Spencer: 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.
Spencer
Largest movements
- Receivables within one year -€17,693
down €17,693 (-17.1%), from €103,624 to €85,931
- Tax, wage and social debts -€17,719
no longer reported in 2025 (was €17,719)
- Financial charges +€139
up €139 (+84.9%), from €164 to €302
- Other operating charges +€5
up €5 (+1.0%), from €511 to €516
- Gross operating margin -€3
down €3 (-3.1%), from -€85 to -€88
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 | €134,965 | €116,928 | -€18,037 | -13.4% |
| Fixed assets | 21/28 | €30,900 | €30,900 | = | 0.0% |
| Financial fixed assets | 28 | €30,900 | €30,900 | = | 0.0% |
| Current assets | 29/58 | €104,065 | €86,028 | -€18,037 | -17.3% |
| Amounts receivable within one year | 40/41 | €103,624 | €85,931 | -€17,693 | -17.1% |
| Other amounts receivable | 41 | €103,624 | €85,931 | -€17,693 | -17.1% |
| Cash at bank and in hand | 54/58 | €441 | €98 | -€344 | -77.8% |
| Total equity and liabilities | 10/49 | €134,965 | €116,928 | -€18,037 | -13.4% |
| Equity | 10/15 | €29,573 | €28,667 | -€906 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €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 | €9,113 | €8,207 | -€906 | -9.9% |
| Amounts payable | 17/49 | €105,393 | €88,262 | -€17,131 | -16.3% |
| Amounts payable within one year | 42/48 | €105,393 | €88,262 | -€17,131 | -16.3% |
| Taxes, remuneration and social security | 45 | €17,719 | - | -€17,719 | |
| Taxes | 450/3 | €17,719 | - | -€17,719 | |
| Other amounts payable | 47/48 | €87,674 | €88,262 | +€588 | +0.7% |
| Other operating charges | 640/8 | €511 | €516 | +€5 | +1.0% |
| Gross operating margin | 9900 | -€85 | -€88 | -€3 | -3.1% |
| Operating profit (loss) | 9901 | -€596 | -€604 | -€8 | -1.3% |
| Financial charges | 65/66B | €164 | €302 | +€139 | +84.9% |
| Recurring financial charges | 65 | €164 | €302 | +€139 | +84.9% |
| Profit (loss) for the period before taxes | 9903 | -€760 | -€906 | -€147 | -19.3% |
| Profit (loss) for the period | 9904 | -€760 | -€906 | -€147 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€760 | -€906 | -€147 | -19.3% |
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 20 October 2026 via checked.be.