SPECTRE EU: 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 EU
Largest movements
- Cash +€252,778
up €252,778 (+166%), from €152,437 to €405,215
mainly Net result for the year (+€197,371) and Receivables after one year (+€137,438)
- Receivables after one year -€137,438
down €137,438 (-45.2%), from €303,916 to €166,478
- Receivables within one year +€99,110
up €99,110 (+83.5%), from €118,720 to €217,830
of which Other amounts receivable: +€73,409
- Tangible fixed assets +€9,255
up €9,255 (+53.3%), from €17,351 to €26,605
of which Other tangible fixed assets: +€11,655
- Reserves +€197,371
up €197,371 (+38.0%), from €519,757 to €717,128
of which Tax-exempt reserves: +€105,250
- Other debts +€25,000
new in 2025: €25,000
- Tax, wage and social debts +€12,018
up €12,018 (+18.3%), from €65,617 to €77,635
- Gross operating margin +€16,377
up €16,377 (+6.0%), from €272,733 to €289,110
- Other operating charges +€10,096
up €10,096 (+712%), from €1,418 to €11,514
- Taxes -€7,490
down €7,490 (-9.2%), from €81,094 to €73,603
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 | €602,087 | €831,472 | +€229,385 | +38.1% |
| Fixed assets | 21/28 | €17,351 | €26,605 | +€9,255 | +53.3% |
| Tangible fixed assets | 22/27 | €17,351 | €26,605 | +€9,255 | +53.3% |
| Plant, machinery and equipment | 23 | €1,063 | €0 | -€1,063 | -100% |
| Furniture and vehicles | 24 | €14,808 | €13,471 | -€1,337 | -9.0% |
| Other tangible fixed assets | 26 | €1,479 | €13,134 | +€11,655 | +788% |
| Current assets | 29/58 | €584,736 | €804,867 | +€220,130 | +37.6% |
| Amounts receivable after more than one year | 29 | €303,916 | €166,478 | -€137,438 | -45.2% |
| Other amounts receivable | 291 | €303,916 | €166,478 | -€137,438 | -45.2% |
| Amounts receivable within one year | 40/41 | €118,720 | €217,830 | +€99,110 | +83.5% |
| Trade receivables | 40 | €106,628 | €132,329 | +€25,701 | +24.1% |
| Other amounts receivable | 41 | €12,093 | €85,502 | +€73,409 | +607% |
| Current investments | 50/53 | €4,536 | €9,476 | +€4,940 | +109% |
| Cash at bank and in hand | 54/58 | €152,437 | €405,215 | +€252,778 | +166% |
| Deferred charges and accrued income | 490/1 | €5,127 | €5,867 | +€740 | +14.4% |
| Total equity and liabilities | 10/49 | €602,087 | €831,472 | +€229,385 | +38.1% |
| Equity | 10/15 | €525,957 | €723,328 | +€197,371 | +37.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €519,757 | €717,128 | +€197,371 | +38.0% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €519,757 | €611,878 | +€92,121 | +17.7% |
| Amounts payable | 17/49 | €76,130 | €108,144 | +€32,014 | +42.1% |
| Amounts payable within one year | 42/48 | €75,990 | €108,144 | +€32,154 | +42.3% |
| Trade debts | 44 | €10,373 | €5,509 | -€4,864 | -46.9% |
| Suppliers | 440/4 | €10,373 | €5,509 | -€4,864 | -46.9% |
| Taxes, remuneration and social security | 45 | €65,617 | €77,635 | +€12,018 | +18.3% |
| Taxes | 450/3 | €65,617 | €77,635 | +€12,018 | +18.3% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €140 | €0 | -€140 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,050 | €6,257 | -€1,793 | -22.3% |
| Other operating charges | 640/8 | €1,418 | €11,514 | +€10,096 | +712% |
| Gross operating margin | 9900 | €272,733 | €289,110 | +€16,377 | +6.0% |
| Operating profit (loss) | 9901 | €263,265 | €271,339 | +€8,074 | +3.1% |
| Financial income | 75/76B | €3,968 | €5,085 | +€1,117 | +28.2% |
| Recurring financial income | 75 | €3,968 | €5,085 | +€1,117 | +28.2% |
| Financial charges | 65/66B | €6,741 | €5,450 | -€1,291 | -19.1% |
| Recurring financial charges | 65 | €6,741 | €5,450 | -€1,291 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €260,492 | €270,974 | +€10,483 | +4.0% |
| Income taxes | 67/77 | €81,094 | €73,603 | -€7,490 | -9.2% |
| Profit (loss) for the period | 9904 | €179,398 | €197,371 | +€17,973 | +10.0% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,398 | €92,121 | -€87,277 | -48.7% |
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 15 October 2026 via checked.be.