SPETSAI: 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.
SPETSAI
Largest movements
- Stocks and contracts -€5.7m
down €5.7m (-57.7%), from €9.9m to €4.2m
- Tangible fixed assets +€5.7m
up €5.7m (+736%), from €774,979 to €6.5m
of which Land and buildings: +€5.7m
- Cash -€1.3m
down €1.3m (-88.8%), from €1.4m to €161,634
mainly Investment in fixed assets (net) (-€5.9m) and Trade debts (-€717,154)
- Receivables within one year -€604,527
down €604,527 (-21.0%), from €2.9m to €2.3m
of which Other amounts receivable: -€723,722
- Trade debts -€717,154
down €717,154 (-92.2%), from €777,765 to €60,611
- Short-term financial debts -€700,000
no longer reported in 2025 (was €700,000)
- Accrued charges and deferred income -€696,678
down €696,678 (-7.0%), from €9.9m to €9.2m
- Reserves +€471,043
up €471,043 (+36.4%), from €1.3m to €1.8m
- Gross operating margin +€514,483
up €514,483 (+280%), from €183,494 to €697,977
- Depreciation +€194,777
up €194,777 (+505%), from €38,580 to €233,357
- Financial income +€101,536
up €101,536 (+82.7%), from €122,796 to €224,332
- Other operating charges +€30,665
up €30,665 (+260%), from €11,772 to €42,437
- Financial charges +€29,090
up €29,090 (+20.1%), from €144,538 to €173,628
of which Non-recurring financial charges: +€33,260
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 | €17,805,247 | €16,018,934 | -€1.8m | -10.0% |
| Fixed assets | 21/28 | €2,542,979 | €8,246,208 | +€5.7m | +224% |
| Tangible fixed assets | 22/27 | €774,979 | €6,478,208 | +€5.7m | +736% |
| Land and buildings | 22 | €656,592 | €6,384,011 | +€5.7m | +872% |
| Plant, machinery and equipment | 23 | €43,329 | €42,626 | -€703 | -1.6% |
| Furniture and vehicles | 24 | €75,058 | €51,571 | -€23,487 | -31.3% |
| Financial fixed assets | 28 | €1,768,000 | €1,768,000 | = | 0.0% |
| Current assets | 29/58 | €15,262,268 | €7,772,726 | -€7.5m | -49.1% |
| Stocks and contracts in progress | 3 | €9,929,164 | €4,203,150 | -€5.7m | -57.7% |
| Stocks | 30/36 | €9,929,164 | €4,203,150 | -€5.7m | -57.7% |
| Amounts receivable within one year | 40/41 | €2,885,502 | €2,280,975 | -€604,527 | -21.0% |
| Trade receivables | 40 | €1,710,163 | €1,829,358 | +€119,195 | +7.0% |
| Other amounts receivable | 41 | €1,175,339 | €451,617 | -€723,722 | -61.6% |
| Current investments | 50/53 | €1,001,428 | €1,126,967 | +€125,539 | +12.5% |
| Cash at bank and in hand | 54/58 | €1,446,174 | €161,634 | -€1.3m | -88.8% |
| Total equity and liabilities | 10/49 | €17,805,247 | €16,018,934 | -€1.8m | -10.0% |
| Equity | 10/15 | €2,295,720 | €2,766,763 | +€471,043 | +20.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €1,295,720 | €1,766,763 | +€471,043 | +36.4% |
| Distributable reserves | 133 | €1,295,720 | €1,766,763 | +€471,043 | +36.4% |
| Provisions and deferred taxes | 16 | €290,528 | €251,791 | -€38,737 | -13.3% |
| Deferred taxes | 168 | €290,528 | €251,791 | -€38,737 | -13.3% |
| Amounts payable | 17/49 | €15,218,999 | €13,000,380 | -€2.2m | -14.6% |
| Amounts payable after more than one year | 17 | €3,596,488 | €3,506,307 | -€90,181 | -2.5% |
| Financial debts | 170/4 | €642,642 | €708,459 | +€65,817 | +10.2% |
| Other amounts payable | 178/9 | €2,953,846 | €2,797,848 | -€155,998 | -5.3% |
| Amounts payable within one year | 42/48 | €1,727,422 | €295,662 | -€1.4m | -82.9% |
| Current portion of amounts payable after more than one year | 42 | €70,029 | €70,182 | +€153 | +0.2% |
| Financial debts | 43 | €700,000 | - | -€700,000 | |
| Credit institutions | 430/8 | €700,000 | - | -€700,000 | |
| Trade debts | 44 | €777,765 | €60,611 | -€717,154 | -92.2% |
| Suppliers | 440/4 | €777,765 | €60,611 | -€717,154 | -92.2% |
| Advances received on contracts in progress | 46 | €60,071 | €65,771 | +€5,700 | +9.5% |
| Taxes, remuneration and social security | 45 | €23,547 | €4,088 | -€19,459 | -82.6% |
| Taxes | 450/3 | €23,547 | €4,088 | -€19,459 | -82.6% |
| Other amounts payable | 47/48 | €96,010 | €95,010 | -€1,000 | -1.0% |
| Accrued charges and deferred income | 492/3 | €9,895,089 | €9,198,411 | -€696,678 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,580 | €233,357 | +€194,777 | +505% |
| Other operating charges | 640/8 | €11,772 | €42,437 | +€30,665 | +260% |
| Non-recurring operating charges | 66A | €50 | - | -€50 | |
| Gross operating margin | 9900 | €183,494 | €697,977 | +€514,483 | +280% |
| Operating profit (loss) | 9901 | €133,092 | €422,183 | +€289,091 | +217% |
| Financial income | 75/76B | €122,796 | €224,332 | +€101,536 | +82.7% |
| Recurring financial income | 75 | €122,796 | €224,332 | +€101,536 | +82.7% |
| Financial charges | 65/66B | €144,538 | €173,628 | +€29,090 | +20.1% |
| Recurring financial charges | 65 | €144,538 | €140,368 | -€4,170 | -2.9% |
| Non-recurring financial charges | 66B | - | €33,260 | +€33,260 | |
| Profit (loss) for the period before taxes | 9903 | €111,350 | €472,887 | +€361,537 | +325% |
| Transfer from deferred taxes | 780 | - | €29,053 | +€29,053 | |
| Income taxes | 67/77 | €25,601 | €40,282 | +€14,681 | +57.3% |
| Profit (loss) for the period | 9904 | €85,749 | €461,658 | +€375,909 | +438% |
| Profit (loss) for the period to be appropriated | 9905 | €85,749 | €461,658 | +€375,909 | +438% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.