Dr. Guido Spanoghe: what changed
Two fiscal 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.
Dr. Guido Spanoghe
Largest movements
- Cash +€173,324
up €173,324 (+129.4%), from €133,983 to €307,307
mainly Net result for the year (+€183,654) and Tax, wage and social debts (+€4,003)
- Reserves +€183,654
up €183,654 (+86.5%), from €212,212 to €395,867
- Other debts -€11,487
down €11,487 (-24.4%), from €47,100 to €35,613
- Gross operating margin +€106,892
up €106,892 (+65.9%), from €162,174 to €269,066
- Taxes +€37,526
up €37,526 (+79.3%), from €47,298 to €84,824
- Financial income +€4,017
up €4,017 (+947.3%), from €424 to €4,441
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 | €334,431 | €510,793 | +€176,362 | +52.7% |
| Fixed assets | 21/28 | €1,832 | €831 | -€1,000 | -54.6% |
| Tangible fixed assets | 22/27 | €1,832 | €831 | -€1,000 | -54.6% |
| Plant, machinery and equipment | 23 | €409 | €165 | -€244 | -59.7% |
| Furniture and vehicles | 24 | €1,423 | €667 | -€756 | -53.1% |
| Current assets | 29/58 | €332,600 | €509,962 | +€177,362 | +53.3% |
| Current investments | 50/53 | €198,127 | €202,013 | +€3,887 | +2.0% |
| Cash at bank and in hand | 54/58 | €133,983 | €307,307 | +€173,324 | +129.4% |
| Deferred charges and accrued income | 490/1 | €490 | €641 | +€151 | +30.9% |
| Total equity and liabilities | 10/49 | €334,431 | €510,793 | +€176,362 | +52.7% |
| Equity | 10/15 | €224,612 | €408,267 | +€183,654 | +81.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €212,212 | €395,867 | +€183,654 | +86.5% |
| Distributable reserves | 133 | €212,212 | €395,867 | +€183,654 | +86.5% |
| Amounts payable | 17/49 | €109,819 | €102,526 | -€7,292 | -6.6% |
| Amounts payable within one year | 42/48 | €107,554 | €100,099 | -€7,455 | -6.9% |
| Trade debts | 44 | €1,574 | €1,603 | +€29 | +1.9% |
| Suppliers | 440/4 | €1,574 | €1,603 | +€29 | +1.9% |
| Taxes, remuneration and social security | 45 | €58,880 | €62,883 | +€4,003 | +6.8% |
| Taxes | 450/3 | €55,680 | €59,683 | +€4,003 | +7.2% |
| Remuneration and social security | 454/9 | €3,200 | €3,200 | = | 0.0% |
| Other amounts payable | 47/48 | €47,100 | €35,613 | -€11,487 | -24.4% |
| Accrued charges and deferred income | 492/3 | €2,265 | €2,428 | +€163 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €1,000 | = | 0.0% |
| Other operating charges | 640/8 | €263 | €281 | +€18 | +6.7% |
| Gross operating margin | 9900 | €162,174 | €269,066 | +€106,892 | +65.9% |
| Operating profit (loss) | 9901 | €160,911 | €267,785 | +€106,874 | +66.4% |
| Financial income | 75/76B | €424 | €4,441 | +€4,017 | +947.3% |
| Recurring financial income | 75 | €424 | €4,441 | +€4,017 | +947.3% |
| Financial charges | 65/66B | €3,690 | €3,747 | +€57 | +1.5% |
| Recurring financial charges | 65 | €3,690 | €3,747 | +€57 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €157,644 | €268,478 | +€110,834 | +70.3% |
| Income taxes | 67/77 | €47,298 | €84,824 | +€37,526 | +79.3% |
| Profit (loss) for the period | 9904 | €110,346 | €183,654 | +€73,308 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €110,346 | €183,654 | +€73,308 | +66.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.