Topwater: 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.
Topwater
Largest movements
- Receivables within one year +€97,872
up €97,872 (+108.8%), from €89,973 to €187,846
of which Trade receivables: +€59,190
- Cash +€52,775
up €52,775 (+27.9%), from €189,482 to €242,257
mainly Net result for the year (+€339,146) and Other debts (+€157,915)
- Current investments +€24,000
up €24,000 (+35.3%), from €68,000 to €92,000
- Other debts +€157,915
up €157,915 (+89.2%), from €177,085 to €335,000
- Tax, wage and social debts +€44,025
up €44,025 (+293.0%), from €15,027 to €59,052
- Trade debts -€21,331
down €21,331 (-47.7%), from €44,751 to €23,420
- Reserves -€10,854
down €10,854 (-2.3%), from €480,743 to €469,889
- Gross operating margin +€77,675
up €77,675 (+30.9%), from €251,646 to €329,321
- Taxes +€21,779
up €21,779 (+39.0%), from €55,793 to €77,573
- Financial charges -€3,391
down €3,391 (-34.0%), from €9,967 to €6,577
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 | €733,103 | €902,900 | +€169,798 | +23.2% |
| Fixed assets | 21/28 | €366,798 | €366,380 | -€418 | -0.1% |
| Tangible fixed assets | 22/27 | €17,137 | €16,720 | -€418 | -2.4% |
| Plant, machinery and equipment | 23 | €7,449 | €10,373 | +€2,924 | +39.2% |
| Furniture and vehicles | 24 | €9,688 | €6,346 | -€3,341 | -34.5% |
| Financial fixed assets | 28 | €349,661 | €349,661 | = | 0.0% |
| Current assets | 29/58 | €366,305 | €536,520 | +€170,215 | +46.5% |
| Stocks and contracts in progress | 3 | €17,978 | €13,158 | -€4,820 | -26.8% |
| Stocks | 30/36 | €17,978 | €13,158 | -€4,820 | -26.8% |
| Amounts receivable within one year | 40/41 | €89,973 | €187,846 | +€97,872 | +108.8% |
| Trade receivables | 40 | €56,204 | €115,394 | +€59,190 | +105.3% |
| Other amounts receivable | 41 | €33,769 | €72,452 | +€38,682 | +114.5% |
| Current investments | 50/53 | €68,000 | €92,000 | +€24,000 | +35.3% |
| Cash at bank and in hand | 54/58 | €189,482 | €242,257 | +€52,775 | +27.9% |
| Deferred charges and accrued income | 490/1 | €871 | €1,260 | +€388 | +44.6% |
| Total equity and liabilities | 10/49 | €733,103 | €902,900 | +€169,798 | +23.2% |
| Equity | 10/15 | €480,744 | €469,890 | -€10,854 | -2.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €480,743 | €469,889 | -€10,854 | -2.3% |
| Distributable reserves | 133 | €480,743 | €469,889 | -€10,854 | -2.3% |
| Amounts payable | 17/49 | €252,359 | €433,010 | +€180,652 | +71.6% |
| Amounts payable within one year | 42/48 | €252,179 | €432,863 | +€180,685 | +71.6% |
| Current portion of amounts payable after more than one year | 42 | €15,315 | €15,390 | +€75 | +0.5% |
| Trade debts | 44 | €44,751 | €23,420 | -€21,331 | -47.7% |
| Suppliers | 440/4 | €44,751 | €23,420 | -€21,331 | -47.7% |
| Taxes, remuneration and social security | 45 | €15,027 | €59,052 | +€44,025 | +293.0% |
| Taxes | 450/3 | €15,027 | €59,052 | +€44,025 | +293.0% |
| Other amounts payable | 47/48 | €177,085 | €335,000 | +€157,915 | +89.2% |
| Accrued charges and deferred income | 492/3 | €180 | €147 | -€33 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,797 | €6,091 | +€294 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,648 | - | -€1,648 | |
| Other operating charges | 640/8 | €1,620 | €1,575 | -€45 | -2.8% |
| Gross operating margin | 9900 | €251,646 | €329,321 | +€77,675 | +30.9% |
| Operating profit (loss) | 9901 | €242,581 | €321,654 | +€79,073 | +32.6% |
| Financial income | 75/76B | €101,837 | €101,641 | -€197 | -0.2% |
| Recurring financial income | 75 | €101,837 | €101,641 | -€197 | -0.2% |
| Financial charges | 65/66B | €9,967 | €6,577 | -€3,391 | -34.0% |
| Recurring financial charges | 65 | €9,967 | €6,577 | -€3,391 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €334,452 | €416,719 | +€82,267 | +24.6% |
| Income taxes | 67/77 | €55,793 | €77,573 | +€21,779 | +39.0% |
| Profit (loss) for the period | 9904 | €278,658 | €339,146 | +€60,488 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €278,658 | €339,146 | +€60,488 | +21.7% |
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 6 October 2026 via checked.be.