Special-e-Bikes: 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.
What changed
Special-e-Bikes
NACE 47.632, Retail sale of bicycles
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,352
2024 · -€25,912+€62,265
Equity
€390,120
2024 · €390,120
Cash
€72,483
2024 · €64,833+€7,650
Balance sheet total
€634,939
2024 · €784,985-€150,046
Largest movements
Assets
- Stocks and contracts -€101,451
down €101,451 (-23.5%), from €431,355 to €329,904
- Tangible fixed assets -€44,707
down €44,707 (-23.8%), from €187,990 to €143,283
- Receivables within one year -€14,999
down €14,999 (-18.0%), from €83,383 to €68,384
of which Trade receivables: -€8,336
Equity and liabilities
- Reserves +€371,520
new in 2025: €371,520
- Profit (loss) carried forward -€371,520
down €371,520 (-100.0%), from €371,520 to €0
- Other debts -€104,116
down €104,116 (-69.0%), from €150,932 to €46,816
- Trade debts -€43,737
down €43,737 (-35.2%), from €124,104 to €80,367
- Current portion of long-term debt -€25,840
down €25,840 (-41.8%), from €61,786 to €35,946
Income statement
- Gross operating margin +€19,525
up €19,525 (+9.2%), from €211,245 to €230,771
- Financial charges -€10,489
down €10,489 (-55.5%), from €18,895 to €8,405
- Staff costs +€8,179
up €8,179 (+7.9%), from €103,292 to €111,471
- Financial income +€5,501
up €5,501 (+116.3%), from €4,731 to €10,233
- Depreciation -€3,722
down €3,722 (-4.7%), from €79,983 to €76,260
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.
Result 2024
-€25,912
Gross operating margin
+€19,525
Staff costs
-€8,179
Depreciation
+€3,722
Other operating charges
+€3,526
Other operating items
+€29,109
Financial income
+€5,501
Financial charges
+€10,489
Taxes
-€1,429
Result 2025
€36,352
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.
From operations
+€77,797
Investment
-€31,554
Financing
-€38,594
Cash 2024
€64,833
From operations (derived)
+€77,797
Net result for the year
+€36,352
Depreciation
+€76,260
Receivables after one year
-€5,400
Stocks and contracts
+€101,451
Receivables within one year
+€14,999
Deferred charges and accrued income
+€1,940
Provisions
-€418
Trade debts
-€43,737
Tax, wage and social debts
-€1,179
Advances received
-€76
Other debts
-€104,116
Accrued charges and deferred income
+€1,721
Investment (derived)
-€31,554
Investment in fixed assets (net)
-€31,554
Financing
-€38,594
Debts after one year
+€23,598
Current portion of long-term debt
-€25,840
Contributions, distributions and other
-€36,352
Cash 2025
€72,483
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €784,985 | €634,939 | -€150,046 | -19.1% |
| Fixed assets | 21/28 | €188,510 | €143,803 | -€44,707 | -23.7% |
| Tangible fixed assets | 22/27 | €187,990 | €143,283 | -€44,707 | -23.8% |
| Land and buildings | 22 | €42,574 | €33,867 | -€8,707 | -20.5% |
| Plant, machinery and equipment | 23 | €124,330 | €107,447 | -€16,882 | -13.6% |
| Furniture and vehicles | 24 | €21,086 | €1,969 | -€19,117 | -90.7% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €596,475 | €491,135 | -€105,340 | -17.7% |
| Amounts receivable after more than one year | 29 | €12,070 | €17,470 | +€5,400 | +44.7% |
| Other amounts receivable | 291 | €12,070 | €17,470 | +€5,400 | +44.7% |
| Stocks and contracts in progress | 3 | €431,355 | €329,904 | -€101,451 | -23.5% |
| Stocks | 30/36 | €431,355 | €329,904 | -€101,451 | -23.5% |
| Amounts receivable within one year | 40/41 | €83,383 | €68,384 | -€14,999 | -18.0% |
| Trade receivables | 40 | €61,720 | €53,384 | -€8,336 | -13.5% |
| Other amounts receivable | 41 | €21,662 | €15,000 | -€6,662 | -30.8% |
| Cash at bank and in hand | 54/58 | €64,833 | €72,483 | +€7,650 | +11.8% |
| Deferred charges and accrued income | 490/1 | €4,834 | €2,894 | -€1,940 | -40.1% |
| Total equity and liabilities | 10/49 | €784,985 | €634,939 | -€150,046 | -19.1% |
| Equity | 10/15 | €390,120 | €390,120 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €371,520 | +€371,520 | |
| Distributable reserves | 133 | - | €371,520 | +€371,520 | |
| Profit (loss) carried forward | 14 | €371,520 | €0 | -€371,520 | -100.0% |
| Provisions and deferred taxes | 16 | €418 | €0 | -€418 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €418 | €0 | -€418 | -100.0% |
| Other liabilities and charges | 164/5 | €418 | €0 | -€418 | -100.0% |
| Amounts payable | 17/49 | €394,447 | €244,819 | -€149,628 | -37.9% |
| Amounts payable after more than one year | 17 | €24,202 | €47,801 | +€23,598 | +97.5% |
| Financial debts | 170/4 | €24,202 | €47,801 | +€23,598 | +97.5% |
| Amounts payable within one year | 42/48 | €369,560 | €194,612 | -€174,948 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €61,786 | €35,946 | -€25,840 | -41.8% |
| Trade debts | 44 | €124,104 | €80,367 | -€43,737 | -35.2% |
| Suppliers | 440/4 | €124,104 | €80,367 | -€43,737 | -35.2% |
| Advances received on contracts in progress | 46 | €76 | €0 | -€76 | -100.0% |
| Taxes, remuneration and social security | 45 | €32,662 | €31,483 | -€1,179 | -3.6% |
| Taxes | 450/3 | €22,467 | €22,043 | -€424 | -1.9% |
| Remuneration and social security | 454/9 | €10,195 | €9,441 | -€754 | -7.4% |
| Other amounts payable | 47/48 | €150,932 | €46,816 | -€104,116 | -69.0% |
| Accrued charges and deferred income | 492/3 | €684 | €2,405 | +€1,721 | +251.6% |
| Non-recurring operating income | 76A | €35,333 | €27,246 | -€8,088 | -22.9% |
| Remuneration, social security and pensions | 62 | €103,292 | €111,471 | +€8,179 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,983 | €76,260 | -€3,722 | -4.7% |
| Other operating charges | 640/8 | €7,459 | €3,933 | -€3,526 | -47.3% |
| Non-recurring operating charges | 66A | €32,261 | €3,152 | -€29,109 | -90.2% |
| Gross operating margin | 9900 | €211,245 | €230,771 | +€19,525 | +9.2% |
| Operating profit (loss) | 9901 | -€11,749 | €35,954 | +€47,703 | |
| Financial income | 75/76B | €4,731 | €10,233 | +€5,501 | +116.3% |
| Recurring financial income | 75 | €4,731 | €10,233 | +€5,501 | +116.3% |
| Financial charges | 65/66B | €18,895 | €8,405 | -€10,489 | -55.5% |
| Recurring financial charges | 65 | €18,895 | €8,405 | -€10,489 | -55.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,912 | €37,781 | +€63,694 | |
| Income taxes | 67/77 | €0 | €1,429 | +€1,429 | |
| Profit (loss) for the period | 9904 | -€25,912 | €36,352 | +€62,265 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,912 | €36,352 | +€62,265 |
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 5 October 2026 via checked.be.