De Spuydreef: 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 Spuydreef
Largest movements
- Financial fixed assets +€355,000
up €355,000 (+45.5%), from €780,577 to €1.1m
- Tangible fixed assets -€180,800
down €180,800 (-46.1%), from €392,598 to €211,798
- Cash +€147,630
up €147,630 (+541.6%), from €27,258 to €174,888
mainly Debts after one year (+€129,448) and Other debts (+€53,538)
- Receivables within one year -€38,554
down €38,554 (-42.6%), from €90,584 to €52,030
of which Other amounts receivable: -€25,359
- Debts after one year +€129,448
up €129,448 (+51.4%), from €251,834 to €381,282
- Other debts +€53,538
up €53,538 (+11.8%), from €453,976 to €507,514
- Reserves +€51,370
up €51,370 (+11.7%), from €439,928 to €491,298
of which Distributable reserves: +€38,094
- Current portion of long-term debt +€37,568
up €37,568 (+58.2%), from €64,548 to €102,116
- Tax, wage and social debts +€25,592
up €25,592 (+117.6%), from €21,770 to €47,361
- Financial income -€50,096
down €50,096 (-100.0%), from €50,096 to €0
- Gross operating margin +€34,319
up €34,319 (+36.1%), from €95,024 to €129,344
- Depreciation -€7,585
down €7,585 (-46.2%), from €16,403 to €8,818
- Financial charges +€4,123
up €4,123 (+10.7%), from €38,643 to €42,766
- Taxes +€2,427
up €2,427 (+14.0%), from €17,333 to €19,760
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.
Cash bridge derived
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 | €1,300,273 | €1,580,179 | +€279,906 | +21.5% |
| Fixed assets | 21/28 | €1,181,550 | €1,352,750 | +€171,200 | +14.5% |
| Intangible fixed assets | 21 | €8,375 | €5,375 | -€3,000 | -35.8% |
| Tangible fixed assets | 22/27 | €392,598 | €211,798 | -€180,800 | -46.1% |
| Land and buildings | 22 | €392,598 | €211,798 | -€180,800 | -46.1% |
| Financial fixed assets | 28 | €780,577 | €1,135,577 | +€355,000 | +45.5% |
| Current assets | 29/58 | €118,724 | €227,430 | +€108,706 | +91.6% |
| Amounts receivable within one year | 40/41 | €90,584 | €52,030 | -€38,554 | -42.6% |
| Trade receivables | 40 | €65,225 | €52,030 | -€13,195 | -20.2% |
| Other amounts receivable | 41 | €25,359 | €0 | -€25,359 | -100.0% |
| Cash at bank and in hand | 54/58 | €27,258 | €174,888 | +€147,630 | +541.6% |
| Deferred charges and accrued income | 490/1 | €882 | €512 | -€370 | -42.0% |
| Total equity and liabilities | 10/49 | €1,300,273 | €1,580,179 | +€279,906 | +21.5% |
| Equity | 10/15 | €458,528 | €509,898 | +€51,370 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €439,928 | €491,298 | +€51,370 | +11.7% |
| Tax-exempt reserves | 132 | - | €13,276 | +€13,276 | |
| Distributable reserves | 133 | €439,928 | €478,022 | +€38,094 | +8.7% |
| Provisions and deferred taxes | 16 | - | €4,425 | +€4,425 | |
| Deferred taxes | 168 | - | €4,425 | +€4,425 | |
| Amounts payable | 17/49 | €841,745 | €1,065,856 | +€224,111 | +26.6% |
| Amounts payable after more than one year | 17 | €251,834 | €381,282 | +€129,448 | +51.4% |
| Financial debts | 170/4 | €251,834 | €381,282 | +€129,448 | +51.4% |
| Amounts payable within one year | 42/48 | €570,097 | €666,025 | +€95,928 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €64,548 | €102,116 | +€37,568 | +58.2% |
| Trade debts | 44 | €29,804 | €9,034 | -€20,770 | -69.7% |
| Suppliers | 440/4 | €29,804 | €9,034 | -€20,770 | -69.7% |
| Taxes, remuneration and social security | 45 | €21,770 | €47,361 | +€25,592 | +117.6% |
| Taxes | 450/3 | €21,770 | €47,361 | +€25,592 | +117.6% |
| Other amounts payable | 47/48 | €453,976 | €507,514 | +€53,538 | +11.8% |
| Accrued charges and deferred income | 492/3 | €19,814 | €18,549 | -€1,265 | -6.4% |
| Non-recurring operating income | 76A | - | €17,701 | +€17,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,403 | €8,818 | -€7,585 | -46.2% |
| Other operating charges | 640/8 | €3,548 | €2,204 | -€1,344 | -37.9% |
| Gross operating margin | 9900 | €95,024 | €129,344 | +€34,319 | +36.1% |
| Operating profit (loss) | 9901 | €75,073 | €118,322 | +€43,249 | +57.6% |
| Financial income | 75/76B | €50,096 | €0 | -€50,096 | -100.0% |
| Recurring financial income | 75 | €50,096 | €0 | -€50,096 | -100.0% |
| Financial charges | 65/66B | €38,643 | €42,766 | +€4,123 | +10.7% |
| Recurring financial charges | 65 | €38,643 | €42,766 | +€4,123 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €86,526 | €75,556 | -€10,970 | -12.7% |
| Transfer to deferred taxes | 680 | - | €4,425 | +€4,425 | |
| Income taxes | 67/77 | €17,333 | €19,760 | +€2,427 | +14.0% |
| Profit (loss) for the period | 9904 | €69,193 | €51,370 | -€17,823 | -25.8% |
| Transfer to tax-exempt reserves | 689 | - | €13,276 | +€13,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,193 | €38,094 | -€31,099 | -44.9% |
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 9 October 2026 via checked.be.