SPEARPOINT: 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.
SPEARPOINT
Largest movements
- Stocks and contracts +€143,648
up €143,648 (+88.9%), from €161,528 to €305,176
of which Stocks: +€96,645
- Intangible fixed assets +€66,250
up €66,250 (+623.3%), from €10,628 to €76,879
- Cash -€55,028
down €55,028 (-45.7%), from €120,291 to €65,263
mainly Net result for the year (-€432,351) and Investment in fixed assets (net) (-€234,970)
- Formation expenses +€49,193
new in 2025: €49,193
- Receivables within one year +€43,008
up €43,008 (+7.3%), from €586,171 to €629,178
of which Other amounts receivable: +€47,411
- Accrued charges and deferred income +€302,870
up €302,870 (+141.5%), from €214,013 to €516,883
- Short-term financial debts +€299,880
up €299,880 (+250171.1%), from €120 to €300,000
- Reserves -€253,480
down €253,480 (-99.3%), from €255,340 to €1,860
of which Distributable reserves: -€253,480
- Profit (loss) carried forward -€178,871
new in 2025: -€178,871
- Trade debts +€89,505
up €89,505 (+15.1%), from €592,401 to €681,906
- Staff costs +€295,286
up €295,286 (+45.7%), from €646,467 to €941,752
- Gross operating margin -€226,482
down €226,482 (-25.9%), from €875,362 to €648,881
- Taxes -€25,993
down €25,993 (-97.7%), from €26,607 to €615
- Depreciation +€25,690
up €25,690 (+24.9%), from €103,288 to €128,978
- Other operating charges +€12,071
up €12,071 (+139.0%), from €8,686 to €20,756
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 | €1,402,335 | €1,671,485 | +€269,150 | +19.2% |
| Formation expenses | 20 | - | €49,193 | +€49,193 | |
| Fixed assets | 21/28 | €467,210 | €524,009 | +€56,799 | +12.2% |
| Intangible fixed assets | 21 | €10,628 | €76,879 | +€66,250 | +623.3% |
| Tangible fixed assets | 22/27 | €454,531 | €440,130 | -€14,401 | -3.2% |
| Land and buildings | 22 | €19,577 | €30,185 | +€10,608 | +54.2% |
| Plant, machinery and equipment | 23 | €55,323 | €90,391 | +€35,068 | +63.4% |
| Furniture and vehicles | 24 | €302,953 | €251,718 | -€51,236 | -16.9% |
| Other tangible fixed assets | 26 | €76,679 | €67,836 | -€8,842 | -11.5% |
| Financial fixed assets | 28 | €2,050 | €7,000 | +€4,950 | +241.5% |
| Current assets | 29/58 | €935,125 | €1,098,283 | +€163,158 | +17.4% |
| Stocks and contracts in progress | 3 | €161,528 | €305,176 | +€143,648 | +88.9% |
| Stocks | 30/36 | €50,626 | €147,270 | +€96,645 | +190.9% |
| Contracts in progress | 37 | €110,903 | €157,906 | +€47,003 | +42.4% |
| Amounts receivable within one year | 40/41 | €586,171 | €629,178 | +€43,008 | +7.3% |
| Trade receivables | 40 | €467,261 | €462,858 | -€4,403 | -0.9% |
| Other amounts receivable | 41 | €118,910 | €166,320 | +€47,411 | +39.9% |
| Current investments | 50/53 | - | €16,500 | +€16,500 | |
| Cash at bank and in hand | 54/58 | €120,291 | €65,263 | -€55,028 | -45.7% |
| Deferred charges and accrued income | 490/1 | €67,135 | €82,165 | +€15,030 | +22.4% |
| Total equity and liabilities | 10/49 | €1,402,335 | €1,671,485 | +€269,150 | +19.2% |
| Equity | 10/15 | €261,540 | -€170,811 | -€432,351 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €255,340 | €1,860 | -€253,480 | -99.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €253,480 | €0 | -€253,480 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€178,871 | -€178,871 | |
| Amounts payable | 17/49 | €1,140,794 | €1,842,296 | +€701,501 | +61.5% |
| Amounts payable after more than one year | 17 | €152,435 | €152,491 | +€56 | 0.0% |
| Financial debts | 170/4 | €152,435 | €152,491 | +€56 | 0.0% |
| Amounts payable within one year | 42/48 | €774,346 | €1,172,921 | +€398,575 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €82,764 | €92,721 | +€9,957 | +12.0% |
| Financial debts | 43 | €120 | €300,000 | +€299,880 | +250171.1% |
| Credit institutions | 430/8 | €120 | €300,000 | +€299,880 | +250171.1% |
| Trade debts | 44 | €592,401 | €681,906 | +€89,505 | +15.1% |
| Suppliers | 440/4 | €592,401 | €681,906 | +€89,505 | +15.1% |
| Taxes, remuneration and social security | 45 | €99,061 | €98,294 | -€767 | -0.8% |
| Taxes | 450/3 | €8,248 | €10,113 | +€1,865 | +22.6% |
| Remuneration and social security | 454/9 | €90,813 | €88,181 | -€2,632 | -2.9% |
| Accrued charges and deferred income | 492/3 | €214,013 | €516,883 | +€302,870 | +141.5% |
| Non-recurring operating income | 76A | €19,703 | €1,418 | -€18,285 | -92.8% |
| Remuneration, social security and pensions | 62 | €646,467 | €941,752 | +€295,286 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,288 | €128,978 | +€25,690 | +24.9% |
| Other operating charges | 640/8 | €8,686 | €20,756 | +€12,071 | +139.0% |
| Operating charges capitalised as restructuring costs | 649 | - | -€61,491 | -€61,491 | |
| Non-recurring operating charges | 66A | - | €43,489 | +€43,489 | |
| Gross operating margin | 9900 | €875,362 | €648,881 | -€226,482 | -25.9% |
| Operating profit (loss) | 9901 | €116,922 | -€424,604 | -€541,526 | |
| Financial income | 75/76B | €7,100 | €14,741 | +€7,641 | +107.6% |
| Recurring financial income | 75 | €7,100 | €14,741 | +€7,641 | +107.6% |
| Financial charges | 65/66B | €9,896 | €21,874 | +€11,978 | +121.0% |
| Recurring financial charges | 65 | €9,896 | €21,874 | +€11,978 | +121.0% |
| Profit (loss) for the period before taxes | 9903 | €114,127 | -€431,737 | -€545,863 | |
| Income taxes | 67/77 | €26,607 | €615 | -€25,993 | -97.7% |
| Profit (loss) for the period | 9904 | €87,519 | -€432,351 | -€519,871 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,519 | -€432,351 | -€519,871 |
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 30 September 2026 via checked.be.