DE SPEGHEL: 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 SPEGHEL
Largest movements
- Cash +€29,422
up €29,422 (+611%), from €4,816 to €34,238
mainly Depreciation (+€28,750) and Net result for the year (+€16,913)
- Tangible fixed assets -€28,750
down €28,750 (-8.7%), from €328,915 to €300,166
of which Land and buildings: -€21,955
- Receivables within one year -€6,089
down €6,089 (-59.2%), from €10,285 to €4,196
of which Trade receivables: -€6,214
- Profit (loss) carried forward +€16,913
up €16,913 (+0.6%), from -€2.8m to -€2.8m
- Other debts -€12,403
down €12,403 (-6.8%), from €183,536 to €171,133
- Advances received -€7,049
down €7,049 (-13.7%), from €51,509 to €44,460
- Depreciation -€68,659
down €68,659 (-70.5%), from €97,409 to €28,750
- Gross operating margin +€33,498
up €33,498 (+165%), from €20,305 to €53,803
- Other operating charges +€2,107
up €2,107 (+50.3%), from €4,190 to €6,297
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 | €346,874 | €341,572 | -€5,302 | -1.5% |
| Fixed assets | 21/28 | €328,915 | €300,166 | -€28,750 | -8.7% |
| Tangible fixed assets | 22/27 | €328,915 | €300,166 | -€28,750 | -8.7% |
| Land and buildings | 22 | €311,202 | €289,246 | -€21,955 | -7.1% |
| Plant, machinery and equipment | 23 | €16,804 | €10,919 | -€5,885 | -35.0% |
| Furniture and vehicles | 24 | €910 | - | -€910 | |
| Current assets | 29/58 | €17,959 | €41,406 | +€23,448 | +131% |
| Amounts receivable within one year | 40/41 | €10,285 | €4,196 | -€6,089 | -59.2% |
| Trade receivables | 40 | €7,178 | €964 | -€6,214 | -86.6% |
| Other amounts receivable | 41 | €3,108 | €3,232 | +€125 | +4.0% |
| Cash at bank and in hand | 54/58 | €4,816 | €34,238 | +€29,422 | +611% |
| Deferred charges and accrued income | 490/1 | €2,858 | €2,972 | +€115 | +4.0% |
| Total equity and liabilities | 10/49 | €346,874 | €341,572 | -€5,302 | -1.5% |
| Equity | 10/15 | -€568,063 | -€551,149 | +€16,913 | +3.0% |
| Contributions | 10/11 | €2,275,000 | €2,275,000 | = | 0.0% |
| Capital | 10 | €2,275,000 | €2,275,000 | = | 0.0% |
| Issued capital | 100 | €2,275,000 | €2,275,000 | = | 0.0% |
| Reserves | 13 | €147 | €147 | = | 0.0% |
| Non-distributable reserves | 130/1 | €147 | €147 | = | 0.0% |
| Legal reserve | 130 | €147 | €147 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,843,209 | -€2,826,296 | +€16,913 | +0.6% |
| Amounts payable | 17/49 | €914,937 | €892,721 | -€22,215 | -2.4% |
| Amounts payable after more than one year | 17 | €675,000 | €675,000 | = | 0.0% |
| Other amounts payable | 178/9 | €675,000 | €675,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €239,937 | €217,721 | -€22,215 | -9.3% |
| Trade debts | 44 | €1,879 | €880 | -€998 | -53.1% |
| Suppliers | 440/4 | €1,879 | €880 | -€998 | -53.1% |
| Advances received on contracts in progress | 46 | €51,509 | €44,460 | -€7,049 | -13.7% |
| Taxes, remuneration and social security | 45 | €3,013 | €1,248 | -€1,765 | -58.6% |
| Taxes | 450/3 | €3,013 | €1,248 | -€1,765 | -58.6% |
| Other amounts payable | 47/48 | €183,536 | €171,133 | -€12,403 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,409 | €28,750 | -€68,659 | -70.5% |
| Other operating charges | 640/8 | €4,190 | €6,297 | +€2,107 | +50.3% |
| Non-recurring operating charges | 66A | - | €1,855 | +€1,855 | |
| Gross operating margin | 9900 | €20,305 | €53,803 | +€33,498 | +165% |
| Operating profit (loss) | 9901 | -€81,294 | €16,901 | +€98,195 | |
| Financial income | 75/76B | €145 | €54 | -€90 | -62.4% |
| Recurring financial income | 75 | €145 | €54 | -€90 | -62.4% |
| Financial charges | 65/66B | €401 | €42 | -€359 | -89.5% |
| Recurring financial charges | 65 | €401 | €42 | -€359 | -89.5% |
| Profit (loss) for the period before taxes | 9903 | -€81,550 | €16,913 | +€98,463 | |
| Profit (loss) for the period | 9904 | -€81,550 | €16,913 | +€98,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,550 | €16,913 | +€98,463 |
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 25 October 2026 via checked.be.