Dr. Spaepen: 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. Spaepen
Largest movements
- Receivables after one year -€450,000
down €450,000 (-51.0%), from €882,800 to €432,800
- Current investments +€75,000
up €75,000 (+37.5%), from €200,000 to €275,000
- Receivables within one year -€32,193
down €32,193 (-29.7%), from €108,361 to €76,168
of which Other amounts receivable: -€31,915
- Cash +€23,951
up €23,951 (+59.8%), from €40,021 to €63,972
mainly Receivables after one year (+€450,000) and Net result for the year (+€166,783)
- Tangible fixed assets -€14,883
down €14,883 (-28.6%), from €51,951 to €37,068
of which Furniture and vehicles: -€14,231
- Reserves -€364,297
down €364,297 (-30.1%), from €1.2m to €847,745
- Tax, wage and social debts -€17,514
down €17,514 (-94.0%), from €18,626 to €1,112
- Debts after one year -€14,483
down €14,483 (-59.5%), from €24,361 to €9,878
- Gross operating margin +€26,512
up €26,512 (+11.6%), from €228,144 to €254,656
- Financial income -€12,665
down €12,665 (-39.4%), from €32,158 to €19,492
- Taxes +€2,577
up €2,577 (+3.2%), from €79,814 to €82,391
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 | €1,285,022 | €886,986 | -€398,035 | -31.0% |
| Fixed assets | 21/28 | €51,951 | €37,068 | -€14,883 | -28.6% |
| Tangible fixed assets | 22/27 | €51,951 | €37,068 | -€14,883 | -28.6% |
| Land and buildings | 22 | €3,156 | €2,367 | -€789 | -25.0% |
| Plant, machinery and equipment | 23 | €10,995 | €11,132 | +€137 | +1.3% |
| Furniture and vehicles | 24 | €37,800 | €23,569 | -€14,231 | -37.6% |
| Current assets | 29/58 | €1,233,071 | €849,918 | -€383,153 | -31.1% |
| Amounts receivable after more than one year | 29 | €882,800 | €432,800 | -€450,000 | -51.0% |
| Other amounts receivable | 291 | €882,800 | €432,800 | -€450,000 | -51.0% |
| Amounts receivable within one year | 40/41 | €108,361 | €76,168 | -€32,193 | -29.7% |
| Trade receivables | 40 | €5,982 | €5,704 | -€278 | -4.6% |
| Other amounts receivable | 41 | €102,379 | €70,464 | -€31,915 | -31.2% |
| Current investments | 50/53 | €200,000 | €275,000 | +€75,000 | +37.5% |
| Cash at bank and in hand | 54/58 | €40,021 | €63,972 | +€23,951 | +59.8% |
| Deferred charges and accrued income | 490/1 | €1,889 | €1,978 | +€89 | +4.7% |
| Total equity and liabilities | 10/49 | €1,285,022 | €886,986 | -€398,035 | -31.0% |
| Equity | 10/15 | €1,224,442 | €860,145 | -€364,297 | -29.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,212,042 | €847,745 | -€364,297 | -30.1% |
| Distributable reserves | 133 | €1,212,042 | €847,745 | -€364,297 | -30.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,580 | €26,842 | -€33,738 | -55.7% |
| Amounts payable after more than one year | 17 | €24,361 | €9,878 | -€14,483 | -59.5% |
| Financial debts | 170/4 | €24,361 | €9,878 | -€14,483 | -59.5% |
| Amounts payable within one year | 42/48 | €36,219 | €16,964 | -€19,255 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €14,093 | €14,483 | +€391 | +2.8% |
| Trade debts | 44 | €3,500 | €1,368 | -€2,132 | -60.9% |
| Suppliers | 440/4 | €3,500 | €1,368 | -€2,132 | -60.9% |
| Taxes, remuneration and social security | 45 | €18,626 | €1,112 | -€17,514 | -94.0% |
| Taxes | 450/3 | €18,626 | €1,112 | -€17,514 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,943 | €19,905 | -€37 | -0.2% |
| Other operating charges | 640/8 | €1,983 | €2,943 | +€959 | +48.4% |
| Gross operating margin | 9900 | €228,144 | €254,656 | +€26,512 | +11.6% |
| Operating profit (loss) | 9901 | €206,218 | €231,808 | +€25,590 | +12.4% |
| Financial income | 75/76B | €32,158 | €19,492 | -€12,665 | -39.4% |
| Recurring financial income | 75 | €32,158 | €19,492 | -€12,665 | -39.4% |
| Financial charges | 65/66B | €3,033 | €2,127 | -€906 | -29.9% |
| Recurring financial charges | 65 | €3,033 | €2,127 | -€906 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €235,343 | €249,173 | +€13,830 | +5.9% |
| Income taxes | 67/77 | €79,814 | €82,391 | +€2,577 | +3.2% |
| Profit (loss) for the period | 9904 | €155,530 | €166,783 | +€11,253 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €155,530 | €166,783 | +€11,253 | +7.2% |
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.