SPE III Runway: what changed
What changed
SPE III Runway
NACE 68.204, Real estate activities
filed annual accounts (NBB)
Net result for the year
-€4.5m
2024 · -€3.6m-€928,497
Equity
-€9.2m
2024 · -€4.6m-€4.5m
Cash
€1.0m
2024 · €602,799+€422,915
Balance sheet total
€68.7m
2024 · €74.7m-€6.0m
Largest movements
Assets
- Receivables within one year -€4.8m
down €4.8m (-33.5%), from €14.4m to €9.6m
of which Other amounts receivable: -€4.0m
- Tangible fixed assets -€1.3m
down €1.3m (-2.4%), from €56.0m to €54.6m
of which Assets under construction and advance payments: -€1.0m
Equity and liabilities
- Profit (loss) carried forward -€4.5m
down €4.5m (-11.8%), from -€38.5m to -€43.1m
- Other debts -€2.1m
down €2.1m (-92.2%), from €2.3m to €177,127
Income statement
- Turnover -€1.1m
down €1.1m (-20.6%), from €5.2m to €4.2m
- Services and other goods +€609,124
up €609,124 (+36.7%), from €1.7m to €2.3m
- Financial charges -€468,754
down €468,754 (-11.2%), from €4.2m to €3.7m
- Write-downs -€115,693
no longer reported in 2025 (was €115,693)
- Depreciation -€87,768
down €87,768 (-3.0%), from €2.9m to €2.8m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€3.6m
Turnover
-€1.1m
Other operating income
+€39,514
Services and other goods
-€609,124
Depreciation
+€87,768
Write-downs
+€115,693
Other operating charges
-€11,930
Financial income
+€56,528
Financial charges
+€468,754
Result 2025
-€4.5m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.1m
Investment
-€1.4m
Financing
+€656,337
Cash 2024
€602,799
From operations (derived)
+€1.1m
Net result for the year
-€4.5m
Depreciation
+€2.8m
Receivables after one year
+€56,482
Receivables within one year
+€4.8m
Deferred charges and accrued income
+€55,359
Trade debts
+€641,207
Tax, wage and social debts
-€5,570
Other debts
-€2.1m
Accrued charges and deferred income
-€628,696
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€656,337
Debts after one year
+€656,337
Cash 2025
€1.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,708,061 | €68,721,212 | -€6.0m | -8.0% |
| Formation expenses | 20 | €54,920 | €165,519 | +€110,599 | +201% |
| Fixed assets | 21/28 | €56,376,093 | €54,788,080 | -€1.6m | -2.8% |
| Tangible fixed assets | 22/27 | €55,961,238 | €54,617,660 | -€1.3m | -2.4% |
| Land and buildings | 22 | €54,506,811 | €54,227,675 | -€279,136 | -0.5% |
| Other tangible fixed assets | 26 | €170,409 | €124,164 | -€46,245 | -27.1% |
| Assets under construction and advance payments | 27 | €1,284,018 | €265,821 | -€1.0m | -79.3% |
| Financial fixed assets | 28 | €414,855 | €170,420 | -€244,434 | -58.9% |
| Other financial fixed assets | 284/8 | €414,855 | €170,420 | -€244,434 | -58.9% |
| Amounts receivable and cash guarantees | 285/8 | €414,855 | €170,420 | -€244,434 | -58.9% |
| Current assets | 29/58 | €18,277,048 | €13,767,612 | -€4.5m | -24.7% |
| Amounts receivable after more than one year | 29 | €2,133,340 | €2,076,858 | -€56,482 | -2.6% |
| Other amounts receivable | 291 | €2,133,340 | €2,076,858 | -€56,482 | -2.6% |
| Amounts receivable within one year | 40/41 | €14,403,182 | €9,582,672 | -€4.8m | -33.5% |
| Trade receivables | 40 | €2,081,723 | €1,225,109 | -€856,614 | -41.1% |
| Other amounts receivable | 41 | €12,321,460 | €8,357,564 | -€4.0m | -32.2% |
| Cash at bank and in hand | 54/58 | €602,799 | €1,025,714 | +€422,915 | +70.2% |
| Deferred charges and accrued income | 490/1 | €1,137,727 | €1,082,368 | -€55,359 | -4.9% |
| Total equity and liabilities | 10/49 | €74,708,061 | €68,721,212 | -€6.0m | -8.0% |
| Equity | 10/15 | -€4,638,635 | -€9,181,089 | -€4.5m | -97.9% |
| Contributions | 10/11 | €33,880,958 | €33,880,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,519,594 | -€43,062,048 | -€4.5m | -11.8% |
| Amounts payable | 17/49 | €79,346,696 | €77,902,301 | -€1.4m | -1.8% |
| Amounts payable after more than one year | 17 | €69,510,698 | €70,167,035 | +€656,337 | +0.9% |
| Financial debts | 170/4 | €69,404,783 | €70,061,120 | +€656,337 | +0.9% |
| Credit institutions | 173 | €59,199,655 | €59,855,992 | +€656,337 | +1.1% |
| Other loans | 174 | €10,205,129 | €10,205,129 | = | 0.0% |
| Other amounts payable | 178/9 | €105,915 | €105,915 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,715,920 | €1,243,884 | -€1.5m | -54.2% |
| Trade debts | 44 | €370,571 | €1,011,777 | +€641,207 | +173% |
| Suppliers | 440/4 | €370,571 | €1,011,777 | +€641,207 | +173% |
| Taxes, remuneration and social security | 45 | €60,550 | €54,980 | -€5,570 | -9.2% |
| Taxes | 450/3 | €60,550 | €54,980 | -€5,570 | -9.2% |
| Other amounts payable | 47/48 | €2,284,800 | €177,127 | -€2.1m | -92.2% |
| Accrued charges and deferred income | 492/3 | €7,120,078 | €6,491,382 | -€628,696 | -8.8% |
| Operating income | 70/76A | €5,613,359 | €4,577,173 | -€1.0m | -18.5% |
| Turnover | 70 | €5,232,174 | €4,156,473 | -€1.1m | -20.6% |
| Other operating income | 74 | €381,186 | €420,700 | +€39,514 | +10.4% |
| Operating charges | 60/66A | €5,110,748 | €5,528,340 | +€417,593 | +8.2% |
| Services and other goods | 61 | €1,660,988 | €2,270,112 | +€609,124 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,936,194 | €2,848,427 | -€87,768 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €115,693 | - | -€115,693 | |
| Other operating charges | 640/8 | €397,872 | €409,802 | +€11,930 | +3.0% |
| Operating profit (loss) | 9901 | €502,612 | -€951,167 | -€1.5m | |
| Financial income | 75/76B | €56,178 | €112,706 | +€56,528 | +101% |
| Recurring financial income | 75 | €56,178 | €112,706 | +€56,528 | +101% |
| Income from current assets | 751 | €5,590 | €5,590 | = | 0.0% |
| Other financial income | 752/9 | €50,588 | €107,117 | +€56,528 | +112% |
| Financial charges | 65/66B | €4,172,747 | €3,703,993 | -€468,754 | -11.2% |
| Recurring financial charges | 65 | €4,172,747 | €3,703,993 | -€468,754 | -11.2% |
| Debt charges | 650 | €4,171,421 | €3,352,338 | -€819,083 | -19.6% |
| Other financial charges | 652/9 | €1,326 | €351,655 | +€350,329 | +26,428% |
| Profit (loss) for the period before taxes | 9903 | -€3,613,957 | -€4,542,454 | -€928,497 | -25.7% |
| Profit (loss) for the period | 9904 | -€3,613,957 | -€4,542,454 | -€928,497 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,613,957 | -€4,542,454 | -€928,497 | -25.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.