Sparring-Partner: 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.
Sparring-Partner
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year +€172,962
up €172,962 (+73.5%), from €235,186 to €408,148
of which Trade receivables: +€137,646
- Tangible fixed assets +€110,858
up €110,858 (+91.4%), from €121,287 to €232,145
of which Furniture and vehicles: +€112,018
- Cash +€60,569
up €60,569 (+26.3%), from €230,456 to €291,025
mainly Net result for the year (+€298,792) and Current investments (+€200,000)
- Reserves +€289,992
up €289,992 (+75.4%), from €384,720 to €674,712
of which Distributable reserves: +€188,952
- Other debts -€246,648
down €246,648 (-96.6%), from €255,448 to €8,800
- Debts after one year +€78,540
up €78,540 (+259%), from €30,272 to €108,812
- Current portion of long-term debt +€15,915
up €15,915 (+49.5%), from €32,122 to €48,036
- Tax, wage and social debts +€10,263
up €10,263 (+32.7%), from €31,393 to €41,656
of which Taxes: +€7,252
- Gross operating margin +€98,928
up €98,928 (+19.0%), from €521,208 to €620,136
- Other operating charges +€26,403
up €26,403 (+958%), from €2,756 to €29,159
- Taxes +€14,439
up €14,439 (+19.2%), from €75,030 to €89,470
- Financial charges -€12,739
down €12,739 (-29.2%), from €43,653 to €30,914
- Staff costs +€8,462
up €8,462 (+6.5%), from €129,532 to €137,994
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 | €800,895 | €946,103 | +€145,208 | +18.1% |
| Fixed assets | 21/28 | €121,337 | €232,195 | +€110,858 | +91.4% |
| Tangible fixed assets | 22/27 | €121,287 | €232,145 | +€110,858 | +91.4% |
| Furniture and vehicles | 24 | €98,866 | €210,884 | +€112,018 | +113% |
| Other tangible fixed assets | 26 | €22,421 | €21,261 | -€1,160 | -5.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €679,558 | €713,909 | +€34,351 | +5.1% |
| Amounts receivable within one year | 40/41 | €235,186 | €408,148 | +€172,962 | +73.5% |
| Trade receivables | 40 | €167,602 | €305,248 | +€137,646 | +82.1% |
| Other amounts receivable | 41 | €67,585 | €102,900 | +€35,316 | +52.3% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €230,456 | €291,025 | +€60,569 | +26.3% |
| Deferred charges and accrued income | 490/1 | €13,916 | €14,736 | +€820 | +5.9% |
| Total equity and liabilities | 10/49 | €800,895 | €946,103 | +€145,208 | +18.1% |
| Equity | 10/15 | €403,320 | €693,312 | +€289,992 | +71.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €384,720 | €674,712 | +€289,992 | +75.4% |
| Tax-exempt reserves | 132 | €134,720 | €235,760 | +€101,040 | +75.0% |
| Distributable reserves | 133 | €250,000 | €438,952 | +€188,952 | +75.6% |
| Provisions and deferred taxes | 16 | €28,043 | €29,001 | +€958 | +3.4% |
| Provisions for liabilities and charges | 160/5 | €28,043 | €29,001 | +€958 | +3.4% |
| Other liabilities and charges | 164/5 | €28,043 | €29,001 | +€958 | +3.4% |
| Amounts payable | 17/49 | €369,532 | €223,791 | -€145,741 | -39.4% |
| Amounts payable after more than one year | 17 | €30,272 | €108,812 | +€78,540 | +259% |
| Financial debts | 170/4 | €30,272 | €108,812 | +€78,540 | +259% |
| Amounts payable within one year | 42/48 | €332,960 | €114,975 | -€217,985 | -65.5% |
| Current portion of amounts payable after more than one year | 42 | €32,122 | €48,036 | +€15,915 | +49.5% |
| Trade debts | 44 | €13,998 | €16,483 | +€2,485 | +17.8% |
| Suppliers | 440/4 | €13,998 | €16,483 | +€2,485 | +17.8% |
| Taxes, remuneration and social security | 45 | €31,393 | €41,656 | +€10,263 | +32.7% |
| Taxes | 450/3 | €12,957 | €20,209 | +€7,252 | +56.0% |
| Remuneration and social security | 454/9 | €18,436 | €21,447 | +€3,011 | +16.3% |
| Other amounts payable | 47/48 | €255,448 | €8,800 | -€246,648 | -96.6% |
| Accrued charges and deferred income | 492/3 | €6,300 | €4 | -€6,296 | -99.9% |
| Remuneration, social security and pensions | 62 | €129,532 | €137,994 | +€8,462 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,574 | €38,847 | -€4,727 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €855 | +€855 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,957 | €958 | +€7,915 | |
| Other operating charges | 640/8 | €2,756 | €29,159 | +€26,403 | +958% |
| Gross operating margin | 9900 | €521,208 | €620,136 | +€98,928 | +19.0% |
| Operating profit (loss) | 9901 | €352,303 | €412,323 | +€60,020 | +17.0% |
| Financial income | 75/76B | €851 | €6,853 | +€6,002 | +705% |
| Recurring financial income | 75 | €851 | €6,853 | +€6,002 | +705% |
| Financial charges | 65/66B | €43,653 | €30,914 | -€12,739 | -29.2% |
| Recurring financial charges | 65 | €43,653 | €30,914 | -€12,739 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €309,501 | €388,262 | +€78,760 | +25.4% |
| Income taxes | 67/77 | €75,030 | €89,470 | +€14,439 | +19.2% |
| Profit (loss) for the period | 9904 | €234,471 | €298,792 | +€64,321 | +27.4% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €101,040 | +€16,840 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €150,271 | €197,752 | +€47,481 | +31.6% |
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 14 October 2026 via checked.be.