SP INVEST: 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 INVEST
Largest movements
- Tangible fixed assets +€81,408
up €81,408 (+640%), from €12,723 to €94,130
of which Land and buildings: +€77,523
- Cash -€61,726
down €61,726 (-94.4%), from €65,373 to €3,647
mainly Investment in fixed assets (net) (-€123,890) and Tax, wage and social debts (-€2,170)
- Financial fixed assets +€35,200
up €35,200 (+44.0%), from €80,000 to €115,200
- Other debts +€37,538
up €37,538 (+53.6%), from €70,049 to €107,587
- Profit (loss) carried forward +€12,085
up €12,085 (+12.2%), from €99,073 to €111,158
- Accrued charges and deferred income +€5,257
up €5,257 (+553%), from €950 to €6,208
- Financial income -€41,019
down €41,019 (-54.5%), from €75,300 to €34,281
- Depreciation +€6,603
up €6,603 (+972%), from €679 to €7,282
- Gross operating margin -€6,265
down €6,265 (-322%), from -€1,946 to -€8,210
- Financial charges +€4,490
up €4,490 (+585%), from €767 to €5,257
- Taxes +€249
up €249 (+191%), from €130 to €379
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 | €184,287 | €237,398 | +€53,112 | +28.8% |
| Fixed assets | 21/28 | €92,723 | €209,330 | +€116,608 | +126% |
| Tangible fixed assets | 22/27 | €12,723 | €94,130 | +€81,408 | +640% |
| Land and buildings | 22 | - | €77,523 | +€77,523 | |
| Plant, machinery and equipment | 23 | €12,723 | €16,607 | +€3,884 | +30.5% |
| Financial fixed assets | 28 | €80,000 | €115,200 | +€35,200 | +44.0% |
| Current assets | 29/58 | €91,564 | €28,068 | -€63,496 | -69.3% |
| Amounts receivable within one year | 40/41 | €25,777 | €24,012 | -€1,766 | -6.8% |
| Trade receivables | 40 | €23,225 | €24,012 | +€786 | +3.4% |
| Other amounts receivable | 41 | €2,552 | €0 | -€2,552 | -100% |
| Cash at bank and in hand | 54/58 | €65,373 | €3,647 | -€61,726 | -94.4% |
| Deferred charges and accrued income | 490/1 | €414 | €409 | -€5 | -1.1% |
| Total equity and liabilities | 10/49 | €184,287 | €237,398 | +€53,112 | +28.8% |
| Equity | 10/15 | €109,073 | €121,158 | +€12,085 | +11.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,073 | €111,158 | +€12,085 | +12.2% |
| Amounts payable | 17/49 | €75,214 | €116,240 | +€41,027 | +54.5% |
| Amounts payable within one year | 42/48 | €74,263 | €110,033 | +€35,770 | +48.2% |
| Trade debts | 44 | €1,649 | €2,051 | +€402 | +24.4% |
| Suppliers | 440/4 | €1,649 | €2,051 | +€402 | +24.4% |
| Taxes, remuneration and social security | 45 | €2,565 | €395 | -€2,170 | -84.6% |
| Taxes | 450/3 | €2,565 | €395 | -€2,170 | -84.6% |
| Other amounts payable | 47/48 | €70,049 | €107,587 | +€37,538 | +53.6% |
| Accrued charges and deferred income | 492/3 | €950 | €6,208 | +€5,257 | +553% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €679 | €7,282 | +€6,603 | +972% |
| Other operating charges | 640/8 | €1,059 | €1,067 | +€8 | +0.7% |
| Gross operating margin | 9900 | -€1,946 | -€8,210 | -€6,265 | -322% |
| Operating profit (loss) | 9901 | -€3,685 | -€16,560 | -€12,875 | -349% |
| Financial income | 75/76B | €75,300 | €34,281 | -€41,019 | -54.5% |
| Recurring financial income | 75 | €75,300 | €34,281 | -€41,019 | -54.5% |
| Financial charges | 65/66B | €767 | €5,257 | +€4,490 | +585% |
| Recurring financial charges | 65 | €767 | €5,257 | +€4,490 | +585% |
| Profit (loss) for the period before taxes | 9903 | €70,848 | €12,464 | -€58,384 | -82.4% |
| Income taxes | 67/77 | €130 | €379 | +€249 | +191% |
| Profit (loss) for the period | 9904 | €70,718 | €12,085 | -€58,633 | -82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,718 | €12,085 | -€58,633 | -82.9% |
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 25 October 2026 via checked.be.