SPANORAMA: 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.
SPANORAMA
Largest movements
- Tangible fixed assets +€239,704
up €239,704 (+19.4%), from €1.2m to €1.5m
of which Plant, machinery and equipment: +€126,785
- Receivables within one year +€100,639
up €100,639 (+42.8%), from €234,999 to €335,638
of which Trade receivables: +€156,739
- Stocks and contracts -€72,284
down €72,284 (-37.4%), from €193,179 to €120,895
- Cash +€49,821
up €49,821 (+10.7%), from €466,311 to €516,131
mainly Debts after one year (+€168,268) and Trade debts (+€93,426)
- Debts after one year +€168,268
up €168,268 (+18.2%), from €922,977 to €1.1m
- Trade debts +€93,426
up €93,426 (+93.9%), from €99,470 to €192,896
- Reserves +€73,631
up €73,631 (+7.7%), from €952,124 to €1.0m
- Staff costs -€44,558
down €44,558 (-7.6%), from €590,127 to €545,569
- Depreciation +€19,661
up €19,661 (+48.0%), from €40,927 to €60,588
- Taxes +€16,260
up €16,260 (+172.1%), from €9,449 to €25,709
- Financial charges +€15,240
up €15,240 (+63.4%), from €24,044 to €39,284
- Gross operating margin -€14,129
down €14,129 (-1.8%), from €764,128 to €749,999
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 | €2,144,481 | €2,498,695 | +€354,214 | +16.5% |
| Fixed assets | 21/28 | €1,233,009 | €1,511,234 | +€278,225 | +22.6% |
| Intangible fixed assets | 21 | - | €14,520 | +€14,520 | |
| Tangible fixed assets | 22/27 | €1,233,009 | €1,472,714 | +€239,704 | +19.4% |
| Land and buildings | 22 | €1,200,478 | €1,313,143 | +€112,665 | +9.4% |
| Plant, machinery and equipment | 23 | €17,380 | €144,165 | +€126,785 | +729.5% |
| Furniture and vehicles | 24 | €15,151 | €15,406 | +€255 | +1.7% |
| Financial fixed assets | 28 | - | €24,000 | +€24,000 | |
| Current assets | 29/58 | €911,472 | €987,460 | +€75,989 | +8.3% |
| Stocks and contracts in progress | 3 | €193,179 | €120,895 | -€72,284 | -37.4% |
| Stocks | 30/36 | €193,179 | €120,895 | -€72,284 | -37.4% |
| Amounts receivable within one year | 40/41 | €234,999 | €335,638 | +€100,639 | +42.8% |
| Trade receivables | 40 | €132,271 | €289,010 | +€156,739 | +118.5% |
| Other amounts receivable | 41 | €102,728 | €46,628 | -€56,100 | -54.6% |
| Cash at bank and in hand | 54/58 | €466,311 | €516,131 | +€49,821 | +10.7% |
| Deferred charges and accrued income | 490/1 | €16,983 | €14,797 | -€2,186 | -12.9% |
| Total equity and liabilities | 10/49 | €2,144,481 | €2,498,695 | +€354,214 | +16.5% |
| Equity | 10/15 | €1,012,124 | €1,085,754 | +€73,631 | +7.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €952,124 | €1,025,754 | +€73,631 | +7.7% |
| Distributable reserves | 133 | €952,124 | €1,025,754 | +€73,631 | +7.7% |
| Amounts payable | 17/49 | €1,132,357 | €1,412,940 | +€280,583 | +24.8% |
| Amounts payable after more than one year | 17 | €922,977 | €1,091,245 | +€168,268 | +18.2% |
| Financial debts | 170/4 | €922,977 | €1,091,245 | +€168,268 | +18.2% |
| Amounts payable within one year | 42/48 | €209,380 | €321,696 | +€112,315 | +53.6% |
| Current portion of amounts payable after more than one year | 42 | €43,620 | €66,647 | +€23,026 | +52.8% |
| Trade debts | 44 | €99,470 | €192,896 | +€93,426 | +93.9% |
| Suppliers | 440/4 | €99,470 | €192,896 | +€93,426 | +93.9% |
| Taxes, remuneration and social security | 45 | €63,266 | €58,349 | -€4,917 | -7.8% |
| Taxes | 450/3 | €8,462 | €9,119 | +€656 | +7.8% |
| Remuneration and social security | 454/9 | €54,804 | €49,231 | -€5,573 | -10.2% |
| Other amounts payable | 47/48 | €3,024 | €3,803 | +€779 | +25.8% |
| Non-recurring operating income | 76A | €3,500 | - | -€3,500 | |
| Remuneration, social security and pensions | 62 | €590,127 | €545,569 | -€44,558 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,927 | €60,588 | +€19,661 | +48.0% |
| Other operating charges | 640/8 | €16,526 | €6,546 | -€9,981 | -60.4% |
| Gross operating margin | 9900 | €764,128 | €749,999 | -€14,129 | -1.8% |
| Operating profit (loss) | 9901 | €116,548 | €137,296 | +€20,748 | +17.8% |
| Financial income | 75/76B | €819 | €1,327 | +€508 | +62.0% |
| Recurring financial income | 75 | €819 | €1,327 | +€508 | +62.0% |
| Financial charges | 65/66B | €24,044 | €39,284 | +€15,240 | +63.4% |
| Recurring financial charges | 65 | €24,044 | €39,284 | +€15,240 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €93,323 | €99,339 | +€6,017 | +6.4% |
| Income taxes | 67/77 | €9,449 | €25,709 | +€16,260 | +172.1% |
| Profit (loss) for the period | 9904 | €83,874 | €73,631 | -€10,243 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,874 | €73,631 | -€10,243 | -12.2% |
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 4 October 2026 via checked.be.