SPECIAL PURPOSE VEHICLES: 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.
SPECIAL PURPOSE VEHICLES
Largest movements
- Receivables within one year -€107,048
down €107,048 (-91.6%), from €116,916 to €9,868
of which Other amounts receivable: -€107,201
- Cash +€58,121
up €58,121 (+7.3%), from €797,800 to €855,920
mainly Receivables within one year (+€107,048) and Trade debts (+€45,398)
- Profit (loss) carried forward -€49,618
down €49,618, from €651 to -€48,967
- Trade debts +€45,398
up €45,398 (+2,451%), from €1,852 to €47,250
- Reserves -€21,440
down €21,440 (-2.4%), from €904,590 to €883,150
- Tax, wage and social debts -€17,998
no longer reported in 2025 (was €17,998)
- Gross operating margin -€77,634
down €77,634, from €45,812 to -€31,822
- Taxes -€14,021
down €14,021 (-99.8%), from €14,042 to €22
- Depreciation +€5,496
up €5,496 (+67.3%), from €8,163 to €13,659
- Financial income +€2,195
up €2,195 (+226%), from €969 to €3,164
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 | €953,718 | €911,847 | -€41,871 | -4.4% |
| Fixed assets | 21/28 | €37,332 | €44,555 | +€7,223 | +19.3% |
| Tangible fixed assets | 22/27 | €37,332 | €44,555 | +€7,223 | +19.3% |
| Furniture and vehicles | 24 | €37,332 | €44,555 | +€7,223 | +19.3% |
| Current assets | 29/58 | €916,386 | €867,292 | -€49,094 | -5.4% |
| Amounts receivable within one year | 40/41 | €116,916 | €9,868 | -€107,048 | -91.6% |
| Trade receivables | 40 | €8,887 | €9,040 | +€153 | +1.7% |
| Other amounts receivable | 41 | €108,029 | €828 | -€107,201 | -99.2% |
| Current investments | 50/53 | €29 | €27 | -€2 | -8.2% |
| Cash at bank and in hand | 54/58 | €797,800 | €855,920 | +€58,121 | +7.3% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,477 | -€164 | -10.0% |
| Total equity and liabilities | 10/49 | €953,718 | €911,847 | -€41,871 | -4.4% |
| Equity | 10/15 | €927,157 | €856,099 | -€71,058 | -7.7% |
| Contributions | 10/11 | €21,916 | €21,916 | = | 0.0% |
| Reserves | 13 | €904,590 | €883,150 | -€21,440 | -2.4% |
| Distributable reserves | 133 | €904,590 | €883,150 | -€21,440 | -2.4% |
| Profit (loss) carried forward | 14 | €651 | -€48,967 | -€49,618 | |
| Amounts payable | 17/49 | €26,561 | €55,748 | +€29,187 | +110% |
| Amounts payable within one year | 42/48 | €26,561 | €55,748 | +€29,187 | +110% |
| Trade debts | 44 | €1,852 | €47,250 | +€45,398 | +2,451% |
| Suppliers | 440/4 | €1,852 | €47,250 | +€45,398 | +2,451% |
| Taxes, remuneration and social security | 45 | €17,998 | - | -€17,998 | |
| Taxes | 450/3 | €17,998 | - | -€17,998 | |
| Other amounts payable | 47/48 | €6,710 | €8,498 | +€1,788 | +26.6% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,163 | €13,659 | +€5,496 | +67.3% |
| Other operating charges | 640/8 | €2,436 | €2,313 | -€123 | -5.0% |
| Non-recurring operating charges | 66A | €655 | - | -€655 | |
| Gross operating margin | 9900 | €45,812 | -€31,822 | -€77,634 | |
| Operating profit (loss) | 9901 | €34,558 | -€47,794 | -€82,353 | |
| Financial income | 75/76B | €969 | €3,164 | +€2,195 | +226% |
| Recurring financial income | 75 | €969 | €3,164 | +€2,195 | +226% |
| Financial charges | 65/66B | €40 | €50 | +€10 | +25.4% |
| Recurring financial charges | 65 | €40 | €50 | +€10 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €35,488 | -€44,680 | -€80,168 | |
| Income taxes | 67/77 | €14,042 | €22 | -€14,021 | -99.8% |
| Profit (loss) for the period | 9904 | €21,445 | -€44,702 | -€66,147 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,445 | -€44,702 | -€66,147 |
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 14 October 2026 via checked.be.