SPFF: 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.
SPFF
Largest movements
- Current investments +€2.6m
up €2.6m (+43.3%), from €6.0m to €8.6m
- Other debts +€2.0m
up €2.0m (+2.7%), from €74.7m to €76.7m
- Profit (loss) carried forward +€1.5m
up €1.5m (+55.1%), from €2.6m to €4.1m
- Financial income +€440,253
up €440,253 (+39.1%), from €1.1m to €1.6m
- Depreciation +€60,025
new in 2025: €60,025
- Gross operating margin -€33,294
down €33,294 (-2292.1%), from -€1,453 to -€34,746
- Taxes -€14,333
down €14,333 (-57.8%), from €24,805 to €10,471
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 | €77,437,480 | €80,978,051 | +€3.5m | +4.6% |
| Fixed assets | 21/28 | €70,988,100 | €71,681,257 | +€693,157 | +1.0% |
| Tangible fixed assets | 22/27 | - | €693,157 | +€693,157 | |
| Land and buildings | 22 | - | €693,157 | +€693,157 | |
| Financial fixed assets | 28 | €70,988,100 | €70,988,100 | = | 0.0% |
| Current assets | 29/58 | €6,449,380 | €9,296,794 | +€2.8m | +44.2% |
| Amounts receivable within one year | 40/41 | €32,886 | €48,236 | +€15,350 | +46.7% |
| Trade receivables | 40 | €26,425 | €11,228 | -€15,196 | -57.5% |
| Other amounts receivable | 41 | €6,461 | €37,007 | +€30,546 | +472.8% |
| Current investments | 50/53 | €6,000,000 | €8,600,000 | +€2.6m | +43.3% |
| Cash at bank and in hand | 54/58 | €416,494 | €648,558 | +€232,064 | +55.7% |
| Total equity and liabilities | 10/49 | €77,437,480 | €80,978,051 | +€3.5m | +4.6% |
| Equity | 10/15 | €2,749,380 | €4,209,290 | +€1.5m | +53.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,649,380 | €4,109,290 | +€1.5m | +55.1% |
| Amounts payable | 17/49 | €74,688,100 | €76,768,761 | +€2.1m | +2.8% |
| Amounts payable within one year | 42/48 | €74,688,100 | €76,768,761 | +€2.1m | +2.8% |
| Trade debts | 44 | - | €80,661 | +€80,661 | |
| Suppliers | 440/4 | - | €80,661 | +€80,661 | |
| Other amounts payable | 47/48 | €74,688,100 | €76,688,100 | +€2.0m | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €60,025 | +€60,025 | |
| Gross operating margin | 9900 | -€1,453 | -€34,746 | -€33,294 | -2292.1% |
| Operating profit (loss) | 9901 | -€1,453 | -€94,771 | -€93,319 | -6424.7% |
| Financial income | 75/76B | €1,124,969 | €1,565,222 | +€440,253 | +39.1% |
| Recurring financial income | 75 | €1,124,969 | €1,565,222 | +€440,253 | +39.1% |
| Financial charges | 65/66B | €60 | €69 | +€10 | +16.0% |
| Recurring financial charges | 65 | €60 | €69 | +€10 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €1,123,457 | €1,470,382 | +€346,925 | +30.9% |
| Income taxes | 67/77 | €24,805 | €10,471 | -€14,333 | -57.8% |
| Profit (loss) for the period | 9904 | €1,098,653 | €1,459,911 | +€361,258 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,098,653 | €1,459,911 | +€361,258 | +32.9% |
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.