Spaca: 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.
Spaca
Largest movements
- Cash +€75,427
up €75,427 (+299.7%), from €25,170 to €100,597
mainly Net result for the year (+€172,191) and Depreciation (+€32,358)
- Tangible fixed assets -€9,925
down €9,925 (-3.7%), from €266,153 to €256,228
of which Furniture and vehicles: -€10,004
- Reserves +€172,191
new in 2025: €172,191
of which Distributable reserves: +€130,091
- Other debts -€80,075
down €80,075 (-48.4%), from €165,397 to €85,322
- Debts after one year -€22,724
down €22,724 (-12.8%), from €177,127 to €154,402
- Trade debts -€4,946
down €4,946 (-70.6%), from €7,003 to €2,057
- Gross operating margin +€91,128
up €91,128 (+53.9%), from €169,140 to €260,268
- Taxes +€21,923
up €21,923 (+73.4%), from €29,885 to €51,807
- Depreciation +€3,459
up €3,459 (+12.0%), from €28,899 to €32,358
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 | €377,397 | €440,505 | +€63,108 | +16.7% |
| Fixed assets | 21/28 | €266,253 | €256,328 | -€9,925 | -3.7% |
| Tangible fixed assets | 22/27 | €266,153 | €256,228 | -€9,925 | -3.7% |
| Land and buildings | 22 | €224,250 | €225,491 | +€1,241 | +0.6% |
| Plant, machinery and equipment | 23 | €3,760 | €2,598 | -€1,162 | -30.9% |
| Furniture and vehicles | 24 | €38,142 | €28,138 | -€10,004 | -26.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €111,144 | €184,177 | +€73,033 | +65.7% |
| Amounts receivable within one year | 40/41 | €115 | - | -€115 | |
| Other amounts receivable | 41 | €115 | - | -€115 | |
| Cash at bank and in hand | 54/58 | €25,170 | €100,597 | +€75,427 | +299.7% |
| Deferred charges and accrued income | 490/1 | €85,859 | €83,580 | -€2,278 | -2.7% |
| Total equity and liabilities | 10/49 | €377,397 | €440,505 | +€63,108 | +16.7% |
| Equity | 10/15 | €2,000 | €174,191 | +€172,191 | +8609.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €172,191 | +€172,191 | |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | - | €130,091 | +€130,091 | |
| Amounts payable | 17/49 | €375,397 | €266,313 | -€109,084 | -29.1% |
| Amounts payable after more than one year | 17 | €177,127 | €154,402 | -€22,724 | -12.8% |
| Financial debts | 170/4 | €177,127 | €154,402 | -€22,724 | -12.8% |
| Amounts payable within one year | 42/48 | €196,677 | €111,911 | -€84,766 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €23,594 | €22,724 | -€869 | -3.7% |
| Trade debts | 44 | €7,003 | €2,057 | -€4,946 | -70.6% |
| Suppliers | 440/4 | €7,003 | €2,057 | -€4,946 | -70.6% |
| Taxes, remuneration and social security | 45 | €683 | €1,807 | +€1,124 | +164.6% |
| Taxes | 450/3 | €683 | €1,807 | +€1,124 | +164.6% |
| Other amounts payable | 47/48 | €165,397 | €85,322 | -€80,075 | -48.4% |
| Accrued charges and deferred income | 492/3 | €1,593 | - | -€1,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,899 | €32,358 | +€3,459 | +12.0% |
| Other operating charges | 640/8 | €614 | €1,112 | +€498 | +81.0% |
| Non-recurring operating charges | 66A | €1,408 | - | -€1,408 | |
| Gross operating margin | 9900 | €169,140 | €260,268 | +€91,128 | +53.9% |
| Operating profit (loss) | 9901 | €138,219 | €226,798 | +€88,579 | +64.1% |
| Financial income | 75/76B | €981 | €379 | -€602 | -61.4% |
| Recurring financial income | 75 | €981 | €379 | -€602 | -61.4% |
| Financial charges | 65/66B | €5,758 | €3,179 | -€2,579 | -44.8% |
| Recurring financial charges | 65 | €5,758 | €3,179 | -€2,579 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €133,443 | €223,998 | +€90,556 | +67.9% |
| Income taxes | 67/77 | €29,885 | €51,807 | +€21,923 | +73.4% |
| Profit (loss) for the period | 9904 | €103,558 | €172,191 | +€68,633 | +66.3% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,558 | €130,091 | +€26,533 | +25.6% |
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 8 October 2026 via checked.be.