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
- Receivables within one year -€949,116
down €949,116 (-32.7%), from €2.9m to €2.0m
of which Trade receivables: -€1.1m
- Stocks and contracts +€83,752
up €83,752 (+30.7%), from €273,167 to €356,920
- Trade debts -€474,469
down €474,469 (-32.7%), from €1.5m to €978,077
- Short-term financial debts -€457,896
down €457,896 (-28.2%), from €1.6m to €1.2m
- Tax, wage and social debts +€101,124
up €101,124 (+180%), from €56,226 to €157,350
of which Remuneration and social security: +€80,446
- Staff costs +€249,669
up €249,669 (+122%), from €205,362 to €455,031
- Gross operating margin +€206,300
up €206,300 (+51.4%), from €401,560 to €607,860
- Financial charges +€11,159
up €11,159 (+7.0%), from €159,329 to €170,489
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 | €3,299,276 | €2,433,337 | -€865,940 | -26.2% |
| Fixed assets | 21/28 | €16,254 | €8,984 | -€7,270 | -44.7% |
| Tangible fixed assets | 22/27 | €13,749 | €6,479 | -€7,270 | -52.9% |
| Land and buildings | 22 | €0 | €0 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,383 | €4,313 | -€2,070 | -32.4% |
| Furniture and vehicles | 24 | €7,367 | €2,167 | -€5,200 | -70.6% |
| Financial fixed assets | 28 | €2,504 | €2,504 | = | 0.0% |
| Current assets | 29/58 | €3,283,023 | €2,424,353 | -€858,670 | -26.2% |
| Stocks and contracts in progress | 3 | €273,167 | €356,920 | +€83,752 | +30.7% |
| Stocks | 30/36 | €273,167 | €356,920 | +€83,752 | +30.7% |
| Amounts receivable within one year | 40/41 | €2,901,675 | €1,952,559 | -€949,116 | -32.7% |
| Trade receivables | 40 | €2,021,603 | €914,815 | -€1.1m | -54.7% |
| Other amounts receivable | 41 | €880,072 | €1,037,744 | +€157,671 | +17.9% |
| Cash at bank and in hand | 54/58 | €95,364 | €100,457 | +€5,093 | +5.3% |
| Deferred charges and accrued income | 490/1 | €12,816 | €14,417 | +€1,601 | +12.5% |
| Total equity and liabilities | 10/49 | €3,299,276 | €2,433,337 | -€865,940 | -26.2% |
| Equity | 10/15 | €159,503 | €126,597 | -€32,906 | -20.6% |
| Contributions | 10/11 | €217,443 | €217,443 | = | 0.0% |
| Capital | 10 | €217,443 | €217,443 | = | 0.0% |
| Issued capital | 100 | €217,443 | €217,443 | = | 0.0% |
| Reserves | 13 | €212,557 | €212,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,744 | €11,744 | = | 0.0% |
| Legal reserve | 130 | €11,744 | €11,744 | = | 0.0% |
| Distributable reserves | 133 | €200,813 | €200,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,497 | -€303,403 | -€32,906 | -12.2% |
| Amounts payable | 17/49 | €3,139,773 | €2,306,739 | -€833,034 | -26.5% |
| Amounts payable within one year | 42/48 | €3,137,192 | €2,305,950 | -€831,242 | -26.5% |
| Financial debts | 43 | €1,626,419 | €1,168,523 | -€457,896 | -28.2% |
| Credit institutions | 430/8 | €1,626,419 | €1,168,523 | -€457,896 | -28.2% |
| Trade debts | 44 | €1,452,546 | €978,077 | -€474,469 | -32.7% |
| Suppliers | 440/4 | €1,452,546 | €978,077 | -€474,469 | -32.7% |
| Taxes, remuneration and social security | 45 | €56,226 | €157,350 | +€101,124 | +180% |
| Taxes | 450/3 | €7,002 | €27,680 | +€20,678 | +295% |
| Remuneration and social security | 454/9 | €49,224 | €129,670 | +€80,446 | +163% |
| Other amounts payable | 47/48 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,582 | €790 | -€1,792 | -69.4% |
| Remuneration, social security and pensions | 62 | €205,362 | €455,031 | +€249,669 | +122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,270 | €7,270 | = | 0.0% |
| Other operating charges | 640/8 | €6,372 | €7,058 | +€686 | +10.8% |
| Gross operating margin | 9900 | €401,560 | €607,860 | +€206,300 | +51.4% |
| Operating profit (loss) | 9901 | €182,556 | €138,501 | -€44,055 | -24.1% |
| Financial charges | 65/66B | €159,329 | €170,489 | +€11,159 | +7.0% |
| Recurring financial charges | 65 | €159,329 | €170,489 | +€11,159 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €23,227 | -€31,988 | -€55,214 | |
| Income taxes | 67/77 | €917 | €918 | +€1 | +0.1% |
| Profit (loss) for the period | 9904 | €22,310 | -€32,906 | -€55,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,310 | -€32,906 | -€55,216 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.