SPECTRA: 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.
SPECTRA
Largest movements
- Tangible fixed assets -€828,960
down €828,960 (-96.0%), from €863,486 to €34,527
of which Land and buildings: -€841,675
- Receivables within one year +€321,702
up €321,702 (+329.1%), from €97,748 to €419,451
of which Trade receivables: +€222,960
- Cash +€80,539
up €80,539 (+121.2%), from €66,446 to €146,985
mainly Net result for the year (+€981,273) and Investment in fixed assets (net) (+€822,662)
- Debts after one year -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Reserves +€981,273
up €981,273 (+69.3%), from €1.4m to €2.4m
of which Distributable reserves: +€981,273
- Current portion of long-term debt -€399,897
down €399,897 (-100.0%), from €399,897 to €0
- Tax, wage and social debts +€76,895
up €76,895 (+376.0%), from €20,452 to €97,346
of which Taxes: +€85,721
- Gross operating margin +€1.2m
up €1.2m, from -€4,736 to €1.2m
- Taxes +€253,858
up €253,858 (+11746.6%), from €2,161 to €256,019
- Financial income -€233,727
down €233,727 (-72.9%), from €320,477 to €86,749
- Depreciation -€84,443
down €84,443 (-93.1%), from €90,741 to €6,298
- Staff costs -€77,600
down €77,600 (-75.1%), from €103,328 to €25,729
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 | €3,017,456 | €2,607,514 | -€409,942 | -13.6% |
| Fixed assets | 21/28 | €1,735,624 | €906,664 | -€828,960 | -47.8% |
| Tangible fixed assets | 22/27 | €863,486 | €34,527 | -€828,960 | -96.0% |
| Land and buildings | 22 | €841,675 | €0 | -€841,675 | -100.0% |
| Plant, machinery and equipment | 23 | €7,932 | €361 | -€7,571 | -95.4% |
| Furniture and vehicles | 24 | €13,879 | €34,165 | +€20,287 | +146.2% |
| Financial fixed assets | 28 | €872,137 | €872,137 | = | 0.0% |
| Current assets | 29/58 | €1,281,833 | €1,700,850 | +€419,017 | +32.7% |
| Amounts receivable after more than one year | 29 | €1,100,000 | €1,100,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,100,000 | €1,100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €11,878 | €25,688 | +€13,809 | +116.3% |
| Stocks | 30/36 | €11,878 | €11,159 | -€719 | -6.1% |
| Contracts in progress | 37 | - | €14,528 | +€14,528 | |
| Amounts receivable within one year | 40/41 | €97,748 | €419,451 | +€321,702 | +329.1% |
| Trade receivables | 40 | €97,748 | €320,709 | +€222,960 | +228.1% |
| Other amounts receivable | 41 | - | €98,742 | +€98,742 | |
| Cash at bank and in hand | 54/58 | €66,446 | €146,985 | +€80,539 | +121.2% |
| Deferred charges and accrued income | 490/1 | €5,759 | €8,726 | +€2,967 | +51.5% |
| Total equity and liabilities | 10/49 | €3,017,456 | €2,607,514 | -€409,942 | -13.6% |
| Equity | 10/15 | €1,478,101 | €2,459,374 | +€981,273 | +66.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,416,101 | €2,397,374 | +€981,273 | +69.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,409,901 | €2,391,174 | +€981,273 | +69.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,539,355 | €148,140 | -€1.4m | -90.4% |
| Amounts payable after more than one year | 17 | €1,046,272 | €0 | -€1.0m | -100.0% |
| Financial debts | 170/4 | €1,046,272 | €0 | -€1.0m | -100.0% |
| Amounts payable within one year | 42/48 | €469,983 | €148,140 | -€321,843 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €399,897 | €0 | -€399,897 | -100.0% |
| Trade debts | 44 | €23,165 | €23,794 | +€629 | +2.7% |
| Suppliers | 440/4 | €23,165 | €23,794 | +€629 | +2.7% |
| Taxes, remuneration and social security | 45 | €20,452 | €97,346 | +€76,895 | +376.0% |
| Taxes | 450/3 | €11,626 | €97,346 | +€85,721 | +737.3% |
| Remuneration and social security | 454/9 | €8,826 | €0 | -€8,826 | -100.0% |
| Other amounts payable | 47/48 | €26,470 | €26,999 | +€529 | +2.0% |
| Accrued charges and deferred income | 492/3 | €23,100 | €0 | -€23,100 | -100.0% |
| Non-recurring operating income | 76A | - | €1,349,693 | +€1.3m | |
| Remuneration, social security and pensions | 62 | €103,328 | €25,729 | -€77,600 | -75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,741 | €6,298 | -€84,443 | -93.1% |
| Other operating charges | 640/8 | €13,613 | €5,680 | -€7,932 | -58.3% |
| Non-recurring operating charges | 66A | €132 | €0 | -€132 | -100.0% |
| Gross operating margin | 9900 | -€4,736 | €1,197,772 | +€1.2m | |
| Operating profit (loss) | 9901 | -€212,550 | €1,160,065 | +€1.4m | |
| Financial income | 75/76B | €320,477 | €86,749 | -€233,727 | -72.9% |
| Recurring financial income | 75 | €320,477 | €86,749 | -€233,727 | -72.9% |
| Financial charges | 65/66B | €75,040 | €9,521 | -€65,519 | -87.3% |
| Recurring financial charges | 65 | €75,040 | €9,521 | -€65,519 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | €32,886 | €1,237,292 | +€1.2m | +3662.4% |
| Transfer from deferred taxes | 780 | €3,711 | €0 | -€3,711 | -100.0% |
| Income taxes | 67/77 | €2,161 | €256,019 | +€253,858 | +11746.6% |
| Profit (loss) for the period | 9904 | €34,436 | €981,273 | +€946,837 | +2749.5% |
| Transfer from tax-exempt reserves | 789 | €20,227 | €0 | -€20,227 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,663 | €981,273 | +€926,610 | +1695.1% |
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 8 October 2026 via checked.be.