DE SPIEGELEIRE: 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 SPIEGELEIRE
Largest movements
- Tangible fixed assets -€27,837
down €27,837 (-4.3%), from €653,264 to €625,427
of which Plant, machinery and equipment: -€18,150
- Cash +€16,226
up €16,226 (+429%), from €3,786 to €20,012
mainly Net result for the year (+€49,900) and Depreciation (+€42,337)
- Reserves +€49,900
up €49,900 (+12.3%), from €404,066 to €453,967
- Debts after one year -€48,571
down €48,571 (-18.1%), from €268,771 to €220,201
- Trade debts -€29,534
down €29,534 (-51.6%), from €57,278 to €27,744
- Tax, wage and social debts +€21,494
up €21,494 (+156%), from €13,807 to €35,301
of which Taxes: +€15,072
- Accrued charges and deferred income -€17,188
down €17,188 (-92.5%), from €18,588 to €1,400
- Staff costs +€21,807
up €21,807 (+17.6%), from €124,211 to €146,018
- Depreciation -€11,917
down €11,917 (-22.0%), from €54,253 to €42,337
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 | €909,742 | €888,528 | -€21,214 | -2.3% |
| Fixed assets | 21/28 | €653,313 | €625,477 | -€27,837 | -4.3% |
| Tangible fixed assets | 22/27 | €653,264 | €625,427 | -€27,837 | -4.3% |
| Land and buildings | 22 | €253,263 | €250,673 | -€2,590 | -1.0% |
| Plant, machinery and equipment | 23 | €55,149 | €36,999 | -€18,150 | -32.9% |
| Furniture and vehicles | 24 | €6,569 | €13,886 | +€7,317 | +111% |
| Other tangible fixed assets | 26 | €338,282 | €323,869 | -€14,413 | -4.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €256,429 | €263,051 | +€6,622 | +2.6% |
| Stocks and contracts in progress | 3 | €140,680 | €136,750 | -€3,930 | -2.8% |
| Stocks | 30/36 | €140,680 | €136,750 | -€3,930 | -2.8% |
| Amounts receivable within one year | 40/41 | €111,963 | €106,289 | -€5,674 | -5.1% |
| Trade receivables | 40 | €107,425 | €106,289 | -€1,136 | -1.1% |
| Other amounts receivable | 41 | €4,538 | €0 | -€4,538 | -100% |
| Cash at bank and in hand | 54/58 | €3,786 | €20,012 | +€16,226 | +429% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €909,742 | €888,528 | -€21,214 | -2.3% |
| Equity | 10/15 | €422,658 | €472,559 | +€49,900 | +11.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €404,066 | €453,967 | +€49,900 | +12.3% |
| Distributable reserves | 133 | €404,066 | €453,967 | +€49,900 | +12.3% |
| Amounts payable | 17/49 | €487,084 | €415,969 | -€71,114 | -14.6% |
| Amounts payable after more than one year | 17 | €268,771 | €220,201 | -€48,571 | -18.1% |
| Financial debts | 170/4 | €268,771 | €220,201 | -€48,571 | -18.1% |
| Amounts payable within one year | 42/48 | €199,724 | €194,369 | -€5,355 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €48,951 | €48,571 | -€381 | -0.8% |
| Trade debts | 44 | €57,278 | €27,744 | -€29,534 | -51.6% |
| Suppliers | 440/4 | €57,278 | €27,744 | -€29,534 | -51.6% |
| Taxes, remuneration and social security | 45 | €13,807 | €35,301 | +€21,494 | +156% |
| Taxes | 450/3 | €9,193 | €24,265 | +€15,072 | +164% |
| Remuneration and social security | 454/9 | €4,614 | €11,037 | +€6,423 | +139% |
| Other amounts payable | 47/48 | €79,688 | €82,753 | +€3,065 | +3.8% |
| Accrued charges and deferred income | 492/3 | €18,588 | €1,400 | -€17,188 | -92.5% |
| Remuneration, social security and pensions | 62 | €124,211 | €146,018 | +€21,807 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,253 | €42,337 | -€11,917 | -22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,222 | €2,151 | -€71 | -3.2% |
| Gross operating margin | 9900 | €273,034 | €275,591 | +€2,558 | +0.9% |
| Operating profit (loss) | 9901 | €92,348 | €85,086 | -€7,262 | -7.9% |
| Financial income | 75/76B | - | €158 | +€158 | |
| Recurring financial income | 75 | - | €158 | +€158 | |
| Financial charges | 65/66B | €10,798 | €11,599 | +€801 | +7.4% |
| Recurring financial charges | 65 | €10,798 | €11,599 | +€801 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €81,550 | €73,646 | -€7,904 | -9.7% |
| Income taxes | 67/77 | €26,454 | €23,746 | -€2,709 | -10.2% |
| Profit (loss) for the period | 9904 | €55,096 | €49,900 | -€5,196 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,096 | €49,900 | -€5,196 | -9.4% |
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 31 October 2026 via checked.be.