TROPICAL: 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.
TROPICAL
Largest movements
- Cash +€67,203
up €67,203 (+28.9%), from €232,366 to €299,569
mainly Net result for the year (+€108,667) and Depreciation (+€83,791)
- Receivables within one year -€18,581
down €18,581 (-49.9%), from €37,264 to €18,682
of which Trade receivables: -€30,769
- Deferred charges and accrued income +€11,714
up €11,714 (+322.2%), from €3,636 to €15,350
- Reserves +€79,409
up €79,409 (+34.4%), from €230,742 to €310,151
of which Distributable reserves: +€79,409
- Other debts -€29,922
no longer reported in 2025 (was €29,922)
- Tax, wage and social debts +€18,203
up €18,203 (+30.5%), from €59,654 to €77,857
of which Taxes: +€19,320
- Debts after one year -€14,820
down €14,820 (-21.8%), from €68,135 to €53,315
- Trade debts +€13,800
up €13,800 (+30.2%), from €45,739 to €59,539
- Gross operating margin +€93,746
up €93,746 (+33.7%), from €277,908 to €371,655
- Taxes +€22,993
up €22,993 (+99.1%), from €23,200 to €46,194
- Depreciation +€21,245
up €21,245 (+34.0%), from €62,546 to €83,791
- Financial charges -€5,440
down €5,440 (-41.3%), from €13,157 to €7,718
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 | €478,113 | €537,445 | +€59,332 | +12.4% |
| Fixed assets | 21/28 | €182,412 | €185,911 | +€3,500 | +1.9% |
| Tangible fixed assets | 22/27 | €181,265 | €184,765 | +€3,500 | +1.9% |
| Land and buildings | 22 | €71,051 | €69,399 | -€1,653 | -2.3% |
| Plant, machinery and equipment | 23 | €73,519 | €68,233 | -€5,286 | -7.2% |
| Furniture and vehicles | 24 | €36,695 | €47,133 | +€10,438 | +28.4% |
| Financial fixed assets | 28 | €1,147 | €1,147 | = | 0.0% |
| Current assets | 29/58 | €295,701 | €351,533 | +€55,832 | +18.9% |
| Stocks and contracts in progress | 3 | €22,436 | €17,932 | -€4,504 | -20.1% |
| Stocks | 30/36 | €22,436 | €17,932 | -€4,504 | -20.1% |
| Amounts receivable within one year | 40/41 | €37,264 | €18,682 | -€18,581 | -49.9% |
| Trade receivables | 40 | €35,892 | €5,123 | -€30,769 | -85.7% |
| Other amounts receivable | 41 | €1,371 | €13,559 | +€12,188 | +888.9% |
| Cash at bank and in hand | 54/58 | €232,366 | €299,569 | +€67,203 | +28.9% |
| Deferred charges and accrued income | 490/1 | €3,636 | €15,350 | +€11,714 | +322.2% |
| Total equity and liabilities | 10/49 | €478,113 | €537,445 | +€59,332 | +12.4% |
| Equity | 10/15 | €243,088 | €322,663 | +€79,576 | +32.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €230,742 | €310,151 | +€79,409 | +34.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €228,882 | €308,291 | +€79,409 | +34.7% |
| Profit (loss) carried forward | 14 | €6,146 | €6,312 | +€167 | +2.7% |
| Amounts payable | 17/49 | €235,025 | €214,781 | -€20,244 | -8.6% |
| Amounts payable after more than one year | 17 | €68,135 | €53,315 | -€14,820 | -21.8% |
| Financial debts | 170/4 | €68,135 | €53,315 | -€14,820 | -21.8% |
| Amounts payable within one year | 42/48 | €162,043 | €160,622 | -€1,421 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €26,728 | €23,226 | -€3,502 | -13.1% |
| Trade debts | 44 | €45,739 | €59,539 | +€13,800 | +30.2% |
| Suppliers | 440/4 | €45,739 | €59,539 | +€13,800 | +30.2% |
| Taxes, remuneration and social security | 45 | €59,654 | €77,857 | +€18,203 | +30.5% |
| Taxes | 450/3 | €44,282 | €63,603 | +€19,320 | +43.6% |
| Remuneration and social security | 454/9 | €15,372 | €14,254 | -€1,118 | -7.3% |
| Other amounts payable | 47/48 | €29,922 | - | -€29,922 | |
| Accrued charges and deferred income | 492/3 | €4,847 | €844 | -€4,003 | -82.6% |
| Non-recurring operating income | 76A | €3,040 | - | -€3,040 | |
| Remuneration, social security and pensions | 62 | €120,873 | €123,713 | +€2,840 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,546 | €83,791 | +€21,245 | +34.0% |
| Other operating charges | 640/8 | €3,053 | €2,396 | -€657 | -21.5% |
| Gross operating margin | 9900 | €277,908 | €371,655 | +€93,746 | +33.7% |
| Operating profit (loss) | 9901 | €91,436 | €161,755 | +€70,319 | +76.9% |
| Financial income | 75/76B | €693 | €823 | +€130 | +18.8% |
| Recurring financial income | 75 | €693 | €823 | +€130 | +18.8% |
| Financial charges | 65/66B | €13,157 | €7,718 | -€5,440 | -41.3% |
| Recurring financial charges | 65 | €13,157 | €7,718 | -€5,440 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €78,972 | €154,860 | +€75,889 | +96.1% |
| Income taxes | 67/77 | €23,200 | €46,194 | +€22,993 | +99.1% |
| Profit (loss) for the period | 9904 | €55,771 | €108,667 | +€52,895 | +94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,771 | €108,667 | +€52,895 | +94.8% |
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 5 October 2026 via checked.be.