Dr. M. SPAAS: 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.
Dr. M. SPAAS
Largest movements
- Receivables within one year +€38,658
up €38,658 (+177%), from €21,874 to €60,532
- Cash -€19,189
down €19,189 (-8.7%), from €221,657 to €202,468
mainly Other debts (-€44,469) and Receivables within one year (-€38,658)
- Financial fixed assets -€16,707
down €16,707 (-31.3%), from €53,318 to €36,611
- Deferred charges and accrued income +€7,003
new in 2025: €7,003
- Reserves +€59,873
up €59,873 (+26.4%), from €226,736 to €286,609
- Other debts -€44,469
down €44,469 (-100%), from €44,469 to €0
- Tax, wage and social debts -€8,270
down €8,270 (-100%), from €8,270 to €0
of which Remuneration and social security: -€8,270
- Short-term financial debts +€3,365
new in 2025: €3,365
- Gross operating margin -€68,730
down €68,730 (-51.4%), from €133,639 to €64,909
- Taxes -€24,928
down €24,928 (-99.2%), from €25,128 to €200
- Financial charges -€4,766
down €4,766 (-69.2%), from €6,887 to €2,120
- Financial income -€4,446
down €4,446 (-80.2%), from €5,542 to €1,097
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 | €300,025 | €308,826 | +€8,801 | +2.9% |
| Fixed assets | 21/28 | €56,494 | €38,824 | -€17,670 | -31.3% |
| Tangible fixed assets | 22/27 | €3,176 | €2,213 | -€963 | -30.3% |
| Furniture and vehicles | 24 | €3,176 | €2,213 | -€963 | -30.3% |
| Financial fixed assets | 28 | €53,318 | €36,611 | -€16,707 | -31.3% |
| Current assets | 29/58 | €243,531 | €270,003 | +€26,472 | +10.9% |
| Amounts receivable within one year | 40/41 | €21,874 | €60,532 | +€38,658 | +177% |
| Other amounts receivable | 41 | €21,874 | €60,532 | +€38,658 | +177% |
| Cash at bank and in hand | 54/58 | €221,657 | €202,468 | -€19,189 | -8.7% |
| Deferred charges and accrued income | 490/1 | - | €7,003 | +€7,003 | |
| Total equity and liabilities | 10/49 | €300,025 | €308,826 | +€8,801 | +2.9% |
| Equity | 10/15 | €245,286 | €305,159 | +€59,873 | +24.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €226,736 | €286,609 | +€59,873 | +26.4% |
| Distributable reserves | 133 | €226,736 | €286,609 | +€59,873 | +26.4% |
| Amounts payable | 17/49 | €54,739 | €3,668 | -€51,072 | -93.3% |
| Amounts payable within one year | 42/48 | €52,739 | €3,668 | -€49,072 | -93.0% |
| Financial debts | 43 | - | €3,365 | +€3,365 | |
| Credit institutions | 430/8 | - | €3,365 | +€3,365 | |
| Trade debts | 44 | - | €303 | +€303 | |
| Suppliers | 440/4 | - | €303 | +€303 | |
| Taxes, remuneration and social security | 45 | €8,270 | €0 | -€8,270 | -100% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €8,270 | - | -€8,270 | |
| Other amounts payable | 47/48 | €44,469 | €0 | -€44,469 | -100% |
| Accrued charges and deferred income | 492/3 | €2,000 | €0 | -€2,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,506 | €3,268 | +€762 | +30.4% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €133,639 | €64,909 | -€68,730 | -51.4% |
| Operating profit (loss) | 9901 | €130,605 | €61,097 | -€69,508 | -53.2% |
| Financial income | 75/76B | €5,542 | €1,097 | -€4,446 | -80.2% |
| Recurring financial income | 75 | €5,542 | €1,097 | -€4,446 | -80.2% |
| Financial charges | 65/66B | €6,887 | €2,120 | -€4,766 | -69.2% |
| Recurring financial charges | 65 | €6,887 | €2,120 | -€4,766 | -69.2% |
| Profit (loss) for the period before taxes | 9903 | €129,260 | €60,073 | -€69,187 | -53.5% |
| Income taxes | 67/77 | €25,128 | €200 | -€24,928 | -99.2% |
| Profit (loss) for the period | 9904 | €104,132 | €59,873 | -€44,259 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,132 | €59,873 | -€44,259 | -42.5% |
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 18 October 2026 via checked.be.