TOPWELD: 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.
TOPWELD
Largest movements
- Receivables within one year +€85,254
up €85,254 (+73.5%), from €115,997 to €201,251
of which Trade receivables: +€62,253
- Tangible fixed assets +€42,380
up €42,380 (+297.3%), from €14,256 to €56,636
of which Furniture and vehicles: +€32,701
- Stocks and contracts -€14,912
down €14,912 (-27.8%), from €53,701 to €38,789
- Deferred charges and accrued income +€5,261
up €5,261 (+982.6%), from €535 to €5,796
- Financial fixed assets +€4,095
new in 2025: €4,095
- Short-term financial debts +€47,626
up €47,626 (+2006.4%), from €2,374 to €50,000
- Trade debts +€37,545
up €37,545 (+31.0%), from €121,165 to €158,710
- Debts after one year +€18,036
new in 2025: €18,036
- Current portion of long-term debt +€9,629
new in 2025: €9,629
- Reserves +€9,179
up €9,179 (+17.0%), from €53,970 to €63,149
- Gross operating margin -€23,771
down €23,771 (-32.4%), from €73,329 to €49,557
- Other operating charges +€19,541
up €19,541 (+4045.7%), from €483 to €20,024
- Taxes -€11,835
down €11,835 (-78.1%), from €15,155 to €3,319
- Staff costs +€6,313
new in 2025: €6,313
- Depreciation +€4,815
up €4,815 (+180.4%), from €2,670 to €7,484
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 | €206,652 | €327,721 | +€121,069 | +58.6% |
| Formation expenses | 20 | €278 | €0 | -€278 | -100.0% |
| Fixed assets | 21/28 | €14,256 | €60,731 | +€46,475 | +326.0% |
| Tangible fixed assets | 22/27 | €14,256 | €56,636 | +€42,380 | +297.3% |
| Plant, machinery and equipment | 23 | €13,042 | €19,754 | +€6,712 | +51.5% |
| Furniture and vehicles | 24 | €1,214 | €33,916 | +€32,701 | +2693.2% |
| Other tangible fixed assets | 26 | - | €2,967 | +€2,967 | |
| Financial fixed assets | 28 | - | €4,095 | +€4,095 | |
| Current assets | 29/58 | €192,117 | €266,989 | +€74,872 | +39.0% |
| Stocks and contracts in progress | 3 | €53,701 | €38,789 | -€14,912 | -27.8% |
| Stocks | 30/36 | €53,701 | €38,789 | -€14,912 | -27.8% |
| Amounts receivable within one year | 40/41 | €115,997 | €201,251 | +€85,254 | +73.5% |
| Trade receivables | 40 | €115,997 | €178,250 | +€62,253 | +53.7% |
| Other amounts receivable | 41 | - | €23,002 | +€23,002 | |
| Cash at bank and in hand | 54/58 | €21,884 | €21,153 | -€731 | -3.3% |
| Deferred charges and accrued income | 490/1 | €535 | €5,796 | +€5,261 | +982.6% |
| Total equity and liabilities | 10/49 | €206,652 | €327,721 | +€121,069 | +58.6% |
| Equity | 10/15 | €55,470 | €64,649 | +€9,179 | +16.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €53,970 | €63,149 | +€9,179 | +17.0% |
| Distributable reserves | 133 | €53,970 | €63,149 | +€9,179 | +17.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €151,182 | €263,072 | +€111,890 | +74.0% |
| Amounts payable after more than one year | 17 | - | €18,036 | +€18,036 | |
| Financial debts | 170/4 | - | €18,036 | +€18,036 | |
| Amounts payable within one year | 42/48 | €150,916 | €244,795 | +€93,878 | +62.2% |
| Current portion of amounts payable after more than one year | 42 | - | €9,629 | +€9,629 | |
| Financial debts | 43 | €2,374 | €50,000 | +€47,626 | +2006.4% |
| Credit institutions | 430/8 | €2,374 | €50,000 | +€47,626 | +2006.4% |
| Trade debts | 44 | €121,165 | €158,710 | +€37,545 | +31.0% |
| Suppliers | 440/4 | €121,165 | €158,710 | +€37,545 | +31.0% |
| Taxes, remuneration and social security | 45 | €12,171 | €15,622 | +€3,451 | +28.4% |
| Taxes | 450/3 | €12,171 | €12,034 | -€138 | -1.1% |
| Remuneration and social security | 454/9 | - | €3,589 | +€3,589 | |
| Other amounts payable | 47/48 | €15,206 | €10,833 | -€4,373 | -28.8% |
| Accrued charges and deferred income | 492/3 | €266 | €241 | -€24 | -9.2% |
| Non-recurring operating income | 76A | - | €6,241 | +€6,241 | |
| Remuneration, social security and pensions | 62 | - | €6,313 | +€6,313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,670 | €7,484 | +€4,815 | +180.4% |
| Other operating charges | 640/8 | €483 | €20,024 | +€19,541 | +4045.7% |
| Gross operating margin | 9900 | €73,329 | €49,557 | -€23,771 | -32.4% |
| Operating profit (loss) | 9901 | €70,176 | €15,736 | -€54,440 | -77.6% |
| Financial income | 75/76B | €18 | €173 | +€155 | +837.9% |
| Recurring financial income | 75 | €18 | €173 | +€155 | +837.9% |
| Financial charges | 65/66B | €230 | €2,578 | +€2,347 | +1018.8% |
| Recurring financial charges | 65 | €230 | €2,578 | +€2,347 | +1018.8% |
| Profit (loss) for the period before taxes | 9903 | €69,964 | €13,332 | -€56,632 | -80.9% |
| Income taxes | 67/77 | €15,155 | €3,319 | -€11,835 | -78.1% |
| Profit (loss) for the period | 9904 | €54,810 | €10,012 | -€44,797 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,810 | €10,012 | -€44,797 | -81.7% |
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.