SPAMEE: what changed
What changed
SPAMEE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€71,038
2025 · €84,770-€13,732
Equity
€705,808
2025 · €634,770+€71,038
Cash
€10,464
2025 · €19,086-€8,622
Balance sheet total
€3.1m
2025 · €3.1m+€13,709
Largest movements
Assets
- Tangible fixed assets +€71,506
new in 2026: €71,506
- Receivables within one year -€49,175
down €49,175 (-58.7%), from €83,791 to €34,616
of which Trade receivables: -€52,765
Equity and liabilities
- Debts after one year -€119,776
down €119,776 (-5.7%), from €2.1m to €2.0m
- Reserves +€71,038
up €71,038 (+83.8%), from €84,770 to €155,808
- Other debts +€54,711
up €54,711 (+39.4%), from €139,000 to €193,712
Income statement
- Gross operating margin -€68,576
down €68,576 (-28.9%), from €237,652 to €169,076
- Financial charges -€53,860
down €53,860 (-44.2%), from €121,857 to €67,997
- Taxes -€4,540
down €4,540 (-15.8%), from €28,717 to €24,177
- Depreciation +€3,919
new in 2026: €3,919
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€84,770
Gross operating margin
-€68,576
Staff costs
+€47
Depreciation
-€3,919
Other operating charges
+€130
Financial income
+€186
Financial charges
+€53,860
Taxes
+€4,540
Result 2026
€71,038
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€165,303
Investment
-€75,425
Financing
-€98,500
Cash 2025
€19,086
From operations (derived)
+€165,303
Net result for the year
+€71,038
Depreciation
+€3,919
Receivables within one year
+€49,175
Trade debts
+€4,192
Tax, wage and social debts
-€12,642
Other debts
+€54,711
Accrued charges and deferred income
-€5,091
Investment (derived)
-€75,425
Investment in fixed assets (net)
-€75,425
Financing
-€98,500
Debts after one year
-€119,776
Current portion of long-term debt
+€21,277
Cash 2026
€10,464
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,102,877 | €3,116,586 | +€13,709 | +0.4% |
| Fixed assets | 21/28 | €3,000,000 | €3,071,506 | +€71,506 | +2.4% |
| Tangible fixed assets | 22/27 | - | €71,506 | +€71,506 | |
| Furniture and vehicles | 24 | - | €71,506 | +€71,506 | |
| Financial fixed assets | 28 | €3,000,000 | €3,000,000 | = | 0.0% |
| Current assets | 29/58 | €102,877 | €45,080 | -€57,797 | -56.2% |
| Amounts receivable within one year | 40/41 | €83,791 | €34,616 | -€49,175 | -58.7% |
| Trade receivables | 40 | €83,791 | €31,026 | -€52,765 | -63.0% |
| Other amounts receivable | 41 | - | €3,590 | +€3,590 | |
| Cash at bank and in hand | 54/58 | €19,086 | €10,464 | -€8,622 | -45.2% |
| Total equity and liabilities | 10/49 | €3,102,877 | €3,116,586 | +€13,709 | +0.4% |
| Equity | 10/15 | €634,770 | €705,808 | +€71,038 | +11.2% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €84,770 | €155,808 | +€71,038 | +83.8% |
| Distributable reserves | 133 | €84,770 | €155,808 | +€71,038 | +83.8% |
| Amounts payable | 17/49 | €2,468,107 | €2,410,778 | -€57,329 | -2.3% |
| Amounts payable after more than one year | 17 | €2,101,460 | €1,981,683 | -€119,776 | -5.7% |
| Financial debts | 170/4 | €2,101,460 | €1,981,683 | -€119,776 | -5.7% |
| Amounts payable within one year | 42/48 | €361,556 | €429,095 | +€67,538 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €171,034 | €192,311 | +€21,277 | +12.4% |
| Trade debts | 44 | - | €4,192 | +€4,192 | |
| Suppliers | 440/4 | - | €4,192 | +€4,192 | |
| Taxes, remuneration and social security | 45 | €51,522 | €38,880 | -€12,642 | -24.5% |
| Taxes | 450/3 | €51,522 | €38,880 | -€12,642 | -24.5% |
| Other amounts payable | 47/48 | €139,000 | €193,712 | +€54,711 | +39.4% |
| Accrued charges and deferred income | 492/3 | €5,091 | €0 | -€5,091 | -100% |
| Remuneration, social security and pensions | 62 | €1,519 | €1,472 | -€47 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,919 | +€3,919 | |
| Other operating charges | 640/8 | €789 | €659 | -€130 | -16.5% |
| Gross operating margin | 9900 | €237,652 | €169,076 | -€68,576 | -28.9% |
| Operating profit (loss) | 9901 | €235,344 | €163,026 | -€72,318 | -30.7% |
| Financial income | 75/76B | - | €186 | +€186 | |
| Recurring financial income | 75 | - | €186 | +€186 | |
| Financial charges | 65/66B | €121,857 | €67,997 | -€53,860 | -44.2% |
| Recurring financial charges | 65 | €121,857 | €67,997 | -€53,860 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €113,487 | €95,215 | -€18,272 | -16.1% |
| Income taxes | 67/77 | €28,717 | €24,177 | -€4,540 | -15.8% |
| Profit (loss) for the period | 9904 | €84,770 | €71,038 | -€13,732 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,770 | €71,038 | -€13,732 | -16.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.