SPADA Management: 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.
SPADA Management
Largest movements
- Receivables within one year +€221,440
up €221,440 (+60.1%), from €368,288 to €589,728
- Tangible fixed assets -€32,572
down €32,572 (-3.8%), from €861,915 to €829,343
of which Land and buildings: -€24,983
- Other debts +€215,879
up €215,879 (+26.4%), from €818,800 to €1.0m
- Debts after one year -€115,530
down €115,530 (-13.1%), from €884,137 to €768,607
- Reserves +€114,353
up €114,353 (+217.6%), from €52,546 to €166,898
- Accrued charges and deferred income -€62,060
no longer reported in 2025 (was €62,060)
- Tax, wage and social debts +€49,693
up €49,693 (+178.7%), from €27,807 to €77,500
- Financial charges -€69,273
down €69,273 (-67.2%), from €103,137 to €33,864
- Taxes +€33,267
up €33,267 (+161.1%), from €20,655 to €53,922
- Financial income +€23,322
up €23,322 (+36.1%), from €64,556 to €87,878
- Gross operating margin +€6,836
up €6,836 (+4.7%), from €144,073 to €150,908
- Depreciation -€6,591
down €6,591 (-16.4%), from €40,154 to €33,563
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 | €1,965,422 | €2,169,045 | +€203,623 | +10.4% |
| Fixed assets | 21/28 | €861,915 | €829,343 | -€32,572 | -3.8% |
| Tangible fixed assets | 22/27 | €861,915 | €829,343 | -€32,572 | -3.8% |
| Land and buildings | 22 | €833,382 | €808,399 | -€24,983 | -3.0% |
| Plant, machinery and equipment | 23 | €240 | €1,098 | +€857 | +356.6% |
| Furniture and vehicles | 24 | €28,293 | €19,846 | -€8,446 | -29.9% |
| Current assets | 29/58 | €1,103,506 | €1,339,701 | +€236,195 | +21.4% |
| Amounts receivable after more than one year | 29 | €650,000 | €650,000 | = | 0.0% |
| Trade receivables | 290 | €650,000 | €650,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €368,288 | €589,728 | +€221,440 | +60.1% |
| Other amounts receivable | 41 | €368,288 | €589,728 | +€221,440 | +60.1% |
| Cash at bank and in hand | 54/58 | €24,860 | €27,777 | +€2,917 | +11.7% |
| Deferred charges and accrued income | 490/1 | €60,358 | €72,196 | +€11,838 | +19.6% |
| Total equity and liabilities | 10/49 | €1,965,422 | €2,169,045 | +€203,623 | +10.4% |
| Equity | 10/15 | €57,546 | €171,898 | +€114,353 | +198.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,546 | €166,898 | +€114,353 | +217.6% |
| Distributable reserves | 133 | €52,546 | €166,898 | +€114,353 | +217.6% |
| Amounts payable | 17/49 | €1,907,876 | €1,997,147 | +€89,270 | +4.7% |
| Amounts payable after more than one year | 17 | €884,137 | €768,607 | -€115,530 | -13.1% |
| Financial debts | 170/4 | €884,137 | €768,607 | -€115,530 | -13.1% |
| Amounts payable within one year | 42/48 | €961,679 | €1,228,540 | +€266,860 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €113,295 | €115,530 | +€2,235 | +2.0% |
| Trade debts | 44 | €1,777 | €830 | -€947 | -53.3% |
| Suppliers | 440/4 | €1,777 | €830 | -€947 | -53.3% |
| Taxes, remuneration and social security | 45 | €27,807 | €77,500 | +€49,693 | +178.7% |
| Taxes | 450/3 | €27,807 | €77,500 | +€49,693 | +178.7% |
| Other amounts payable | 47/48 | €818,800 | €1,034,680 | +€215,879 | +26.4% |
| Accrued charges and deferred income | 492/3 | €62,060 | - | -€62,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,154 | €33,563 | -€6,591 | -16.4% |
| Other operating charges | 640/8 | €2,474 | €3,084 | +€610 | +24.7% |
| Gross operating margin | 9900 | €144,073 | €150,908 | +€6,836 | +4.7% |
| Operating profit (loss) | 9901 | €101,444 | €114,261 | +€12,817 | +12.6% |
| Financial income | 75/76B | €64,556 | €87,878 | +€23,322 | +36.1% |
| Recurring financial income | 75 | €64,556 | €87,878 | +€23,322 | +36.1% |
| Financial charges | 65/66B | €103,137 | €33,864 | -€69,273 | -67.2% |
| Recurring financial charges | 65 | €103,137 | €33,864 | -€69,273 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €62,863 | €168,275 | +€105,411 | +167.7% |
| Income taxes | 67/77 | €20,655 | €53,922 | +€33,267 | +161.1% |
| Profit (loss) for the period | 9904 | €42,208 | €114,353 | +€72,144 | +170.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,208 | €114,353 | +€72,144 | +170.9% |
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 4 October 2026 via checked.be.