SPA RACING: 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 RACING
Largest movements
- Tangible fixed assets -€77,308
down €77,308 (-5.2%), from €1.5m to €1.4m
of which Land and buildings: -€58,882
- Stocks and contracts -€42,096
down €42,096 (-7.4%), from €567,331 to €525,235
- Cash -€36,790
down €36,790 (-64.6%), from €56,909 to €20,119
mainly Net result for the year (-€200,679) and Debts after one year (-€108,660)
- Profit (loss) carried forward -€200,679
down €200,679 (-22.1%), from -€907,504 to -€1.1m
- Debts after one year -€108,660
down €108,660 (-10.2%), from €1.1m to €952,038
- Trade debts +€91,675
up €91,675 (+19.7%), from €465,788 to €557,463
- Other debts +€22,500
up €22,500 (+1.9%), from €1.2m to €1.2m
- Gross operating margin -€156,790
down €156,790 (-36.2%), from €433,205 to €276,415
- Financial income +€5,313
up €5,313 (+260,418%), from €2 to €5,315
- Other operating charges +€4,993
up €4,993 (+29.1%), from €17,140 to €22,132
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 | €2,235,416 | €2,043,367 | -€192,048 | -8.6% |
| Formation expenses | 20 | €23,412 | €15,608 | -€7,804 | -33.3% |
| Fixed assets | 21/28 | €1,513,048 | €1,426,240 | -€86,808 | -5.7% |
| Intangible fixed assets | 21 | €31,684 | €22,184 | -€9,500 | -30.0% |
| Tangible fixed assets | 22/27 | €1,480,854 | €1,403,546 | -€77,308 | -5.2% |
| Land and buildings | 22 | €1,442,619 | €1,383,737 | -€58,882 | -4.1% |
| Plant, machinery and equipment | 23 | €8,841 | €6,018 | -€2,824 | -31.9% |
| Furniture and vehicles | 24 | €29,394 | €13,791 | -€15,603 | -53.1% |
| Financial fixed assets | 28 | €511 | €511 | = | 0.0% |
| Current assets | 29/58 | €698,955 | €601,519 | -€97,436 | -13.9% |
| Stocks and contracts in progress | 3 | €567,331 | €525,235 | -€42,096 | -7.4% |
| Stocks | 30/36 | €567,331 | €525,235 | -€42,096 | -7.4% |
| Amounts receivable within one year | 40/41 | €64,456 | €44,988 | -€19,468 | -30.2% |
| Trade receivables | 40 | €62,224 | €44,988 | -€17,236 | -27.7% |
| Other amounts receivable | 41 | €2,232 | - | -€2,232 | |
| Cash at bank and in hand | 54/58 | €56,909 | €20,119 | -€36,790 | -64.6% |
| Deferred charges and accrued income | 490/1 | €10,259 | €11,176 | +€917 | +8.9% |
| Total equity and liabilities | 10/49 | €2,235,416 | €2,043,367 | -€192,048 | -8.6% |
| Equity | 10/15 | -€807,504 | -€1,008,183 | -€200,679 | -24.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€907,504 | -€1,108,183 | -€200,679 | -22.1% |
| Amounts payable | 17/49 | €3,042,920 | €3,051,551 | +€8,631 | +0.3% |
| Amounts payable after more than one year | 17 | €1,060,698 | €952,038 | -€108,660 | -10.2% |
| Financial debts | 170/4 | €1,060,698 | €952,038 | -€108,660 | -10.2% |
| Amounts payable within one year | 42/48 | €1,982,222 | €2,099,512 | +€117,290 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €108,660 | €108,660 | = | 0.0% |
| Financial debts | 43 | €152,580 | €148,423 | -€4,157 | -2.7% |
| Credit institutions | 430/8 | €152,580 | €148,423 | -€4,157 | -2.7% |
| Trade debts | 44 | €465,788 | €557,463 | +€91,675 | +19.7% |
| Suppliers | 440/4 | €465,788 | €557,463 | +€91,675 | +19.7% |
| Advances received on contracts in progress | 46 | €8,818 | €8,879 | +€62 | +0.7% |
| Taxes, remuneration and social security | 45 | €58,928 | €66,139 | +€7,211 | +12.2% |
| Taxes | 450/3 | €19,002 | €20,995 | +€1,993 | +10.5% |
| Remuneration and social security | 454/9 | €39,926 | €45,143 | +€5,218 | +13.1% |
| Other amounts payable | 47/48 | €1,187,449 | €1,209,949 | +€22,500 | +1.9% |
| Remuneration, social security and pensions | 62 | €319,278 | €320,080 | +€803 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,079 | €94,612 | -€467 | -0.5% |
| Other operating charges | 640/8 | €17,140 | €22,132 | +€4,993 | +29.1% |
| Gross operating margin | 9900 | €433,205 | €276,415 | -€156,790 | -36.2% |
| Operating profit (loss) | 9901 | €1,709 | -€160,410 | -€162,118 | |
| Financial income | 75/76B | €2 | €5,315 | +€5,313 | +260,418% |
| Recurring financial income | 75 | €2 | €5,315 | +€5,313 | +260,418% |
| Financial charges | 65/66B | €49,235 | €45,239 | -€3,996 | -8.1% |
| Recurring financial charges | 65 | €49,235 | €45,239 | -€3,996 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€47,524 | -€200,334 | -€152,809 | -322% |
| Income taxes | 67/77 | €213 | €346 | +€133 | +62.5% |
| Profit (loss) for the period | 9904 | -€47,737 | -€200,679 | -€152,942 | -320% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,737 | -€200,679 | -€152,942 | -320% |
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 13 October 2026 via checked.be.