DE SPIEGELEER S: 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 S
Largest movements
- Receivables within one year +€174,565
up €174,565 (+20.0%), from €871,053 to €1.0m
of which Other amounts receivable: +€168,741
- Cash +€120,076
up €120,076 (+2,123%), from €5,656 to €125,732
mainly Net result for the year (+€211,456) and Short-term financial debts (+€54,575)
- Reserves +€211,456
up €211,456 (+22.7%), from €930,267 to €1.1m
of which Distributable reserves: +€211,456
- Short-term financial debts +€54,575
new in 2025: €54,575
- Tax, wage and social debts +€16,865
up €16,865 (+21.5%), from €78,483 to €95,349
- Gross operating margin +€81,883
up €81,883 (+36.0%), from €227,426 to €309,309
- Taxes +€22,556
up €22,556 (+29.5%), from €76,396 to €98,952
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 | €1,026,674 | €1,314,332 | +€287,658 | +28.0% |
| Fixed assets | 21/28 | €14,965 | €7,982 | -€6,983 | -46.7% |
| Tangible fixed assets | 22/27 | €14,965 | €7,982 | -€6,983 | -46.7% |
| Plant, machinery and equipment | 23 | €880 | €265 | -€615 | -69.9% |
| Furniture and vehicles | 24 | €14,085 | €7,717 | -€6,367 | -45.2% |
| Current assets | 29/58 | €1,011,709 | €1,306,350 | +€294,641 | +29.1% |
| Amounts receivable after more than one year | 29 | €135,000 | €135,000 | = | 0.0% |
| Other amounts receivable | 291 | €135,000 | €135,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €871,053 | €1,045,618 | +€174,565 | +20.0% |
| Trade receivables | 40 | €11,311 | €17,135 | +€5,824 | +51.5% |
| Other amounts receivable | 41 | €859,743 | €1,028,483 | +€168,741 | +19.6% |
| Cash at bank and in hand | 54/58 | €5,656 | €125,732 | +€120,076 | +2,123% |
| Total equity and liabilities | 10/49 | €1,026,674 | €1,314,332 | +€287,658 | +28.0% |
| Equity | 10/15 | €937,330 | €1,148,786 | +€211,456 | +22.6% |
| Contributions | 10/11 | €7,063 | €7,063 | = | 0.0% |
| Reserves | 13 | €930,267 | €1,141,723 | +€211,456 | +22.7% |
| Non-distributable reserves | 130/1 | €309 | €309 | = | 0.0% |
| Reserves not available under the articles | 1311 | €309 | €309 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,396 | €18,396 | = | 0.0% |
| Distributable reserves | 133 | €911,562 | €1,123,018 | +€211,456 | +23.2% |
| Amounts payable | 17/49 | €89,344 | €165,545 | +€76,202 | +85.3% |
| Amounts payable within one year | 42/48 | €89,344 | €165,545 | +€76,202 | +85.3% |
| Financial debts | 43 | - | €54,575 | +€54,575 | |
| Credit institutions | 430/8 | - | €54,575 | +€54,575 | |
| Trade debts | 44 | €10,860 | €15,621 | +€4,761 | +43.8% |
| Suppliers | 440/4 | €10,860 | €15,621 | +€4,761 | +43.8% |
| Taxes, remuneration and social security | 45 | €78,483 | €95,349 | +€16,865 | +21.5% |
| Taxes | 450/3 | €78,483 | €95,349 | +€16,865 | +21.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,290 | €6,983 | -€1,307 | -15.8% |
| Other operating charges | 640/8 | €436 | €403 | -€33 | -7.5% |
| Gross operating margin | 9900 | €227,426 | €309,309 | +€81,883 | +36.0% |
| Operating profit (loss) | 9901 | €218,700 | €301,923 | +€83,223 | +38.1% |
| Financial income | 75/76B | €6,509 | €8,657 | +€2,147 | +33.0% |
| Recurring financial income | 75 | €6,509 | €8,657 | +€2,147 | +33.0% |
| Financial charges | 65/66B | €208 | €171 | -€37 | -17.7% |
| Recurring financial charges | 65 | €208 | €171 | -€37 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €225,001 | €310,408 | +€85,407 | +38.0% |
| Income taxes | 67/77 | €76,396 | €98,952 | +€22,556 | +29.5% |
| Profit (loss) for the period | 9904 | €148,605 | €211,456 | +€62,851 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €148,605 | €211,456 | +€62,851 | +42.3% |
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 25 October 2026 via checked.be.