TREE TOP: what changed
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)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it 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% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.