SP Management: 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 Management
Largest movements
- Cash -€34,663
down €34,663 (-28.4%), from €122,263 to €87,599
mainly Contributions, distributions and other (-€146,000) and Investment in fixed assets (net) (-€35,189)
- Tangible fixed assets +€18,351
up €18,351 (+10.6%), from €172,755 to €191,106
of which Furniture and vehicles: +€12,969
- Intangible fixed assets -€6,566
down €6,566 (-10.8%), from €60,770 to €54,204
- Reserves -€99,000
down €99,000 (-63.5%), from €156,000 to €57,000
- Other debts +€67,499
up €67,499 (+5,444%), from €1,240 to €68,739
- Debts after one year -€23,497
down €23,497 (-13.6%), from €172,500 to €149,003
- Tax, wage and social debts +€14,346
up €14,346 (+98.9%), from €14,507 to €28,853
- Current portion of long-term debt +€13,738
up €13,738 (+138%), from €9,924 to €23,662
- Gross operating margin +€51,642
up €51,642 (+86.9%), from €59,418 to €111,060
- Taxes +€10,790
up €10,790 (+115%), from €9,386 to €20,176
- Financial charges -€6,361
down €6,361 (-54.3%), from €11,714 to €5,353
- Depreciation +€5,938
up €5,938 (+34.0%), from €17,466 to €23,404
- Other operating charges +€2,131
up €2,131 (+16.8%), from €12,662 to €14,793
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €382,362 | €354,600 | -€27,762 | -7.3% |
| Fixed assets | 21/28 | €233,525 | €245,310 | +€11,785 | +5.0% |
| Intangible fixed assets | 21 | €60,770 | €54,204 | -€6,566 | -10.8% |
| Tangible fixed assets | 22/27 | €172,755 | €191,106 | +€18,351 | +10.6% |
| Land and buildings | 22 | €117,448 | €113,249 | -€4,200 | -3.6% |
| Furniture and vehicles | 24 | €2,700 | €15,669 | +€12,969 | +480% |
| Other tangible fixed assets | 26 | €52,607 | €62,188 | +€9,581 | +18.2% |
| Current assets | 29/58 | €148,837 | €109,290 | -€39,547 | -26.6% |
| Amounts receivable within one year | 40/41 | €1,114 | - | -€1,114 | |
| Trade receivables | 40 | €712 | - | -€712 | |
| Other amounts receivable | 41 | €402 | - | -€402 | |
| Current investments | 50/53 | €21,000 | €21,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €122,263 | €87,599 | -€34,663 | -28.4% |
| Deferred charges and accrued income | 490/1 | €4,461 | €691 | -€3,770 | -84.5% |
| Total equity and liabilities | 10/49 | €382,362 | €354,600 | -€27,762 | -7.3% |
| Equity | 10/15 | €177,144 | €78,297 | -€98,847 | -55.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €156,000 | €57,000 | -€99,000 | -63.5% |
| Distributable reserves | 133 | €156,000 | €57,000 | -€99,000 | -63.5% |
| Profit (loss) carried forward | 14 | €684 | €837 | +€153 | +22.4% |
| Amounts payable | 17/49 | €205,218 | €276,303 | +€71,084 | +34.6% |
| Amounts payable after more than one year | 17 | €172,500 | €149,003 | -€23,497 | -13.6% |
| Financial debts | 170/4 | €172,500 | €149,003 | -€23,497 | -13.6% |
| Amounts payable within one year | 42/48 | €32,718 | €127,300 | +€94,582 | +289% |
| Current portion of amounts payable after more than one year | 42 | €9,924 | €23,662 | +€13,738 | +138% |
| Trade debts | 44 | €7,048 | €6,045 | -€1,002 | -14.2% |
| Suppliers | 440/4 | €7,048 | €6,045 | -€1,002 | -14.2% |
| Taxes, remuneration and social security | 45 | €14,507 | €28,853 | +€14,346 | +98.9% |
| Taxes | 450/3 | €14,507 | €28,853 | +€14,346 | +98.9% |
| Other amounts payable | 47/48 | €1,240 | €68,739 | +€67,499 | +5,444% |
| Remuneration, social security and pensions | 62 | - | €181 | +€181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,466 | €23,404 | +€5,938 | +34.0% |
| Other operating charges | 640/8 | €12,662 | €14,793 | +€2,131 | +16.8% |
| Gross operating margin | 9900 | €59,418 | €111,060 | +€51,642 | +86.9% |
| Operating profit (loss) | 9901 | €29,290 | €72,682 | +€43,392 | +148% |
| Financial income | 75/76B | €68 | €0 | -€68 | -99.9% |
| Recurring financial income | 75 | €68 | €0 | -€68 | -99.9% |
| Financial charges | 65/66B | €11,714 | €5,353 | -€6,361 | -54.3% |
| Recurring financial charges | 65 | €11,714 | €5,353 | -€6,361 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €17,645 | €67,329 | +€49,684 | +282% |
| Income taxes | 67/77 | €9,386 | €20,176 | +€10,790 | +115% |
| Profit (loss) for the period | 9904 | €8,259 | €47,153 | +€38,895 | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €8,259 | €47,153 | +€38,895 | +471% |
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.