TREE TOP: 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.
TREE TOP
Largest movements
- Receivables within one year -€43,609
down €43,609 (-50.1%), from €86,976 to €43,367
of which Other amounts receivable: -€46,015
- Tangible fixed assets -€33,071
down €33,071 (-21.6%), from €152,976 to €119,905
of which Land and buildings: -€31,803
- Cash +€4,606
up €4,606 (+40.6%), from €11,357 to €15,963
mainly Receivables within one year (+€43,609) and Depreciation (+€33,071)
- Reserves -€55,091
down €55,091 (-67.6%), from €81,551 to €26,460
- Debts after one year -€16,917
down €16,917 (-14.9%), from €113,738 to €96,822
- Gross operating margin +€20,276
up €20,276 (+43.0%), from €47,172 to €67,447
- Taxes +€6,495
up €6,495 (+325%), from €2,001 to €8,497
- Financial charges -€5,908
down €5,908 (-62.6%), from €9,439 to €3,531
- Financial income -€3,315
no longer reported in 2025 (was €3,315)
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.
Derived cash bridge
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 | €251,793 | €179,935 | -€71,858 | -28.5% |
| Fixed assets | 21/28 | €152,976 | €119,905 | -€33,071 | -21.6% |
| Tangible fixed assets | 22/27 | €152,976 | €119,905 | -€33,071 | -21.6% |
| Land and buildings | 22 | €149,421 | €117,618 | -€31,803 | -21.3% |
| Plant, machinery and equipment | 23 | €503 | €304 | -€199 | -39.5% |
| Furniture and vehicles | 24 | €3,052 | €1,982 | -€1,069 | -35.0% |
| Current assets | 29/58 | €98,818 | €60,031 | -€38,787 | -39.3% |
| Amounts receivable within one year | 40/41 | €86,976 | €43,367 | -€43,609 | -50.1% |
| Trade receivables | 40 | €2,900 | €5,305 | +€2,405 | +82.9% |
| Other amounts receivable | 41 | €84,076 | €38,061 | -€46,015 | -54.7% |
| Cash at bank and in hand | 54/58 | €11,357 | €15,963 | +€4,606 | +40.6% |
| Deferred charges and accrued income | 490/1 | €485 | €701 | +€216 | +44.7% |
| Total equity and liabilities | 10/49 | €251,793 | €179,935 | -€71,858 | -28.5% |
| Equity | 10/15 | €87,751 | €32,660 | -€55,091 | -62.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €81,551 | €26,460 | -€55,091 | -67.6% |
| Distributable reserves | 133 | €81,551 | €26,460 | -€55,091 | -67.6% |
| Amounts payable | 17/49 | €164,042 | €147,275 | -€16,767 | -10.2% |
| Amounts payable after more than one year | 17 | €113,738 | €96,822 | -€16,917 | -14.9% |
| Financial debts | 170/4 | €113,738 | €96,822 | -€16,917 | -14.9% |
| Amounts payable within one year | 42/48 | €50,304 | €50,454 | +€149 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €40,241 | €41,917 | +€1,675 | +4.2% |
| Trade debts | 44 | €482 | €548 | +€66 | +13.6% |
| Suppliers | 440/4 | €482 | €548 | +€66 | +13.6% |
| Taxes, remuneration and social security | 45 | €9,581 | €7,989 | -€1,591 | -16.6% |
| Taxes | 450/3 | €9,581 | €7,989 | -€1,591 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,530 | €33,071 | -€459 | -1.4% |
| Other operating charges | 640/8 | €3,402 | €3,446 | +€44 | +1.3% |
| Gross operating margin | 9900 | €47,172 | €67,447 | +€20,276 | +43.0% |
| Operating profit (loss) | 9901 | €10,240 | €30,930 | +€20,690 | +202% |
| Financial income | 75/76B | €3,315 | - | -€3,315 | |
| Recurring financial income | 75 | €3,315 | - | -€3,315 | |
| Financial charges | 65/66B | €9,439 | €3,531 | -€5,908 | -62.6% |
| Recurring financial charges | 65 | €9,439 | €3,531 | -€5,908 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €4,116 | €27,399 | +€23,283 | +566% |
| Income taxes | 67/77 | €2,001 | €8,497 | +€6,495 | +325% |
| Profit (loss) for the period | 9904 | €2,115 | €18,902 | +€16,788 | +794% |
| Profit (loss) for the period to be appropriated | 9905 | €2,115 | €18,902 | +€16,788 | +794% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.