SPEOTHOS: 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.
SPEOTHOS
Largest movements
- Current investments +€7.1m
up €7.1m (+72.7%), from €9.7m to €16.8m
- Cash -€5.5m
down €5.5m (-86.6%), from €6.4m to €851,180
mainly Current investments (-€7.1m) and Contributions, distributions and other (-€1.0m)
- Reserves +€1.4m
up €1.4m (+37.6%), from €3.8m to €5.2m
- Profit (loss) carried forward -€1.0m
down €1.0m (-8.1%), from €12.3m to €11.3m
- Other debts +€1.0m
new in 2025: €1.0m
- Financial income +€1.2m
up €1.2m (+118.8%), from €990,180 to €2.2m
- Financial charges +€320,499
up €320,499 (+2070.9%), from €15,476 to €335,975
- Taxes +€304,437
up €304,437 (+360.5%), from €84,457 to €388,893
- Gross operating margin +€23,362
up €23,362 (+76.1%), from -€30,705 to -€7,344
- Other operating charges +€2,496
up €2,496 (+24.7%), from €10,106 to €12,602
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 | €16,366,827 | €17,846,450 | +€1.5m | +9.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €168,804 | €168,804 | = | 0.0% |
| Financial fixed assets | 28 | €168,804 | €168,804 | = | 0.0% |
| Current assets | 29/58 | €16,198,023 | €17,677,646 | +€1.5m | +9.1% |
| Amounts receivable within one year | 40/41 | €87,901 | €0 | -€87,901 | -100.0% |
| Other amounts receivable | 41 | €87,901 | €0 | -€87,901 | -100.0% |
| Current investments | 50/53 | €9,743,460 | €16,826,466 | +€7.1m | +72.7% |
| Cash at bank and in hand | 54/58 | €6,366,662 | €851,180 | -€5.5m | -86.6% |
| Total equity and liabilities | 10/49 | €16,366,827 | €17,846,450 | +€1.5m | +9.0% |
| Equity | 10/15 | €16,280,139 | €16,701,676 | +€421,537 | +2.6% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Contributions outside capital | 11 | €180,000 | - | -€180,000 | |
| Other | 1109/19 | €180,000 | - | -€180,000 | |
| Reserves | 13 | €3,782,523 | €5,204,060 | +€1.4m | +37.6% |
| Distributable reserves | 133 | €3,782,523 | €5,204,060 | +€1.4m | +37.6% |
| Profit (loss) carried forward | 14 | €12,317,616 | €11,317,616 | -€1.0m | -8.1% |
| Amounts payable | 17/49 | €86,689 | €1,144,774 | +€1.1m | +1220.6% |
| Amounts payable within one year | 42/48 | €85,017 | €1,143,355 | +€1.1m | +1244.9% |
| Trade debts | 44 | €73 | €1,201 | +€1,128 | +1545.5% |
| Suppliers | 440/4 | €73 | €1,201 | +€1,128 | +1545.5% |
| Taxes, remuneration and social security | 45 | €84,944 | €142,154 | +€57,210 | +67.4% |
| Taxes | 450/3 | €84,944 | €142,154 | +€57,210 | +67.4% |
| Other amounts payable | 47/48 | - | €1,000,000 | +€1.0m | |
| Accrued charges and deferred income | 492/3 | €1,672 | €1,419 | -€253 | -15.1% |
| Other operating charges | 640/8 | €10,106 | €12,602 | +€2,496 | +24.7% |
| Gross operating margin | 9900 | -€30,705 | -€7,344 | +€23,362 | +76.1% |
| Operating profit (loss) | 9901 | -€40,812 | -€19,946 | +€20,866 | +51.1% |
| Financial income | 75/76B | €990,180 | €2,166,352 | +€1.2m | +118.8% |
| Recurring financial income | 75 | €990,180 | €2,166,352 | +€1.2m | +118.8% |
| Financial charges | 65/66B | €15,476 | €335,975 | +€320,499 | +2070.9% |
| Recurring financial charges | 65 | €15,476 | €335,975 | +€320,499 | +2070.9% |
| Profit (loss) for the period before taxes | 9903 | €933,892 | €1,810,430 | +€876,538 | +93.9% |
| Income taxes | 67/77 | €84,457 | €388,893 | +€304,437 | +360.5% |
| Profit (loss) for the period | 9904 | €849,435 | €1,421,537 | +€572,102 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €849,435 | €1,421,537 | +€572,102 | +67.4% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.