SPAR V: 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.
SPAR V
Largest movements
- Tangible fixed assets -€98,137
down €98,137 (-7.1%), from €1.4m to €1.3m
of which Other tangible fixed assets: -€52,529
- Current investments +€77,053
new in 2025: €77,053
- Stocks and contracts +€37,654
up €37,654 (+16.2%), from €232,141 to €269,794
- Trade debts +€149,009
up €149,009 (+45.3%), from €328,645 to €477,654
- Debts after one year -€142,857
down €142,857 (-13.6%), from €1.1m to €907,143
- Profit (loss) carried forward +€106,063
up €106,063 (+55.8%), from -€189,976 to -€83,913
- Other debts -€97,207
down €97,207 (-26.0%), from €374,000 to €276,793
- Tax, wage and social debts +€21,927
up €21,927 (+39.0%), from €56,173 to €78,099
of which Remuneration and social security: +€21,253
- Gross operating margin +€360,872
up €360,872 (+77.5%), from €465,391 to €826,263
- Staff costs +€117,964
up €117,964 (+31.3%), from €376,545 to €494,509
- Depreciation -€39,499
down €39,499 (-19.9%), from €198,081 to €158,581
- Financial charges -€25,304
down €25,304 (-26.9%), from €94,083 to €68,779
- Financial income -€11,262
down €11,262 (-74.1%), from €15,192 to €3,930
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.
Derived cash bridge
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 | €1,962,440 | €1,990,824 | +€28,385 | +1.4% |
| Fixed assets | 21/28 | €1,383,899 | €1,285,762 | -€98,137 | -7.1% |
| Tangible fixed assets | 22/27 | €1,383,859 | €1,285,722 | -€98,137 | -7.1% |
| Plant, machinery and equipment | 23 | €919,093 | €875,451 | -€43,643 | -4.7% |
| Furniture and vehicles | 24 | €7,762 | €5,796 | -€1,966 | -25.3% |
| Other tangible fixed assets | 26 | €457,004 | €404,475 | -€52,529 | -11.5% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €578,541 | €705,062 | +€126,522 | +21.9% |
| Stocks and contracts in progress | 3 | €232,141 | €269,794 | +€37,654 | +16.2% |
| Stocks | 30/36 | €232,141 | €269,794 | +€37,654 | +16.2% |
| Amounts receivable within one year | 40/41 | €70,596 | €76,233 | +€5,637 | +8.0% |
| Trade receivables | 40 | €12,015 | €21,901 | +€9,886 | +82.3% |
| Other amounts receivable | 41 | €58,581 | €54,332 | -€4,249 | -7.3% |
| Current investments | 50/53 | - | €77,053 | +€77,053 | |
| Cash at bank and in hand | 54/58 | €252,185 | €248,324 | -€3,861 | -1.5% |
| Deferred charges and accrued income | 490/1 | €23,620 | €33,658 | +€10,038 | +42.5% |
| Total equity and liabilities | 10/49 | €1,962,440 | €1,990,824 | +€28,385 | +1.4% |
| Equity | 10/15 | €1,097 | €101,715 | +€100,619 | +9,175% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,976 | -€83,913 | +€106,063 | +55.8% |
| Investment grants | 15 | €31,073 | €25,628 | -€5,444 | -17.5% |
| Amounts payable | 17/49 | €1,961,343 | €1,889,109 | -€72,234 | -3.7% |
| Amounts payable after more than one year | 17 | €1,050,000 | €907,143 | -€142,857 | -13.6% |
| Financial debts | 170/4 | €1,050,000 | €907,143 | -€142,857 | -13.6% |
| Amounts payable within one year | 42/48 | €901,675 | €975,403 | +€73,728 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €142,857 | €142,857 | = | 0.0% |
| Trade debts | 44 | €328,645 | €477,654 | +€149,009 | +45.3% |
| Suppliers | 440/4 | €328,645 | €477,654 | +€149,009 | +45.3% |
| Taxes, remuneration and social security | 45 | €56,173 | €78,099 | +€21,927 | +39.0% |
| Taxes | 450/3 | €659 | €1,333 | +€674 | +102% |
| Remuneration and social security | 454/9 | €55,514 | €76,767 | +€21,253 | +38.3% |
| Other amounts payable | 47/48 | €374,000 | €276,793 | -€97,207 | -26.0% |
| Accrued charges and deferred income | 492/3 | €9,668 | €6,563 | -€3,105 | -32.1% |
| Remuneration, social security and pensions | 62 | €376,545 | €494,509 | +€117,964 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,081 | €158,581 | -€39,499 | -19.9% |
| Other operating charges | 640/8 | €1,850 | €1,915 | +€65 | +3.5% |
| Gross operating margin | 9900 | €465,391 | €826,263 | +€360,872 | +77.5% |
| Operating profit (loss) | 9901 | -€111,085 | €171,258 | +€282,343 | |
| Financial income | 75/76B | €15,192 | €3,930 | -€11,262 | -74.1% |
| Recurring financial income | 75 | €15,192 | €3,930 | -€11,262 | -74.1% |
| Financial charges | 65/66B | €94,083 | €68,779 | -€25,304 | -26.9% |
| Recurring financial charges | 65 | €94,083 | €68,779 | -€25,304 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€189,976 | €106,410 | +€296,385 | |
| Profit (loss) for the period | 9904 | -€189,976 | €106,410 | +€296,385 | |
| Profit (loss) for the period to be appropriated | 9905 | -€189,976 | €106,410 | +€296,385 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.