DE SPEELMAN: 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.
DE SPEELMAN
Largest movements
- Receivables within one year +€36,297
up €36,297 (+44.3%), from €81,903 to €118,201
of which Trade receivables: +€63,986
- Tangible fixed assets -€6,622
down €6,622 (-21.7%), from €30,507 to €23,885
of which Furniture and vehicles: -€7,608
- Other debts +€82,875
up €82,875 (+87.2%), from €95,000 to €177,875
- Reserves -€75,000
down €75,000 (-21.0%), from €356,860 to €281,860
of which Distributable reserves: -€75,000
- Tax, wage and social debts +€13,146
up €13,146 (+144%), from €9,147 to €22,293
- Trade debts +€6,715
up €6,715 (+197%), from €3,411 to €10,126
- Gross operating margin +€72,869
up €72,869 (+70.2%), from €103,849 to €176,719
- Taxes +€22,777
up €22,777 (+80.9%), from €28,147 to €50,924
- Financial income -€1,866
down €1,866 (-35.9%), from €5,201 to €3,335
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 | €555,390 | €587,353 | +€31,964 | +5.8% |
| Fixed assets | 21/28 | €30,507 | €23,885 | -€6,622 | -21.7% |
| Tangible fixed assets | 22/27 | €30,507 | €23,885 | -€6,622 | -21.7% |
| Plant, machinery and equipment | 23 | €5,977 | €6,963 | +€986 | +16.5% |
| Furniture and vehicles | 24 | €24,530 | €16,922 | -€7,608 | -31.0% |
| Current assets | 29/58 | €524,883 | €563,468 | +€38,585 | +7.4% |
| Amounts receivable within one year | 40/41 | €81,903 | €118,201 | +€36,297 | +44.3% |
| Trade receivables | 40 | €6,519 | €70,505 | +€63,986 | +981% |
| Other amounts receivable | 41 | €75,384 | €47,695 | -€27,689 | -36.7% |
| Cash at bank and in hand | 54/58 | €442,629 | €443,237 | +€608 | +0.1% |
| Deferred charges and accrued income | 490/1 | €350 | €2,030 | +€1,680 | +480% |
| Total equity and liabilities | 10/49 | €555,390 | €587,353 | +€31,964 | +5.8% |
| Equity | 10/15 | €447,831 | €377,059 | -€70,772 | -15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €356,860 | €281,860 | -€75,000 | -21.0% |
| 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 | €355,000 | €280,000 | -€75,000 | -21.1% |
| Profit (loss) carried forward | 14 | €84,771 | €88,999 | +€4,228 | +5.0% |
| Amounts payable | 17/49 | €107,558 | €210,294 | +€102,736 | +95.5% |
| Amounts payable within one year | 42/48 | €107,558 | €210,294 | +€102,736 | +95.5% |
| Trade debts | 44 | €3,411 | €10,126 | +€6,715 | +197% |
| Suppliers | 440/4 | €3,411 | €10,126 | +€6,715 | +197% |
| Taxes, remuneration and social security | 45 | €9,147 | €22,293 | +€13,146 | +144% |
| Taxes | 450/3 | €9,147 | €22,293 | +€13,146 | +144% |
| Other amounts payable | 47/48 | €95,000 | €177,875 | +€82,875 | +87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,675 | €8,700 | +€25 | +0.3% |
| Other operating charges | 640/8 | €1,612 | €840 | -€773 | -47.9% |
| Gross operating margin | 9900 | €103,849 | €176,719 | +€72,869 | +70.2% |
| Operating profit (loss) | 9901 | €93,562 | €167,179 | +€73,617 | +78.7% |
| Financial income | 75/76B | €5,201 | €3,335 | -€1,866 | -35.9% |
| Recurring financial income | 75 | €5,201 | €3,335 | -€1,866 | -35.9% |
| Financial charges | 65/66B | €258 | €362 | +€104 | +40.2% |
| Recurring financial charges | 65 | €258 | €362 | +€104 | +40.2% |
| Profit (loss) for the period before taxes | 9903 | €98,505 | €170,152 | +€71,647 | +72.7% |
| Income taxes | 67/77 | €28,147 | €50,924 | +€22,777 | +80.9% |
| Profit (loss) for the period | 9904 | €70,357 | €119,228 | +€48,871 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,357 | €119,228 | +€48,871 | +69.5% |
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 15 October 2026 via checked.be.