DR. SPETS: 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. SPETS
Largest movements
- Cash +€67,282
up €67,282 (+40.4%), from €166,368 to €233,650
mainly Net result for the year (+€69,233) and Depreciation (+€7,984)
- Tangible fixed assets -€6,118
down €6,118 (-16.7%), from €36,585 to €30,467
of which Land and buildings: -€5,136
- Receivables after one year +€5,248
up €5,248 (+10.7%), from €49,196 to €54,444
- Receivables within one year -€3,226
no longer reported in 2025 (was €3,226)
- Reserves +€69,233
up €69,233 (+30.3%), from €228,785 to €298,018
- Current portion of long-term debt -€9,281
no longer reported in 2025 (was €9,281)
- Tax, wage and social debts +€3,721
up €3,721 (+93.5%), from €3,979 to €7,700
- Gross operating margin +€5,323
up €5,323 (+5.7%), from €93,462 to €98,785
- Financial charges -€2,974
down €2,974 (-89.9%), from €3,308 to €335
of which Non-recurring financial charges: -€3,000
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 | €255,375 | €318,561 | +€63,186 | +24.7% |
| Fixed assets | 21/28 | €36,585 | €30,467 | -€6,118 | -16.7% |
| Tangible fixed assets | 22/27 | €36,585 | €30,467 | -€6,118 | -16.7% |
| Land and buildings | 22 | €27,837 | €22,701 | -€5,136 | -18.4% |
| Plant, machinery and equipment | 23 | €8,722 | €6,452 | -€2,271 | -26.0% |
| Furniture and vehicles | 24 | €25 | €1,314 | +€1,288 | +5074.7% |
| Current assets | 29/58 | €218,791 | €288,094 | +€69,304 | +31.7% |
| Amounts receivable after more than one year | 29 | €49,196 | €54,444 | +€5,248 | +10.7% |
| Other amounts receivable | 291 | €49,196 | €54,444 | +€5,248 | +10.7% |
| Amounts receivable within one year | 40/41 | €3,226 | - | -€3,226 | |
| Other amounts receivable | 41 | €3,226 | - | -€3,226 | |
| Cash at bank and in hand | 54/58 | €166,368 | €233,650 | +€67,282 | +40.4% |
| Total equity and liabilities | 10/49 | €255,375 | €318,561 | +€63,186 | +24.7% |
| Equity | 10/15 | €241,185 | €310,418 | +€69,233 | +28.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €228,785 | €298,018 | +€69,233 | +30.3% |
| Distributable reserves | 133 | €228,785 | €298,018 | +€69,233 | +30.3% |
| Amounts payable | 17/49 | €14,191 | €8,143 | -€6,047 | -42.6% |
| Amounts payable within one year | 42/48 | €14,191 | €8,143 | -€6,047 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €9,281 | - | -€9,281 | |
| Trade debts | 44 | €931 | €443 | -€487 | -52.4% |
| Suppliers | 440/4 | €931 | €443 | -€487 | -52.4% |
| Taxes, remuneration and social security | 45 | €3,979 | €7,700 | +€3,721 | +93.5% |
| Taxes | 450/3 | €3,979 | €7,700 | +€3,721 | +93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,555 | €7,984 | +€429 | +5.7% |
| Other operating charges | 640/8 | €237 | €321 | +€84 | +35.3% |
| Gross operating margin | 9900 | €93,462 | €98,785 | +€5,323 | +5.7% |
| Operating profit (loss) | 9901 | €85,670 | €90,481 | +€4,811 | +5.6% |
| Financial income | 75/76B | €2,870 | €2,808 | -€62 | -2.2% |
| Recurring financial income | 75 | €2,870 | €2,808 | -€62 | -2.2% |
| Financial charges | 65/66B | €3,308 | €335 | -€2,974 | -89.9% |
| Recurring financial charges | 65 | €308 | €335 | +€26 | +8.5% |
| Non-recurring financial charges | 66B | €3,000 | - | -€3,000 | |
| Profit (loss) for the period before taxes | 9903 | €85,232 | €92,954 | +€7,722 | +9.1% |
| Income taxes | 67/77 | €23,500 | €23,721 | +€221 | +0.9% |
| Profit (loss) for the period | 9904 | €61,732 | €69,233 | +€7,502 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,732 | €69,233 | +€7,502 | +12.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.