S.P.E.G.: 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.
S.P.E.G.
Largest movements
- Stocks and contracts +€802,471
up €802,471 (+146%), from €549,148 to €1.4m
- Cash -€111,564
down €111,564 (-76.0%), from €146,745 to €35,182
mainly Stocks and contracts (-€802,471) and Tax, wage and social debts (-€51,176)
- Receivables within one year -€44,708
down €44,708 (-8.8%), from €507,209 to €462,501
of which Other amounts receivable: -€53,603
- Short-term financial debts +€682,000
up €682,000 (+271%), from €251,500 to €933,500
- Tax, wage and social debts -€51,176
down €51,176 (-38.7%), from €132,171 to €80,994
- Reserves +€24,994
up €24,994 (+18.0%), from €139,229 to €164,224
of which Distributable reserves: +€24,994
- Gross operating margin -€197,889
down €197,889 (-78.2%), from €253,149 to €55,260
- Taxes -€55,369
down €55,369 (-79.9%), from €69,295 to €13,926
- Financial charges -€20,573
down €20,573 (-45.2%), from €45,506 to €24,933
- Financial income +€8,073
up €8,073 (+84.2%), from €9,587 to €17,659
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 | €1,214,938 | €1,855,076 | +€640,138 | +52.7% |
| Fixed assets | 21/28 | €6,340 | €1,726 | -€4,613 | -72.8% |
| Tangible fixed assets | 22/27 | €5,340 | €726 | -€4,613 | -86.4% |
| Land and buildings | 22 | €2,788 | €0 | -€2,788 | -100% |
| Plant, machinery and equipment | 23 | €347 | €0 | -€347 | -100% |
| Furniture and vehicles | 24 | €2,204 | €726 | -€1,478 | -67.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,208,598 | €1,853,349 | +€644,751 | +53.3% |
| Stocks and contracts in progress | 3 | €549,148 | €1,351,619 | +€802,471 | +146% |
| Stocks | 30/36 | €549,148 | €1,351,619 | +€802,471 | +146% |
| Amounts receivable within one year | 40/41 | €507,209 | €462,501 | -€44,708 | -8.8% |
| Trade receivables | 40 | €39,224 | €48,119 | +€8,895 | +22.7% |
| Other amounts receivable | 41 | €467,985 | €414,382 | -€53,603 | -11.5% |
| Cash at bank and in hand | 54/58 | €146,745 | €35,182 | -€111,564 | -76.0% |
| Deferred charges and accrued income | 490/1 | €5,496 | €4,047 | -€1,449 | -26.4% |
| Total equity and liabilities | 10/49 | €1,214,938 | €1,855,076 | +€640,138 | +52.7% |
| Equity | 10/15 | €645,821 | €670,815 | +€24,994 | +3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €139,229 | €164,224 | +€24,994 | +18.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €137,370 | €162,364 | +€24,994 | +18.2% |
| Profit (loss) carried forward | 14 | €500,391 | €500,391 | -€0 | 0.0% |
| Amounts payable | 17/49 | €569,117 | €1,184,261 | +€615,144 | +108% |
| Amounts payable after more than one year | 17 | €155,792 | €142,794 | -€12,997 | -8.3% |
| Financial debts | 170/4 | €153,572 | €140,649 | -€12,922 | -8.4% |
| Other amounts payable | 178/9 | €2,220 | €2,145 | -€75 | -3.4% |
| Amounts payable within one year | 42/48 | €402,144 | €1,033,714 | +€631,570 | +157% |
| Current portion of amounts payable after more than one year | 42 | €12,263 | €12,700 | +€436 | +3.6% |
| Financial debts | 43 | €251,500 | €933,500 | +€682,000 | +271% |
| Credit institutions | 430/8 | €251,500 | €933,500 | +€682,000 | +271% |
| Trade debts | 44 | €4,959 | €6,520 | +€1,561 | +31.5% |
| Suppliers | 440/4 | €4,959 | €6,520 | +€1,561 | +31.5% |
| Taxes, remuneration and social security | 45 | €132,171 | €80,994 | -€51,176 | -38.7% |
| Taxes | 450/3 | €132,171 | €80,994 | -€51,176 | -38.7% |
| Other amounts payable | 47/48 | €1,251 | €0 | -€1,251 | -100% |
| Accrued charges and deferred income | 492/3 | €11,181 | €7,752 | -€3,429 | -30.7% |
| Non-recurring operating income | 76A | - | €4,858 | +€4,858 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,184 | €1,478 | -€1,706 | -53.6% |
| Other operating charges | 640/8 | €6,713 | €6,489 | -€224 | -3.3% |
| Non-recurring operating charges | 66A | €668 | €1,100 | +€432 | +64.7% |
| Gross operating margin | 9900 | €253,149 | €55,260 | -€197,889 | -78.2% |
| Operating profit (loss) | 9901 | €242,584 | €46,193 | -€196,391 | -81.0% |
| Financial income | 75/76B | €9,587 | €17,659 | +€8,073 | +84.2% |
| Recurring financial income | 75 | €9,587 | €17,659 | +€8,073 | +84.2% |
| Financial charges | 65/66B | €45,506 | €24,933 | -€20,573 | -45.2% |
| Recurring financial charges | 65 | €45,506 | €24,933 | -€20,573 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €206,665 | €38,920 | -€167,745 | -81.2% |
| Income taxes | 67/77 | €69,295 | €13,926 | -€55,369 | -79.9% |
| Profit (loss) for the period | 9904 | €137,370 | €24,994 | -€112,376 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €137,370 | €24,994 | -€112,376 | -81.8% |
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 13 October 2026 via checked.be.