TOPVANS: 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.
TOPVANS
Largest movements
- Stocks and contracts -€74,887
down €74,887 (-18.7%), from €400,137 to €325,250
- Tangible fixed assets -€42,106
down €42,106 (-58.5%), from €72,009 to €29,903
of which Furniture and vehicles: -€41,950
- Receivables within one year +€40,510
up €40,510 (+46.3%), from €87,463 to €127,973
of which Trade receivables: +€55,809
- Cash -€18,588
down €18,588 (-21.0%), from €88,485 to €69,897
mainly Receivables within one year (-€40,510) and Short-term financial debts (-€37,500)
- Deferred charges and accrued income +€9,490
up €9,490 (+338.3%), from €2,805 to €12,295
- Short-term financial debts -€37,500
down €37,500 (-18.8%), from €200,000 to €162,500
- Trade debts -€19,229
down €19,229 (-28.2%), from €68,279 to €49,050
- Debts after one year -€17,310
down €17,310 (-4.9%), from €355,636 to €338,326
- Other debts -€15,485
down €15,485 (-70.1%), from €22,105 to €6,620
- Profit (loss) carried forward +€12,190
up €12,190 (+36.6%), from -€33,263 to -€21,073
- Gross operating margin +€60,540
up €60,540, from -€16,820 to €43,720
- Other operating charges +€7,796
up €7,796 (+320.0%), from €2,436 to €10,232
- Financial charges -€6,518
down €6,518 (-34.0%), from €19,159 to €12,641
- Write-downs +€500
new in 2025: €500
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 | €651,004 | €565,423 | -€85,581 | -13.1% |
| Fixed assets | 21/28 | €72,114 | €30,008 | -€42,106 | -58.4% |
| Tangible fixed assets | 22/27 | €72,009 | €29,903 | -€42,106 | -58.5% |
| Plant, machinery and equipment | 23 | €704 | €548 | -€156 | -22.2% |
| Furniture and vehicles | 24 | €71,305 | €29,355 | -€41,950 | -58.8% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €578,890 | €535,415 | -€43,475 | -7.5% |
| Stocks and contracts in progress | 3 | €400,137 | €325,250 | -€74,887 | -18.7% |
| Stocks | 30/36 | €400,137 | €325,250 | -€74,887 | -18.7% |
| Amounts receivable within one year | 40/41 | €87,463 | €127,973 | +€40,510 | +46.3% |
| Trade receivables | 40 | €47,467 | €103,276 | +€55,809 | +117.6% |
| Other amounts receivable | 41 | €39,996 | €24,697 | -€15,299 | -38.3% |
| Cash at bank and in hand | 54/58 | €88,485 | €69,897 | -€18,588 | -21.0% |
| Deferred charges and accrued income | 490/1 | €2,805 | €12,295 | +€9,490 | +338.3% |
| Total equity and liabilities | 10/49 | €651,004 | €565,423 | -€85,581 | -13.1% |
| Equity | 10/15 | -€24,403 | -€12,213 | +€12,190 | +50.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,263 | -€21,073 | +€12,190 | +36.6% |
| Amounts payable | 17/49 | €675,407 | €577,636 | -€97,771 | -14.5% |
| Amounts payable after more than one year | 17 | €355,636 | €338,326 | -€17,310 | -4.9% |
| Financial debts | 170/4 | €355,636 | €338,326 | -€17,310 | -4.9% |
| Amounts payable within one year | 42/48 | €307,086 | €237,680 | -€69,406 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €16,702 | €17,310 | +€608 | +3.6% |
| Financial debts | 43 | €200,000 | €162,500 | -€37,500 | -18.8% |
| Credit institutions | 430/8 | €200,000 | €162,500 | -€37,500 | -18.8% |
| Trade debts | 44 | €68,279 | €49,050 | -€19,229 | -28.2% |
| Suppliers | 440/4 | €68,279 | €49,050 | -€19,229 | -28.2% |
| Taxes, remuneration and social security | 45 | - | €2,200 | +€2,200 | |
| Remuneration and social security | 454/9 | - | €2,200 | +€2,200 | |
| Other amounts payable | 47/48 | €22,105 | €6,620 | -€15,485 | -70.1% |
| Accrued charges and deferred income | 492/3 | €12,685 | €1,630 | -€11,055 | -87.2% |
| Non-recurring operating income | 76A | - | €3,492 | +€3,492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,108 | €8,185 | +€77 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €500 | +€500 | |
| Other operating charges | 640/8 | €2,436 | €10,232 | +€7,796 | +320.0% |
| Gross operating margin | 9900 | -€16,820 | €43,720 | +€60,540 | |
| Operating profit (loss) | 9901 | -€27,364 | €24,803 | +€52,167 | |
| Financial income | 75/76B | €207 | €28 | -€179 | -86.5% |
| Recurring financial income | 75 | €207 | €28 | -€179 | -86.5% |
| Financial charges | 65/66B | €19,159 | €12,641 | -€6,518 | -34.0% |
| Recurring financial charges | 65 | €19,159 | €12,641 | -€6,518 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€46,316 | €12,190 | +€58,506 | |
| Profit (loss) for the period | 9904 | -€46,316 | €12,190 | +€58,506 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,316 | €12,190 | +€58,506 |
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 2 October 2026 via checked.be.