SPA 59: what changed
Two fiscal 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.
SPA 59
Largest movements
- Tangible fixed assets -€40,972
down €40,972 (-3.5%), from €1.2m to €1.1m
- Current portion of long-term debt -€57,945
down €57,945 (-51.0%), from €113,618 to €55,673
- Reserves +€44,393
up €44,393 (+36.6%), from €121,158 to €165,551
- Debts after one year -€26,686
down €26,686 (-3.2%), from €829,832 to €803,146
- Taxes +€5,988
up €5,988 (+68.0%), from €8,810 to €14,798
- Gross operating margin +€5,929
up €5,929 (+5.2%), from €113,096 to €119,026
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.
Cash bridge derived
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 | €1,209,413 | €1,163,879 | -€45,533 | -3.8% |
| Fixed assets | 21/28 | €1,178,723 | €1,137,751 | -€40,972 | -3.5% |
| Tangible fixed assets | 22/27 | €1,178,723 | €1,137,751 | -€40,972 | -3.5% |
| Land and buildings | 22 | €1,178,723 | €1,137,751 | -€40,972 | -3.5% |
| Current assets | 29/58 | €30,690 | €26,128 | -€4,561 | -14.9% |
| Cash at bank and in hand | 54/58 | €30,435 | €25,866 | -€4,569 | -15.0% |
| Deferred charges and accrued income | 490/1 | €254 | €262 | +€8 | +3.2% |
| Total equity and liabilities | 10/49 | €1,209,413 | €1,163,879 | -€45,533 | -3.8% |
| Equity | 10/15 | €231,158 | €275,551 | +€44,393 | +19.2% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €121,158 | €165,551 | +€44,393 | +36.6% |
| Distributable reserves | 133 | €121,158 | €165,551 | +€44,393 | +36.6% |
| Amounts payable | 17/49 | €978,255 | €888,329 | -€89,926 | -9.2% |
| Amounts payable after more than one year | 17 | €829,832 | €803,146 | -€26,686 | -3.2% |
| Financial debts | 170/4 | €829,832 | €803,146 | -€26,686 | -3.2% |
| Amounts payable within one year | 42/48 | €146,073 | €82,785 | -€63,288 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €113,618 | €55,673 | -€57,945 | -51.0% |
| Trade debts | 44 | €2,831 | - | -€2,831 | |
| Suppliers | 440/4 | €2,831 | - | -€2,831 | |
| Taxes, remuneration and social security | 45 | €3,810 | €1,298 | -€2,512 | -65.9% |
| Taxes | 450/3 | €3,810 | €1,298 | -€2,512 | -65.9% |
| Other amounts payable | 47/48 | €25,815 | €25,815 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,349 | €2,397 | +€48 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,972 | €40,972 | = | 0.0% |
| Other operating charges | 640/8 | €6,147 | €6,336 | +€189 | +3.1% |
| Gross operating margin | 9900 | €113,096 | €119,026 | +€5,929 | +5.2% |
| Operating profit (loss) | 9901 | €65,977 | €71,718 | +€5,741 | +8.7% |
| Financial charges | 65/66B | €12,849 | €12,527 | -€322 | -2.5% |
| Recurring financial charges | 65 | €12,849 | €12,527 | -€322 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €53,128 | €59,190 | +€6,063 | +11.4% |
| Income taxes | 67/77 | €8,810 | €14,798 | +€5,988 | +68.0% |
| Profit (loss) for the period | 9904 | €44,318 | €44,393 | +€75 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,318 | €44,393 | +€75 | +0.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.