Topwerf: 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.
Topwerf
Largest movements
- Tangible fixed assets +€183,820
up €183,820 (+7.7%), from €2.4m to €2.6m
of which Furniture and vehicles: +€155,189
- Cash +€142,682
up €142,682 (+249.1%), from €57,270 to €199,952
mainly Depreciation (+€530,331) and Short-term financial debts (+€298,359)
- Short-term financial debts +€298,359
new in 2025: €298,359
- Trade debts -€110,243
down €110,243 (-16.0%), from €690,683 to €580,440
- Profit (loss) carried forward +€99,301
up €99,301 (+34.3%), from €289,535 to €388,836
- Tax, wage and social debts +€82,384
up €82,384 (+61.6%), from €133,682 to €216,067
of which Taxes: +€64,710
- Current portion of long-term debt -€74,731
down €74,731 (-14.7%), from €509,961 to €435,230
- Gross operating margin +€435,483
up €435,483 (+45.6%), from €954,896 to €1.4m
- Depreciation +€277,215
up €277,215 (+109.5%), from €253,117 to €530,331
- Staff costs +€61,542
up €61,542 (+16.5%), from €373,087 to €434,630
- Financial charges +€30,239
up €30,239 (+34.9%), from €86,634 to €116,873
- Write-downs +€27,258
up €27,258 (+3658.7%), from €745 to €28,003
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 | €3,419,996 | €3,743,321 | +€323,325 | +9.5% |
| Fixed assets | 21/28 | €2,419,068 | €2,613,614 | +€194,546 | +8.0% |
| Intangible fixed assets | 21 | €16,372 | €22,098 | +€5,726 | +35.0% |
| Tangible fixed assets | 22/27 | €2,402,061 | €2,585,881 | +€183,820 | +7.7% |
| Land and buildings | 22 | €580,779 | €605,037 | +€24,258 | +4.2% |
| Plant, machinery and equipment | 23 | €160,607 | €131,666 | -€28,941 | -18.0% |
| Furniture and vehicles | 24 | €212,959 | €368,148 | +€155,189 | +72.9% |
| Leasing and similar rights | 25 | €1,447,717 | €1,481,031 | +€33,314 | +2.3% |
| Financial fixed assets | 28 | €635 | €5,635 | +€5,000 | +787.4% |
| Current assets | 29/58 | €1,000,928 | €1,129,707 | +€128,779 | +12.9% |
| Stocks and contracts in progress | 3 | €13,002 | €7,385 | -€5,617 | -43.2% |
| Stocks | 30/36 | €13,002 | €7,385 | -€5,617 | -43.2% |
| Amounts receivable within one year | 40/41 | €919,713 | €900,572 | -€19,141 | -2.1% |
| Trade receivables | 40 | €890,412 | €835,513 | -€54,900 | -6.2% |
| Other amounts receivable | 41 | €29,301 | €65,060 | +€35,759 | +122.0% |
| Cash at bank and in hand | 54/58 | €57,270 | €199,952 | +€142,682 | +249.1% |
| Deferred charges and accrued income | 490/1 | €10,943 | €21,798 | +€10,855 | +99.2% |
| Total equity and liabilities | 10/49 | €3,419,996 | €3,743,321 | +€323,325 | +9.5% |
| Equity | 10/15 | €459,012 | €530,436 | +€71,424 | +15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,877 | €123,000 | -€27,877 | -18.5% |
| Distributable reserves | 133 | €150,877 | €123,000 | -€27,877 | -18.5% |
| Profit (loss) carried forward | 14 | €289,535 | €388,836 | +€99,301 | +34.3% |
| Amounts payable | 17/49 | €2,960,984 | €3,212,885 | +€251,901 | +8.5% |
| Amounts payable after more than one year | 17 | €1,532,289 | €1,590,793 | +€58,504 | +3.8% |
| Financial debts | 170/4 | €1,532,289 | €1,590,793 | +€58,504 | +3.8% |
| Amounts payable within one year | 42/48 | €1,424,919 | €1,615,978 | +€191,059 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €509,961 | €435,230 | -€74,731 | -14.7% |
| Financial debts | 43 | - | €298,359 | +€298,359 | |
| Credit institutions | 430/8 | - | €298,359 | +€298,359 | |
| Trade debts | 44 | €690,683 | €580,440 | -€110,243 | -16.0% |
| Suppliers | 440/4 | €690,683 | €580,440 | -€110,243 | -16.0% |
| Taxes, remuneration and social security | 45 | €133,682 | €216,067 | +€82,384 | +61.6% |
| Taxes | 450/3 | €90,280 | €154,989 | +€64,710 | +71.7% |
| Remuneration and social security | 454/9 | €43,403 | €61,077 | +€17,675 | +40.7% |
| Other amounts payable | 47/48 | €90,592 | €85,882 | -€4,710 | -5.2% |
| Accrued charges and deferred income | 492/3 | €3,776 | €6,114 | +€2,338 | +61.9% |
| Non-recurring operating income | 76A | €21,789 | €34,465 | +€12,676 | +58.2% |
| Remuneration, social security and pensions | 62 | €373,087 | €434,630 | +€61,542 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,117 | €530,331 | +€277,215 | +109.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €745 | €28,003 | +€27,258 | +3658.7% |
| Other operating charges | 640/8 | €14,240 | €15,284 | +€1,044 | +7.3% |
| Non-recurring operating charges | 66A | - | €38,380 | +€38,380 | |
| Gross operating margin | 9900 | €954,896 | €1,390,378 | +€435,483 | +45.6% |
| Operating profit (loss) | 9901 | €313,707 | €343,751 | +€30,044 | +9.6% |
| Financial income | 75/76B | €5,772 | €1,872 | -€3,900 | -67.6% |
| Recurring financial income | 75 | €5,772 | €1,872 | -€3,900 | -67.6% |
| Financial charges | 65/66B | €86,634 | €116,873 | +€30,239 | +34.9% |
| Recurring financial charges | 65 | €86,634 | €116,873 | +€30,239 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €232,844 | €228,749 | -€4,095 | -1.8% |
| Income taxes | 67/77 | €57,015 | €57,325 | +€310 | +0.5% |
| Profit (loss) for the period | 9904 | €175,830 | €171,424 | -€4,406 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €175,830 | €171,424 | -€4,406 | -2.5% |
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 9 October 2026 via checked.be.