SPAX Projects: 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.
SPAX Projects
Largest movements
- Deferred charges and accrued income +€8,689
up €8,689 (+7009.1%), from €124 to €8,813
- Cash -€3,703
down €3,703 (-28.8%), from €12,846 to €9,143
mainly Deferred charges and accrued income (-€8,689) and Investment in fixed assets (net) (-€1,022)
- Stocks and contracts +€493
up €493 (+29.2%), from €1,690 to €2,184
- Receivables within one year -€268
down €268 (-79.4%), from €337 to €69
- Other debts +€3,969
up €3,969 (+68.5%), from €5,792 to €9,761
- Tax, wage and social debts +€465
up €465 (+70.8%), from €658 to €1,123
- Accrued charges and deferred income +€408
up €408 (+51.0%), from €800 to €1,208
- Trade debts +€228
new in 2025: €228
- Gross operating margin -€6,336
down €6,336 (-79.0%), from €8,025 to €1,689
- Financial income +€662
up €662 (+1283.3%), from €52 to €714
- Depreciation +€528
up €528 (+84.8%), from €622 to €1,150
- Financial charges +€520
up €520 (+468.2%), from €111 to €631
- Other operating charges +€408
up €408 (+1987.3%), from €21 to €429
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 | €16,765 | €21,849 | +€5,084 | +30.3% |
| Fixed assets | 21/28 | €1,768 | €1,640 | -€128 | -7.2% |
| Tangible fixed assets | 22/27 | €1,768 | €1,640 | -€128 | -7.2% |
| Furniture and vehicles | 24 | €1,768 | €1,640 | -€128 | -7.2% |
| Current assets | 29/58 | €14,997 | €20,209 | +€5,211 | +34.7% |
| Stocks and contracts in progress | 3 | €1,690 | €2,184 | +€493 | +29.2% |
| Stocks | 30/36 | €1,690 | €2,184 | +€493 | +29.2% |
| Amounts receivable within one year | 40/41 | €337 | €69 | -€268 | -79.4% |
| Trade receivables | 40 | €337 | €69 | -€268 | -79.4% |
| Cash at bank and in hand | 54/58 | €12,846 | €9,143 | -€3,703 | -28.8% |
| Deferred charges and accrued income | 490/1 | €124 | €8,813 | +€8,689 | +7009.1% |
| Total equity and liabilities | 10/49 | €16,765 | €21,849 | +€5,084 | +30.3% |
| Equity | 10/15 | €9,516 | €9,529 | +€13 | +0.1% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €516 | €529 | +€13 | +2.6% |
| Amounts payable | 17/49 | €7,250 | €12,320 | +€5,070 | +69.9% |
| Amounts payable within one year | 42/48 | €6,450 | €11,112 | +€4,662 | +72.3% |
| Trade debts | 44 | - | €228 | +€228 | |
| Suppliers | 440/4 | - | €228 | +€228 | |
| Taxes, remuneration and social security | 45 | €658 | €1,123 | +€465 | +70.8% |
| Taxes | 450/3 | €658 | €1,123 | +€465 | +70.8% |
| Other amounts payable | 47/48 | €5,792 | €9,761 | +€3,969 | +68.5% |
| Accrued charges and deferred income | 492/3 | €800 | €1,208 | +€408 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €622 | €1,150 | +€528 | +84.8% |
| Other operating charges | 640/8 | €21 | €429 | +€408 | +1987.3% |
| Gross operating margin | 9900 | €8,025 | €1,689 | -€6,336 | -79.0% |
| Operating profit (loss) | 9901 | €7,382 | €110 | -€7,272 | -98.5% |
| Financial income | 75/76B | €52 | €714 | +€662 | +1283.3% |
| Recurring financial income | 75 | €52 | €714 | +€662 | +1283.3% |
| Financial charges | 65/66B | €111 | €631 | +€520 | +468.2% |
| Recurring financial charges | 65 | €111 | €631 | +€520 | +468.2% |
| Profit (loss) for the period before taxes | 9903 | €7,323 | €194 | -€7,129 | -97.4% |
| Income taxes | 67/77 | €403 | €180 | -€223 | -55.3% |
| Profit (loss) for the period | 9904 | €6,920 | €13 | -€6,906 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,920 | €13 | -€6,906 | -99.8% |
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 28 September 2026 via checked.be.