SPARTHAN: 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.
SPARTHAN
Largest movements
- Tangible fixed assets +€575,620
up €575,620 (+9,668%), from €5,954 to €581,574
of which Assets under construction and advance payments: +€508,409
- Stocks and contracts -€501,535
down €501,535 (-100%), from €501,535 to €0
- Intangible fixed assets -€8,333
down €8,333 (-40.0%), from €20,811 to €12,477
- Accrued charges and deferred income +€16,399
new in 2025: €16,399
- Debts after one year +€14,313
up €14,313 (+7.0%), from €203,432 to €217,745
- Profit (loss) carried forward +€13,668
up €13,668 (+30.9%), from €44,262 to €57,930
- Current portion of long-term debt +€11,632
up €11,632 (+42.1%), from €27,606 to €39,238
- Short-term financial debts +€9,167
new in 2025: €9,167
- Gross operating margin +€47,203
up €47,203 (+239%), from €19,757 to €66,960
- Depreciation +€18,669
up €18,669 (+267%), from €6,986 to €25,655
- Financial charges +€9,035
up €9,035 (+81.9%), from €11,039 to €20,074
- Taxes +€5,645
up €5,645 (+537%), from €1,051 to €6,696
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 | €577,572 | €644,555 | +€66,983 | +11.6% |
| Fixed assets | 21/28 | €26,764 | €594,051 | +€567,287 | +2,120% |
| Intangible fixed assets | 21 | €20,811 | €12,477 | -€8,333 | -40.0% |
| Tangible fixed assets | 22/27 | €5,954 | €581,574 | +€575,620 | +9,668% |
| Land and buildings | 22 | €209 | €0 | -€209 | -100% |
| Plant, machinery and equipment | 23 | €1,722 | €650 | -€1,072 | -62.2% |
| Furniture and vehicles | 24 | €4,023 | €72,515 | +€68,492 | +1,703% |
| Assets under construction and advance payments | 27 | - | €508,409 | +€508,409 | |
| Current assets | 29/58 | €550,808 | €50,504 | -€500,304 | -90.8% |
| Stocks and contracts in progress | 3 | €501,535 | €0 | -€501,535 | -100% |
| Stocks | 30/36 | €501,535 | €0 | -€501,535 | -100% |
| Amounts receivable within one year | 40/41 | €45,752 | €41,814 | -€3,938 | -8.6% |
| Trade receivables | 40 | €45,752 | €38,510 | -€7,242 | -15.8% |
| Other amounts receivable | 41 | - | €3,304 | +€3,304 | |
| Cash at bank and in hand | 54/58 | €2,817 | €8,690 | +€5,873 | +208% |
| Deferred charges and accrued income | 490/1 | €704 | €0 | -€704 | -100% |
| Total equity and liabilities | 10/49 | €577,572 | €644,555 | +€66,983 | +11.6% |
| Equity | 10/15 | €94,482 | €108,150 | +€13,668 | +14.5% |
| Contributions | 10/11 | €50,220 | €50,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,262 | €57,930 | +€13,668 | +30.9% |
| Amounts payable | 17/49 | €483,090 | €536,405 | +€53,315 | +11.0% |
| Amounts payable after more than one year | 17 | €203,432 | €217,745 | +€14,313 | +7.0% |
| Financial debts | 170/4 | €203,432 | €217,745 | +€14,313 | +7.0% |
| Amounts payable within one year | 42/48 | €279,658 | €302,260 | +€22,602 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €27,606 | €39,238 | +€11,632 | +42.1% |
| Financial debts | 43 | - | €9,167 | +€9,167 | |
| Credit institutions | 430/8 | - | €9,167 | +€9,167 | |
| Trade debts | 44 | €8,936 | €16,134 | +€7,197 | +80.5% |
| Suppliers | 440/4 | €8,936 | €16,134 | +€7,197 | +80.5% |
| Taxes, remuneration and social security | 45 | €12,331 | €9,367 | -€2,963 | -24.0% |
| Taxes | 450/3 | €12,331 | €9,367 | -€2,963 | -24.0% |
| Other amounts payable | 47/48 | €230,785 | €228,354 | -€2,430 | -1.1% |
| Accrued charges and deferred income | 492/3 | - | €16,399 | +€16,399 | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,986 | €25,655 | +€18,669 | +267% |
| Other operating charges | 640/8 | €1,530 | €867 | -€663 | -43.3% |
| Gross operating margin | 9900 | €19,757 | €66,960 | +€47,203 | +239% |
| Operating profit (loss) | 9901 | €11,241 | €40,438 | +€29,197 | +260% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €11,039 | €20,074 | +€9,035 | +81.9% |
| Recurring financial charges | 65 | €11,039 | €20,074 | +€9,035 | +81.9% |
| Profit (loss) for the period before taxes | 9903 | €203 | €20,364 | +€20,161 | +9,939% |
| Income taxes | 67/77 | €1,051 | €6,696 | +€5,645 | +537% |
| Profit (loss) for the period | 9904 | -€848 | €13,668 | +€14,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€848 | €13,668 | +€14,516 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.