SPECIALE BELGE: 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.
SPECIALE BELGE
Largest movements
- Tangible fixed assets -€49,143
down €49,143 (-23.3%), from €210,897 to €161,753
of which Land and buildings: -€24,940
- Cash +€5,749
up €5,749 (+6.8%), from €84,144 to €89,893
mainly Depreciation (+€44,822) and Short-term financial debts (+€22,579)
- Stocks and contracts +€4,618
up €4,618 (+26.1%), from €17,710 to €22,328
- Reserves -€34,254
down €34,254 (-44.0%), from €77,854 to €43,600
of which Distributable reserves: -€34,254
- Profit (loss) carried forward +€34,254
up €34,254, from -€34,254 to €0
- Other debts -€27,418
down €27,418 (-18.8%), from €145,567 to €118,150
- Short-term financial debts +€22,579
up €22,579 (+2,731%), from €827 to €23,406
- Debts after one year -€15,255
down €15,255 (-39.1%), from €39,016 to €23,761
- Gross operating margin +€20,921
up €20,921 (+22.1%), from €94,517 to €115,438
- Staff costs -€18,088
down €18,088 (-37.2%), from €48,600 to €30,512
- Depreciation -€4,468
down €4,468 (-9.1%), from €49,290 to €44,822
- Taxes +€2,559
up €2,559 (+851%), from €301 to €2,860
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 | €328,286 | €288,944 | -€39,341 | -12.0% |
| Fixed assets | 21/28 | €211,897 | €162,753 | -€49,143 | -23.2% |
| Tangible fixed assets | 22/27 | €210,897 | €161,753 | -€49,143 | -23.3% |
| Land and buildings | 22 | €118,180 | €93,240 | -€24,940 | -21.1% |
| Plant, machinery and equipment | 23 | €83,517 | €66,252 | -€17,265 | -20.7% |
| Furniture and vehicles | 24 | €9,200 | €2,262 | -€6,938 | -75.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €116,389 | €126,191 | +€9,802 | +8.4% |
| Stocks and contracts in progress | 3 | €17,710 | €22,328 | +€4,618 | +26.1% |
| Stocks | 30/36 | €17,710 | €22,328 | +€4,618 | +26.1% |
| Amounts receivable within one year | 40/41 | €4,871 | €7,434 | +€2,563 | +52.6% |
| Trade receivables | 40 | €2,352 | €6,037 | +€3,685 | +157% |
| Other amounts receivable | 41 | €2,519 | €1,397 | -€1,122 | -44.5% |
| Current investments | 50/53 | €1,324 | €1,324 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,144 | €89,893 | +€5,749 | +6.8% |
| Deferred charges and accrued income | 490/1 | €8,339 | €5,211 | -€3,128 | -37.5% |
| Total equity and liabilities | 10/49 | €328,286 | €288,944 | -€39,341 | -12.0% |
| Equity | 10/15 | €62,200 | €62,200 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,854 | €43,600 | -€34,254 | -44.0% |
| Non-distributable reserves | 130/1 | €1,324 | €1,324 | = | 0.0% |
| Other | 1319 | €1,324 | €1,324 | = | 0.0% |
| Distributable reserves | 133 | €76,530 | €42,276 | -€34,254 | -44.8% |
| Profit (loss) carried forward | 14 | -€34,254 | €0 | +€34,254 | |
| Amounts payable | 17/49 | €266,086 | €226,744 | -€39,341 | -14.8% |
| Amounts payable after more than one year | 17 | €39,016 | €23,761 | -€15,255 | -39.1% |
| Financial debts | 170/4 | €39,016 | €23,761 | -€15,255 | -39.1% |
| Amounts payable within one year | 42/48 | €227,070 | €202,489 | -€24,580 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €25,968 | €15,255 | -€10,712 | -41.3% |
| Financial debts | 43 | €827 | €23,406 | +€22,579 | +2,731% |
| Other loans | 439 | €827 | €23,406 | +€22,579 | +2,731% |
| Trade debts | 44 | €32,192 | €24,075 | -€8,117 | -25.2% |
| Suppliers | 440/4 | €32,192 | €24,075 | -€8,117 | -25.2% |
| Taxes, remuneration and social security | 45 | €22,515 | €21,604 | -€912 | -4.1% |
| Taxes | 450/3 | €19,547 | €20,022 | +€475 | +2.4% |
| Remuneration and social security | 454/9 | €2,969 | €1,582 | -€1,387 | -46.7% |
| Other amounts payable | 47/48 | €145,567 | €118,150 | -€27,418 | -18.8% |
| Accrued charges and deferred income | 492/3 | - | €494 | +€494 | |
| Non-recurring operating income | 76A | €0 | €3,429 | +€3,429 | |
| Remuneration, social security and pensions | 62 | €48,600 | €30,512 | -€18,088 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,290 | €44,822 | -€4,468 | -9.1% |
| Other operating charges | 640/8 | €9,480 | €9,081 | -€399 | -4.2% |
| Gross operating margin | 9900 | €94,517 | €115,438 | +€20,921 | +22.1% |
| Operating profit (loss) | 9901 | -€12,853 | €31,022 | +€43,875 | |
| Financial income | 75/76B | €116 | €555 | +€439 | +379% |
| Recurring financial income | 75 | €116 | €555 | +€439 | +379% |
| Financial charges | 65/66B | €12,410 | €11,790 | -€620 | -5.0% |
| Recurring financial charges | 65 | €12,410 | €11,790 | -€620 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,146 | €19,787 | +€44,934 | |
| Income taxes | 67/77 | €301 | €2,860 | +€2,559 | +851% |
| Profit (loss) for the period | 9904 | -€25,447 | €16,928 | +€42,375 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,447 | €16,928 | +€42,375 |
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 29 October 2026 via checked.be.