Spectre Advisory: 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.
Spectre Advisory
Largest movements
- Receivables within one year +€271,106
up €271,106 (+230%), from €117,869 to €388,976
of which Other amounts receivable: +€222,322
- Cash +€37,155
up €37,155 (+134%), from €27,763 to €64,918
mainly Net result for the year (+€176,928) and Short-term financial debts (+€74,446)
- Current investments +€25,576
up €25,576 (+16.2%), from €157,682 to €183,258
- Tangible fixed assets -€23,511
down €23,511 (-7.0%), from €334,410 to €310,899
- Reserves +€176,356
up €176,356 (+50.2%), from €351,644 to €528,000
- Short-term financial debts +€74,446
up €74,446 (+558%), from €13,333 to €87,780
- Tax, wage and social debts +€36,477
up €36,477 (+272%), from €13,394 to €49,871
of which Taxes: +€36,270
- Trade debts +€25,549
up €25,549 (+240%), from €10,639 to €36,188
- Debts after one year -€22,266
down €22,266 (-9.7%), from €228,433 to €206,166
- Gross operating margin +€59,759
up €59,759 (+24.4%), from €244,646 to €304,404
- Financial income +€39,977
up €39,977 (+1,075%), from €3,718 to €43,694
- Taxes +€17,039
up €17,039 (+43.6%), from €39,075 to €56,114
- Depreciation +€11,026
up €11,026 (+74.7%), from €14,752 to €25,779
- Other operating charges +€8,152
up €8,152 (+255%), from €3,199 to €11,351
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 | €646,436 | €953,378 | +€306,942 | +47.5% |
| Fixed assets | 21/28 | €334,976 | €315,657 | -€19,319 | -5.8% |
| Intangible fixed assets | 21 | - | €3,872 | +€3,872 | |
| Tangible fixed assets | 22/27 | €334,410 | €310,899 | -€23,511 | -7.0% |
| Land and buildings | 22 | €283,654 | €278,007 | -€5,647 | -2.0% |
| Plant, machinery and equipment | 23 | €20,093 | €11,531 | -€8,562 | -42.6% |
| Furniture and vehicles | 24 | €30,663 | €21,361 | -€9,302 | -30.3% |
| Financial fixed assets | 28 | €566 | €886 | +€320 | +56.5% |
| Current assets | 29/58 | €311,460 | €637,722 | +€326,261 | +105% |
| Amounts receivable within one year | 40/41 | €117,869 | €388,976 | +€271,106 | +230% |
| Trade receivables | 40 | €14,385 | €63,169 | +€48,784 | +339% |
| Other amounts receivable | 41 | €103,484 | €325,806 | +€222,322 | +215% |
| Current investments | 50/53 | €157,682 | €183,258 | +€25,576 | +16.2% |
| Cash at bank and in hand | 54/58 | €27,763 | €64,918 | +€37,155 | +134% |
| Deferred charges and accrued income | 490/1 | €8,146 | €571 | -€7,575 | -93.0% |
| Total equity and liabilities | 10/49 | €646,436 | €953,378 | +€306,942 | +47.5% |
| Equity | 10/15 | €355,644 | €532,572 | +€176,928 | +49.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €351,644 | €528,000 | +€176,356 | +50.2% |
| Distributable reserves | 133 | €351,644 | €528,000 | +€176,356 | +50.2% |
| Profit (loss) carried forward | 14 | - | €572 | +€572 | |
| Amounts payable | 17/49 | €290,793 | €420,806 | +€130,014 | +44.7% |
| Amounts payable after more than one year | 17 | €228,433 | €206,166 | -€22,266 | -9.7% |
| Financial debts | 170/4 | €228,433 | €206,166 | -€22,266 | -9.7% |
| Amounts payable within one year | 42/48 | €62,360 | €214,640 | +€152,280 | +244% |
| Current portion of amounts payable after more than one year | 42 | €23,275 | €22,266 | -€1,009 | -4.3% |
| Financial debts | 43 | €13,333 | €87,780 | +€74,446 | +558% |
| Credit institutions | 430/8 | €13,333 | €87,780 | +€74,446 | +558% |
| Trade debts | 44 | €10,639 | €36,188 | +€25,549 | +240% |
| Suppliers | 440/4 | €10,639 | €36,188 | +€25,549 | +240% |
| Taxes, remuneration and social security | 45 | €13,394 | €49,871 | +€36,477 | +272% |
| Taxes | 450/3 | €4,054 | €40,324 | +€36,270 | +895% |
| Remuneration and social security | 454/9 | €9,340 | €9,547 | +€207 | +2.2% |
| Other amounts payable | 47/48 | €1,718 | €18,535 | +€16,817 | +979% |
| Remuneration, social security and pensions | 62 | €67,877 | €67,214 | -€663 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,752 | €25,779 | +€11,026 | +74.7% |
| Other operating charges | 640/8 | €3,199 | €11,351 | +€8,152 | +255% |
| Gross operating margin | 9900 | €244,646 | €304,404 | +€59,759 | +24.4% |
| Operating profit (loss) | 9901 | €158,817 | €200,060 | +€41,243 | +26.0% |
| Financial income | 75/76B | €3,718 | €43,694 | +€39,977 | +1,075% |
| Recurring financial income | 75 | €3,718 | €43,694 | +€39,977 | +1,075% |
| Financial charges | 65/66B | €3,981 | €10,712 | +€6,731 | +169% |
| Recurring financial charges | 65 | €3,981 | €10,712 | +€6,731 | +169% |
| Profit (loss) for the period before taxes | 9903 | €158,554 | €233,042 | +€74,488 | +47.0% |
| Income taxes | 67/77 | €39,075 | €56,114 | +€17,039 | +43.6% |
| Profit (loss) for the period | 9904 | €119,479 | €176,928 | +€57,449 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €119,479 | €176,928 | +€57,449 | +48.1% |
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 19 October 2026 via checked.be.