SPAREX: 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.
SPAREX
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€16,549
up €16,549 (+9.6%), from -€171,774 to -€155,224
- Reserves -€15,768
down €15,768 (-1.4%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€15,768
- Gross operating margin +€13,103
up €13,103 (+77.3%), from -€16,943 to -€3,840
- Financial income -€4,762
down €4,762 (-50.9%), from €9,355 to €4,593
- Other operating charges -€3,510
down €3,510 (-47.5%), from €7,383 to €3,872
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 | €1,043,864 | €1,031,190 | -€12,674 | -1.2% |
| Fixed assets | 21/28 | €64,268 | €60,339 | -€3,930 | -6.1% |
| Tangible fixed assets | 22/27 | €54,144 | €50,215 | -€3,930 | -7.3% |
| Land and buildings | 22 | €51,522 | €48,073 | -€3,449 | -6.7% |
| Plant, machinery and equipment | 23 | €2,622 | €2,141 | -€481 | -18.3% |
| Financial fixed assets | 28 | €10,124 | €10,124 | = | 0.0% |
| Current assets | 29/58 | €979,596 | €970,852 | -€8,745 | -0.9% |
| Cash at bank and in hand | 54/58 | €979,596 | €970,852 | -€8,745 | -0.9% |
| Total equity and liabilities | 10/49 | €1,043,864 | €1,031,190 | -€12,674 | -1.2% |
| Equity | 10/15 | €1,026,569 | €1,027,351 | +€782 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,136,342 | €1,120,575 | -€15,768 | -1.4% |
| Non-distributable reserves | 130/1 | €117,117 | €117,117 | = | 0.0% |
| Legal reserve | 130 | €42,117 | €42,117 | = | 0.0% |
| Reserves not available under the articles | 1311 | €75,000 | €75,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,768 | - | -€15,768 | |
| Distributable reserves | 133 | €1,003,457 | €1,003,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,774 | -€155,224 | +€16,549 | +9.6% |
| Provisions and deferred taxes | 16 | €8,093 | - | -€8,093 | |
| Deferred taxes | 168 | €8,093 | - | -€8,093 | |
| Amounts payable | 17/49 | €9,203 | €3,840 | -€5,363 | -58.3% |
| Amounts payable after more than one year | 17 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,403 | €818 | -€6,585 | -89.0% |
| Trade debts | 44 | €118 | €562 | +€444 | +375.7% |
| Suppliers | 440/4 | €118 | €562 | +€444 | +375.7% |
| Other amounts payable | 47/48 | €7,285 | €256 | -€7,029 | -96.5% |
| Accrued charges and deferred income | 492/3 | - | €1,222 | +€1,222 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,930 | €3,930 | = | 0.0% |
| Other operating charges | 640/8 | €7,383 | €3,872 | -€3,510 | -47.5% |
| Gross operating margin | 9900 | -€16,943 | -€3,840 | +€13,103 | +77.3% |
| Operating profit (loss) | 9901 | -€28,255 | -€11,642 | +€16,613 | +58.8% |
| Financial income | 75/76B | €9,355 | €4,593 | -€4,762 | -50.9% |
| Recurring financial income | 75 | €9,355 | €4,593 | -€4,762 | -50.9% |
| Financial charges | 65/66B | €153 | €262 | +€109 | +70.9% |
| Recurring financial charges | 65 | €153 | €262 | +€109 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,054 | -€7,311 | +€11,743 | +61.6% |
| Transfer from deferred taxes | 780 | - | €7,642 | +€7,642 | |
| Income taxes | 67/77 | €12 | - | -€12 | |
| Profit (loss) for the period | 9904 | -€19,066 | €331 | +€19,397 | |
| Transfer from tax-exempt reserves | 789 | - | €14,893 | +€14,893 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,066 | €15,224 | +€34,289 |
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.