SP CAPITAL: 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.
SP CAPITAL
Largest movements
- Cash +€78,369
up €78,369 (+16.4%), from €477,914 to €556,283
mainly Net result for the year (+€91,428) and Receivables within one year (+€18,982)
- Receivables within one year -€18,982
down €18,982 (-13.6%), from €139,569 to €120,587
of which Trade receivables: -€28,687
- Tangible fixed assets -€14,000
down €14,000 (-3.8%), from €371,371 to €357,371
of which Land and buildings: -€14,477
- Reserves +€91,428
up €91,428 (+23.8%), from €383,465 to €474,893
- Tax, wage and social debts -€35,050
down €35,050 (-59.1%), from €59,297 to €24,247
of which Taxes: -€35,370
- Debts after one year -€18,638
down €18,638 (-5.9%), from €314,976 to €296,338
- Gross operating margin -€235,691
down €235,691 (-61.7%), from €382,034 to €146,343
- Taxes -€7,981
down €7,981 (-25.1%), from €31,831 to €23,850
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 | €1,213,865 | €1,259,193 | +€45,327 | +3.7% |
| Fixed assets | 21/28 | €545,457 | €531,457 | -€14,000 | -2.6% |
| Tangible fixed assets | 22/27 | €371,371 | €357,371 | -€14,000 | -3.8% |
| Land and buildings | 22 | €371,371 | €356,895 | -€14,477 | -3.9% |
| Plant, machinery and equipment | 23 | - | €477 | +€477 | |
| Financial fixed assets | 28 | €174,086 | €174,086 | = | 0.0% |
| Current assets | 29/58 | €668,408 | €727,735 | +€59,327 | +8.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,569 | €120,587 | -€18,982 | -13.6% |
| Trade receivables | 40 | €30,081 | €1,394 | -€28,687 | -95.4% |
| Other amounts receivable | 41 | €109,488 | €119,193 | +€9,705 | +8.9% |
| Cash at bank and in hand | 54/58 | €477,914 | €556,283 | +€78,369 | +16.4% |
| Deferred charges and accrued income | 490/1 | €926 | €866 | -€60 | -6.5% |
| Total equity and liabilities | 10/49 | €1,213,865 | €1,259,193 | +€45,327 | +3.7% |
| Equity | 10/15 | €792,359 | €883,787 | +€91,428 | +11.5% |
| Contributions | 10/11 | €408,894 | €408,894 | = | 0.0% |
| Reserves | 13 | €383,465 | €474,893 | +€91,428 | +23.8% |
| Distributable reserves | 133 | €383,465 | €474,893 | +€91,428 | +23.8% |
| Amounts payable | 17/49 | €421,507 | €375,406 | -€46,101 | -10.9% |
| Amounts payable after more than one year | 17 | €314,976 | €296,338 | -€18,638 | -5.9% |
| Financial debts | 170/4 | €314,976 | €296,338 | -€18,638 | -5.9% |
| Amounts payable within one year | 42/48 | €103,139 | €77,175 | -€25,964 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €21,267 | €27,160 | +€5,893 | +27.7% |
| Trade debts | 44 | €4,091 | €2,157 | -€1,934 | -47.3% |
| Suppliers | 440/4 | €4,091 | €2,157 | -€1,934 | -47.3% |
| Taxes, remuneration and social security | 45 | €59,297 | €24,247 | -€35,050 | -59.1% |
| Taxes | 450/3 | €59,297 | €23,927 | -€35,370 | -59.6% |
| Remuneration and social security | 454/9 | - | €320 | +€320 | |
| Other amounts payable | 47/48 | €18,484 | €23,612 | +€5,128 | +27.7% |
| Accrued charges and deferred income | 492/3 | €3,391 | €1,892 | -€1,499 | -44.2% |
| Non-recurring operating income | 76A | €399,680 | - | -€399,680 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,216 | €14,632 | +€416 | +2.9% |
| Other operating charges | 640/8 | €2,768 | €3,425 | +€657 | +23.8% |
| Gross operating margin | 9900 | €382,034 | €146,343 | -€235,691 | -61.7% |
| Operating profit (loss) | 9901 | €365,050 | €128,285 | -€236,764 | -64.9% |
| Financial income | 75/76B | €5 | €1,602 | +€1,597 | +31,314% |
| Recurring financial income | 75 | €5 | €1,602 | +€1,597 | +31,314% |
| Financial charges | 65/66B | €14,913 | €14,609 | -€304 | -2.0% |
| Recurring financial charges | 65 | €14,913 | €14,609 | -€304 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €350,142 | €115,278 | -€234,864 | -67.1% |
| Income taxes | 67/77 | €31,831 | €23,850 | -€7,981 | -25.1% |
| Profit (loss) for the period | 9904 | €318,311 | €91,428 | -€226,883 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €318,311 | €91,428 | -€226,883 | -71.3% |
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 27 October 2026 via checked.be.