SPECCHIO: 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.
SPECCHIO
Largest movements
- Tangible fixed assets +€123,780
up €123,780 (+18.9%), from €655,110 to €778,889
of which Land and buildings: +€153,534
- Receivables within one year -€49,235
down €49,235 (-99.5%), from €49,507 to €272
of which Trade receivables: -€47,759
- Other debts +€130,954
up €130,954 (+50.7%), from €258,144 to €389,097
- Trade debts -€49,991
down €49,991 (-69.8%), from €71,669 to €21,679
- Reserves -€11,096
down €11,096 (-3.2%), from €349,813 to €338,717
of which Distributable reserves: -€7,677
- Turnover +€69,000
new in 2025: €69,000
- Purchases and services +€27,034
new in 2025: €27,034
- Gross operating margin +€11,928
up €11,928 (+31.3%), from €38,164 to €50,092
- Depreciation +€8,401
up €8,401 (+26.2%), from €32,067 to €40,468
- Financial charges -€2,263
down €2,263 (-16.0%), from €14,140 to €11,876
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 | €815,005 | €884,546 | +€69,540 | +8.5% |
| Fixed assets | 21/28 | €655,110 | €778,889 | +€123,780 | +18.9% |
| Tangible fixed assets | 22/27 | €655,110 | €778,889 | +€123,780 | +18.9% |
| Land and buildings | 22 | €614,676 | €768,210 | +€153,534 | +25.0% |
| Furniture and vehicles | 24 | €40,434 | €10,679 | -€29,755 | -73.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €159,896 | €105,657 | -€54,239 | -33.9% |
| Amounts receivable within one year | 40/41 | €49,507 | €272 | -€49,235 | -99.5% |
| Trade receivables | 40 | €47,759 | €0 | -€47,759 | -100.0% |
| Other amounts receivable | 41 | €1,748 | €272 | -€1,475 | -84.4% |
| Current investments | 50/53 | €100,963 | €100,963 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,929 | €3,626 | -€4,303 | -54.3% |
| Deferred charges and accrued income | 490/1 | €1,497 | €795 | -€702 | -46.9% |
| Total equity and liabilities | 10/49 | €815,005 | €884,546 | +€69,540 | +8.5% |
| Equity | 10/15 | €421,706 | €410,610 | -€11,096 | -2.6% |
| Contributions | 10/11 | €71,893 | €71,893 | = | 0.0% |
| Capital | 10 | €71,893 | €71,893 | = | 0.0% |
| Issued capital | 100 | €71,893 | €71,893 | = | 0.0% |
| Reserves | 13 | €349,813 | €338,717 | -€11,096 | -3.2% |
| Non-distributable reserves | 130/1 | €108,153 | €108,153 | = | 0.0% |
| Legal reserve | 130 | €7,189 | €7,189 | = | 0.0% |
| Own shares acquired | 1312 | €100,963 | €100,963 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,124 | €125,705 | -€3,419 | -2.6% |
| Distributable reserves | 133 | €112,537 | €104,859 | -€7,677 | -6.8% |
| Provisions and deferred taxes | 16 | €43,041 | €41,902 | -€1,140 | -2.6% |
| Deferred taxes | 168 | €43,041 | €41,902 | -€1,140 | -2.6% |
| Amounts payable | 17/49 | €350,258 | €432,034 | +€81,776 | +23.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €337,288 | €420,287 | +€82,999 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €71,669 | €21,679 | -€49,991 | -69.8% |
| Suppliers | 440/4 | €71,669 | €21,679 | -€49,991 | -69.8% |
| Taxes, remuneration and social security | 45 | €7,475 | €9,511 | +€2,036 | +27.2% |
| Taxes | 450/3 | €7,475 | €9,511 | +€2,036 | +27.2% |
| Other amounts payable | 47/48 | €258,144 | €389,097 | +€130,954 | +50.7% |
| Accrued charges and deferred income | 492/3 | €12,970 | €11,747 | -€1,223 | -9.4% |
| Turnover | 70 | - | €69,000 | +€69,000 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €27,034 | +€27,034 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,067 | €40,468 | +€8,401 | +26.2% |
| Other operating charges | 640/8 | €3,505 | €3,813 | +€308 | +8.8% |
| Non-recurring operating charges | 66A | €0 | €5,303 | +€5,303 | |
| Gross operating margin | 9900 | €38,164 | €50,092 | +€11,928 | +31.3% |
| Operating profit (loss) | 9901 | €2,592 | €508 | -€2,084 | -80.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,140 | €11,876 | -€2,263 | -16.0% |
| Recurring financial charges | 65 | €14,140 | €11,876 | -€2,263 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,547 | -€11,368 | +€179 | +1.6% |
| Transfer from deferred taxes | 780 | €3,317 | €1,140 | -€2,177 | -65.6% |
| Income taxes | 67/77 | -€209 | €868 | +€1,077 | |
| Profit (loss) for the period | 9904 | -€8,022 | -€11,096 | -€3,074 | -38.3% |
| Transfer from tax-exempt reserves | 789 | €18,891 | €3,419 | -€15,473 | -81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,870 | -€7,677 | -€18,547 |
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 3 October 2026 via checked.be.