SPEGELAERE: 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.
SPEGELAERE
Largest movements
- Cash +€7,707
up €7,707 (+376%), from €2,048 to €9,755
mainly Depreciation (+€18,193) and Trade debts (+€17,707)
- Receivables within one year +€7,661
up €7,661 (+8.5%), from €90,390 to €98,051
of which Other amounts receivable: +€12,882
- Deferred charges and accrued income +€3,443
up €3,443 (+10.9%), from €31,454 to €34,897
- Stocks and contracts +€2,890
up €2,890 (+31.7%), from €9,116 to €12,006
- Trade debts +€17,707
up €17,707 (+48.0%), from €36,882 to €54,589
- Profit (loss) carried forward +€17,633
up €17,633 (+30.7%), from €57,457 to €75,090
- Tax, wage and social debts -€8,071
down €8,071 (-37.8%), from €21,332 to €13,261
of which Remuneration and social security: -€8,190
- Current portion of long-term debt -€4,877
down €4,877 (-66.1%), from €7,375 to €2,498
- Debts after one year -€2,498
no longer reported in 2025 (was €2,498)
- Turnover +€222,579
up €222,579 (+44.1%), from €505,233 to €727,812
- Purchases and services +€164,656
up €164,656 (+46.5%), from €354,401 to €519,057
- Gross operating margin +€58,437
up €58,437 (+31.7%), from €184,209 to €242,646
- Staff costs +€13,280
up €13,280 (+7.3%), from €182,417 to €195,697
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 | €177,627 | €198,411 | +€20,784 | +11.7% |
| Fixed assets | 21/28 | €44,619 | €43,702 | -€917 | -2.1% |
| Tangible fixed assets | 22/27 | €42,359 | €42,202 | -€157 | -0.4% |
| Plant, machinery and equipment | 23 | €42,359 | €30,300 | -€12,059 | -28.5% |
| Furniture and vehicles | 24 | - | €11,902 | +€11,902 | |
| Financial fixed assets | 28 | €2,260 | €1,500 | -€760 | -33.6% |
| Current assets | 29/58 | €133,008 | €154,709 | +€21,701 | +16.3% |
| Stocks and contracts in progress | 3 | €9,116 | €12,006 | +€2,890 | +31.7% |
| Stocks | 30/36 | €9,116 | €12,006 | +€2,890 | +31.7% |
| Amounts receivable within one year | 40/41 | €90,390 | €98,051 | +€7,661 | +8.5% |
| Trade receivables | 40 | €50,049 | €44,828 | -€5,221 | -10.4% |
| Other amounts receivable | 41 | €40,341 | €53,223 | +€12,882 | +31.9% |
| Cash at bank and in hand | 54/58 | €2,048 | €9,755 | +€7,707 | +376% |
| Deferred charges and accrued income | 490/1 | €31,454 | €34,897 | +€3,443 | +10.9% |
| Total equity and liabilities | 10/49 | €177,627 | €198,411 | +€20,784 | +11.7% |
| Equity | 10/15 | €106,730 | €124,363 | +€17,633 | +16.5% |
| Contributions | 10/11 | €48,550 | €48,550 | = | 0.0% |
| Reserves | 13 | €723 | €723 | = | 0.0% |
| Non-distributable reserves | 130/1 | €723 | €723 | = | 0.0% |
| Reserves not available under the articles | 1311 | €723 | €723 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,457 | €75,090 | +€17,633 | +30.7% |
| Amounts payable | 17/49 | €70,897 | €74,048 | +€3,151 | +4.4% |
| Amounts payable after more than one year | 17 | €2,498 | - | -€2,498 | |
| Financial debts | 170/4 | €2,498 | - | -€2,498 | |
| Amounts payable within one year | 42/48 | €66,349 | €70,348 | +€3,999 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €7,375 | €2,498 | -€4,877 | -66.1% |
| Trade debts | 44 | €36,882 | €54,589 | +€17,707 | +48.0% |
| Suppliers | 440/4 | €36,882 | €54,589 | +€17,707 | +48.0% |
| Taxes, remuneration and social security | 45 | €21,332 | €13,261 | -€8,071 | -37.8% |
| Taxes | 450/3 | - | €119 | +€119 | |
| Remuneration and social security | 454/9 | €21,332 | €13,142 | -€8,190 | -38.4% |
| Other amounts payable | 47/48 | €760 | - | -€760 | |
| Accrued charges and deferred income | 492/3 | €2,050 | €3,700 | +€1,650 | +80.5% |
| Turnover | 70 | €505,233 | €727,812 | +€222,579 | +44.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €354,401 | €519,057 | +€164,656 | +46.5% |
| Remuneration, social security and pensions | 62 | €182,417 | €195,697 | +€13,280 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,351 | €18,193 | +€4,842 | +36.3% |
| Other operating charges | 640/8 | €2,146 | €3,772 | +€1,626 | +75.8% |
| Gross operating margin | 9900 | €184,209 | €242,646 | +€58,437 | +31.7% |
| Operating profit (loss) | 9901 | -€13,705 | €24,984 | +€38,689 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €7,877 | €7,233 | -€644 | -8.2% |
| Recurring financial charges | 65 | €7,877 | €7,233 | -€644 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,582 | €17,752 | +€39,334 | |
| Income taxes | 67/77 | - | €119 | +€119 | |
| Profit (loss) for the period | 9904 | -€21,582 | €17,633 | +€39,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,582 | €17,633 | +€39,215 |
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 27 October 2026 via checked.be.