SPECULA: 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.
SPECULA
Largest movements
- Receivables within one year -€22,454
down €22,454 (-94.5%), from €23,769 to €1,315
- Cash -€15,814
down €15,814 (-17.7%), from €89,255 to €73,442
mainly Contributions, distributions and other (-€74,578) and Tax, wage and social debts (-€11,920)
- Tangible fixed assets -€11,737
down €11,737 (-23.3%), from €50,387 to €38,650
of which Furniture and vehicles: -€11,198
- Reserves -€32,951
down €32,951 (-34.6%), from €95,215 to €62,265
- Tax, wage and social debts -€11,920
down €11,920 (-72.1%), from €16,540 to €4,620
- Other debts -€5,028
down €5,028 (-10.7%), from €47,103 to €42,076
- Depreciation +€3,437
up €3,437 (+41.4%), from €8,300 to €11,737
- Gross operating margin -€1,565
down €1,565 (-2.4%), from €66,525 to €64,960
- Financial income -€1,297
no longer reported in 2025 (was €1,297)
- Taxes -€1,283
down €1,283 (-10.7%), from €11,968 to €10,685
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 | €163,412 | €113,406 | -€50,005 | -30.6% |
| Fixed assets | 21/28 | €50,387 | €38,650 | -€11,737 | -23.3% |
| Tangible fixed assets | 22/27 | €50,387 | €38,650 | -€11,737 | -23.3% |
| Plant, machinery and equipment | 23 | €2,551 | €2,011 | -€540 | -21.2% |
| Furniture and vehicles | 24 | €47,836 | €36,638 | -€11,198 | -23.4% |
| Current assets | 29/58 | €113,024 | €74,757 | -€38,268 | -33.9% |
| Amounts receivable within one year | 40/41 | €23,769 | €1,315 | -€22,454 | -94.5% |
| Other amounts receivable | 41 | €23,769 | €1,315 | -€22,454 | -94.5% |
| Cash at bank and in hand | 54/58 | €89,255 | €73,442 | -€15,814 | -17.7% |
| Total equity and liabilities | 10/49 | €163,412 | €113,406 | -€50,005 | -30.6% |
| Equity | 10/15 | €98,215 | €65,265 | -€32,951 | -33.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €95,215 | €62,265 | -€32,951 | -34.6% |
| Distributable reserves | 133 | €95,215 | €62,265 | -€32,951 | -34.6% |
| Amounts payable | 17/49 | €65,196 | €48,142 | -€17,054 | -26.2% |
| Amounts payable within one year | 42/48 | €65,196 | €48,142 | -€17,054 | -26.2% |
| Trade debts | 44 | €1,553 | €1,446 | -€106 | -6.9% |
| Suppliers | 440/4 | €1,553 | €1,446 | -€106 | -6.9% |
| Taxes, remuneration and social security | 45 | €16,540 | €4,620 | -€11,920 | -72.1% |
| Taxes | 450/3 | €16,540 | €4,620 | -€11,920 | -72.1% |
| Other amounts payable | 47/48 | €47,103 | €42,076 | -€5,028 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,300 | €11,737 | +€3,437 | +41.4% |
| Other operating charges | 640/8 | €408 | €763 | +€355 | +87.0% |
| Gross operating margin | 9900 | €66,525 | €64,960 | -€1,565 | -2.4% |
| Operating profit (loss) | 9901 | €57,817 | €52,460 | -€5,357 | -9.3% |
| Financial income | 75/76B | €1,297 | - | -€1,297 | |
| Recurring financial income | 75 | €1,297 | - | -€1,297 | |
| Financial charges | 65/66B | €44 | €148 | +€105 | +241% |
| Recurring financial charges | 65 | €44 | €148 | +€105 | +241% |
| Profit (loss) for the period before taxes | 9903 | €59,071 | €52,312 | -€6,759 | -11.4% |
| Income taxes | 67/77 | €11,968 | €10,685 | -€1,283 | -10.7% |
| Profit (loss) for the period | 9904 | €47,103 | €41,627 | -€5,476 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,103 | €41,627 | -€5,476 | -11.6% |
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 29 October 2026 via checked.be.