Mr. Spaghetti: 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.
Mr. Spaghetti
Largest movements
- Receivables within one year +€184,385
up €184,385 (+238%), from €77,474 to €261,859
of which Other amounts receivable: +€139,402
- Current investments -€83,354
down €83,354 (-12.3%), from €680,000 to €596,646
- Tangible fixed assets -€61,276
down €61,276 (-6.0%), from €1.0m to €965,430
of which Land and buildings: -€56,470
- Cash +€43,286
up €43,286 (+10.0%), from €432,482 to €475,768
mainly Net result for the year (+€228,843) and Current investments (+€83,354)
- Reserves +€228,843
up €228,843 (+45.6%), from €501,575 to €730,418
- Debts after one year -€111,499
down €111,499 (-6.8%), from €1.7m to €1.5m
of which Financial debts: -€91,499
- Other debts -€34,250
down €34,250 (-4.0%), from €858,030 to €823,780
- Financial charges -€59,207
down €59,207 (-56.4%), from €104,886 to €45,679
of which Non-recurring financial charges: -€60,000
- Staff costs +€48,949
up €48,949 (+23.4%), from €209,308 to €258,257
- Financial income +€38,904
up €38,904 (+23.2%), from €167,671 to €206,575
- Gross operating margin +€15,708
up €15,708 (+4.1%), from €384,760 to €400,468
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 | €3,216,541 | €3,287,729 | +€71,188 | +2.2% |
| Fixed assets | 21/28 | €1,985,412 | €1,920,836 | -€64,576 | -3.3% |
| Intangible fixed assets | 21 | €5,411 | €2,111 | -€3,300 | -61.0% |
| Tangible fixed assets | 22/27 | €1,026,706 | €965,430 | -€61,276 | -6.0% |
| Land and buildings | 22 | €1,021,354 | €964,884 | -€56,470 | -5.5% |
| Plant, machinery and equipment | 23 | €575 | €298 | -€276 | -48.1% |
| Furniture and vehicles | 24 | €4,777 | €248 | -€4,530 | -94.8% |
| Financial fixed assets | 28 | €953,295 | €953,295 | = | 0.0% |
| Current assets | 29/58 | €1,231,129 | €1,366,893 | +€135,764 | +11.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €29,595 | €12,337 | -€17,258 | -58.3% |
| Stocks | 30/36 | €29,595 | €12,337 | -€17,258 | -58.3% |
| Amounts receivable within one year | 40/41 | €77,474 | €261,859 | +€184,385 | +238% |
| Trade receivables | 40 | €57,005 | €101,988 | +€44,983 | +78.9% |
| Other amounts receivable | 41 | €20,469 | €159,871 | +€139,402 | +681% |
| Current investments | 50/53 | €680,000 | €596,646 | -€83,354 | -12.3% |
| Cash at bank and in hand | 54/58 | €432,482 | €475,768 | +€43,286 | +10.0% |
| Deferred charges and accrued income | 490/1 | €11,578 | €20,284 | +€8,706 | +75.2% |
| Total equity and liabilities | 10/49 | €3,216,541 | €3,287,729 | +€71,188 | +2.2% |
| Equity | 10/15 | €510,677 | €739,520 | +€228,843 | +44.8% |
| Contributions | 10/11 | €9,102 | €9,102 | = | 0.0% |
| Reserves | 13 | €501,575 | €730,418 | +€228,843 | +45.6% |
| Distributable reserves | 133 | €501,575 | €730,418 | +€228,843 | +45.6% |
| Amounts payable | 17/49 | €2,705,864 | €2,548,209 | -€157,655 | -5.8% |
| Amounts payable after more than one year | 17 | €1,651,700 | €1,540,201 | -€111,499 | -6.8% |
| Financial debts | 170/4 | €991,700 | €900,201 | -€91,499 | -9.2% |
| Other amounts payable | 178/9 | €660,000 | €640,000 | -€20,000 | -3.0% |
| Amounts payable within one year | 42/48 | €1,044,517 | €996,794 | -€47,722 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €97,953 | €90,540 | -€7,413 | -7.6% |
| Trade debts | 44 | €49,573 | €41,242 | -€8,330 | -16.8% |
| Suppliers | 440/4 | €49,573 | €41,242 | -€8,330 | -16.8% |
| Advances received on contracts in progress | 46 | €12,413 | €8,608 | -€3,805 | -30.7% |
| Taxes, remuneration and social security | 45 | €26,549 | €32,624 | +€6,075 | +22.9% |
| Taxes | 450/3 | €1,020 | €3,884 | +€2,864 | +281% |
| Remuneration and social security | 454/9 | €25,528 | €28,740 | +€3,211 | +12.6% |
| Other amounts payable | 47/48 | €858,030 | €823,780 | -€34,250 | -4.0% |
| Accrued charges and deferred income | 492/3 | €9,648 | €11,214 | +€1,567 | +16.2% |
| Non-recurring operating income | 76A | - | €120 | +€120 | |
| Remuneration, social security and pensions | 62 | €209,308 | €258,257 | +€48,949 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,934 | €64,576 | -€359 | -0.6% |
| Other operating charges | 640/8 | €7,933 | €8,699 | +€766 | +9.7% |
| Non-recurring operating charges | 66A | €156,475 | €0 | -€156,475 | -100% |
| Gross operating margin | 9900 | €384,760 | €400,468 | +€15,708 | +4.1% |
| Operating profit (loss) | 9901 | -€53,890 | €68,936 | +€122,826 | |
| Financial income | 75/76B | €167,671 | €206,575 | +€38,904 | +23.2% |
| Recurring financial income | 75 | €167,671 | €206,575 | +€38,904 | +23.2% |
| Financial charges | 65/66B | €104,886 | €45,679 | -€59,207 | -56.4% |
| Recurring financial charges | 65 | €44,886 | €45,679 | +€793 | +1.8% |
| Non-recurring financial charges | 66B | €60,000 | €0 | -€60,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €8,895 | €229,831 | +€220,936 | +2,484% |
| Income taxes | 67/77 | €4,392 | €989 | -€3,404 | -77.5% |
| Profit (loss) for the period | 9904 | €4,503 | €228,843 | +€224,340 | +4,983% |
| Profit (loss) for the period to be appropriated | 9905 | €4,503 | €228,843 | +€224,340 | +4,983% |
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.