SPAQuE: 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.
What changed
SPAQuE
NACE 39.000, Remediation activities and other waste management service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€30.1m
2024 · -€27.8m-€2.4m
Equity
€55.9m
2024 · €7.7m+€48.2m
Cash
€211.0m
2024 · €236.2m-€25.1m
Balance sheet total
€479.8m
2024 · €534.1m-€54.3m
Largest movements
Assets
- Cash -€25.1m
down €25.1m (-10.6%), from €236.2m to €211.0m
mainly Other debts (-€55.7m) and Net result for the year (-€30.1m)
- Deferred charges and accrued income -€23.1m
down €23.1m (-9.1%), from €253.7m to €230.7m
- Receivables within one year -€7.0m
down €7.0m (-36.1%), from €19.5m to €12.5m
of which Other amounts receivable: -€6.1m
Equity and liabilities
- Other debts -€55.7m
down €55.7m (-95.6%), from €58.2m to €2.6m
- Profit (loss) carried forward +€28.9m
up €28.9m (+49.0%), from -€59.1m to -€30.1m
- Debts after one year -€23.9m
down €23.9m (-10.4%), from €230.4m to €206.5m
- Contributions +€19.3m
up €19.3m (+28.9%), from €66.6m to €85.9m
- Short-term financial debts -€13.4m
down €13.4m (-18.4%), from €72.7m to €59.4m
Income statement
- Provisions -€2.6m
down €2.6m (-518.3%), from -€495,918 to -€3.1m
- Turnover -€1.8m
down €1.8m (-14.7%), from €12.4m to €10.6m
- Staff costs +€1.2m
up €1.2m (+8.7%), from €13.3m to €14.4m
- Goods and materials +€1.1m
up €1.1m (+10.0%), from €11.5m to €12.6m
of which Change in stocks: decrease (increase): +€1.5m
- Write-downs +€349,324
no longer reported in 2025 (was -€349,324)
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.
Result 2024
-€27.8m
Turnover
-€1.8m
Other operating income
+€94,010
Goods and materials
-€1.1m
Services and other goods
+€302,241
Staff costs
-€1.2m
Depreciation
+€79,702
Write-downs
-€349,324
Provisions
+€2.6m
Other operating charges
-€308,548
Other operating items
-€511,276
Financial income
-€129,476
Financial charges
+€25,215
Taxes
-€590
Result 2025
-€30.1m
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.
From operations
-€65.4m
Investment
-€1.7m
Financing
+€42.0m
Cash 2024
€236.2m
From operations (derived)
-€65.4m
Net result for the year
-€30.1m
Depreciation
+€375,037
Stocks and contracts
+€427,436
Receivables within one year
+€7.0m
Deferred charges and accrued income
+€23.1m
Provisions
-€3.1m
Trade debts
-€2.8m
Tax, wage and social debts
+€197,759
Other debts
-€55.7m
Accrued charges and deferred income
-€4.8m
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
+€42.0m
Debts after one year
-€23.9m
Current portion of long-term debt
+€917,124
Short-term financial debts
-€13.4m
Contributions, distributions and other
+€78.3m
Cash 2025
€211.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,100,985 | €479,804,934 | -€54.3m | -10.2% |
| Fixed assets | 21/28 | €18,293,723 | €19,632,971 | +€1.3m | +7.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €5,283,036 | €6,622,284 | +€1.3m | +25.3% |
| Land and buildings | 22 | €368,194 | €889,434 | +€521,240 | +141.6% |
| Plant, machinery and equipment | 23 | €3,440,997 | €4,021,932 | +€580,935 | +16.9% |
| Furniture and vehicles | 24 | €330,538 | €201,183 | -€129,355 | -39.1% |
| Other tangible fixed assets | 26 | €18,979 | €18,048 | -€931 | -4.9% |
| Assets under construction and advance payments | 27 | €1,124,327 | €1,491,686 | +€367,359 | +32.7% |
| Financial fixed assets | 28 | €13,010,687 | €13,010,687 | = | 0.0% |
| Affiliated companies | 280/1 | €12,125,000 | €12,125,000 | = | 0.0% |
| Participating interests | 280 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable | 281 | €12,000,000 | €12,000,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €885,687 | €885,687 | = | 0.0% |
| Participating interests | 282 | €885,687 | €885,687 | = | 0.0% |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Shares | 284 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €515,807,262 | €460,171,963 | -€55.6m | -10.8% |
| Stocks and contracts in progress | 3 | €6,428,981 | €6,001,545 | -€427,436 | -6.6% |
| Stocks | 30/36 | €6,428,981 | €6,001,545 | -€427,436 | -6.6% |
| Property held for sale | 35 | €6,428,981 | €6,001,545 | -€427,436 | -6.6% |
| Amounts receivable within one year | 40/41 | €19,470,490 | €12,450,621 | -€7.0m | -36.1% |
| Trade receivables | 40 | €3,743,700 | €2,806,113 | -€937,586 | -25.0% |
| Other amounts receivable | 41 | €15,726,790 | €9,644,508 | -€6.1m | -38.7% |
| Cash at bank and in hand | 54/58 | €236,178,183 | €211,042,588 | -€25.1m | -10.6% |
| Deferred charges and accrued income | 490/1 | €253,729,608 | €230,677,208 | -€23.1m | -9.1% |
| Total equity and liabilities | 10/49 | €534,100,985 | €479,804,934 | -€54.3m | -10.2% |
| Equity | 10/15 | €7,674,989 | €55,889,949 | +€48.2m | +628.2% |
| Contributions | 10/11 | €66,604,535 | €85,883,322 | +€19.3m | +28.9% |
| Capital | 10 | €66,604,535 | €85,883,322 | +€19.3m | +28.9% |
| Issued capital | 100 | €66,604,535 | €85,883,322 | +€19.3m | +28.9% |
| Reserves | 13 | €125,000 | €125,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Legal reserve | 130 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,054,546 | -€30,118,374 | +€28.9m | +49.0% |
| Provisions and deferred taxes | 16 | €89,045,814 | €85,979,590 | -€3.1m | -3.4% |
| Provisions for liabilities and charges | 160/5 | €89,045,814 | €85,979,590 | -€3.1m | -3.4% |
| Other liabilities and charges | 164/5 | €89,045,814 | €85,979,590 | -€3.1m | -3.4% |
| Amounts payable | 17/49 | €437,380,182 | €337,935,396 | -€99.4m | -22.7% |
| Amounts payable after more than one year | 17 | €230,389,911 | €206,507,939 | -€23.9m | -10.4% |
| Financial debts | 170/4 | €230,389,911 | €206,507,939 | -€23.9m | -10.4% |
| Other loans | 174 | €230,389,911 | €206,507,939 | -€23.9m | -10.4% |
| Amounts payable within one year | 42/48 | €170,473,034 | €99,731,561 | -€70.7m | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €27,128,288 | €28,045,412 | +€917,124 | +3.4% |
| Financial debts | 43 | €72,745,855 | €59,365,849 | -€13.4m | -18.4% |
| Other loans | 439 | €72,745,855 | €59,365,849 | -€13.4m | -18.4% |
| Trade debts | 44 | €10,685,692 | €7,863,348 | -€2.8m | -26.4% |
| Suppliers | 440/4 | €10,685,692 | €7,863,348 | -€2.8m | -26.4% |
| Taxes, remuneration and social security | 45 | €1,700,747 | €1,898,506 | +€197,759 | +11.6% |
| Taxes | 450/3 | €196,469 | €221,434 | +€24,965 | +12.7% |
| Remuneration and social security | 454/9 | €1,504,278 | €1,677,073 | +€172,794 | +11.5% |
| Other amounts payable | 47/48 | €58,212,452 | €2,558,446 | -€55.7m | -95.6% |
| Accrued charges and deferred income | 492/3 | €36,517,237 | €31,695,896 | -€4.8m | -13.2% |
| Operating income | 70/76A | €31,533,122 | €29,276,716 | -€2.3m | -7.2% |
| Turnover | 70 | €12,449,437 | €10,622,045 | -€1.8m | -14.7% |
| Other operating income | 74 | €18,509,354 | €18,603,364 | +€94,010 | +0.5% |
| Non-recurring operating income | 76A | €574,332 | €51,307 | -€523,025 | -91.1% |
| Operating charges | 60/66A | €27,945,974 | €27,939,282 | -€6,691 | 0.0% |
| Goods for resale, raw materials and consumables | 60 | €11,469,550 | €12,615,767 | +€1.1m | +10.0% |
| Purchases | 600/8 | €12,535,216 | €12,188,331 | -€346,885 | -2.8% |
| Change in stocks: decrease (increase) | 609 | -€1,065,666 | €427,436 | +€1.5m | |
| Services and other goods | 61 | €2,888,524 | €2,586,282 | -€302,241 | -10.5% |
| Remuneration, social security and pensions | 62 | €13,253,482 | €14,406,698 | +€1.2m | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454,738 | €375,037 | -€79,702 | -17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€349,324 | - | +€349,324 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€495,918 | -€3,066,224 | -€2.6m | -518.3% |
| Other operating charges | 640/8 | €713,174 | €1,021,722 | +€308,548 | +43.3% |
| Non-recurring operating charges | 66A | €11,748 | €0 | -€11,748 | -100.0% |
| Operating profit (loss) | 9901 | €3,587,149 | €1,337,433 | -€2.2m | -62.7% |
| Financial income | 75/76B | €327,345 | €197,869 | -€129,476 | -39.6% |
| Recurring financial income | 75 | €189,295 | €197,869 | +€8,574 | +4.5% |
| Income from financial fixed assets | 750 | €189,275 | €197,750 | +€8,475 | +4.5% |
| Other financial income | 752/9 | €20 | €119 | +€99 | +494.2% |
| Non-recurring financial income | 76B | €138,050 | €0 | -€138,050 | -100.0% |
| Financial charges | 65/66B | €31,672,529 | €31,647,315 | -€25,215 | -0.1% |
| Recurring financial charges | 65 | €31,672,529 | €31,647,315 | -€25,215 | -0.1% |
| Debt charges | 650 | €9,327,367 | €8,535,697 | -€791,670 | -8.5% |
| Other financial charges | 652/9 | €22,345,163 | €23,111,618 | +€766,455 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,758,036 | -€30,112,012 | -€2.4m | -8.5% |
| Income taxes | 67/77 | €5,772 | €6,362 | +€590 | +10.2% |
| Taxes | 670/3 | €5,772 | €6,362 | +€590 | +10.2% |
| Profit (loss) for the period | 9904 | -€27,763,807 | -€30,118,374 | -€2.4m | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,763,807 | -€30,118,374 | -€2.4m | -8.5% |
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 30 September 2026 via checked.be.