Benoit Spitaels: 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.
Benoit Spitaels
Largest movements
- Receivables within one year -€45,709
down €45,709 (-35.8%), from €127,847 to €82,138
of which Trade receivables: -€53,015
- Cash -€27,820
down €27,820 (-44.4%), from €62,670 to €34,850
mainly Contributions, distributions and other (-€218,000) and Investment in fixed assets (net) (-€18,072)
- Tangible fixed assets +€8,394
up €8,394 (+22.6%), from €37,163 to €45,558
of which Plant, machinery and equipment: +€6,465
- Deferred charges and accrued income -€5,052
down €5,052 (-71.0%), from €7,120 to €2,068
- Profit (loss) carried forward -€216,445
down €216,445 (-99.3%), from €218,003 to €1,557
- Other debts +€119,583
up €119,583 (+2,341%), from €5,109 to €124,692
- Tax, wage and social debts +€24,830
up €24,830 (+301%), from €8,244 to €33,074
- Gross operating margin -€27,120
down €27,120 (-62.6%), from €43,325 to €16,205
- Taxes -€5,164
down €5,164 (-61.9%), from €8,337 to €3,173
- Depreciation +€1,383
up €1,383 (+16.7%), from €8,294 to €9,677
- Other operating charges +€565
up €565 (+56.1%), from €1,006 to €1,571
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 | €234,949 | €164,763 | -€70,186 | -29.9% |
| Fixed assets | 21/28 | €37,313 | €45,708 | +€8,394 | +22.5% |
| Tangible fixed assets | 22/27 | €37,163 | €45,558 | +€8,394 | +22.6% |
| Plant, machinery and equipment | 23 | €25,060 | €31,524 | +€6,465 | +25.8% |
| Furniture and vehicles | 24 | €8,789 | €6,562 | -€2,227 | -25.3% |
| Other tangible fixed assets | 26 | €3,314 | €7,471 | +€4,157 | +125% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €197,636 | €119,055 | -€78,581 | -39.8% |
| Amounts receivable within one year | 40/41 | €127,847 | €82,138 | -€45,709 | -35.8% |
| Trade receivables | 40 | €118,684 | €65,669 | -€53,015 | -44.7% |
| Other amounts receivable | 41 | €9,163 | €16,469 | +€7,306 | +79.7% |
| Cash at bank and in hand | 54/58 | €62,670 | €34,850 | -€27,820 | -44.4% |
| Deferred charges and accrued income | 490/1 | €7,120 | €2,068 | -€5,052 | -71.0% |
| Total equity and liabilities | 10/49 | €234,949 | €164,763 | -€70,186 | -29.9% |
| Equity | 10/15 | €219,003 | €2,557 | -€216,445 | -98.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218,003 | €1,557 | -€216,445 | -99.3% |
| Amounts payable | 17/49 | €15,947 | €162,206 | +€146,259 | +917% |
| Amounts payable within one year | 42/48 | €15,947 | €162,206 | +€146,259 | +917% |
| Trade debts | 44 | €2,594 | €4,440 | +€1,846 | +71.1% |
| Suppliers | 440/4 | €2,594 | €4,440 | +€1,846 | +71.1% |
| Taxes, remuneration and social security | 45 | €8,244 | €33,074 | +€24,830 | +301% |
| Taxes | 450/3 | €8,244 | €33,074 | +€24,830 | +301% |
| Other amounts payable | 47/48 | €5,109 | €124,692 | +€119,583 | +2,341% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,294 | €9,677 | +€1,383 | +16.7% |
| Other operating charges | 640/8 | €1,006 | €1,571 | +€565 | +56.1% |
| Non-recurring operating charges | 66A | €237 | - | -€237 | |
| Gross operating margin | 9900 | €43,325 | €16,205 | -€27,120 | -62.6% |
| Operating profit (loss) | 9901 | €33,787 | €4,956 | -€28,831 | -85.3% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €213 | €231 | +€18 | +8.5% |
| Recurring financial charges | 65 | €213 | €231 | +€18 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €33,574 | €4,728 | -€28,847 | -85.9% |
| Income taxes | 67/77 | €8,337 | €3,173 | -€5,164 | -61.9% |
| Profit (loss) for the period | 9904 | €25,237 | €1,555 | -€23,682 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,237 | €1,555 | -€23,682 | -93.8% |
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 21 October 2026 via checked.be.