SPANADRA: 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.
SPANADRA
Largest movements
- Stocks and contracts -€103,194
down €103,194 (-56.7%), from €182,076 to €78,882
- Cash -€60,183
down €60,183 (-36.8%), from €163,664 to €103,481
mainly Trade debts (-€113,644) and Investment in fixed assets (net) (-€49,981)
- Intangible fixed assets +€42,014
new in 2025: €42,014
- Tangible fixed assets -€10,223
down €10,223 (-96.0%), from €10,654 to €431
of which Leasing and similar rights: -€10,017
- Receivables within one year +€8,552
up €8,552 (+4.0%), from €211,727 to €220,279
of which Other amounts receivable: +€15,657
- Trade debts -€113,644
down €113,644 (-69.7%), from €162,951 to €49,306
- Advances received +€18,399
new in 2025: €18,399
- Profit (loss) carried forward -€15,794
down €15,794 (-4.2%), from €373,440 to €357,646
- Debts after one year -€8,952
down €8,952 (-90.0%), from €9,952 to €1,000
- Short-term financial debts -€6,899
down €6,899 (-81.6%), from €8,452 to €1,553
- Gross operating margin -€42,963
down €42,963 (-24.0%), from €179,039 to €136,076
- Taxes +€22,745
up €22,745, from -€22,607 to €137
- Staff costs -€14,247
down €14,247 (-9.8%), from €146,013 to €131,766
- Financial income -€8,933
down €8,933 (-75.4%), from €11,849 to €2,915
- Other operating charges -€8,126
down €8,126 (-90.1%), from €9,023 to €897
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 | €622,189 | €503,222 | -€118,967 | -19.1% |
| Fixed assets | 21/28 | €10,654 | €42,445 | +€31,791 | +298.4% |
| Intangible fixed assets | 21 | - | €42,014 | +€42,014 | |
| Tangible fixed assets | 22/27 | €10,654 | €431 | -€10,223 | -96.0% |
| Plant, machinery and equipment | 23 | €446 | €239 | -€206 | -46.3% |
| Leasing and similar rights | 25 | €10,209 | €192 | -€10,017 | -98.1% |
| Current assets | 29/58 | €611,535 | €460,776 | -€150,758 | -24.7% |
| Amounts receivable after more than one year | 29 | €53,000 | €53,000 | = | 0.0% |
| Other amounts receivable | 291 | €53,000 | €53,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €182,076 | €78,882 | -€103,194 | -56.7% |
| Stocks | 30/36 | €182,076 | €78,882 | -€103,194 | -56.7% |
| Amounts receivable within one year | 40/41 | €211,727 | €220,279 | +€8,552 | +4.0% |
| Trade receivables | 40 | €18,497 | €11,392 | -€7,104 | -38.4% |
| Other amounts receivable | 41 | €193,230 | €208,887 | +€15,657 | +8.1% |
| Cash at bank and in hand | 54/58 | €163,664 | €103,481 | -€60,183 | -36.8% |
| Deferred charges and accrued income | 490/1 | €1,068 | €5,134 | +€4,066 | +380.8% |
| Total equity and liabilities | 10/49 | €622,189 | €503,222 | -€118,967 | -19.1% |
| Equity | 10/15 | €387,900 | €372,106 | -€15,794 | -4.1% |
| Contributions | 10/11 | €14,460 | €14,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €373,440 | €357,646 | -€15,794 | -4.2% |
| Amounts payable | 17/49 | €234,289 | €131,116 | -€103,173 | -44.0% |
| Amounts payable after more than one year | 17 | €9,952 | €1,000 | -€8,952 | -90.0% |
| Financial debts | 170/4 | €9,952 | €1,000 | -€8,952 | -90.0% |
| Amounts payable within one year | 42/48 | €223,724 | €129,678 | -€94,046 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €5,602 | €8,952 | +€3,350 | +59.8% |
| Financial debts | 43 | €8,452 | €1,553 | -€6,899 | -81.6% |
| Credit institutions | 430/8 | €8,452 | €1,553 | -€6,899 | -81.6% |
| Trade debts | 44 | €162,951 | €49,306 | -€113,644 | -69.7% |
| Suppliers | 440/4 | €162,951 | €49,306 | -€113,644 | -69.7% |
| Advances received on contracts in progress | 46 | - | €18,399 | +€18,399 | |
| Taxes, remuneration and social security | 45 | €7,036 | €13,285 | +€6,248 | +88.8% |
| Remuneration and social security | 454/9 | €7,036 | €13,285 | +€6,248 | +88.8% |
| Other amounts payable | 47/48 | €39,683 | €38,183 | -€1,500 | -3.8% |
| Accrued charges and deferred income | 492/3 | €613 | €438 | -€176 | -28.6% |
| Remuneration, social security and pensions | 62 | €146,013 | €131,766 | -€14,247 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,190 | €18,190 | +€8,000 | +78.5% |
| Other operating charges | 640/8 | €9,023 | €897 | -€8,126 | -90.1% |
| Gross operating margin | 9900 | €179,039 | €136,076 | -€42,963 | -24.0% |
| Operating profit (loss) | 9901 | €13,813 | -€14,777 | -€28,590 | |
| Financial income | 75/76B | €11,849 | €2,915 | -€8,933 | -75.4% |
| Recurring financial income | 75 | €11,849 | €2,915 | -€8,933 | -75.4% |
| Financial charges | 65/66B | €3,153 | €3,795 | +€642 | +20.4% |
| Recurring financial charges | 65 | €3,153 | €3,795 | +€642 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €22,509 | -€15,657 | -€38,166 | |
| Income taxes | 67/77 | -€22,607 | €137 | +€22,745 | |
| Profit (loss) for the period | 9904 | €45,116 | -€15,794 | -€60,910 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,116 | -€15,794 | -€60,910 |
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 7 October 2026 via checked.be.