Liesbeth Spincemaille: what changed
Liesbeth Spincemaille
Largest movements
- Cash +€273,418
up €273,418 (+60.4%), from €452,936 to €726,354
mainly Net result for the year (+€262,449) and Receivables after one year (+€50,000)
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Deferred charges and accrued income +€36,626
up €36,626 (+53.0%), from €69,088 to €105,714
- Reserves +€237,816
up €237,816 (+37.1%), from €641,513 to €879,329
- Tax, wage and social debts +€18,205
up €18,205 (+73.7%), from €24,691 to €42,897
of which Taxes: +€15,155
- Gross operating margin +€63,729
up €63,729 (+20.0%), from €319,097 to €382,825
- Taxes +€17,363
up €17,363 (+17.5%), from €99,402 to €116,765
- Financial income -€9,409
down €9,409 (-92.1%), from €10,213 to €804
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €669,728 | €926,119 | +€256,391 | +38.3% |
| Fixed assets | 21/28 | €47,704 | €44,051 | -€3,653 | -7.7% |
| Tangible fixed assets | 22/27 | €47,704 | €44,051 | -€3,653 | -7.7% |
| Land and buildings | 22 | €44,355 | €41,454 | -€2,900 | -6.5% |
| Furniture and vehicles | 24 | €3,349 | €2,597 | -€752 | -22.5% |
| Current assets | 29/58 | €622,024 | €882,068 | +€260,044 | +41.8% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €452,936 | €726,354 | +€273,418 | +60.4% |
| Deferred charges and accrued income | 490/1 | €69,088 | €105,714 | +€36,626 | +53.0% |
| Total equity and liabilities | 10/49 | €669,728 | €926,119 | +€256,391 | +38.3% |
| Equity | 10/15 | €641,513 | €879,329 | +€237,816 | +37.1% |
| Reserves | 13 | €641,513 | €879,329 | +€237,816 | +37.1% |
| Distributable reserves | 133 | €641,513 | €879,329 | +€237,816 | +37.1% |
| Amounts payable | 17/49 | €28,215 | €46,790 | +€18,575 | +65.8% |
| Amounts payable within one year | 42/48 | €28,215 | €46,790 | +€18,575 | +65.8% |
| Trade debts | 44 | - | €15 | +€15 | |
| Suppliers | 440/4 | - | €15 | +€15 | |
| Taxes, remuneration and social security | 45 | €24,691 | €42,897 | +€18,205 | +73.7% |
| Taxes | 450/3 | €24,691 | €39,847 | +€15,155 | +61.4% |
| Remuneration and social security | 454/9 | - | €3,050 | +€3,050 | |
| Other amounts payable | 47/48 | €3,523 | €3,878 | +€355 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,653 | €3,653 | = | 0.0% |
| Other operating charges | 640/8 | €687 | €700 | +€12 | +1.8% |
| Gross operating margin | 9900 | €319,097 | €382,825 | +€63,729 | +20.0% |
| Operating profit (loss) | 9901 | €314,757 | €378,473 | +€63,716 | +20.2% |
| Financial income | 75/76B | €10,213 | €804 | -€9,409 | -92.1% |
| Recurring financial income | 75 | €10,213 | €804 | -€9,409 | -92.1% |
| Financial charges | 65/66B | - | €63 | +€63 | |
| Recurring financial charges | 65 | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €324,970 | €379,214 | +€54,244 | +16.7% |
| Income taxes | 67/77 | €99,402 | €116,765 | +€17,363 | +17.5% |
| Profit (loss) for the period | 9904 | €225,569 | €262,449 | +€36,881 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €225,569 | €262,449 | +€36,881 | +16.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.