SPEAR MARKETING: what changed
SPEAR MARKETING
Largest movements
- Cash +€29,515
up €29,515 (+12.5%), from €237,023 to €266,537
mainly Net result for the year (+€90,677) and Tax, wage and social debts (+€21,950)
- Receivables within one year +€24,314
up €24,314 (+64.8%), from €37,549 to €61,863
of which Trade receivables: +€15,440
- Current investments +€12,680
up €12,680 (+20.5%), from €61,717 to €74,397
- Deferred charges and accrued income -€8,770
down €8,770 (-100%), from €8,770 to €0
- Tangible fixed assets +€8,227
up €8,227 (+13.2%), from €62,362 to €70,589
- Reserves +€90,677
up €90,677 (+24.1%), from €376,947 to €467,624
- Tax, wage and social debts +€21,950
up €21,950 (+399%), from €5,499 to €27,449
- Other debts -€15,503
down €15,503 (-47.8%), from €32,409 to €16,907
- Trade debts -€11,564
down €11,564 (-42.8%), from €27,025 to €15,461
- Current portion of long-term debt -€10,989
down €10,989 (-66.1%), from €16,620 to €5,632
- Gross operating margin -€45,039
down €45,039 (-24.3%), from €185,143 to €140,103
- Depreciation -€17,180
down €17,180 (-60.6%), from €28,364 to €11,185
- Taxes -€12,346
down €12,346 (-24.7%), from €49,952 to €37,606
- Financial income +€6,340
up €6,340 (+1,600%), from €396 to €6,736
of which Non-recurring financial income: +€5,683
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €492,421 | €558,386 | +€65,965 | +13.4% |
| Fixed assets | 21/28 | €147,362 | €155,589 | +€8,227 | +5.6% |
| Tangible fixed assets | 22/27 | €62,362 | €70,589 | +€8,227 | +13.2% |
| Land and buildings | 22 | €37,555 | €40,734 | +€3,179 | +8.5% |
| Plant, machinery and equipment | 23 | €9,905 | €12,014 | +€2,109 | +21.3% |
| Furniture and vehicles | 24 | €14,902 | €17,840 | +€2,939 | +19.7% |
| Financial fixed assets | 28 | €85,000 | €85,000 | = | 0.0% |
| Current assets | 29/58 | €345,059 | €402,797 | +€57,738 | +16.7% |
| Amounts receivable within one year | 40/41 | €37,549 | €61,863 | +€24,314 | +64.8% |
| Trade receivables | 40 | €32,297 | €47,737 | +€15,440 | +47.8% |
| Other amounts receivable | 41 | €5,252 | €14,126 | +€8,874 | +169% |
| Current investments | 50/53 | €61,717 | €74,397 | +€12,680 | +20.5% |
| Cash at bank and in hand | 54/58 | €237,023 | €266,537 | +€29,515 | +12.5% |
| Deferred charges and accrued income | 490/1 | €8,770 | €0 | -€8,770 | -100% |
| Total equity and liabilities | 10/49 | €492,421 | €558,386 | +€65,965 | +13.4% |
| Equity | 10/15 | €383,147 | €473,824 | +€90,677 | +23.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €376,947 | €467,624 | +€90,677 | +24.1% |
| Distributable reserves | 133 | €376,947 | €467,624 | +€90,677 | +24.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,273 | €84,562 | -€24,712 | -22.6% |
| Amounts payable after more than one year | 17 | €24,744 | €19,113 | -€5,632 | -22.8% |
| Financial debts | 170/4 | €24,744 | €19,113 | -€5,632 | -22.8% |
| Amounts payable within one year | 42/48 | €84,529 | €65,449 | -€19,080 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €16,620 | €5,632 | -€10,989 | -66.1% |
| Financial debts | 43 | €2,975 | €0 | -€2,975 | -100% |
| Credit institutions | 430/8 | €2,975 | €0 | -€2,975 | -100% |
| Trade debts | 44 | €27,025 | €15,461 | -€11,564 | -42.8% |
| Suppliers | 440/4 | €27,025 | €15,461 | -€11,564 | -42.8% |
| Taxes, remuneration and social security | 45 | €5,499 | €27,449 | +€21,950 | +399% |
| Taxes | 450/3 | €5,499 | €27,449 | +€21,950 | +399% |
| Other amounts payable | 47/48 | €32,409 | €16,907 | -€15,503 | -47.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,021 | +€3,021 | |
| Remuneration, social security and pensions | 62 | €1,520 | €2,421 | +€901 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,364 | €11,185 | -€17,180 | -60.6% |
| Other operating charges | 640/8 | €916 | €1,473 | +€558 | +60.9% |
| Gross operating margin | 9900 | €185,143 | €140,103 | -€45,039 | -24.3% |
| Operating profit (loss) | 9901 | €154,343 | €125,025 | -€29,319 | -19.0% |
| Financial income | 75/76B | €396 | €6,736 | +€6,340 | +1,600% |
| Recurring financial income | 75 | €396 | €1,053 | +€656 | +166% |
| Non-recurring financial income | 76B | €0 | €5,683 | +€5,683 | |
| Financial charges | 65/66B | €4,071 | €3,478 | -€593 | -14.6% |
| Recurring financial charges | 65 | €2,582 | €2,013 | -€569 | -22.1% |
| Non-recurring financial charges | 66B | €1,490 | €1,466 | -€24 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €150,668 | €128,283 | -€22,385 | -14.9% |
| Income taxes | 67/77 | €49,952 | €37,606 | -€12,346 | -24.7% |
| Profit (loss) for the period | 9904 | €100,716 | €90,677 | -€10,039 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,716 | €90,677 | -€10,039 | -10.0% |
Next steps
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.