SPECTRUM: what changed
SPECTRUM
Largest movements
- Cash +€67,544
up €67,544 (+37.4%), from €180,470 to €248,014
mainly Net result for the year (+€58,631) and Depreciation (+€47,142)
- Receivables within one year +€38,739
up €38,739 (+59.1%), from €65,598 to €104,336
- Deferred charges and accrued income +€12,206
up €12,206 (+673%), from €1,815 to €14,021
- Reserves +€58,631
up €58,631 (+25.6%), from €229,121 to €287,752
of which Distributable reserves: +€58,631
- Trade debts +€46,337
up €46,337 (+201%), from €23,020 to €69,358
- Tax, wage and social debts +€10,030
up €10,030 (+24.1%), from €41,585 to €51,615
of which Taxes: +€11,743
- Gross operating margin -€64,032
down €64,032 (-10.2%), from €628,375 to €564,343
- Other operating charges +€27,262
up €27,262 (+19.7%), from €138,185 to €165,447
- Staff costs -€24,219
down €24,219 (-9.7%), from €248,580 to €224,361
- Taxes +€14,941
up €14,941 (+28.9%), from €51,637 to €66,578
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €498,682 | €613,681 | +€114,999 | +23.1% |
| Fixed assets | 21/28 | €250,799 | €246,443 | -€4,356 | -1.7% |
| Tangible fixed assets | 22/27 | €176,271 | €171,915 | -€4,356 | -2.5% |
| Land and buildings | 22 | €32,571 | €27,925 | -€4,646 | -14.3% |
| Plant, machinery and equipment | 23 | €143,700 | €143,990 | +€290 | +0.2% |
| Financial fixed assets | 28 | €74,528 | €74,528 | = | 0.0% |
| Current assets | 29/58 | €247,882 | €367,238 | +€119,355 | +48.1% |
| Stocks and contracts in progress | 3 | €0 | €867 | +€867 | |
| Stocks | 30/36 | €0 | €867 | +€867 | |
| Amounts receivable within one year | 40/41 | €65,598 | €104,336 | +€38,739 | +59.1% |
| Other amounts receivable | 41 | €65,598 | €104,336 | +€38,739 | +59.1% |
| Cash at bank and in hand | 54/58 | €180,470 | €248,014 | +€67,544 | +37.4% |
| Deferred charges and accrued income | 490/1 | €1,815 | €14,021 | +€12,206 | +673% |
| Total equity and liabilities | 10/49 | €498,682 | €613,681 | +€114,999 | +23.1% |
| Equity | 10/15 | €429,721 | €488,352 | +€58,631 | +13.6% |
| Contributions | 10/11 | €200,600 | €200,600 | = | 0.0% |
| Reserves | 13 | €229,121 | €287,752 | +€58,631 | +25.6% |
| Non-distributable reserves | 130/1 | €20,060 | €20,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,060 | €20,060 | = | 0.0% |
| Distributable reserves | 133 | €209,061 | €267,692 | +€58,631 | +28.0% |
| Amounts payable | 17/49 | €68,961 | €125,329 | +€56,368 | +81.7% |
| Amounts payable within one year | 42/48 | €64,605 | €120,973 | +€56,368 | +87.2% |
| Trade debts | 44 | €23,020 | €69,358 | +€46,337 | +201% |
| Suppliers | 440/4 | €23,020 | €69,358 | +€46,337 | +201% |
| Taxes, remuneration and social security | 45 | €41,585 | €51,615 | +€10,030 | +24.1% |
| Taxes | 450/3 | €29,144 | €40,888 | +€11,743 | +40.3% |
| Remuneration and social security | 454/9 | €12,440 | €10,727 | -€1,713 | -13.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,356 | €4,356 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €248,580 | €224,361 | -€24,219 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,382 | €47,142 | -€240 | -0.5% |
| Other operating charges | 640/8 | €138,185 | €165,447 | +€27,262 | +19.7% |
| Non-recurring operating charges | 66A | €1,495 | €877 | -€618 | -41.3% |
| Gross operating margin | 9900 | €628,375 | €564,343 | -€64,032 | -10.2% |
| Operating profit (loss) | 9901 | €192,734 | €126,516 | -€66,217 | -34.4% |
| Financial income | 75/76B | €6 | €414 | +€408 | +7,028% |
| Recurring financial income | 75 | €6 | €414 | +€408 | +7,028% |
| Financial charges | 65/66B | €1,616 | €1,721 | +€105 | +6.5% |
| Recurring financial charges | 65 | €1,616 | €1,721 | +€105 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €191,124 | €125,209 | -€65,914 | -34.5% |
| Income taxes | 67/77 | €51,637 | €66,578 | +€14,941 | +28.9% |
| Profit (loss) for the period | 9904 | €139,487 | €58,631 | -€80,855 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,487 | €58,631 | -€80,855 | -58.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.