SPEVACON: 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.
SPEVACON
Largest movements
- Tangible fixed assets -€37,949
down €37,949 (-11.6%), from €327,254 to €289,306
of which Furniture and vehicles: -€21,134
- Cash +€21,950
up €21,950 (+7.8%), from €280,972 to €302,921
mainly Net result for the year (+€120,254) and Depreciation (+€37,949)
- Receivables within one year +€10,645
up €10,645 (+9.2%), from €115,733 to €126,378
of which Trade receivables: +€10,560
- Other debts +€35,476
up €35,476 (+59.0%), from €60,141 to €95,617
- Reserves -€23,408
down €23,408 (-5.8%), from €401,127 to €377,719
- Short-term financial debts -€21,250
down €21,250 (-14.8%), from €143,438 to €122,188
- Debts after one year -€16,928
down €16,928 (-33.0%), from €51,295 to €34,367
- Tax, wage and social debts +€11,685
up €11,685 (+27.0%), from €43,321 to €55,005
of which Taxes: +€11,490
- Gross operating margin +€28,791
up €28,791 (+15.1%), from €190,353 to €219,144
- Other operating charges -€6,033
down €6,033 (-67.3%), from €8,963 to €2,930
- Financial charges -€4,792
down €4,792 (-35.4%), from €13,552 to €8,760
- Taxes +€2,838
up €2,838 (+5.0%), from €56,270 to €59,107
- Financial income -€2,769
down €2,769 (-21.9%), from €12,625 to €9,857
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 | €738,823 | €733,943 | -€4,880 | -0.7% |
| Fixed assets | 21/28 | €341,254 | €303,306 | -€37,949 | -11.1% |
| Tangible fixed assets | 22/27 | €327,254 | €289,306 | -€37,949 | -11.6% |
| Land and buildings | 22 | €242,856 | €227,389 | -€15,467 | -6.4% |
| Plant, machinery and equipment | 23 | €3,887 | €2,539 | -€1,348 | -34.7% |
| Furniture and vehicles | 24 | €80,511 | €59,377 | -€21,134 | -26.2% |
| Financial fixed assets | 28 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €397,569 | €430,637 | +€33,069 | +8.3% |
| Amounts receivable within one year | 40/41 | €115,733 | €126,378 | +€10,645 | +9.2% |
| Trade receivables | 40 | €1,452 | €12,012 | +€10,560 | +727.3% |
| Other amounts receivable | 41 | €114,281 | €114,366 | +€85 | +0.1% |
| Cash at bank and in hand | 54/58 | €280,972 | €302,921 | +€21,950 | +7.8% |
| Deferred charges and accrued income | 490/1 | €864 | €1,338 | +€474 | +54.8% |
| Total equity and liabilities | 10/49 | €738,823 | €733,943 | -€4,880 | -0.7% |
| Equity | 10/15 | €419,903 | €396,495 | -€23,408 | -5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €401,127 | €377,719 | -€23,408 | -5.8% |
| Distributable reserves | 133 | €401,127 | €377,719 | -€23,408 | -5.8% |
| Profit (loss) carried forward | 14 | €176 | €176 | = | 0.0% |
| Amounts payable | 17/49 | €318,920 | €337,448 | +€18,528 | +5.8% |
| Amounts payable after more than one year | 17 | €51,295 | €34,367 | -€16,928 | -33.0% |
| Financial debts | 170/4 | €51,295 | €34,367 | -€16,928 | -33.0% |
| Amounts payable within one year | 42/48 | €267,625 | €303,081 | +€35,456 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €16,275 | €16,928 | +€654 | +4.0% |
| Financial debts | 43 | €143,438 | €122,188 | -€21,250 | -14.8% |
| Credit institutions | 430/8 | €143,438 | €122,188 | -€21,250 | -14.8% |
| Trade debts | 44 | €4,451 | €13,343 | +€8,892 | +199.8% |
| Suppliers | 440/4 | €4,451 | €13,343 | +€8,892 | +199.8% |
| Taxes, remuneration and social security | 45 | €43,321 | €55,005 | +€11,685 | +27.0% |
| Taxes | 450/3 | €40,731 | €52,221 | +€11,490 | +28.2% |
| Remuneration and social security | 454/9 | €2,590 | €2,785 | +€195 | +7.5% |
| Other amounts payable | 47/48 | €60,141 | €95,617 | +€35,476 | +59.0% |
| Non-recurring operating income | 76A | €8,240 | - | -€8,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,001 | €37,949 | -€52 | -0.1% |
| Other operating charges | 640/8 | €8,963 | €2,930 | -€6,033 | -67.3% |
| Gross operating margin | 9900 | €190,353 | €219,144 | +€28,791 | +15.1% |
| Operating profit (loss) | 9901 | €143,389 | €178,265 | +€34,876 | +24.3% |
| Financial income | 75/76B | €12,625 | €9,857 | -€2,769 | -21.9% |
| Recurring financial income | 75 | €12,625 | €9,857 | -€2,769 | -21.9% |
| Financial charges | 65/66B | €13,552 | €8,760 | -€4,792 | -35.4% |
| Recurring financial charges | 65 | €13,552 | €8,760 | -€4,792 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €142,462 | €179,362 | +€36,900 | +25.9% |
| Income taxes | 67/77 | €56,270 | €59,107 | +€2,838 | +5.0% |
| Profit (loss) for the period | 9904 | €86,192 | €120,254 | +€34,062 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €86,192 | €120,254 | +€34,062 | +39.5% |
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 2 October 2026 via checked.be.