Spectre: 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.
Spectre
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+1221.6%), from €85,378 to €1.1m
- Receivables within one year +€338,579
up €338,579 (+93.6%), from €361,557 to €700,136
of which Other amounts receivable: +€200,421
- Cash -€79,542
down €79,542 (-95.1%), from €83,636 to €4,094
mainly Stocks and contracts (-€1.0m) and Receivables within one year (-€338,579)
- Trade debts +€1.2m
up €1.2m (+2674.3%), from €46,060 to €1.3m
- Short-term financial debts +€130,555
up €130,555 (+43.5%), from €300,000 to €430,555
- Debts after one year -€67,219
down €67,219 (-38.6%), from €174,086 to €106,868
- Other debts -€34,816
no longer reported in 2025 (was €34,816)
- Gross operating margin +€14,439
up €14,439 (+39.1%), from €36,888 to €51,327
- Financial charges +€12,588
up €12,588 (+57.9%), from €21,751 to €34,338
- Financial income +€6,980
up €6,980 (+207.8%), from €3,359 to €10,339
- Taxes +€2,016
up €2,016 (+131.9%), from €1,529 to €3,545
- Depreciation -€1,008
down €1,008 (-8.1%), from €12,508 to €11,500
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 | €633,063 | €1,923,604 | +€1.3m | +203.9% |
| Fixed assets | 21/28 | €102,492 | €90,992 | -€11,500 | -11.2% |
| Intangible fixed assets | 21 | €102,492 | €90,992 | -€11,500 | -11.2% |
| Current assets | 29/58 | €530,571 | €1,832,613 | +€1.3m | +245.4% |
| Stocks and contracts in progress | 3 | €85,378 | €1,128,382 | +€1.0m | +1221.6% |
| Stocks | 30/36 | €85,378 | €1,128,382 | +€1.0m | +1221.6% |
| Amounts receivable within one year | 40/41 | €361,557 | €700,136 | +€338,579 | +93.6% |
| Trade receivables | 40 | €13,724 | €151,882 | +€138,158 | +1006.7% |
| Other amounts receivable | 41 | €347,833 | €548,254 | +€200,421 | +57.6% |
| Cash at bank and in hand | 54/58 | €83,636 | €4,094 | -€79,542 | -95.1% |
| Total equity and liabilities | 10/49 | €633,063 | €1,923,604 | +€1.3m | +203.9% |
| Equity | 10/15 | €8,957 | €20,732 | +€11,775 | +131.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €3,957 | €15,732 | +€11,775 | +297.6% |
| Distributable reserves | 133 | €3,957 | €15,732 | +€11,775 | +297.6% |
| Amounts payable | 17/49 | €624,106 | €1,902,872 | +€1.3m | +204.9% |
| Amounts payable after more than one year | 17 | €174,086 | €106,868 | -€67,219 | -38.6% |
| Financial debts | 170/4 | €174,086 | €106,868 | -€67,219 | -38.6% |
| Amounts payable within one year | 42/48 | €450,020 | €1,796,005 | +€1.3m | +299.1% |
| Current portion of amounts payable after more than one year | 42 | €64,046 | €67,219 | +€3,173 | +5.0% |
| Financial debts | 43 | €300,000 | €430,555 | +€130,555 | +43.5% |
| Credit institutions | 430/8 | €300,000 | €430,555 | +€130,555 | +43.5% |
| Trade debts | 44 | €46,060 | €1,277,839 | +€1.2m | +2674.3% |
| Suppliers | 440/4 | €46,060 | €1,277,839 | +€1.2m | +2674.3% |
| Taxes, remuneration and social security | 45 | €5,098 | €20,392 | +€15,294 | +300.0% |
| Taxes | 450/3 | €5,098 | €20,392 | +€15,294 | +300.0% |
| Other amounts payable | 47/48 | €34,816 | - | -€34,816 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,508 | €11,500 | -€1,008 | -8.1% |
| Other operating charges | 640/8 | €502 | €507 | +€5 | +1.0% |
| Gross operating margin | 9900 | €36,888 | €51,327 | +€14,439 | +39.1% |
| Operating profit (loss) | 9901 | €23,877 | €39,319 | +€15,443 | +64.7% |
| Financial income | 75/76B | €3,359 | €10,339 | +€6,980 | +207.8% |
| Recurring financial income | 75 | €3,359 | €10,339 | +€6,980 | +207.8% |
| Financial charges | 65/66B | €21,751 | €34,338 | +€12,588 | +57.9% |
| Recurring financial charges | 65 | €21,751 | €34,338 | +€12,588 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €5,486 | €15,320 | +€9,835 | +179.3% |
| Income taxes | 67/77 | €1,529 | €3,545 | +€2,016 | +131.9% |
| Profit (loss) for the period | 9904 | €3,957 | €11,775 | +€7,819 | +197.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,957 | €11,775 | +€7,819 | +197.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.