SPELEC: 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.
SPELEC
Largest movements
- Cash -€58,001
down €58,001 (-94.7%), from €61,268 to €3,268
mainly Receivables within one year (-€52,383) and Investment in fixed assets (net) (-€21,369)
- Receivables within one year +€52,383
up €52,383 (+79.9%), from €65,532 to €117,915
of which Trade receivables: +€40,996
- Tangible fixed assets +€11,143
up €11,143 (+9.2%), from €120,687 to €131,831
of which Furniture and vehicles: +€9,943
- Profit (loss) carried forward +€25,588
up €25,588 (+14.3%), from €178,545 to €204,133
- Trade debts -€9,091
down €9,091 (-21.8%), from €41,751 to €32,660
- Other debts -€6,641
down €6,641 (-44.9%), from €14,808 to €8,166
- Tax, wage and social debts -€2,763
down €2,763 (-93.1%), from €2,967 to €203
of which Remuneration and social security: -€2,967
- Gross operating margin -€43,843
down €43,843 (-44.7%), from €98,029 to €54,186
- Staff costs -€41,013
down €41,013 (-96.3%), from €42,606 to €1,592
- Write-downs -€9,348
no longer reported in 2025 (was €9,348)
- Other operating charges -€8,657
down €8,657 (-99.4%), from €8,705 to €48
- Financial income -€4,032
down €4,032 (-100.0%), from €4,032 to €1
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 | €258,581 | €266,124 | +€7,542 | +2.9% |
| Fixed assets | 21/28 | €120,712 | €131,856 | +€11,143 | +9.2% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -37.0% |
| Tangible fixed assets | 22/27 | €120,687 | €131,831 | +€11,143 | +9.2% |
| Land and buildings | 22 | €103,428 | €101,747 | -€1,681 | -1.6% |
| Plant, machinery and equipment | 23 | €2,667 | €5,549 | +€2,882 | +108.1% |
| Furniture and vehicles | 24 | €14,592 | €24,535 | +€9,943 | +68.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €137,869 | €134,268 | -€3,601 | -2.6% |
| Stocks and contracts in progress | 3 | €7,278 | €9,437 | +€2,159 | +29.7% |
| Stocks | 30/36 | €7,278 | €9,437 | +€2,159 | +29.7% |
| Amounts receivable within one year | 40/41 | €65,532 | €117,915 | +€52,383 | +79.9% |
| Trade receivables | 40 | €57,868 | €98,863 | +€40,996 | +70.8% |
| Other amounts receivable | 41 | €7,664 | €19,051 | +€11,387 | +148.6% |
| Cash at bank and in hand | 54/58 | €61,268 | €3,268 | -€58,001 | -94.7% |
| Deferred charges and accrued income | 490/1 | €3,791 | €3,648 | -€143 | -3.8% |
| Total equity and liabilities | 10/49 | €258,581 | €266,124 | +€7,542 | +2.9% |
| Equity | 10/15 | €199,005 | €224,593 | +€25,588 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,545 | €204,133 | +€25,588 | +14.3% |
| Amounts payable | 17/49 | €59,576 | €41,531 | -€18,046 | -30.3% |
| Amounts payable within one year | 42/48 | €59,525 | €41,029 | -€18,496 | -31.1% |
| Trade debts | 44 | €41,751 | €32,660 | -€9,091 | -21.8% |
| Suppliers | 440/4 | €41,751 | €32,660 | -€9,091 | -21.8% |
| Taxes, remuneration and social security | 45 | €2,967 | €203 | -€2,763 | -93.1% |
| Taxes | 450/3 | - | €203 | +€203 | |
| Remuneration and social security | 454/9 | €2,967 | - | -€2,967 | |
| Other amounts payable | 47/48 | €14,808 | €8,166 | -€6,641 | -44.9% |
| Accrued charges and deferred income | 492/3 | €51 | €501 | +€450 | +877.1% |
| Remuneration, social security and pensions | 62 | €42,606 | €1,592 | -€41,013 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,906 | €10,226 | +€1,319 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,348 | - | -€9,348 | |
| Other operating charges | 640/8 | €8,705 | €48 | -€8,657 | -99.4% |
| Non-recurring operating charges | 66A | €124 | €5,580 | +€5,457 | +4409.4% |
| Gross operating margin | 9900 | €98,029 | €54,186 | -€43,843 | -44.7% |
| Operating profit (loss) | 9901 | €28,340 | €36,739 | +€8,399 | +29.6% |
| Financial income | 75/76B | €4,032 | €1 | -€4,032 | -100.0% |
| Recurring financial income | 75 | €4,032 | €1 | -€4,032 | -100.0% |
| Financial charges | 65/66B | €4,657 | €2,949 | -€1,708 | -36.7% |
| Recurring financial charges | 65 | €4,657 | €2,949 | -€1,708 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €27,716 | €33,791 | +€6,076 | +21.9% |
| Income taxes | 67/77 | €7,162 | €8,203 | +€1,042 | +14.5% |
| Profit (loss) for the period | 9904 | €20,554 | €25,588 | +€5,034 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,554 | €25,588 | +€5,034 | +24.5% |
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.