S&P TECHNICS: what changed
S&P TECHNICS
Largest movements
- Receivables within one year -€16,344
down €16,344 (-5.0%), from €326,849 to €310,505
of which Trade receivables: -€44,053
- Stocks and contracts +€14,496
up €14,496 (+39.9%), from €36,292 to €50,788
- Deferred charges and accrued income -€12,309
down €12,309 (-39.8%), from €30,931 to €18,622
- Cash +€6,820
up €6,820 (+3.8%), from €178,101 to €184,921
mainly Net result for the year (+€18,352) and Receivables within one year (+€16,344)
- Tangible fixed assets -€6,278
down €6,278 (-67.5%), from €9,296 to €3,019
of which Furniture and vehicles: -€6,278
- Trade debts -€19,210
down €19,210 (-50.8%), from €37,801 to €18,591
- Reserves +€18,352
up €18,352 (+4.2%), from €434,829 to €453,182
- Other debts -€10,457
down €10,457 (-13.9%), from €74,965 to €64,508
- Gross operating margin -€77,857
down €77,857 (-35.2%), from €220,926 to €143,070
- Staff costs -€31,970
down €31,970 (-23.9%), from €133,935 to €101,965
- Taxes -€11,506
down €11,506 (-56.4%), from €20,385 to €8,879
- Financial charges -€2,474
down €2,474 (-49.9%), from €4,959 to €2,486
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 | €581,469 | €567,856 | -€13,614 | -2.3% |
| Fixed assets | 21/28 | €9,296 | €3,019 | -€6,278 | -67.5% |
| Tangible fixed assets | 22/27 | €9,296 | €3,019 | -€6,278 | -67.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €9,296 | €3,019 | -€6,278 | -67.5% |
| Current assets | 29/58 | €572,173 | €564,837 | -€7,336 | -1.3% |
| Stocks and contracts in progress | 3 | €36,292 | €50,788 | +€14,496 | +39.9% |
| Stocks | 30/36 | €36,292 | €50,788 | +€14,496 | +39.9% |
| Amounts receivable within one year | 40/41 | €326,849 | €310,505 | -€16,344 | -5.0% |
| Trade receivables | 40 | €165,553 | €121,500 | -€44,053 | -26.6% |
| Other amounts receivable | 41 | €161,296 | €189,005 | +€27,709 | +17.2% |
| Cash at bank and in hand | 54/58 | €178,101 | €184,921 | +€6,820 | +3.8% |
| Deferred charges and accrued income | 490/1 | €30,931 | €18,622 | -€12,309 | -39.8% |
| Total equity and liabilities | 10/49 | €581,469 | €567,856 | -€13,614 | -2.3% |
| Equity | 10/15 | €453,429 | €471,782 | +€18,352 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €434,829 | €453,182 | +€18,352 | +4.2% |
| Distributable reserves | 133 | €434,829 | €453,182 | +€18,352 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €128,040 | €96,074 | -€31,966 | -25.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €125,294 | €93,237 | -€32,058 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €5,803 | €0 | -€5,803 | -100% |
| Trade debts | 44 | €37,801 | €18,591 | -€19,210 | -50.8% |
| Suppliers | 440/4 | €37,801 | €18,591 | -€19,210 | -50.8% |
| Taxes, remuneration and social security | 45 | €6,726 | €10,138 | +€3,412 | +50.7% |
| Taxes | 450/3 | €385 | €2,299 | +€1,914 | +497% |
| Remuneration and social security | 454/9 | €6,341 | €7,839 | +€1,498 | +23.6% |
| Other amounts payable | 47/48 | €74,965 | €64,508 | -€10,457 | -13.9% |
| Accrued charges and deferred income | 492/3 | €2,745 | €2,838 | +€92 | +3.4% |
| Remuneration, social security and pensions | 62 | €133,935 | €101,965 | -€31,970 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,966 | €7,757 | -€209 | -2.6% |
| Other operating charges | 640/8 | €4,183 | €3,697 | -€486 | -11.6% |
| Gross operating margin | 9900 | €220,926 | €143,070 | -€77,857 | -35.2% |
| Operating profit (loss) | 9901 | €74,843 | €29,651 | -€45,192 | -60.4% |
| Financial income | 75/76B | €6 | €66 | +€60 | +1,072% |
| Recurring financial income | 75 | €6 | €66 | +€60 | +1,072% |
| Financial charges | 65/66B | €4,959 | €2,486 | -€2,474 | -49.9% |
| Recurring financial charges | 65 | €4,959 | €2,486 | -€2,474 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €69,889 | €27,231 | -€42,658 | -61.0% |
| Income taxes | 67/77 | €20,385 | €8,879 | -€11,506 | -56.4% |
| Profit (loss) for the period | 9904 | €49,504 | €18,352 | -€31,152 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,504 | €18,352 | -€31,152 | -62.9% |
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 5 November 2026 via checked.be.