SPEGRO: 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.
SPEGRO
Largest movements
- Tangible fixed assets -€12,806
down €12,806 (-67.4%), from €18,989 to €6,183
of which Plant, machinery and equipment: -€17,757
- Cash -€2,398
down €2,398 (-62.6%), from €3,829 to €1,431
mainly Current portion of long-term debt (-€43,000) and Accrued charges and deferred income (-€714)
- Receivables within one year -€948
down €948 (-100.0%), from €948 to €0
of which Other amounts receivable: -€948
- Current portion of long-term debt -€43,000
down €43,000 (-61.8%), from €69,630 to €26,630
- Profit (loss) carried forward +€22,904
up €22,904 (+22.4%), from -€102,218 to -€79,315
- Tax, wage and social debts +€1,750
up €1,750 (+280%), from €625 to €2,375
of which Remuneration and social security: +€1,750
- Other debts +€1,565
up €1,565 (+4.0%), from €39,428 to €40,993
- Trade debts +€1,367
up €1,367 (+2,071%), from €66 to €1,433
- Gross operating margin +€26,417
up €26,417, from -€306 to €26,112
- Depreciation -€14,046
down €14,046 (-92.2%), from €15,228 to €1,182
- Financial charges -€1,173
down €1,173 (-47.4%), from €2,478 to €1,305
- Other operating charges -€609
down €609 (-45.8%), from €1,331 to €722
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 | €24,385 | €8,257 | -€16,128 | -66.1% |
| Fixed assets | 21/28 | €18,989 | €6,183 | -€12,806 | -67.4% |
| Tangible fixed assets | 22/27 | €18,989 | €6,183 | -€12,806 | -67.4% |
| Plant, machinery and equipment | 23 | €18,512 | €754 | -€17,757 | -95.9% |
| Furniture and vehicles | 24 | €477 | €5,429 | +€4,952 | +1,038% |
| Current assets | 29/58 | €5,396 | €2,073 | -€3,322 | -61.6% |
| Amounts receivable within one year | 40/41 | €948 | €0 | -€948 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €948 | €0 | -€948 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,829 | €1,431 | -€2,398 | -62.6% |
| Deferred charges and accrued income | 490/1 | €619 | €642 | +€23 | +3.7% |
| Total equity and liabilities | 10/49 | €24,385 | €8,257 | -€16,128 | -66.1% |
| Equity | 10/15 | -€87,269 | -€64,365 | +€22,904 | +26.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €8,449 | €8,449 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5 | €5 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5 | €5 | = | 0.0% |
| Distributable reserves | 133 | €8,444 | €8,444 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,218 | -€79,315 | +€22,904 | +22.4% |
| Amounts payable | 17/49 | €111,654 | €72,622 | -€39,032 | -35.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €109,749 | €71,431 | -€38,318 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €69,630 | €26,630 | -€43,000 | -61.8% |
| Trade debts | 44 | €66 | €1,433 | +€1,367 | +2,071% |
| Suppliers | 440/4 | €66 | €1,433 | +€1,367 | +2,071% |
| Taxes, remuneration and social security | 45 | €625 | €2,375 | +€1,750 | +280% |
| Taxes | 450/3 | €625 | €625 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | €1,750 | +€1,750 | |
| Other amounts payable | 47/48 | €39,428 | €40,993 | +€1,565 | +4.0% |
| Accrued charges and deferred income | 492/3 | €1,905 | €1,191 | -€714 | -37.5% |
| Non-recurring operating income | 76A | €0 | €22,918 | +€22,918 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,228 | €1,182 | -€14,046 | -92.2% |
| Other operating charges | 640/8 | €1,331 | €722 | -€609 | -45.8% |
| Gross operating margin | 9900 | -€306 | €26,112 | +€26,417 | |
| Operating profit (loss) | 9901 | -€16,864 | €24,208 | +€41,072 | |
| Financial charges | 65/66B | €2,478 | €1,305 | -€1,173 | -47.4% |
| Recurring financial charges | 65 | €2,478 | €1,305 | -€1,173 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,342 | €22,904 | +€42,246 | |
| Profit (loss) for the period | 9904 | -€19,342 | €22,904 | +€42,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,342 | €22,904 | +€42,246 |
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 17 October 2026 via checked.be.