SPA BUSINESS: 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.
SPA BUSINESS
Largest movements
- Intangible fixed assets -€16,516
down €16,516 (-52.9%), from €31,213 to €14,697
- Receivables within one year +€15,906
up €15,906 (+196%), from €8,098 to €24,003
of which Trade receivables: +€13,255
- Tangible fixed assets +€11,941
up €11,941 (+421%), from €2,839 to €14,780
of which Plant, machinery and equipment: +€10,539
- Cash +€4,625
up €4,625 (+204%), from €2,272 to €6,897
mainly Net result for the year (+€27,801) and Depreciation (+€3,327)
- Financial fixed assets +€1,422
up €1,422 (+29.5%), from €4,818 to €6,240
- Profit (loss) carried forward +€27,801
up €27,801, from -€6,181 to €21,620
- Other debts -€6,223
down €6,223 (-93.1%), from €6,684 to €460
- Tax, wage and social debts -€4,419
down €4,419 (-13.7%), from €32,177 to €27,758
of which Remuneration and social security: -€9,649
- Gross operating margin +€23,572
up €23,572 (+22.9%), from €102,858 to €126,430
- Staff costs -€15,410
down €15,410 (-15.2%), from €101,426 to €86,016
- Taxes +€6,597
up €6,597 (+5,154%), from €128 to €6,725
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 | €49,240 | €66,618 | +€17,378 | +35.3% |
| Fixed assets | 21/28 | €38,870 | €35,717 | -€3,152 | -8.1% |
| Intangible fixed assets | 21 | €31,213 | €14,697 | -€16,516 | -52.9% |
| Tangible fixed assets | 22/27 | €2,839 | €14,780 | +€11,941 | +421% |
| Plant, machinery and equipment | 23 | €1,614 | €12,153 | +€10,539 | +653% |
| Furniture and vehicles | 24 | €1,225 | €2,627 | +€1,402 | +114% |
| Financial fixed assets | 28 | €4,818 | €6,240 | +€1,422 | +29.5% |
| Current assets | 29/58 | €10,370 | €30,901 | +€20,530 | +198% |
| Amounts receivable within one year | 40/41 | €8,098 | €24,003 | +€15,906 | +196% |
| Trade receivables | 40 | €1,745 | €15,000 | +€13,255 | +760% |
| Other amounts receivable | 41 | €6,353 | €9,003 | +€2,651 | +41.7% |
| Cash at bank and in hand | 54/58 | €2,272 | €6,897 | +€4,625 | +204% |
| Total equity and liabilities | 10/49 | €49,240 | €66,618 | +€17,378 | +35.3% |
| Equity | 10/15 | -€2,681 | €25,120 | +€27,801 | |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,181 | €21,620 | +€27,801 | |
| Amounts payable | 17/49 | €51,921 | €41,498 | -€10,423 | -20.1% |
| Amounts payable within one year | 42/48 | €51,921 | €41,498 | -€10,423 | -20.1% |
| Trade debts | 44 | €13,061 | €13,280 | +€219 | +1.7% |
| Suppliers | 440/4 | €13,061 | €13,280 | +€219 | +1.7% |
| Taxes, remuneration and social security | 45 | €32,177 | €27,758 | -€4,419 | -13.7% |
| Taxes | 450/3 | €22,527 | €27,758 | +€5,230 | +23.2% |
| Remuneration and social security | 454/9 | €9,649 | - | -€9,649 | |
| Other amounts payable | 47/48 | €6,684 | €460 | -€6,223 | -93.1% |
| Remuneration, social security and pensions | 62 | €101,426 | €86,016 | -€15,410 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,882 | €3,327 | +€445 | +15.4% |
| Other operating charges | 640/8 | €1,852 | €1,828 | -€24 | -1.3% |
| Gross operating margin | 9900 | €102,858 | €126,430 | +€23,572 | +22.9% |
| Operating profit (loss) | 9901 | -€3,302 | €35,259 | +€38,561 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €156 | €733 | +€577 | +369% |
| Recurring financial charges | 65 | €156 | €733 | +€577 | +369% |
| Profit (loss) for the period before taxes | 9903 | -€3,458 | €34,526 | +€37,984 | |
| Income taxes | 67/77 | €128 | €6,725 | +€6,597 | +5,154% |
| Profit (loss) for the period | 9904 | -€3,586 | €27,801 | +€31,387 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,586 | €27,801 | +€31,387 |
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 17 October 2026 via checked.be.