SPAH: 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.
SPAH
Largest movements
- Stocks and contracts +€2.1m
new in 2025: €2.1m
- Tangible fixed assets +€515,505
up €515,505 (+2152.8%), from €23,946 to €539,451
of which Land and buildings: +€538,860
- Receivables within one year -€157,973
down €157,973 (-22.7%), from €696,635 to €538,662
of which Trade receivables: -€308,561
- Cash -€96,463
down €96,463 (-83.4%), from €115,728 to €19,265
- Debts after one year +€1.9m
up €1.9m (+3891.2%), from €48,456 to €1.9m
- Current portion of long-term debt +€519,643
up €519,643 (+5188.9%), from €10,015 to €529,658
- Short-term financial debts -€223,064
down €223,064 (-100.0%), from €223,064 to €0
of which Credit institutions: -€181,073
- Profit (loss) carried forward +€136,230
up €136,230 (+129.0%), from €105,621 to €241,851
- Trade debts -€107,385
down €107,385 (-26.9%), from €398,781 to €291,396
- Gross operating margin +€376,979
up €376,979 (+243.6%), from €154,723 to €531,703
- Financial charges +€79,547
up €79,547 (+922.0%), from €8,627 to €88,174
- Staff costs -€49,653
down €49,653 (-96.0%), from €51,717 to €2,064
- Other operating charges +€49,396
up €49,396 (+807.6%), from €6,117 to €55,513
- Financial income +€19,029
up €19,029 (+190293300.0%), from €0 to €19,029
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €836,309 | €3,188,189 | +€2.4m | +281.2% |
| Fixed assets | 21/28 | €23,946 | €539,451 | +€515,505 | +2152.8% |
| Tangible fixed assets | 22/27 | €23,946 | €539,451 | +€515,505 | +2152.8% |
| Land and buildings | 22 | - | €538,860 | +€538,860 | |
| Plant, machinery and equipment | 23 | €18,477 | €591 | -€17,886 | -96.8% |
| Furniture and vehicles | 24 | €5,469 | €0 | -€5,469 | -100.0% |
| Current assets | 29/58 | €812,363 | €2,648,737 | +€1.8m | +226.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | - | €2,090,810 | +€2.1m | |
| Stocks | 30/36 | - | €2,090,810 | +€2.1m | |
| Amounts receivable within one year | 40/41 | €696,635 | €538,662 | -€157,973 | -22.7% |
| Trade receivables | 40 | €536,687 | €228,126 | -€308,561 | -57.5% |
| Other amounts receivable | 41 | €159,948 | €310,535 | +€150,587 | +94.1% |
| Cash at bank and in hand | 54/58 | €115,728 | €19,265 | -€96,463 | -83.4% |
| Total equity and liabilities | 10/49 | €836,309 | €3,188,189 | +€2.4m | +281.2% |
| Equity | 10/15 | €134,207 | €357,928 | +€223,721 | +166.7% |
| Contributions | 10/11 | €2,509 | €21,059 | +€18,550 | +739.4% |
| Reserves | 13 | €26,077 | €95,018 | +€68,941 | +264.4% |
| Distributable reserves | 133 | €26,077 | €95,018 | +€68,941 | +264.4% |
| Profit (loss) carried forward | 14 | €105,621 | €241,851 | +€136,230 | +129.0% |
| Amounts payable | 17/49 | €702,103 | €2,830,261 | +€2.1m | +303.1% |
| Amounts payable after more than one year | 17 | €48,456 | €1,933,973 | +€1.9m | +3891.2% |
| Financial debts | 170/4 | €48,456 | €1,933,973 | +€1.9m | +3891.2% |
| Amounts payable within one year | 42/48 | €653,647 | €896,288 | +€242,642 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €10,015 | €529,658 | +€519,643 | +5188.9% |
| Financial debts | 43 | €223,064 | €0 | -€223,064 | -100.0% |
| Credit institutions | 430/8 | €181,073 | €0 | -€181,073 | -100.0% |
| Other loans | 439 | €41,991 | €0 | -€41,991 | -100.0% |
| Trade debts | 44 | €398,781 | €291,396 | -€107,385 | -26.9% |
| Suppliers | 440/4 | €398,781 | €291,396 | -€107,385 | -26.9% |
| Taxes, remuneration and social security | 45 | €5,482 | €66,907 | +€61,425 | +1120.5% |
| Taxes | 450/3 | €0 | €66,907 | +€66,907 | |
| Remuneration and social security | 454/9 | €5,482 | €0 | -€5,482 | -100.0% |
| Other amounts payable | 47/48 | €16,305 | €8,328 | -€7,977 | -48.9% |
| Non-recurring operating income | 76A | - | €2,847 | +€2,847 | |
| Remuneration, social security and pensions | 62 | €51,717 | €2,064 | -€49,653 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,966 | €18,443 | +€6,477 | +54.1% |
| Other operating charges | 640/8 | €6,117 | €55,513 | +€49,396 | +807.6% |
| Non-recurring operating charges | 66A | - | €344,231 | +€344,231 | |
| Gross operating margin | 9900 | €154,723 | €531,703 | +€376,979 | +243.6% |
| Operating profit (loss) | 9901 | €84,924 | €111,452 | +€26,528 | +31.2% |
| Financial income | 75/76B | €0 | €19,029 | +€19,029 | +190293300.0% |
| Recurring financial income | 75 | €0 | €19,029 | +€19,029 | +190293300.0% |
| Financial charges | 65/66B | €8,627 | €88,174 | +€79,547 | +922.0% |
| Recurring financial charges | 65 | €8,627 | €88,174 | +€79,547 | +922.0% |
| Profit (loss) for the period before taxes | 9903 | €76,296 | €42,307 | -€33,989 | -44.5% |
| Income taxes | 67/77 | €9,633 | €18,719 | +€9,087 | +94.3% |
| Profit (loss) for the period | 9904 | €66,663 | €23,588 | -€43,076 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,663 | €23,588 | -€43,076 | -64.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.