SPAMA: 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.
SPAMA
Largest movements
- Cash +€34,014
up €34,014 (+111%), from €30,587 to €64,601
mainly Net result for the year (+€18,097) and Trade debts (+€10,243)
- Tangible fixed assets -€8,862
down €8,862 (-20.8%), from €42,586 to €33,723
- Deferred charges and accrued income +€7,728
new in 2025: €7,728
- Current investments -€5,240
down €5,240 (-1.7%), from €310,301 to €305,061
- Reserves +€18,097
up €18,097 (+10.1%), from €179,923 to €198,020
of which Distributable reserves: +€18,097
- Trade debts +€10,243
up €10,243 (+2,184%), from €469 to €10,712
- Gross operating margin +€6,344
up €6,344 (+31.8%), from -€19,958 to -€13,614
- Financial charges -€4,904
down €4,904 (-58.1%), from €8,441 to €3,536
- Financial income +€3,594
up €3,594 (+8.1%), from €44,630 to €48,225
of which Non-recurring financial income: +€9,906
- Taxes +€2,172
up €2,172 (+390%), from €557 to €2,729
- Depreciation -€948
down €948 (-9.7%), from €9,811 to €8,862
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €414,082 | €441,344 | +€27,262 | +6.6% |
| Fixed assets | 21/28 | €42,586 | €33,723 | -€8,862 | -20.8% |
| Tangible fixed assets | 22/27 | €42,586 | €33,723 | -€8,862 | -20.8% |
| Land and buildings | 22 | €42,586 | €33,723 | -€8,862 | -20.8% |
| Current assets | 29/58 | €371,496 | €407,621 | +€36,125 | +9.7% |
| Amounts receivable after more than one year | 29 | €22,659 | €22,659 | = | 0.0% |
| Other amounts receivable | 291 | €22,659 | €22,659 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,949 | €7,571 | -€378 | -4.8% |
| Other amounts receivable | 41 | €7,949 | €7,571 | -€378 | -4.8% |
| Current investments | 50/53 | €310,301 | €305,061 | -€5,240 | -1.7% |
| Cash at bank and in hand | 54/58 | €30,587 | €64,601 | +€34,014 | +111% |
| Deferred charges and accrued income | 490/1 | - | €7,728 | +€7,728 | |
| Total equity and liabilities | 10/49 | €414,082 | €441,344 | +€27,262 | +6.6% |
| Equity | 10/15 | €219,923 | €238,020 | +€18,097 | +8.2% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €179,923 | €198,020 | +€18,097 | +10.1% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €175,923 | €194,020 | +€18,097 | +10.3% |
| Amounts payable | 17/49 | €194,159 | €203,324 | +€9,165 | +4.7% |
| Amounts payable after more than one year | 17 | €2,956 | - | -€2,956 | |
| Financial debts | 170/4 | €2,956 | - | -€2,956 | |
| Amounts payable within one year | 42/48 | €191,203 | €203,324 | +€12,121 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €30,852 | €26,754 | -€4,098 | -13.3% |
| Trade debts | 44 | €469 | €10,712 | +€10,243 | +2,184% |
| Suppliers | 440/4 | €469 | €10,712 | +€10,243 | +2,184% |
| Taxes, remuneration and social security | 45 | - | €1,998 | +€1,998 | |
| Taxes | 450/3 | - | €655 | +€655 | |
| Remuneration and social security | 454/9 | - | €1,343 | +€1,343 | |
| Other amounts payable | 47/48 | €159,882 | €163,860 | +€3,978 | +2.5% |
| Remuneration, social security and pensions | 62 | - | €457 | +€457 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,811 | €8,862 | -€948 | -9.7% |
| Other operating charges | 640/8 | €1,352 | €928 | -€424 | -31.3% |
| Non-recurring operating charges | 66A | €539 | - | -€539 | |
| Gross operating margin | 9900 | -€19,958 | -€13,614 | +€6,344 | +31.8% |
| Operating profit (loss) | 9901 | -€31,660 | -€23,863 | +€7,797 | +24.6% |
| Financial income | 75/76B | €44,630 | €48,225 | +€3,594 | +8.1% |
| Recurring financial income | 75 | €23,361 | €17,050 | -€6,311 | -27.0% |
| Non-recurring financial income | 76B | €21,269 | €31,175 | +€9,906 | +46.6% |
| Financial charges | 65/66B | €8,441 | €3,536 | -€4,904 | -58.1% |
| Recurring financial charges | 65 | €8,441 | €3,536 | -€4,904 | -58.1% |
| Profit (loss) for the period before taxes | 9903 | €4,530 | €20,825 | +€16,296 | +360% |
| Income taxes | 67/77 | €557 | €2,729 | +€2,172 | +390% |
| Profit (loss) for the period | 9904 | €3,972 | €18,097 | +€14,124 | +356% |
| Profit (loss) for the period to be appropriated | 9905 | €3,972 | €18,097 | +€14,124 | +356% |
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 21 October 2026 via checked.be.