CAJEU-SPECTRA: 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.
CAJEU-SPECTRA
Largest movements
- Receivables within one year -€190,908
down €190,908 (-77.4%), from €246,686 to €55,778
of which Other amounts receivable: -€174,870
- Stocks and contracts -€50,950
down €50,950 (-39.3%), from €129,700 to €78,750
- Tangible fixed assets -€7,903
down €7,903 (-49.7%), from €15,905 to €8,002
of which Furniture and vehicles: -€5,132
- Cash -€5,412
down €5,412 (-47.9%), from €11,305 to €5,893
mainly Trade debts (-€197,552) and Debts after one year (-€78,634)
- Trade debts -€197,552
down €197,552 (-83.9%), from €235,507 to €37,955
- Debts after one year -€78,634
down €78,634 (-98.8%), from €79,552 to €918
- Other debts +€77,590
up €77,590 (+1,803%), from €4,304 to €81,894
- Profit (loss) carried forward -€37,436
down €37,436 (-10.8%), from -€347,860 to -€385,296
- Tax, wage and social debts -€15,431
down €15,431 (-49.7%), from €31,064 to €15,633
of which Taxes: -€8,439
- Gross operating margin -€56,488
down €56,488, from €41,215 to -€15,273
- Staff costs -€29,729
down €29,729 (-76.7%), from €38,767 to €9,038
- Depreciation -€2,292
down €2,292 (-20.3%), from €11,311 to €9,020
- Financial income -€1,155
down €1,155 (-95.0%), from €1,216 to €61
- Financial charges -€773
down €773 (-30.7%), from €2,519 to €1,745
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €404,205 | €149,032 | -€255,173 | -63.1% |
| Fixed assets | 21/28 | €16,514 | €8,610 | -€7,903 | -47.9% |
| Tangible fixed assets | 22/27 | €15,905 | €8,002 | -€7,903 | -49.7% |
| Land and buildings | 22 | €3,654 | €1,740 | -€1,914 | -52.4% |
| Plant, machinery and equipment | 23 | €1,005 | €147 | -€858 | -85.4% |
| Furniture and vehicles | 24 | €10,235 | €5,103 | -€5,132 | -50.1% |
| Leasing and similar rights | 25 | €1,012 | €1,012 | = | 0.0% |
| Financial fixed assets | 28 | €609 | €609 | = | 0.0% |
| Current assets | 29/58 | €387,692 | €140,422 | -€247,270 | -63.8% |
| Stocks and contracts in progress | 3 | €129,700 | €78,750 | -€50,950 | -39.3% |
| Stocks | 30/36 | €129,700 | €78,750 | -€50,950 | -39.3% |
| Amounts receivable within one year | 40/41 | €246,686 | €55,778 | -€190,908 | -77.4% |
| Trade receivables | 40 | €36,038 | €20,000 | -€16,038 | -44.5% |
| Other amounts receivable | 41 | €210,649 | €35,778 | -€174,870 | -83.0% |
| Cash at bank and in hand | 54/58 | €11,305 | €5,893 | -€5,412 | -47.9% |
| Total equity and liabilities | 10/49 | €404,205 | €149,032 | -€255,173 | -63.1% |
| Equity | 10/15 | €45,853 | €8,417 | -€37,436 | -81.6% |
| Contributions | 10/11 | €391,881 | €391,881 | = | 0.0% |
| Capital | 10 | €391,881 | €391,881 | = | 0.0% |
| Issued capital | 100 | €391,881 | €391,881 | = | 0.0% |
| Reserves | 13 | €1,833 | €1,833 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,833 | €1,833 | = | 0.0% |
| Legal reserve | 130 | €1,833 | €1,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€347,860 | -€385,296 | -€37,436 | -10.8% |
| Amounts payable | 17/49 | €358,352 | €140,615 | -€217,737 | -60.8% |
| Amounts payable after more than one year | 17 | €79,552 | €918 | -€78,634 | -98.8% |
| Financial debts | 170/4 | €79,552 | €918 | -€78,634 | -98.8% |
| Amounts payable within one year | 42/48 | €278,028 | €139,116 | -€138,912 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €7,153 | €3,634 | -€3,519 | -49.2% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €235,507 | €37,955 | -€197,552 | -83.9% |
| Suppliers | 440/4 | €235,507 | €37,955 | -€197,552 | -83.9% |
| Taxes, remuneration and social security | 45 | €31,064 | €15,633 | -€15,431 | -49.7% |
| Taxes | 450/3 | €24,072 | €15,633 | -€8,439 | -35.1% |
| Remuneration and social security | 454/9 | €6,992 | €0 | -€6,992 | -100% |
| Other amounts payable | 47/48 | €4,304 | €81,894 | +€77,590 | +1,803% |
| Accrued charges and deferred income | 492/3 | €771 | €580 | -€191 | -24.7% |
| Remuneration, social security and pensions | 62 | €38,767 | €9,038 | -€29,729 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,311 | €9,020 | -€2,292 | -20.3% |
| Other operating charges | 640/8 | €2,081 | €2,280 | +€199 | +9.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €41,215 | -€15,273 | -€56,488 | |
| Operating profit (loss) | 9901 | -€10,944 | -€35,611 | -€24,667 | -225% |
| Financial income | 75/76B | €1,216 | €61 | -€1,155 | -95.0% |
| Recurring financial income | 75 | €1,216 | €61 | -€1,155 | -95.0% |
| Financial charges | 65/66B | €2,519 | €1,745 | -€773 | -30.7% |
| Recurring financial charges | 65 | €2,519 | €1,745 | -€773 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,246 | -€37,295 | -€25,049 | -205% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +0.9% |
| Profit (loss) for the period | 9904 | -€12,386 | -€37,436 | -€25,050 | -202% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,386 | -€37,436 | -€25,050 | -202% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.