SPEGELAERE MANAGEMENT: what changed
What changed
SPEGELAERE MANAGEMENT
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€125,105
2025 · €404,971-€279,866
Equity
€3.1m
2025 · €3.0m+€125,105
Cash
€746,435
2025 · €1.1m-€359,300
Balance sheet total
€4.4m
2025 · €4.4m-€18,853
Largest movements
Assets
- Tangible fixed assets +€586,650
up €586,650 (+80.5%), from €728,578 to €1.3m
of which Land and buildings: +€569,151
- Cash -€359,300
down €359,300 (-32.5%), from €1.1m to €746,435
mainly Investment in fixed assets (net) (-€682,619) and Tax, wage and social debts (-€50,717)
- Receivables within one year -€253,053
down €253,053 (-46.4%), from €545,297 to €292,244
of which Trade receivables: -€287,375
Equity and liabilities
- Reserves +€125,105
up €125,105 (+5.8%), from €2.1m to €2.3m
of which Distributable reserves: +€126,228
- Tax, wage and social debts -€50,717
down €50,717 (-46.2%), from €109,760 to €59,043
- Trade debts -€44,801
down €44,801 (-78.9%), from €56,775 to €11,974
Income statement
- Gross operating margin -€332,216
down €332,216 (-41.8%), from €795,039 to €462,823
- Taxes -€145,769
down €145,769 (-77.1%), from €188,958 to €43,189
- Depreciation -€27,966
down €27,966 (-22.6%), from €123,935 to €95,969
- Financial charges -€9,828
down €9,828 (-12.9%), from €75,943 to €66,115
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€404,971
Gross operating margin
-€332,216
Depreciation
+€27,966
Other operating charges
-€2,101
Other operating items
-€129,159
Financial income
+€47
Financial charges
+€9,828
Taxes
+€145,769
Result 2026
€125,105
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€377,765
Investment
-€682,619
Financing
-€54,446
Cash 2025
€1.1m
From operations (derived)
+€377,765
Net result for the year
+€125,105
Depreciation
+€95,969
Receivables within one year
+€253,053
Deferred charges and accrued income
-€6,849
Provisions
-€374
Trade debts
-€44,801
Tax, wage and social debts
-€50,717
Other debts
+€11,872
Accrued charges and deferred income
-€5,492
Investment (derived)
-€682,619
Investment in fixed assets (net)
-€682,619
Financing
-€54,446
Debts after one year
-€33,776
Current portion of long-term debt
+€163
Short-term financial debts
-€20,833
Cash 2026
€746,435
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,390,720 | €4,371,867 | -€18,853 | -0.4% |
| Fixed assets | 21/28 | €2,736,020 | €3,322,671 | +€586,650 | +21.4% |
| Tangible fixed assets | 22/27 | €728,578 | €1,315,229 | +€586,650 | +80.5% |
| Land and buildings | 22 | €699,097 | €1,268,248 | +€569,151 | +81.4% |
| Furniture and vehicles | 24 | €29,481 | €46,981 | +€17,499 | +59.4% |
| Financial fixed assets | 28 | €2,007,442 | €2,007,442 | = | 0.0% |
| Current assets | 29/58 | €1,654,699 | €1,049,196 | -€605,503 | -36.6% |
| Amounts receivable within one year | 40/41 | €545,297 | €292,244 | -€253,053 | -46.4% |
| Trade receivables | 40 | €302,500 | €15,125 | -€287,375 | -95.0% |
| Other amounts receivable | 41 | €242,797 | €277,119 | +€34,322 | +14.1% |
| Cash at bank and in hand | 54/58 | €1,105,735 | €746,435 | -€359,300 | -32.5% |
| Deferred charges and accrued income | 490/1 | €3,668 | €10,517 | +€6,849 | +187% |
| Total equity and liabilities | 10/49 | €4,390,720 | €4,371,867 | -€18,853 | -0.4% |
| Equity | 10/15 | €3,011,655 | €3,136,759 | +€125,105 | +4.2% |
| Contributions | 10/11 | €870,685 | €870,685 | = | 0.0% |
| Reserves | 13 | €2,140,969 | €2,266,074 | +€125,105 | +5.8% |
| Tax-exempt reserves | 132 | €29,171 | €28,048 | -€1,123 | -3.8% |
| Distributable reserves | 133 | €2,111,798 | €2,238,026 | +€126,228 | +6.0% |
| Provisions and deferred taxes | 16 | €9,724 | €9,349 | -€374 | -3.8% |
| Deferred taxes | 168 | €9,724 | €9,349 | -€374 | -3.8% |
| Amounts payable | 17/49 | €1,369,341 | €1,225,758 | -€143,583 | -10.5% |
| Amounts payable after more than one year | 17 | €210,510 | €176,735 | -€33,776 | -16.0% |
| Financial debts | 170/4 | €210,510 | €176,735 | -€33,776 | -16.0% |
| Amounts payable within one year | 42/48 | €1,110,881 | €1,006,565 | -€104,316 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €14,446 | €14,609 | +€163 | +1.1% |
| Financial debts | 43 | €40,000 | €19,167 | -€20,833 | -52.1% |
| Credit institutions | 430/8 | €40,000 | €19,167 | -€20,833 | -52.1% |
| Trade debts | 44 | €56,775 | €11,974 | -€44,801 | -78.9% |
| Suppliers | 440/4 | €56,775 | €11,974 | -€44,801 | -78.9% |
| Taxes, remuneration and social security | 45 | €109,760 | €59,043 | -€50,717 | -46.2% |
| Taxes | 450/3 | €109,760 | €59,043 | -€50,717 | -46.2% |
| Other amounts payable | 47/48 | €889,900 | €901,772 | +€11,872 | +1.3% |
| Accrued charges and deferred income | 492/3 | €47,950 | €42,458 | -€5,492 | -11.5% |
| Non-recurring operating income | 76A | €0 | €7,438 | +€7,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,935 | €95,969 | -€27,966 | -22.6% |
| Other operating charges | 640/8 | €5,280 | €7,381 | +€2,101 | +39.8% |
| Non-recurring operating charges | 66A | - | €129,159 | +€129,159 | |
| Gross operating margin | 9900 | €795,039 | €462,823 | -€332,216 | -41.8% |
| Operating profit (loss) | 9901 | €665,824 | €230,315 | -€435,509 | -65.4% |
| Financial income | 75/76B | €3,673 | €3,720 | +€47 | +1.3% |
| Recurring financial income | 75 | €3,673 | €3,720 | +€47 | +1.3% |
| Financial charges | 65/66B | €75,943 | €66,115 | -€9,828 | -12.9% |
| Recurring financial charges | 65 | €75,943 | €66,115 | -€9,828 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €593,554 | €167,920 | -€425,635 | -71.7% |
| Transfer from deferred taxes | 780 | €374 | €374 | = | 0.0% |
| Income taxes | 67/77 | €188,958 | €43,189 | -€145,769 | -77.1% |
| Profit (loss) for the period | 9904 | €404,971 | €125,105 | -€279,866 | -69.1% |
| Transfer from tax-exempt reserves | 789 | €1,123 | €1,123 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €406,093 | €126,228 | -€279,866 | -68.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.