SPEA: 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.
SPEA
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+2849.7%), from €45,935 to €1.4m
- Receivables within one year +€35,976
up €35,976 (+261.7%), from €13,748 to €49,723
of which Trade receivables: +€37,139
- Revaluation surpluses +€1.3m
new in 2025: €1.3m
- Reserves +€29,365
up €29,365 (+42.0%), from €69,893 to €99,258
of which Distributable reserves: +€29,365
- Gross operating margin +€38,778
up €38,778 (+231.4%), from €16,760 to €55,539
- Taxes +€10,271
up €10,271 (+435.7%), from €2,357 to €12,628
- Financial charges +€6,005
up €6,005 (+3187.8%), from €188 to €6,193
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 | €100,865 | €1,450,755 | +€1.3m | +1338.3% |
| Fixed assets | 21/28 | €45,935 | €1,354,935 | +€1.3m | +2849.7% |
| Tangible fixed assets | 22/27 | €45,935 | €1,354,935 | +€1.3m | +2849.7% |
| Land and buildings | 22 | €45,935 | €1,354,935 | +€1.3m | +2849.7% |
| Current assets | 29/58 | €54,930 | €95,820 | +€40,890 | +74.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €13,748 | €49,723 | +€35,976 | +261.7% |
| Trade receivables | 40 | €12,441 | €49,581 | +€37,139 | +298.5% |
| Other amounts receivable | 41 | €1,306 | €143 | -€1,164 | -89.1% |
| Current investments | 50/53 | €6,000 | €0 | -€6,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,182 | €46,097 | +€10,914 | +31.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €100,865 | €1,450,755 | +€1.3m | +1338.3% |
| Equity | 10/15 | €89,893 | €1,428,258 | +€1.3m | +1488.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,309,000 | +€1.3m | |
| Reserves | 13 | €69,893 | €99,258 | +€29,365 | +42.0% |
| Tax-exempt reserves | 132 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €34,893 | €64,258 | +€29,365 | +84.2% |
| Amounts payable | 17/49 | €10,972 | €22,497 | +€11,525 | +105.0% |
| Amounts payable within one year | 42/48 | €8,972 | €20,997 | +€12,025 | +134.0% |
| Trade debts | 44 | €1,772 | €637 | -€1,135 | -64.0% |
| Suppliers | 440/4 | €1,772 | €637 | -€1,135 | -64.0% |
| Taxes, remuneration and social security | 45 | €0 | €10,990 | +€10,990 | |
| Taxes | 450/3 | €0 | €10,990 | +€10,990 | |
| Other amounts payable | 47/48 | €7,200 | €9,371 | +€2,171 | +30.1% |
| Accrued charges and deferred income | 492/3 | €2,000 | €1,500 | -€500 | -25.0% |
| Other operating charges | 640/8 | €7,143 | €7,353 | +€210 | +2.9% |
| Gross operating margin | 9900 | €16,760 | €55,539 | +€38,778 | +231.4% |
| Operating profit (loss) | 9901 | €9,617 | €48,186 | +€38,569 | +401.0% |
| Financial charges | 65/66B | €188 | €6,193 | +€6,005 | +3187.8% |
| Recurring financial charges | 65 | €188 | €6,193 | +€6,005 | +3187.8% |
| Profit (loss) for the period before taxes | 9903 | €9,429 | €41,993 | +€32,564 | +345.4% |
| Income taxes | 67/77 | €2,357 | €12,628 | +€10,271 | +435.7% |
| Profit (loss) for the period | 9904 | €7,072 | €29,365 | +€22,293 | +315.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,072 | €29,365 | +€22,293 | +315.2% |
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 4 October 2026 via checked.be.