SPAPENS: 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.
SPAPENS
Largest movements
- Cash +€172,518
up €172,518 (+137.0%), from €125,903 to €298,421
mainly Debts after one year (+€413,597) and Trade debts (+€234,374)
- Receivables within one year +€153,733
up €153,733 (+24.5%), from €627,528 to €781,261
of which Other amounts receivable: +€106,996
- Tangible fixed assets -€68,023
down €68,023 (-10.7%), from €635,774 to €567,751
of which Land and buildings: -€67,935
- Intangible fixed assets -€50,550
down €50,550 (-25.1%), from €201,717 to €151,167
- Debts after one year +€413,597
up €413,597 (+112.5%), from €367,743 to €781,340
of which Financial debts: +€419,899
- Profit (loss) carried forward -€286,643
down €286,643, from €39,028 to -€247,615
- Trade debts +€234,374
up €234,374 (+17.6%), from €1.3m to €1.6m
- Short-term financial debts -€115,000
no longer reported in 2024 (was €115,000)
- Current portion of long-term debt -€43,119
down €43,119 (-32.9%), from €131,105 to €87,986
- Financial charges +€228,815
up €228,815 (+589.5%), from €38,818 to €267,633
of which Non-recurring financial charges: +€176,627
- Staff costs +€93,574
up €93,574 (+7.7%), from €1.2m to €1.3m
- Write-downs -€17,145
down €17,145, from €16,787 to -€358
- Financial income -€16,721
down €16,721 (-80.4%), from €20,810 to €4,089
of which Financial income: -€16,026
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,380,617 | €2,555,164 | +€174,547 | +7.3% |
| Fixed assets | 21/28 | €852,078 | €726,279 | -€125,799 | -14.8% |
| Intangible fixed assets | 21 | €201,717 | €151,167 | -€50,550 | -25.1% |
| Tangible fixed assets | 22/27 | €635,774 | €567,751 | -€68,023 | -10.7% |
| Land and buildings | 22 | €477,837 | €409,902 | -€67,935 | -14.2% |
| Plant, machinery and equipment | 23 | €96,450 | €118,296 | +€21,846 | +22.7% |
| Furniture and vehicles | 24 | €61,487 | €39,553 | -€21,934 | -35.7% |
| Financial fixed assets | 28 | €14,587 | €7,361 | -€7,226 | -49.5% |
| Current assets | 29/58 | €1,528,539 | €1,828,884 | +€300,345 | +19.6% |
| Stocks and contracts in progress | 3 | €768,557 | €749,202 | -€19,355 | -2.5% |
| Stocks | 30/36 | €768,557 | €749,202 | -€19,355 | -2.5% |
| Amounts receivable within one year | 40/41 | €627,528 | €781,261 | +€153,733 | +24.5% |
| Trade receivables | 40 | €561,457 | €608,193 | +€46,736 | +8.3% |
| Other amounts receivable | 41 | €66,071 | €173,068 | +€106,996 | +161.9% |
| Cash at bank and in hand | 54/58 | €125,903 | €298,421 | +€172,518 | +137.0% |
| Deferred charges and accrued income | 490/1 | €6,551 | - | -€6,551 | |
| Total equity and liabilities | 10/49 | €2,380,617 | €2,555,164 | +€174,547 | +7.3% |
| Equity | 10/15 | €132,979 | -€165,664 | -€298,643 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €39,359 | €39,359 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | €39,028 | -€247,615 | -€286,643 | |
| Investment grants | 15 | €36,000 | €24,000 | -€12,000 | -33.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €2,247,638 | €2,720,828 | +€473,190 | +21.1% |
| Amounts payable after more than one year | 17 | €367,743 | €781,340 | +€413,597 | +112.5% |
| Financial debts | 170/4 | €361,441 | €781,340 | +€419,899 | +116.2% |
| Other amounts payable | 178/9 | €6,301 | - | -€6,301 | |
| Amounts payable within one year | 42/48 | €1,879,895 | €1,939,488 | +€59,592 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €131,105 | €87,986 | -€43,119 | -32.9% |
| Financial debts | 43 | €115,000 | - | -€115,000 | |
| Credit institutions | 430/8 | €115,000 | - | -€115,000 | |
| Trade debts | 44 | €1,328,007 | €1,562,381 | +€234,374 | +17.6% |
| Suppliers | 440/4 | €1,328,007 | €1,562,381 | +€234,374 | +17.6% |
| Taxes, remuneration and social security | 45 | €154,249 | €137,586 | -€16,662 | -10.8% |
| Taxes | 450/3 | €32,658 | €24,737 | -€7,921 | -24.3% |
| Remuneration and social security | 454/9 | €121,590 | €112,849 | -€8,741 | -7.2% |
| Other amounts payable | 47/48 | €151,534 | €151,534 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,216,297 | €1,309,871 | +€93,574 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,728 | €157,769 | +€6,041 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,787 | -€358 | -€17,145 | |
| Other operating charges | 640/8 | €48,240 | €36,768 | -€11,472 | -23.8% |
| Non-recurring operating charges | 66A | - | €11,433 | +€11,433 | |
| Gross operating margin | 9900 | €1,499,178 | €1,492,975 | -€6,202 | -0.4% |
| Operating profit (loss) | 9901 | €66,125 | -€22,508 | -€88,634 | |
| Financial income | 75/76B | €20,810 | €4,089 | -€16,721 | -80.4% |
| Recurring financial income | 75 | €16,778 | €752 | -€16,026 | -95.5% |
| Non-recurring financial income | 76B | €4,032 | €3,337 | -€695 | -17.2% |
| Financial charges | 65/66B | €38,818 | €267,633 | +€228,815 | +589.5% |
| Recurring financial charges | 65 | €38,818 | €91,006 | +€52,189 | +134.4% |
| Non-recurring financial charges | 66B | - | €176,627 | +€176,627 | |
| Profit (loss) for the period before taxes | 9903 | €48,118 | -€286,052 | -€334,170 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €9,090 | €591 | -€8,499 | -93.5% |
| Profit (loss) for the period | 9904 | €39,028 | -€286,643 | -€325,671 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,028 | -€286,643 | -€325,671 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.