76,000
- Tax, wage and social debts -€10,543
down €10,543 (-27.0%), from €39,005 to €28,462
- Other debts -€9,250
down €9,250 (-62.4%), from €14,827 to €5,577
- Gross operating margin -€33,068
down €33,068 (-56.8%), from €58,208 to €25,139
- Taxes -€6,920
down €6,920 (-63.5%), from €10,903 to €3,982
- Depreciation +€2,796
up €2,796 (+255.4%), from €1,095 to €3,891
- Other operating charges -€1,045
down €1,045 (-95.0%), from €1,099 to €54
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 | €135,638 | €148,787 | +€13,150 | +9.7% |
| Fixed assets | 21/28 | €21,377 | €17,486 | -€3,891 | -18.2% |
| Tangible fixed assets | 22/27 | €21,377 | €17,486 | -€3,891 | -18.2% |
| Land and buildings | 22 | €5,687 | €5,083 | -€603 | -10.6% |
| Furniture and vehicles | 24 | €15,690 | €12,403 | -€3,288 | -21.0% |
| Current assets | 29/58 | €114,261 | €131,301 | +€17,041 | +14.9% |
| Stocks and contracts in progress | 3 | €35,691 | €96,397 | +€60,706 | +170.1% |
| Stocks | 30/36 | €35,691 | €96,397 | +€60,706 | +170.1% |
| Amounts receivable within one year | 40/41 | €32,762 | €17,833 | -€14,929 | -45.6% |
| Trade receivables | 40 | €32,700 | €17,635 | -€15,065 | -46.1% |
| Other amounts receivable | 41 | €62 | €198 | +€136 | +221.6% |
| Cash at bank and in hand | 54/58 | €44,733 | €15,917 | -€28,816 | -64.4% |
| Deferred charges and accrued income | 490/1 | €1,075 | €1,154 | +€80 | +7.4% |
| Total equity and liabilities | 10/49 | €135,638 | €148,787 | +€13,150 | +9.7% |
| Equity | 10/15 | €66,098 | €81,239 | +€15,141 | +22.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €61,000 | €76,000 | +€15,000 | +24.6% |
| Distributable reserves | 133 | €61,000 | €76,000 | +€15,000 | +24.6% |
| Profit (loss) carried forward | 14 | €98 | €239 | +€141 | +144.2% |
| Amounts payable | 17/49 | €69,540 | €67,549 | -€1,992 | -2.9% |
| Amounts payable within one year | 42/48 | €69,540 | €67,549 | -€1,992 | -2.9% |
| Trade debts | 44 | €15,708 | €33,510 | +€17,802 | +113.3% |
| Suppliers | 440/4 | €15,708 | €33,510 | +€17,802 | +113.3% |
| Taxes, remuneration and social security | 45 | €39,005 | €28,462 | -€10,543 | -27.0% |
| Taxes | 450/3 | €39,005 | €28,462 | -€10,543 | -27.0% |
| Other amounts payable | 47/48 | €14,827 | €5,577 | -€9,250 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,095 | €3,891 | +€2,796 | +255.4% |
| Other operating charges | 640/8 | €1,099 | €54 | -€1,045 | -95.0% |
| Gross operating margin | 9900 | €58,208 | €25,139 | -€33,068 | -56.8% |
| Operating profit (loss) | 9901 | €56,014 | €21,194 | -€34,820 | -62.2% |
| Financial income | 75/76B | €547 | €43 | -€504 | -92.2% |
| Recurring financial income | 75 | €547 | €43 | -€504 | -92.2% |
| Financial charges | 65/66B | €2,644 | €2,147 | -€498 | -18.8% |
| Recurring financial charges | 65 | €2,644 | €2,147 | -€498 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €53,916 | €19,090 | -€34,826 | -64.6% |
| Income taxes | 67/77 | €10,903 | €3,982 | -€6,920 | -63.5% |
| Profit (loss) for the period | 9904 | €43,014 | €15,108 | -€27,906 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,014 | €15,108 | -€27,906 | -64.9% |
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.