NEW SPIGA D'ORO: 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.
NEW SPIGA D'ORO
Largest movements
- Cash -€6,352
down €6,352 (-33.3%), from €19,069 to €12,717
mainly Net result for the year (-€14,092) and Tax, wage and social debts (-€918)
- Tangible fixed assets -€1,290
down €1,290 (-34.6%), from €3,732 to €2,443
of which Furniture and vehicles: -€705
- Receivables within one year +€472
up €472 (+1,546%), from €31 to €502
- Profit (loss) carried forward -€14,092
down €14,092 (-18.9%), from -€74,634 to -€88,726
- Other debts +€4,565
up €4,565 (+804%), from €568 to €5,133
- Trade debts +€3,021
up €3,021 (+4.2%), from €71,785 to €74,807
- Tax, wage and social debts -€918
down €918 (-7.2%), from €12,676 to €11,758
of which Remuneration and social security: -€2,036
- Staff costs +€11,652
up €11,652 (+20.2%), from €57,780 to €69,432
- Gross operating margin -€4,627
down €4,627 (-7.1%), from €64,761 to €60,135
- Financial charges +€1,769
up €1,769 (+77.9%), from €2,272 to €4,042
- Financial income +€1,090
up €1,090 (+424%), from €257 to €1,347
- Depreciation -€730
down €730 (-36.1%), from €2,020 to €1,290
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 | €27,455 | €20,032 | -€7,424 | -27.0% |
| Fixed assets | 21/28 | €3,732 | €2,443 | -€1,290 | -34.6% |
| Tangible fixed assets | 22/27 | €3,732 | €2,443 | -€1,290 | -34.6% |
| Plant, machinery and equipment | 23 | €3,027 | €2,443 | -€585 | -19.3% |
| Furniture and vehicles | 24 | €705 | - | -€705 | |
| Current assets | 29/58 | €23,723 | €17,589 | -€6,134 | -25.9% |
| Stocks and contracts in progress | 3 | €4,624 | €4,370 | -€253 | -5.5% |
| Stocks | 30/36 | €4,624 | €4,370 | -€253 | -5.5% |
| Amounts receivable within one year | 40/41 | €31 | €502 | +€472 | +1,546% |
| Trade receivables | 40 | €31 | €502 | +€472 | +1,546% |
| Cash at bank and in hand | 54/58 | €19,069 | €12,717 | -€6,352 | -33.3% |
| Total equity and liabilities | 10/49 | €27,455 | €20,032 | -€7,424 | -27.0% |
| Equity | 10/15 | -€57,574 | -€71,666 | -€14,092 | -24.5% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,634 | -€88,726 | -€14,092 | -18.9% |
| Amounts payable | 17/49 | €85,029 | €91,698 | +€6,668 | +7.8% |
| Amounts payable within one year | 42/48 | €85,029 | €91,698 | +€6,668 | +7.8% |
| Trade debts | 44 | €71,785 | €74,807 | +€3,021 | +4.2% |
| Suppliers | 440/4 | €71,785 | €74,807 | +€3,021 | +4.2% |
| Taxes, remuneration and social security | 45 | €12,676 | €11,758 | -€918 | -7.2% |
| Taxes | 450/3 | €3,028 | €4,146 | +€1,118 | +36.9% |
| Remuneration and social security | 454/9 | €9,648 | €7,612 | -€2,036 | -21.1% |
| Other amounts payable | 47/48 | €568 | €5,133 | +€4,565 | +804% |
| Non-recurring operating income | 76A | - | €5,081 | +€5,081 | |
| Remuneration, social security and pensions | 62 | €57,780 | €69,432 | +€11,652 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,020 | €1,290 | -€730 | -36.1% |
| Other operating charges | 640/8 | €596 | €810 | +€214 | +35.9% |
| Gross operating margin | 9900 | €64,761 | €60,135 | -€4,627 | -7.1% |
| Operating profit (loss) | 9901 | €4,365 | -€11,397 | -€15,762 | |
| Financial income | 75/76B | €257 | €1,347 | +€1,090 | +424% |
| Recurring financial income | 75 | €257 | €1,347 | +€1,090 | +424% |
| Financial charges | 65/66B | €2,272 | €4,042 | +€1,769 | +77.9% |
| Recurring financial charges | 65 | €2,272 | €4,042 | +€1,769 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €2,350 | -€14,092 | -€16,442 | |
| Profit (loss) for the period | 9904 | €2,350 | -€14,092 | -€16,442 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,350 | -€14,092 | -€16,442 |
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 30 October 2026 via checked.be.