SPARQ: 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.
SPARQ
Largest movements
- Current investments +€2.2m
up €2.2m (+47.5%), from €4.7m to €6.9m
- Receivables after one year -€2.0m
no longer reported in 2025 (was €2.0m)
- Cash -€897,902
down €897,902 (-76.4%), from €1.2m to €276,692
mainly Contributions, distributions and other (-€3.0m) and Current investments (-€2.2m)
- Financial fixed assets -€619,518
down €619,518 (-16.4%), from €3.8m to €3.1m
- Reserves -€1.2m
down €1.2m (-9.8%), from €12.5m to €11.3m
- Financial income +€1.7m
up €1.7m (+677%), from €258,461 to €2.0m
- Taxes +€118,802
up €118,802 (+113%), from €105,229 to €224,031
- Gross operating margin -€25,443
down €25,443 (-14.3%), from €177,746 to €152,303
- Financial charges +€21,783
up €21,783 (+54.8%), from €39,764 to €61,547
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 | €12,548,586 | €11,306,073 | -€1.2m | -9.9% |
| Fixed assets | 21/28 | €4,533,150 | €3,903,724 | -€629,426 | -13.9% |
| Tangible fixed assets | 22/27 | €764,856 | €754,949 | -€9,908 | -1.3% |
| Land and buildings | 22 | €720,191 | €738,531 | +€18,340 | +2.5% |
| Plant, machinery and equipment | 23 | €4,366 | €3,414 | -€952 | -21.8% |
| Furniture and vehicles | 24 | €23,724 | €13,004 | -€10,720 | -45.2% |
| Assets under construction and advance payments | 27 | €16,575 | - | -€16,575 | |
| Financial fixed assets | 28 | €3,768,294 | €3,148,776 | -€619,518 | -16.4% |
| Current assets | 29/58 | €8,015,436 | €7,402,348 | -€613,087 | -7.6% |
| Amounts receivable after more than one year | 29 | €2,000,000 | - | -€2.0m | |
| Other amounts receivable | 291 | €2,000,000 | - | -€2.0m | |
| Amounts receivable within one year | 40/41 | €148,100 | €229,443 | +€81,343 | +54.9% |
| Trade receivables | 40 | - | €26,246 | +€26,246 | |
| Other amounts receivable | 41 | €148,100 | €203,197 | +€55,097 | +37.2% |
| Current investments | 50/53 | €4,674,190 | €6,893,443 | +€2.2m | +47.5% |
| Cash at bank and in hand | 54/58 | €1,174,594 | €276,692 | -€897,902 | -76.4% |
| Deferred charges and accrued income | 490/1 | €18,552 | €2,770 | -€15,782 | -85.1% |
| Total equity and liabilities | 10/49 | €12,548,586 | €11,306,073 | -€1.2m | -9.9% |
| Equity | 10/15 | €12,496,818 | €11,278,956 | -€1.2m | -9.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €12,486,818 | €11,268,956 | -€1.2m | -9.8% |
| Distributable reserves | 133 | €12,486,818 | €11,268,956 | -€1.2m | -9.8% |
| Amounts payable | 17/49 | €51,768 | €27,117 | -€24,651 | -47.6% |
| Amounts payable within one year | 42/48 | €51,768 | €27,117 | -€24,651 | -47.6% |
| Financial debts | 43 | €575 | €286 | -€289 | -50.2% |
| Credit institutions | 430/8 | - | €286 | +€286 | |
| Other loans | 439 | €575 | - | -€575 | |
| Trade debts | 44 | €17,624 | €1,951 | -€15,673 | -88.9% |
| Suppliers | 440/4 | €17,624 | €1,951 | -€15,673 | -88.9% |
| Taxes, remuneration and social security | 45 | €31,903 | €22,685 | -€9,218 | -28.9% |
| Taxes | 450/3 | €31,903 | €21,685 | -€10,218 | -32.0% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €1,666 | €2,195 | +€529 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,024 | €51,925 | +€901 | +1.8% |
| Other operating charges | 640/8 | €3,681 | €3,796 | +€115 | +3.1% |
| Non-recurring operating charges | 66A | - | €145 | +€145 | |
| Gross operating margin | 9900 | €177,746 | €152,303 | -€25,443 | -14.3% |
| Operating profit (loss) | 9901 | €123,040 | €96,437 | -€26,604 | -21.6% |
| Financial income | 75/76B | €258,461 | €2,007,600 | +€1.7m | +677% |
| Recurring financial income | 75 | €258,461 | €2,007,600 | +€1.7m | +677% |
| Financial charges | 65/66B | €39,764 | €61,547 | +€21,783 | +54.8% |
| Recurring financial charges | 65 | €39,764 | €61,547 | +€21,783 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €341,738 | €2,042,490 | +€1.7m | +498% |
| Income taxes | 67/77 | €105,229 | €224,031 | +€118,802 | +113% |
| Profit (loss) for the period | 9904 | €236,509 | €1,818,459 | +€1.6m | +669% |
| Profit (loss) for the period to be appropriated | 9905 | €236,509 | €1,818,459 | +€1.6m | +669% |
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 28 October 2026 via checked.be.