SPACO: 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.
SPACO
Largest movements
- Receivables within one year +€78,002
up €78,002 (+3,120%), from €2,500 to €80,502
of which Trade receivables: +€73,840
- Cash -€35,873
down €35,873 (-37.2%), from €96,310 to €60,437
mainly Receivables within one year (-€78,002) and Contributions, distributions and other (-€40,000)
- Trade debts +€35,064
up €35,064 (+483%), from €7,266 to €42,330
- Profit (loss) carried forward +€7,206
up €7,206 (+38.6%), from €18,674 to €25,880
- Gross operating margin -€26,013
down €26,013 (-29.3%), from €88,745 to €62,732
- Taxes -€5,454
down €5,454 (-29.8%), from €18,292 to €12,838
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 | €98,810 | €140,939 | +€42,130 | +42.6% |
| Current assets | 29/58 | €98,810 | €140,939 | +€42,130 | +42.6% |
| Amounts receivable within one year | 40/41 | €2,500 | €80,502 | +€78,002 | +3,120% |
| Trade receivables | 40 | €2,500 | €76,340 | +€73,840 | +2,954% |
| Other amounts receivable | 41 | €0 | €4,162 | +€4,162 | |
| Cash at bank and in hand | 54/58 | €96,310 | €60,437 | -€35,873 | -37.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €98,810 | €140,939 | +€42,130 | +42.6% |
| Equity | 10/15 | €22,174 | €29,380 | +€7,206 | +32.5% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,674 | €25,880 | +€7,206 | +38.6% |
| Amounts payable | 17/49 | €76,636 | €111,559 | +€34,924 | +45.6% |
| Amounts payable within one year | 42/48 | €76,636 | €111,249 | +€34,614 | +45.2% |
| Trade debts | 44 | €7,266 | €42,330 | +€35,064 | +483% |
| Suppliers | 440/4 | €7,266 | €42,330 | +€35,064 | +483% |
| Taxes, remuneration and social security | 45 | €19,370 | €19,014 | -€356 | -1.8% |
| Taxes | 450/3 | €19,370 | €19,014 | -€356 | -1.8% |
| Other amounts payable | 47/48 | €50,000 | €49,905 | -€95 | -0.2% |
| Accrued charges and deferred income | 492/3 | - | €310 | +€310 | |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €88,745 | €62,732 | -€26,013 | -29.3% |
| Operating profit (loss) | 9901 | €88,745 | €62,332 | -€26,412 | -29.8% |
| Financial income | 75/76B | €41 | €0 | -€41 | -100% |
| Recurring financial income | 75 | €41 | €0 | -€41 | -100% |
| Financial charges | 65/66B | €2,045 | €2,289 | +€244 | +11.9% |
| Recurring financial charges | 65 | €2,045 | €2,289 | +€244 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €86,741 | €60,044 | -€26,698 | -30.8% |
| Income taxes | 67/77 | €18,292 | €12,838 | -€5,454 | -29.8% |
| Profit (loss) for the period | 9904 | €68,449 | €47,206 | -€21,243 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,449 | €47,206 | -€21,243 | -31.0% |
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 22 October 2026 via checked.be.