SPEARHEAD MANAGEMENT: 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.
SPEARHEAD MANAGEMENT
Largest movements
- Cash +€43,500
up €43,500 (+456%), from €9,542 to €53,042
mainly Net result for the year (+€35,556) and Advances received (+€11,979)
- Receivables within one year +€9,638
up €9,638 (+61.4%), from €15,702 to €25,340
of which Trade receivables: +€9,199
- Receivables after one year +€1,295
up €1,295 (+3.0%), from €43,154 to €44,449
- Profit (loss) carried forward +€35,556
up €35,556 (+70.5%), from €50,436 to €85,993
- Advances received +€11,979
new in 2025: €11,979
- Trade debts +€3,344
up €3,344 (+101%), from €3,326 to €6,670
- Tax, wage and social debts +€3,322
up €3,322 (+23.5%), from €14,139 to €17,461
- Financial charges +€1,808
up €1,808 (+230%), from €785 to €2,593
- Gross operating margin -€1,515
down €1,515 (-3.0%), from €49,911 to €48,396
- Financial income +€1,241
up €1,241 (+2,295%), from €54 to €1,295
- Taxes -€1,205
down €1,205 (-10.8%), from €11,200 to €9,995
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 | €70,525 | €124,603 | +€54,078 | +76.7% |
| Fixed assets | 21/28 | €1,556 | €1,772 | +€215 | +13.8% |
| Tangible fixed assets | 22/27 | €1,556 | €1,772 | +€215 | +13.8% |
| Furniture and vehicles | 24 | €1,556 | €1,772 | +€215 | +13.8% |
| Current assets | 29/58 | €68,969 | €122,831 | +€53,862 | +78.1% |
| Amounts receivable after more than one year | 29 | €43,154 | €44,449 | +€1,295 | +3.0% |
| Other amounts receivable | 291 | €43,154 | €44,449 | +€1,295 | +3.0% |
| Amounts receivable within one year | 40/41 | €15,702 | €25,340 | +€9,638 | +61.4% |
| Trade receivables | 40 | €9,350 | €18,549 | +€9,199 | +98.4% |
| Other amounts receivable | 41 | €6,352 | €6,791 | +€440 | +6.9% |
| Cash at bank and in hand | 54/58 | €9,542 | €53,042 | +€43,500 | +456% |
| Deferred charges and accrued income | 490/1 | €571 | €0 | -€571 | -100% |
| Total equity and liabilities | 10/49 | €70,525 | €124,603 | +€54,078 | +76.7% |
| Equity | 10/15 | €52,936 | €88,493 | +€35,556 | +67.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,436 | €85,993 | +€35,556 | +70.5% |
| Amounts payable | 17/49 | €17,589 | €36,110 | +€18,521 | +105% |
| Amounts payable within one year | 42/48 | €17,589 | €36,110 | +€18,521 | +105% |
| Financial debts | 43 | €124 | €0 | -€124 | -100% |
| Other loans | 439 | €124 | €0 | -€124 | -100% |
| Trade debts | 44 | €3,326 | €6,670 | +€3,344 | +101% |
| Suppliers | 440/4 | €3,326 | €6,670 | +€3,344 | +101% |
| Advances received on contracts in progress | 46 | - | €11,979 | +€11,979 | |
| Taxes, remuneration and social security | 45 | €14,139 | €17,461 | +€3,322 | +23.5% |
| Taxes | 450/3 | €14,139 | €17,461 | +€3,322 | +23.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193 | €661 | +€468 | +243% |
| Other operating charges | 640/8 | €699 | €886 | +€188 | +26.8% |
| Gross operating margin | 9900 | €49,911 | €48,396 | -€1,515 | -3.0% |
| Operating profit (loss) | 9901 | €49,020 | €46,849 | -€2,171 | -4.4% |
| Financial income | 75/76B | €54 | €1,295 | +€1,241 | +2,295% |
| Recurring financial income | 75 | €54 | €1,295 | +€1,241 | +2,295% |
| Financial charges | 65/66B | €785 | €2,593 | +€1,808 | +230% |
| Recurring financial charges | 65 | €785 | €2,593 | +€1,808 | +230% |
| Profit (loss) for the period before taxes | 9903 | €48,289 | €45,551 | -€2,738 | -5.7% |
| Income taxes | 67/77 | €11,200 | €9,995 | -€1,205 | -10.8% |
| Profit (loss) for the period | 9904 | €37,089 | €35,556 | -€1,533 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,089 | €35,556 | -€1,533 | -4.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.