SPALATO PROJECT: 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.
SPALATO PROJECT
Largest movements
- Receivables within one year -€59,612
down €59,612 (-64.5%), from €92,362 to €32,749
of which Other amounts receivable: -€63,171
- Receivables after one year +€18,199
up €18,199 (+507%), from €3,587 to €21,787
- Deferred charges and accrued income -€10,000
down €10,000 (-50.0%), from €20,000 to €10,000
- Cash +€9,345
up €9,345 (+1,437,725%), from €1 to €9,346
mainly Receivables within one year (+€59,612) and Accrued charges and deferred income (+€21,976)
- Other debts -€76,554
down €76,554 (-96.2%), from €79,573 to €3,020
- Accrued charges and deferred income +€21,976
new in 2025: €21,976
- Short-term financial debts +€17,403
new in 2025: €17,403
- Tax, wage and social debts -€12,438
down €12,438 (-37.8%), from €32,872 to €20,434
- Trade debts +€8,219
up €8,219 (+315%), from €2,611 to €10,829
- Gross operating margin -€26,050
down €26,050 (-55.7%), from €46,779 to €20,729
- Write-downs +€11,984
new in 2025: €11,984
- Taxes -€6,765
down €6,765 (-74.5%), from €9,084 to €2,319
- Financial income -€3,774
down €3,774 (-93.3%), from €4,047 to €273
- Financial charges -€1,156
down €1,156 (-44.2%), from €2,616 to €1,459
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 | €116,274 | €75,108 | -€41,166 | -35.4% |
| Fixed assets | 21/28 | €325 | €1,226 | +€901 | +277% |
| Tangible fixed assets | 22/27 | €325 | €1,226 | +€901 | +277% |
| Plant, machinery and equipment | 23 | €325 | €1,226 | +€901 | +277% |
| Current assets | 29/58 | €115,949 | €73,882 | -€42,068 | -36.3% |
| Amounts receivable after more than one year | 29 | €3,587 | €21,787 | +€18,199 | +507% |
| Other amounts receivable | 291 | €3,587 | €21,787 | +€18,199 | +507% |
| Amounts receivable within one year | 40/41 | €92,362 | €32,749 | -€59,612 | -64.5% |
| Trade receivables | 40 | €24,100 | €27,659 | +€3,559 | +14.8% |
| Other amounts receivable | 41 | €68,262 | €5,090 | -€63,171 | -92.5% |
| Cash at bank and in hand | 54/58 | €1 | €9,346 | +€9,345 | +1,437,725% |
| Deferred charges and accrued income | 490/1 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Total equity and liabilities | 10/49 | €116,274 | €75,108 | -€41,166 | -35.4% |
| Equity | 10/15 | €1,218 | €1,446 | +€227 | +18.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218 | €446 | +€227 | +104% |
| Amounts payable | 17/49 | €115,056 | €73,662 | -€41,394 | -36.0% |
| Amounts payable within one year | 42/48 | €115,056 | €51,686 | -€63,370 | -55.1% |
| Financial debts | 43 | - | €17,403 | +€17,403 | |
| Credit institutions | 430/8 | - | €17,403 | +€17,403 | |
| Trade debts | 44 | €2,611 | €10,829 | +€8,219 | +315% |
| Suppliers | 440/4 | €2,611 | €10,829 | +€8,219 | +315% |
| Taxes, remuneration and social security | 45 | €32,872 | €20,434 | -€12,438 | -37.8% |
| Taxes | 450/3 | €32,872 | €20,434 | -€12,438 | -37.8% |
| Other amounts payable | 47/48 | €79,573 | €3,020 | -€76,554 | -96.2% |
| Accrued charges and deferred income | 492/3 | - | €21,976 | +€21,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275 | €321 | +€46 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,984 | +€11,984 | |
| Other operating charges | 640/8 | €2,265 | €1,692 | -€573 | -25.3% |
| Gross operating margin | 9900 | €46,779 | €20,729 | -€26,050 | -55.7% |
| Operating profit (loss) | 9901 | €44,238 | €6,733 | -€37,506 | -84.8% |
| Financial income | 75/76B | €4,047 | €273 | -€3,774 | -93.3% |
| Recurring financial income | 75 | €4,047 | €273 | -€3,774 | -93.3% |
| Financial charges | 65/66B | €2,616 | €1,459 | -€1,156 | -44.2% |
| Recurring financial charges | 65 | €2,616 | €1,459 | -€1,156 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €45,670 | €5,547 | -€40,124 | -87.9% |
| Income taxes | 67/77 | €9,084 | €2,319 | -€6,765 | -74.5% |
| Profit (loss) for the period | 9904 | €36,586 | €3,227 | -€33,359 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,586 | €3,227 | -€33,359 | -91.2% |
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 19 October 2026 via checked.be.