DE SPIEGELEER: 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 SPIEGELEER
Largest movements
- Tangible fixed assets -€56,832
down €56,832 (-17.5%), from €323,962 to €267,130
of which Plant, machinery and equipment: -€35,054
- Cash +€41,258
up €41,258 (+21.8%), from €189,018 to €230,276
mainly Other debts (+€118,744) and Depreciation (+€65,157)
- Receivables within one year -€22,237
down €22,237 (-44.9%), from €49,506 to €27,268
of which Other amounts receivable: -€33,907
- Other debts +€118,744
up €118,744 (+1,123%), from €10,578 to €129,321
- Reserves -€82,884
down €82,884 (-29.7%), from €278,739 to €195,855
of which Distributable reserves: -€82,884
- Trade debts -€61,826
down €61,826 (-32.6%), from €189,672 to €127,846
- Debts after one year -€29,260
down €29,260 (-12.3%), from €238,418 to €209,158
- Tax, wage and social debts +€15,499
up €15,499 (+33.3%), from €46,599 to €62,098
of which Taxes: +€16,992
- Gross operating margin +€64,058
up €64,058 (+16.1%), from €398,762 to €462,820
- Staff costs +€38,976
up €38,976 (+14.5%), from €269,177 to €308,153
- Depreciation +€6,953
up €6,953 (+11.9%), from €58,204 to €65,157
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 | €813,101 | €773,908 | -€39,193 | -4.8% |
| Fixed assets | 21/28 | €329,062 | €272,230 | -€56,832 | -17.3% |
| Tangible fixed assets | 22/27 | €323,962 | €267,130 | -€56,832 | -17.5% |
| Land and buildings | 22 | €14,015 | €6,187 | -€7,828 | -55.9% |
| Plant, machinery and equipment | 23 | €245,915 | €210,861 | -€35,054 | -14.3% |
| Furniture and vehicles | 24 | €64,032 | €50,082 | -€13,950 | -21.8% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €484,039 | €501,678 | +€17,639 | +3.6% |
| Stocks and contracts in progress | 3 | €100,376 | €100,335 | -€41 | 0.0% |
| Stocks | 30/36 | €100,376 | €100,335 | -€41 | 0.0% |
| Amounts receivable within one year | 40/41 | €49,506 | €27,268 | -€22,237 | -44.9% |
| Trade receivables | 40 | €6,198 | €17,868 | +€11,670 | +188% |
| Other amounts receivable | 41 | €43,308 | €9,401 | -€33,907 | -78.3% |
| Current investments | 50/53 | €143,798 | €143,798 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €189,018 | €230,276 | +€41,258 | +21.8% |
| Deferred charges and accrued income | 490/1 | €1,341 | - | -€1,341 | |
| Total equity and liabilities | 10/49 | €813,101 | €773,908 | -€39,193 | -4.8% |
| Equity | 10/15 | €297,339 | €214,455 | -€82,884 | -27.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €278,739 | €195,855 | -€82,884 | -29.7% |
| 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 | €276,879 | €193,995 | -€82,884 | -29.9% |
| Amounts payable | 17/49 | €515,762 | €559,453 | +€43,691 | +8.5% |
| Amounts payable after more than one year | 17 | €238,418 | €209,158 | -€29,260 | -12.3% |
| Financial debts | 170/4 | €238,418 | €209,158 | -€29,260 | -12.3% |
| Amounts payable within one year | 42/48 | €275,574 | €348,525 | +€72,952 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €28,725 | €29,260 | +€535 | +1.9% |
| Trade debts | 44 | €189,672 | €127,846 | -€61,826 | -32.6% |
| Suppliers | 440/4 | €189,672 | €127,846 | -€61,826 | -32.6% |
| Taxes, remuneration and social security | 45 | €46,599 | €62,098 | +€15,499 | +33.3% |
| Taxes | 450/3 | €11,145 | €28,137 | +€16,992 | +152% |
| Remuneration and social security | 454/9 | €35,454 | €33,961 | -€1,493 | -4.2% |
| Other amounts payable | 47/48 | €10,578 | €129,321 | +€118,744 | +1,123% |
| Accrued charges and deferred income | 492/3 | €1,770 | €1,770 | -€1 | 0.0% |
| Remuneration, social security and pensions | 62 | €269,177 | €308,153 | +€38,976 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,204 | €65,157 | +€6,953 | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €104 | +€104 | |
| Other operating charges | 640/8 | €1,741 | €5,669 | +€3,928 | +226% |
| Non-recurring operating charges | 66A | €53 | - | -€53 | |
| Gross operating margin | 9900 | €398,762 | €462,820 | +€64,058 | +16.1% |
| Operating profit (loss) | 9901 | €69,587 | €83,738 | +€14,151 | +20.3% |
| Financial income | 75/76B | €2,330 | €802 | -€1,527 | -65.6% |
| Recurring financial income | 75 | €2,330 | €802 | -€1,527 | -65.6% |
| Financial charges | 65/66B | €9,686 | €12,036 | +€2,349 | +24.3% |
| Recurring financial charges | 65 | €9,686 | €12,036 | +€2,349 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €62,230 | €72,504 | +€10,274 | +16.5% |
| Income taxes | 67/77 | €18,584 | €20,000 | +€1,416 | +7.6% |
| Profit (loss) for the period | 9904 | €43,647 | €52,504 | +€8,857 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,647 | €52,504 | +€8,857 | +20.3% |
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 18 October 2026 via checked.be.