Spectrum: 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.
Spectrum
Largest movements
- Tangible fixed assets -€17,906
down €17,906 (-15.7%), from €114,279 to €96,373
of which Other tangible fixed assets: -€12,792
- Stocks and contracts -€12,385
down €12,385 (-14.9%), from €83,360 to €70,975
- Receivables within one year -€5,613
down €5,613 (-22.2%), from €25,296 to €19,683
of which Trade receivables: -€13,279
- Intangible fixed assets -€5,000
down €5,000 (-33.4%), from €14,973 to €9,973
- Cash -€4,699
down €4,699 (-3.3%), from €143,706 to €139,007
mainly Other debts (-€58,519) and Advances received (-€13,094)
- Other debts -€58,519
down €58,519 (-28.6%), from €204,849 to €146,330
- Reserves +€21,070
up €21,070 (+17.4%), from €121,247 to €142,317
- Advances received -€13,094
down €13,094 (-100.0%), from €13,094 to €0
- Tax, wage and social debts +€8,312
up €8,312 (+65.8%), from €12,637 to €20,949
of which Taxes: +€8,494
- Trade debts -€5,310
down €5,310 (-40.3%), from €13,165 to €7,854
- Gross operating margin -€36,052
down €36,052 (-31.9%), from €113,145 to €77,093
- Taxes -€7,074
down €7,074 (-52.5%), from €13,481 to €6,407
- Financial charges +€2,696
up €2,696 (+29.3%), from €9,218 to €11,914
- Other operating charges -€1,855
down €1,855 (-30.5%), from €6,091 to €4,236
- Depreciation +€1,531
up €1,531 (+5.5%), from €27,731 to €29,262
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 | €389,991 | €342,451 | -€47,541 | -12.2% |
| Fixed assets | 21/28 | €130,252 | €107,346 | -€22,906 | -17.6% |
| Intangible fixed assets | 21 | €14,973 | €9,973 | -€5,000 | -33.4% |
| Tangible fixed assets | 22/27 | €114,279 | €96,373 | -€17,906 | -15.7% |
| Plant, machinery and equipment | 23 | €19,161 | €14,047 | -€5,114 | -26.7% |
| Other tangible fixed assets | 26 | €95,118 | €82,326 | -€12,792 | -13.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €259,739 | €235,104 | -€24,635 | -9.5% |
| Stocks and contracts in progress | 3 | €83,360 | €70,975 | -€12,385 | -14.9% |
| Stocks | 30/36 | €83,360 | €70,975 | -€12,385 | -14.9% |
| Amounts receivable within one year | 40/41 | €25,296 | €19,683 | -€5,613 | -22.2% |
| Trade receivables | 40 | €25,296 | €12,017 | -€13,279 | -52.5% |
| Other amounts receivable | 41 | - | €7,666 | +€7,666 | |
| Cash at bank and in hand | 54/58 | €143,706 | €139,007 | -€4,699 | -3.3% |
| Deferred charges and accrued income | 490/1 | €7,378 | €5,440 | -€1,938 | -26.3% |
| Total equity and liabilities | 10/49 | €389,991 | €342,451 | -€47,541 | -12.2% |
| Equity | 10/15 | €146,247 | €167,317 | +€21,070 | +14.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €121,247 | €142,317 | +€21,070 | +17.4% |
| Distributable reserves | 133 | €121,247 | €142,317 | +€21,070 | +17.4% |
| Amounts payable | 17/49 | €243,744 | €175,134 | -€68,611 | -28.1% |
| Amounts payable within one year | 42/48 | €243,744 | €175,134 | -€68,611 | -28.1% |
| Trade debts | 44 | €13,165 | €7,854 | -€5,310 | -40.3% |
| Suppliers | 440/4 | €13,165 | €7,854 | -€5,310 | -40.3% |
| Advances received on contracts in progress | 46 | €13,094 | €0 | -€13,094 | -100.0% |
| Taxes, remuneration and social security | 45 | €12,637 | €20,949 | +€8,312 | +65.8% |
| Taxes | 450/3 | €12,117 | €20,611 | +€8,494 | +70.1% |
| Remuneration and social security | 454/9 | €520 | €338 | -€182 | -35.0% |
| Other amounts payable | 47/48 | €204,849 | €146,330 | -€58,519 | -28.6% |
| Remuneration, social security and pensions | 62 | €4,510 | €4,661 | +€150 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,731 | €29,262 | +€1,531 | +5.5% |
| Other operating charges | 640/8 | €6,091 | €4,236 | -€1,855 | -30.5% |
| Non-recurring operating charges | 66A | €1,196 | €0 | -€1,196 | -100.0% |
| Gross operating margin | 9900 | €113,145 | €77,093 | -€36,052 | -31.9% |
| Operating profit (loss) | 9901 | €73,617 | €38,935 | -€34,682 | -47.1% |
| Financial income | 75/76B | €178 | €457 | +€279 | +156.7% |
| Recurring financial income | 75 | €178 | €457 | +€279 | +156.7% |
| Financial charges | 65/66B | €9,218 | €11,914 | +€2,696 | +29.3% |
| Recurring financial charges | 65 | €9,218 | €11,914 | +€2,696 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €64,577 | €27,478 | -€37,099 | -57.4% |
| Income taxes | 67/77 | €13,481 | €6,407 | -€7,074 | -52.5% |
| Profit (loss) for the period | 9904 | €51,096 | €21,070 | -€30,026 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,096 | €21,070 | -€30,026 | -58.8% |
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 6 October 2026 via checked.be.