SPAEPEN & SMEETS: 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.
SPAEPEN & SMEETS
Largest movements
- Receivables within one year -€650,474
no longer reported in 2025 (was €650,474)
of which Other amounts receivable: -€588,592
- Receivables after one year +€521,408
new in 2025: €521,408
of which Other amounts receivable: +€448,754
- Reserves -€96,442
down €96,442 (-19.6%), from €492,304 to €395,862
of which Distributable reserves: -€96,442
- Debts after one year -€24,198
down €24,198 (-38.1%), from €63,560 to €39,361
- Trade debts -€21,328
down €21,328 (-85.0%), from €25,087 to €3,758
- Tax, wage and social debts +€17,026
up €17,026 (+25.0%), from €68,196 to €85,222
of which Taxes: +€15,376
- Gross operating margin +€8,071
up €8,071 (+7.1%), from €113,326 to €121,397
- Taxes +€5,334
up €5,334 (+19.9%), from €26,750 to €32,084
- Other operating charges +€2,877
up €2,877 (+302%), from €954 to €3,831
- Financial charges -€2,453
down €2,453 (-20.9%), from €11,746 to €9,293
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €854,937 | €730,301 | -€124,636 | -14.6% |
| Fixed assets | 21/28 | €203,201 | €206,546 | +€3,346 | +1.6% |
| Intangible fixed assets | 21 | - | €430 | +€430 | |
| Tangible fixed assets | 22/27 | €203,201 | €206,117 | +€2,916 | +1.4% |
| Land and buildings | 22 | €197,385 | €201,293 | +€3,908 | +2.0% |
| Plant, machinery and equipment | 23 | €1,171 | €1,537 | +€366 | +31.3% |
| Furniture and vehicles | 24 | €4,645 | €3,288 | -€1,358 | -29.2% |
| Current assets | 29/58 | €651,736 | €523,755 | -€127,981 | -19.6% |
| Amounts receivable after more than one year | 29 | - | €521,408 | +€521,408 | |
| Trade receivables | 290 | - | €72,653 | +€72,653 | |
| Other amounts receivable | 291 | - | €448,754 | +€448,754 | |
| Amounts receivable within one year | 40/41 | €650,474 | - | -€650,474 | |
| Trade receivables | 40 | €61,882 | - | -€61,882 | |
| Other amounts receivable | 41 | €588,592 | - | -€588,592 | |
| Deferred charges and accrued income | 490/1 | €1,262 | €2,347 | +€1,085 | +85.9% |
| Total equity and liabilities | 10/49 | €854,937 | €730,301 | -€124,636 | -14.6% |
| Equity | 10/15 | €654,675 | €558,234 | -€96,442 | -14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €492,304 | €395,862 | -€96,442 | -19.6% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €490,404 | €393,962 | -€96,442 | -19.7% |
| Profit (loss) carried forward | 14 | €156,171 | €156,171 | = | 0.0% |
| Amounts payable | 17/49 | €200,261 | €172,068 | -€28,194 | -14.1% |
| Amounts payable after more than one year | 17 | €63,560 | €39,361 | -€24,198 | -38.1% |
| Financial debts | 170/4 | €63,560 | €39,361 | -€24,198 | -38.1% |
| Amounts payable within one year | 42/48 | €136,702 | €132,706 | -€3,996 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €22,949 | €24,198 | +€1,249 | +5.4% |
| Financial debts | 43 | €20,470 | €19,528 | -€942 | -4.6% |
| Credit institutions | 430/8 | €20,470 | €19,528 | -€942 | -4.6% |
| Trade debts | 44 | €25,087 | €3,758 | -€21,328 | -85.0% |
| Suppliers | 440/4 | €25,087 | €3,758 | -€21,328 | -85.0% |
| Taxes, remuneration and social security | 45 | €68,196 | €85,222 | +€17,026 | +25.0% |
| Taxes | 450/3 | €68,196 | €83,572 | +€15,376 | +22.5% |
| Remuneration and social security | 454/9 | - | €1,650 | +€1,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,456 | €19,129 | +€674 | +3.6% |
| Other operating charges | 640/8 | €954 | €3,831 | +€2,877 | +302% |
| Gross operating margin | 9900 | €113,326 | €121,397 | +€8,071 | +7.1% |
| Operating profit (loss) | 9901 | €93,916 | €98,437 | +€4,521 | +4.8% |
| Financial income | 75/76B | €3 | €20 | +€17 | +507% |
| Recurring financial income | 75 | €3 | €20 | +€17 | +507% |
| Financial charges | 65/66B | €11,746 | €9,293 | -€2,453 | -20.9% |
| Recurring financial charges | 65 | €11,746 | €9,293 | -€2,453 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €82,173 | €89,164 | +€6,991 | +8.5% |
| Income taxes | 67/77 | €26,750 | €32,084 | +€5,334 | +19.9% |
| Profit (loss) for the period | 9904 | €55,423 | €57,081 | +€1,657 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,423 | €57,081 | +€1,657 | +3.0% |
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 24 October 2026 via checked.be.