SPALEX: 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.
SPALEX
Largest movements
- Cash -€15,866
down €15,866 (-71.5%), from €22,177 to €6,311
mainly Contributions, distributions and other (-€48,491) and Debts after one year (-€15,234)
- Receivables within one year +€13,953
up €13,953 (+7.7%), from €180,982 to €194,935
of which Trade receivables: +€22,166
- Tangible fixed assets -€8,985
down €8,985 (-5.5%), from €164,508 to €155,523
of which Land and buildings: -€7,508
- Reserves -€30,152
down €30,152 (-14.3%), from €210,578 to €180,426
- Other debts +€26,078
up €26,078 (+1276.9%), from €2,042 to €28,120
- Debts after one year -€15,234
down €15,234 (-24.1%), from €63,296 to €48,063
- Short-term financial debts +€13,838
up €13,838, from €0 to €13,838
- Trade debts -€4,755
down €4,755 (-34.0%), from €13,965 to €9,210
- Gross operating margin -€11,659
down €11,659 (-6.9%), from €170,116 to €158,457
- Taxes -€3,916
down €3,916 (-26.7%), from €14,691 to €10,775
- Staff costs +€3,735
up €3,735 (+3.9%), from €95,174 to €98,909
- Write-downs -€3,279
down €3,279 (-100.0%), from €3,279 to €0
- Other operating charges +€2,436
up €2,436 (+22.7%), from €10,719 to €13,155
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 | €370,468 | €359,896 | -€10,573 | -2.9% |
| Fixed assets | 21/28 | €164,693 | €155,708 | -€8,985 | -5.5% |
| Tangible fixed assets | 22/27 | €164,508 | €155,523 | -€8,985 | -5.5% |
| Land and buildings | 22 | €155,678 | €148,170 | -€7,508 | -4.8% |
| Furniture and vehicles | 24 | €8,830 | €7,353 | -€1,477 | -16.7% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €205,775 | €204,188 | -€1,588 | -0.8% |
| Amounts receivable within one year | 40/41 | €180,982 | €194,935 | +€13,953 | +7.7% |
| Trade receivables | 40 | €133,187 | €155,353 | +€22,166 | +16.6% |
| Other amounts receivable | 41 | €47,795 | €39,582 | -€8,213 | -17.2% |
| Cash at bank and in hand | 54/58 | €22,177 | €6,311 | -€15,866 | -71.5% |
| Deferred charges and accrued income | 490/1 | €2,616 | €2,942 | +€326 | +12.4% |
| Total equity and liabilities | 10/49 | €370,468 | €359,896 | -€10,573 | -2.9% |
| Equity | 10/15 | €230,984 | €200,832 | -€30,152 | -13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €210,578 | €180,426 | -€30,152 | -14.3% |
| Distributable reserves | 133 | €210,578 | €180,426 | -€30,152 | -14.3% |
| Profit (loss) carried forward | 14 | €1,806 | €1,806 | = | 0.0% |
| Amounts payable | 17/49 | €139,485 | €159,064 | +€19,579 | +14.0% |
| Amounts payable after more than one year | 17 | €63,296 | €48,063 | -€15,234 | -24.1% |
| Financial debts | 170/4 | €63,296 | €48,063 | -€15,234 | -24.1% |
| Amounts payable within one year | 42/48 | €76,188 | €111,001 | +€34,813 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €17,774 | €17,932 | +€157 | +0.9% |
| Financial debts | 43 | €0 | €13,838 | +€13,838 | |
| Credit institutions | 430/8 | €0 | €13,838 | +€13,838 | |
| Trade debts | 44 | €13,965 | €9,210 | -€4,755 | -34.0% |
| Suppliers | 440/4 | €13,965 | €9,210 | -€4,755 | -34.0% |
| Advances received on contracts in progress | 46 | €306 | €0 | -€306 | -100.0% |
| Taxes, remuneration and social security | 45 | €42,101 | €41,902 | -€200 | -0.5% |
| Taxes | 450/3 | €25,747 | €21,520 | -€4,227 | -16.4% |
| Remuneration and social security | 454/9 | €16,355 | €20,381 | +€4,027 | +24.6% |
| Other amounts payable | 47/48 | €2,042 | €28,120 | +€26,078 | +1276.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €95,174 | €98,909 | +€3,735 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,150 | €11,819 | +€669 | +6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,279 | €0 | -€3,279 | -100.0% |
| Other operating charges | 640/8 | €10,719 | €13,155 | +€2,436 | +22.7% |
| Gross operating margin | 9900 | €170,116 | €158,457 | -€11,659 | -6.9% |
| Operating profit (loss) | 9901 | €49,794 | €34,574 | -€15,220 | -30.6% |
| Financial income | 75/76B | €28 | €11 | -€18 | -62.0% |
| Recurring financial income | 75 | €28 | €11 | -€18 | -62.0% |
| Financial charges | 65/66B | €7,084 | €5,471 | -€1,613 | -22.8% |
| Recurring financial charges | 65 | €7,084 | €5,471 | -€1,613 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €42,739 | €29,114 | -€13,624 | -31.9% |
| Income taxes | 67/77 | €14,691 | €10,775 | -€3,916 | -26.7% |
| Profit (loss) for the period | 9904 | €28,048 | €18,339 | -€9,709 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,048 | €18,339 | -€9,709 | -34.6% |
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 3 October 2026 via checked.be.