SPECTER: 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.
SPECTER
Largest movements
- Intangible fixed assets +€187,618
up €187,618 (+26.9%), from €697,592 to €885,210
- Stocks and contracts +€120,507
up €120,507 (+17.2%), from €700,143 to €820,651
- Tangible fixed assets -€52,271
down €52,271 (-32.7%), from €159,789 to €107,517
of which Plant, machinery and equipment: -€45,740
- Cash -€30,643
down €30,643 (-86.4%), from €35,456 to €4,813
mainly Net result for the year (-€601,851) and Investment in fixed assets (net) (-€452,665)
- Contributions -€1.6m
down €1.6m (-78.2%), from €2.0m to €434,714
- Profit (loss) carried forward +€956,407
up €956,407 (+61.4%), from -€1.6m to -€601,851
- Short-term financial debts +€374,610
up €374,610 (+299.7%), from €125,000 to €499,610
- Debts after one year +€292,142
up €292,142 (+47.6%), from €613,486 to €905,628
- Current portion of long-term debt +€186,144
up €186,144 (+185.8%), from €100,164 to €286,308
- Gross operating margin +€390,264
up €390,264, from -€152,213 to €238,051
- Staff costs +€134,035
up €134,035 (+53.8%), from €249,257 to €383,292
- Depreciation +€59,388
up €59,388 (+23.4%), from €253,729 to €313,116
- Write-downs +€59,282
new in 2025: €59,282
- Financial charges +€9,843
up €9,843 (+11.6%), from €84,901 to €94,743
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 | €1,985,931 | €2,208,330 | +€222,399 | +11.2% |
| Fixed assets | 21/28 | €868,781 | €1,008,329 | +€139,549 | +16.1% |
| Intangible fixed assets | 21 | €697,592 | €885,210 | +€187,618 | +26.9% |
| Tangible fixed assets | 22/27 | €159,789 | €107,517 | -€52,271 | -32.7% |
| Plant, machinery and equipment | 23 | €129,855 | €84,115 | -€45,740 | -35.2% |
| Furniture and vehicles | 24 | €12,132 | €7,889 | -€4,242 | -35.0% |
| Other tangible fixed assets | 26 | €17,802 | €15,513 | -€2,289 | -12.9% |
| Financial fixed assets | 28 | €11,400 | €15,602 | +€4,202 | +36.9% |
| Current assets | 29/58 | €1,117,150 | €1,200,001 | +€82,850 | +7.4% |
| Stocks and contracts in progress | 3 | €700,143 | €820,651 | +€120,507 | +17.2% |
| Stocks | 30/36 | €700,143 | €820,651 | +€120,507 | +17.2% |
| Amounts receivable within one year | 40/41 | €370,281 | €357,596 | -€12,685 | -3.4% |
| Trade receivables | 40 | €333,840 | €305,057 | -€28,783 | -8.6% |
| Other amounts receivable | 41 | €36,441 | €52,539 | +€16,098 | +44.2% |
| Cash at bank and in hand | 54/58 | €35,456 | €4,813 | -€30,643 | -86.4% |
| Deferred charges and accrued income | 490/1 | €11,270 | €16,941 | +€5,671 | +50.3% |
| Total equity and liabilities | 10/49 | €1,985,931 | €2,208,330 | +€222,399 | +11.2% |
| Equity | 10/15 | €452,245 | -€149,606 | -€601,851 | |
| Contributions | 10/11 | €1,992,972 | €434,714 | -€1.6m | -78.2% |
| Reserves | 13 | €17,532 | €17,532 | = | 0.0% |
| Distributable reserves | 133 | €17,532 | €17,532 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,558,259 | -€601,851 | +€956,407 | +61.4% |
| Amounts payable | 17/49 | €1,533,686 | €2,357,936 | +€824,251 | +53.7% |
| Amounts payable after more than one year | 17 | €613,486 | €905,628 | +€292,142 | +47.6% |
| Financial debts | 170/4 | €613,486 | €905,628 | +€292,142 | +47.6% |
| Amounts payable within one year | 42/48 | €907,040 | €1,432,332 | +€525,292 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €100,164 | €286,308 | +€186,144 | +185.8% |
| Financial debts | 43 | €125,000 | €499,610 | +€374,610 | +299.7% |
| Credit institutions | 430/8 | €125,000 | €499,610 | +€374,610 | +299.7% |
| Trade debts | 44 | €597,406 | €572,922 | -€24,484 | -4.1% |
| Suppliers | 440/4 | €597,406 | €572,922 | -€24,484 | -4.1% |
| Taxes, remuneration and social security | 45 | €77,952 | €65,399 | -€12,554 | -16.1% |
| Taxes | 450/3 | €50,121 | €34,611 | -€15,510 | -30.9% |
| Remuneration and social security | 454/9 | €27,831 | €30,788 | +€2,957 | +10.6% |
| Other amounts payable | 47/48 | €6,518 | €8,093 | +€1,576 | +24.2% |
| Accrued charges and deferred income | 492/3 | €13,159 | €19,976 | +€6,817 | +51.8% |
| Remuneration, social security and pensions | 62 | €249,257 | €383,292 | +€134,035 | +53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,729 | €313,116 | +€59,388 | +23.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €59,282 | +€59,282 | |
| Other operating charges | 640/8 | €1,833 | €8,767 | +€6,934 | +378.4% |
| Non-recurring operating charges | 66A | €17,813 | €0 | -€17,813 | -100.0% |
| Gross operating margin | 9900 | -€152,213 | €238,051 | +€390,264 | |
| Operating profit (loss) | 9901 | -€674,844 | -€526,406 | +€148,438 | +22.0% |
| Financial income | 75/76B | €5,006 | €4,534 | -€472 | -9.4% |
| Recurring financial income | 75 | €5,006 | €4,534 | -€472 | -9.4% |
| Financial charges | 65/66B | €84,901 | €94,743 | +€9,843 | +11.6% |
| Recurring financial charges | 65 | €84,901 | €94,743 | +€9,843 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | -€754,738 | -€616,615 | +€138,123 | +18.3% |
| Income taxes | 67/77 | -€7,633 | -€14,763 | -€7,130 | -93.4% |
| Profit (loss) for the period | 9904 | -€747,105 | -€601,851 | +€145,254 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€747,105 | -€601,851 | +€145,254 | +19.4% |
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.