SPARK ALPHA: 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.
SPARK ALPHA
Largest movements
- Cash +€266,826
up €266,826 (+265.8%), from €100,395 to €367,222
mainly Current investments (+€139,987) and Net result for the year (+€114,145)
- Current investments -€139,987
down €139,987 (-56.0%), from €250,000 to €110,013
- Receivables within one year +€5,446
up €5,446 (+14.6%), from €37,255 to €42,701
of which Trade receivables: +€5,446
- Reserves +€114,145
up €114,145 (+29.2%), from €391,212 to €505,357
- Tax, wage and social debts +€13,931
up €13,931 (+335.1%), from €4,157 to €18,088
- Gross operating margin +€58,018
up €58,018 (+58.9%), from €98,555 to €156,573
- Taxes +€26,682
up €26,682 (+98.2%), from €27,171 to €53,853
- Financial income +€12,629
up €12,629 (+343.5%), from €3,677 to €16,306
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 | €399,473 | €525,998 | +€126,525 | +31.7% |
| Fixed assets | 21/28 | €8,857 | €5,889 | -€2,968 | -33.5% |
| Tangible fixed assets | 22/27 | €8,857 | €5,889 | -€2,968 | -33.5% |
| Furniture and vehicles | 24 | €4,844 | €2,455 | -€2,390 | -49.3% |
| Other tangible fixed assets | 26 | €4,012 | €3,434 | -€578 | -14.4% |
| Current assets | 29/58 | €390,616 | €520,109 | +€129,493 | +33.2% |
| Amounts receivable within one year | 40/41 | €37,255 | €42,701 | +€5,446 | +14.6% |
| Trade receivables | 40 | €18,323 | €23,769 | +€5,446 | +29.7% |
| Other amounts receivable | 41 | €18,932 | €18,932 | = | 0.0% |
| Current investments | 50/53 | €250,000 | €110,013 | -€139,987 | -56.0% |
| Cash at bank and in hand | 54/58 | €100,395 | €367,222 | +€266,826 | +265.8% |
| Deferred charges and accrued income | 490/1 | €2,966 | €173 | -€2,792 | -94.2% |
| Total equity and liabilities | 10/49 | €399,473 | €525,998 | +€126,525 | +31.7% |
| Equity | 10/15 | €391,212 | €505,357 | +€114,145 | +29.2% |
| Reserves | 13 | €391,212 | €505,357 | +€114,145 | +29.2% |
| Distributable reserves | 133 | €391,212 | €505,357 | +€114,145 | +29.2% |
| Amounts payable | 17/49 | €8,260 | €20,641 | +€12,381 | +149.9% |
| Amounts payable after more than one year | 17 | - | €258 | +€258 | |
| Financial debts | 170/4 | - | €258 | +€258 | |
| Amounts payable within one year | 42/48 | €8,260 | €20,383 | +€12,123 | +146.8% |
| Financial debts | 43 | €382 | - | -€382 | |
| Credit institutions | 430/8 | €382 | - | -€382 | |
| Trade debts | 44 | €1,761 | €488 | -€1,273 | -72.3% |
| Suppliers | 440/4 | €1,761 | €488 | -€1,273 | -72.3% |
| Taxes, remuneration and social security | 45 | €4,157 | €18,088 | +€13,931 | +335.1% |
| Taxes | 450/3 | €4,157 | €18,088 | +€13,931 | +335.1% |
| Other amounts payable | 47/48 | €1,961 | €1,807 | -€154 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,899 | €2,968 | +€69 | +2.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €98,555 | €156,573 | +€58,018 | +58.9% |
| Operating profit (loss) | 9901 | €95,269 | €153,205 | +€57,936 | +60.8% |
| Financial income | 75/76B | €3,677 | €16,306 | +€12,629 | +343.5% |
| Recurring financial income | 75 | €3,677 | €16,306 | +€12,629 | +343.5% |
| Financial charges | 65/66B | €261 | €1,513 | +€1,252 | +479.4% |
| Recurring financial charges | 65 | €261 | €1,513 | +€1,252 | +479.4% |
| Profit (loss) for the period before taxes | 9903 | €98,684 | €167,998 | +€69,314 | +70.2% |
| Income taxes | 67/77 | €27,171 | €53,853 | +€26,682 | +98.2% |
| Profit (loss) for the period | 9904 | €71,513 | €114,145 | +€42,632 | +59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,513 | €114,145 | +€42,632 | +59.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.