DE SPEELVOGEL: 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 SPEELVOGEL
Largest movements
- Stocks and contracts -€189,940
down €189,940 (-39.9%), from €475,618 to €285,678
- Cash +€47,473
up €47,473 (+25.0%), from €189,759 to €237,232
mainly Stocks and contracts (+€189,940) and Depreciation (+€16,188)
- Tangible fixed assets -€14,149
down €14,149 (-30.1%), from €46,994 to €32,845
of which Furniture and vehicles: -€12,207
- Receivables within one year +€10,604
up €10,604 (+157%), from €6,734 to €17,339
of which Trade receivables: +€8,502
- Reserves -€87,912
down €87,912 (-19.0%), from €461,655 to €373,743
of which Tax-exempt reserves: -€45,717
- Accrued charges and deferred income -€24,931
down €24,931 (-75.8%), from €32,898 to €7,967
- Profit (loss) carried forward -€17,053
down €17,053, from €0 to -€17,053
- Other debts +€12,490
up €12,490 (+6.3%), from €197,841 to €210,331
- Debts after one year -€10,547
down €10,547 (-36.2%), from €29,115 to €18,568
- Gross operating margin -€93,631
down €93,631 (-71.0%), from €131,960 to €38,330
- Financial charges -€15,166
down €15,166 (-84.4%), from €17,968 to €2,802
- Depreciation -€6,390
down €6,390 (-28.3%), from €22,578 to €16,188
- Financial income +€1,973
up €1,973 (+20.6%), from €9,556 to €11,529
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 | €851,676 | €712,105 | -€139,571 | -16.4% |
| Fixed assets | 21/28 | €69,734 | €54,906 | -€14,828 | -21.3% |
| Intangible fixed assets | 21 | €2,728 | €2,049 | -€679 | -24.9% |
| Tangible fixed assets | 22/27 | €46,994 | €32,845 | -€14,149 | -30.1% |
| Plant, machinery and equipment | 23 | €2,727 | €786 | -€1,941 | -71.2% |
| Furniture and vehicles | 24 | €44,267 | €32,059 | -€12,207 | -27.6% |
| Financial fixed assets | 28 | €20,012 | €20,012 | = | 0.0% |
| Current assets | 29/58 | €781,942 | €657,198 | -€124,744 | -16.0% |
| Stocks and contracts in progress | 3 | €475,618 | €285,678 | -€189,940 | -39.9% |
| Stocks | 30/36 | €475,618 | €285,678 | -€189,940 | -39.9% |
| Amounts receivable within one year | 40/41 | €6,734 | €17,339 | +€10,604 | +157% |
| Trade receivables | 40 | €5,842 | €14,343 | +€8,502 | +146% |
| Other amounts receivable | 41 | €893 | €2,995 | +€2,103 | +236% |
| Current investments | 50/53 | €105,640 | €112,544 | +€6,905 | +6.5% |
| Cash at bank and in hand | 54/58 | €189,759 | €237,232 | +€47,473 | +25.0% |
| Deferred charges and accrued income | 490/1 | €4,192 | €4,406 | +€214 | +5.1% |
| Total equity and liabilities | 10/49 | €851,676 | €712,105 | -€139,571 | -16.4% |
| Equity | 10/15 | €480,655 | €375,690 | -€104,965 | -21.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €461,655 | €373,743 | -€87,912 | -19.0% |
| Tax-exempt reserves | 132 | €55,717 | €10,000 | -€45,717 | -82.1% |
| Distributable reserves | 133 | €405,938 | €363,743 | -€42,195 | -10.4% |
| Profit (loss) carried forward | 14 | €0 | -€17,053 | -€17,053 | |
| Amounts payable | 17/49 | €371,021 | €336,415 | -€34,606 | -9.3% |
| Amounts payable after more than one year | 17 | €29,115 | €18,568 | -€10,547 | -36.2% |
| Financial debts | 170/4 | €29,115 | €18,568 | -€10,547 | -36.2% |
| Amounts payable within one year | 42/48 | €309,008 | €309,880 | +€872 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €10,123 | €10,547 | +€424 | +4.2% |
| Trade debts | 44 | €58,028 | €56,467 | -€1,561 | -2.7% |
| Suppliers | 440/4 | €58,028 | €56,467 | -€1,561 | -2.7% |
| Taxes, remuneration and social security | 45 | €43,017 | €32,535 | -€10,481 | -24.4% |
| Taxes | 450/3 | €17,497 | €20,847 | +€3,350 | +19.1% |
| Remuneration and social security | 454/9 | €25,519 | €11,688 | -€13,831 | -54.2% |
| Other amounts payable | 47/48 | €197,841 | €210,331 | +€12,490 | +6.3% |
| Accrued charges and deferred income | 492/3 | €32,898 | €7,967 | -€24,931 | -75.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €135,396 | €134,214 | -€1,182 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,578 | €16,188 | -€6,390 | -28.3% |
| Other operating charges | 640/8 | €1,610 | €1,461 | -€149 | -9.2% |
| Gross operating margin | 9900 | €131,960 | €38,330 | -€93,631 | -71.0% |
| Operating profit (loss) | 9901 | -€27,624 | -€113,533 | -€85,910 | -311% |
| Financial income | 75/76B | €9,556 | €11,529 | +€1,973 | +20.6% |
| Recurring financial income | 75 | €9,556 | €11,529 | +€1,973 | +20.6% |
| Financial charges | 65/66B | €17,968 | €2,802 | -€15,166 | -84.4% |
| Recurring financial charges | 65 | €17,968 | €2,802 | -€15,166 | -84.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,036 | -€104,806 | -€68,771 | -191% |
| Income taxes | 67/77 | €170 | €159 | -€11 | -6.3% |
| Profit (loss) for the period | 9904 | -€36,205 | -€104,965 | -€68,760 | -190% |
| Transfer from tax-exempt reserves | 789 | - | €45,717 | +€45,717 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,205 | -€59,248 | -€23,043 | -63.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.