Spec_T: 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.
Spec_T
Largest movements
- Tangible fixed assets -€14,603
down €14,603 (-15.3%), from €95,164 to €80,561
of which Other tangible fixed assets: -€7,668
- Receivables within one year -€9,656
down €9,656 (-29.6%), from €32,675 to €23,019
of which Other amounts receivable: -€6,093
- Intangible fixed assets -€5,714
down €5,714 (-16.7%), from €34,286 to €28,571
- Deferred charges and accrued income +€5,367
up €5,367 (+1,204%), from €446 to €5,812
- Cash -€3,211
down €3,211 (-16.7%), from €19,225 to €16,014
mainly Net result for the year (-€15,932) and Advances received (-€15,289)
- Reserves -€17,800
down €17,800 (-49.9%), from €35,642 to €17,843
- Trade debts +€16,868
up €16,868 (+42.0%), from €40,161 to €57,029
- Advances received -€15,289
down €15,289 (-96.2%), from €15,900 to €611
- Debts after one year -€13,810
down €13,810 (-30.7%), from €45,003 to €31,193
- Current portion of long-term debt -€3,371
down €3,371 (-19.6%), from €17,181 to €13,810
- Gross operating margin -€23,070
down €23,070 (-39.4%), from €58,550 to €35,480
- Staff costs -€4,819
down €4,819 (-19.1%), from €25,203 to €20,384
- Taxes -€2,419
down €2,419 (-91.5%), from €2,643 to €224
- Financial charges -€977
down €977 (-11.4%), from €8,595 to €7,619
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 | €185,586 | €157,779 | -€27,807 | -15.0% |
| Fixed assets | 21/28 | €133,200 | €112,883 | -€20,318 | -15.3% |
| Intangible fixed assets | 21 | €34,286 | €28,571 | -€5,714 | -16.7% |
| Tangible fixed assets | 22/27 | €95,164 | €80,561 | -€14,603 | -15.3% |
| Plant, machinery and equipment | 23 | €15,243 | €12,156 | -€3,086 | -20.2% |
| Furniture and vehicles | 24 | €10,913 | €7,064 | -€3,849 | -35.3% |
| Other tangible fixed assets | 26 | €69,008 | €61,341 | -€7,668 | -11.1% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €52,386 | €44,896 | -€7,490 | -14.3% |
| Stocks and contracts in progress | 3 | €40 | €51 | +€12 | +29.1% |
| Stocks | 30/36 | €40 | €51 | +€12 | +29.1% |
| Amounts receivable within one year | 40/41 | €32,675 | €23,019 | -€9,656 | -29.6% |
| Trade receivables | 40 | €22,552 | €18,989 | -€3,563 | -15.8% |
| Other amounts receivable | 41 | €10,123 | €4,030 | -€6,093 | -60.2% |
| Cash at bank and in hand | 54/58 | €19,225 | €16,014 | -€3,211 | -16.7% |
| Deferred charges and accrued income | 490/1 | €446 | €5,812 | +€5,367 | +1,204% |
| Total equity and liabilities | 10/49 | €185,586 | €157,779 | -€27,807 | -15.0% |
| Equity | 10/15 | €52,367 | €36,435 | -€15,932 | -30.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €35,642 | €17,843 | -€17,800 | -49.9% |
| Distributable reserves | 133 | €35,642 | €17,843 | -€17,800 | -49.9% |
| Profit (loss) carried forward | 14 | -€1,867 | €0 | +€1,867 | |
| Amounts payable | 17/49 | €133,219 | €121,344 | -€11,875 | -8.9% |
| Amounts payable after more than one year | 17 | €45,003 | €31,193 | -€13,810 | -30.7% |
| Financial debts | 170/4 | €45,003 | €31,193 | -€13,810 | -30.7% |
| Amounts payable within one year | 42/48 | €88,216 | €90,151 | +€1,935 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €17,181 | €13,810 | -€3,371 | -19.6% |
| Trade debts | 44 | €40,161 | €57,029 | +€16,868 | +42.0% |
| Suppliers | 440/4 | €40,161 | €57,029 | +€16,868 | +42.0% |
| Advances received on contracts in progress | 46 | €15,900 | €611 | -€15,289 | -96.2% |
| Taxes, remuneration and social security | 45 | €14,974 | €17,365 | +€2,391 | +16.0% |
| Taxes | 450/3 | €5,757 | €6,129 | +€372 | +6.5% |
| Remuneration and social security | 454/9 | €9,217 | €11,236 | +€2,019 | +21.9% |
| Other amounts payable | 47/48 | - | €1,336 | +€1,336 | |
| Remuneration, social security and pensions | 62 | €25,203 | €20,384 | -€4,819 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,132 | €20,281 | +€149 | +0.7% |
| Other operating charges | 640/8 | €1,603 | €2,183 | +€580 | +36.2% |
| Non-recurring operating charges | 66A | - | €785 | +€785 | |
| Gross operating margin | 9900 | €58,550 | €35,480 | -€23,070 | -39.4% |
| Operating profit (loss) | 9901 | €11,612 | -€8,154 | -€19,766 | |
| Financial income | 75/76B | €498 | €64 | -€434 | -87.2% |
| Recurring financial income | 75 | €498 | €64 | -€434 | -87.2% |
| Financial charges | 65/66B | €8,595 | €7,619 | -€977 | -11.4% |
| Recurring financial charges | 65 | €8,595 | €7,619 | -€977 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €3,515 | -€15,708 | -€19,223 | |
| Income taxes | 67/77 | €2,643 | €224 | -€2,419 | -91.5% |
| Profit (loss) for the period | 9904 | €872 | -€15,932 | -€16,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €872 | -€15,932 | -€16,804 |
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 22 October 2026 via checked.be.