SPHENOS: 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.
SPHENOS
Largest movements
- Cash +€16,146
up €16,146 (+41.1%), from €39,246 to €55,392
mainly Net result for the year (+€32,739) and Depreciation (+€14,166)
- Tangible fixed assets -€14,166
down €14,166 (-27.5%), from €51,528 to €37,362
- Receivables within one year +€3,750
up €3,750 (+157.2%), from €2,385 to €6,135
- Reserves +€32,700
up €32,700 (+29.7%), from €110,160 to €142,860
of which Distributable reserves: +€32,700
- Other debts -€16,047
no longer reported in 2025 (was €16,047)
- Debts after one year -€12,000
down €12,000 (-35.3%), from €34,000 to €22,000
- Tax, wage and social debts +€3,858
new in 2025: €3,858
- Gross operating margin +€15,922
up €15,922 (+36.1%), from €44,093 to €60,015
- Taxes +€6,431
up €6,431 (+94.2%), from €6,827 to €13,258
- Financial charges -€1,922
down €1,922 (-80.2%), from €2,397 to €475
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 | €237,647 | €244,021 | +€6,374 | +2.7% |
| Fixed assets | 21/28 | €51,553 | €37,387 | -€14,166 | -27.5% |
| Tangible fixed assets | 22/27 | €51,528 | €37,362 | -€14,166 | -27.5% |
| Furniture and vehicles | 24 | €51,528 | €37,362 | -€14,166 | -27.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €186,094 | €206,634 | +€20,540 | +11.0% |
| Amounts receivable within one year | 40/41 | €2,385 | €6,135 | +€3,750 | +157.2% |
| Other amounts receivable | 41 | €2,385 | €6,135 | +€3,750 | +157.2% |
| Current investments | 50/53 | €141,267 | €142,202 | +€935 | +0.7% |
| Cash at bank and in hand | 54/58 | €39,246 | €55,392 | +€16,146 | +41.1% |
| Deferred charges and accrued income | 490/1 | €3,196 | €2,905 | -€291 | -9.1% |
| Total equity and liabilities | 10/49 | €237,647 | €244,021 | +€6,374 | +2.7% |
| Equity | 10/15 | €170,158 | €202,897 | +€32,739 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,160 | €142,860 | +€32,700 | +29.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,300 | €141,000 | +€32,700 | +30.2% |
| Profit (loss) carried forward | 14 | €41,398 | €41,437 | +€39 | +0.1% |
| Amounts payable | 17/49 | €67,489 | €41,124 | -€26,365 | -39.1% |
| Amounts payable after more than one year | 17 | €34,000 | €22,000 | -€12,000 | -35.3% |
| Other amounts payable | 178/9 | €34,000 | €22,000 | -€12,000 | -35.3% |
| Amounts payable within one year | 42/48 | €33,489 | €19,124 | -€14,365 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €14,848 | €14,894 | +€46 | +0.3% |
| Trade debts | 44 | €2,594 | €372 | -€2,222 | -85.7% |
| Suppliers | 440/4 | €2,594 | €372 | -€2,222 | -85.7% |
| Taxes, remuneration and social security | 45 | - | €3,858 | +€3,858 | |
| Taxes | 450/3 | - | €3,858 | +€3,858 | |
| Other amounts payable | 47/48 | €16,047 | - | -€16,047 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,823 | €14,166 | +€343 | +2.5% |
| Other operating charges | 640/8 | €997 | €712 | -€285 | -28.6% |
| Gross operating margin | 9900 | €44,093 | €60,015 | +€15,922 | +36.1% |
| Operating profit (loss) | 9901 | €29,273 | €45,137 | +€15,864 | +54.2% |
| Financial income | 75/76B | €857 | €1,335 | +€478 | +55.8% |
| Recurring financial income | 75 | €857 | €1,335 | +€478 | +55.8% |
| Financial charges | 65/66B | €2,397 | €475 | -€1,922 | -80.2% |
| Recurring financial charges | 65 | €2,397 | €475 | -€1,922 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €27,733 | €45,997 | +€18,264 | +65.9% |
| Income taxes | 67/77 | €6,827 | €13,258 | +€6,431 | +94.2% |
| Profit (loss) for the period | 9904 | €20,906 | €32,739 | +€11,833 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,906 | €32,739 | +€11,833 | +56.6% |
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 5 October 2026 via checked.be.