SPI: 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.
What changed
SPI
NACE 68.122, Development of non-residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€289,708
2024 · -€76,518-€213,190
Equity
€221.4m
2024 · €206.4m+€15.0m
Cash
€40.6m
2024 · €15.2m+€25.5m
Balance sheet total
€484.9m
2024 · €370.6m+€114.3m
Largest movements
Assets
- Current investments +€56.3m
up €56.3m (+619.6%), from €9.1m to €65.4m
- Cash +€25.5m
up €25.5m (+168.0%), from €15.2m to €40.6m
mainly Other debts (+€86.3m) and Contributions, distributions and other (+€15.3m)
- Tangible fixed assets +€25.4m
up €25.4m (+13.6%), from €187.0m to €212.5m
of which Other tangible fixed assets: +€37.0m
- Receivables within one year +€13.5m
up €13.5m (+54.1%), from €24.9m to €38.4m
of which Other amounts receivable: +€11.2m
- Receivables after one year -€6.4m
down €6.4m (-7.9%), from €81.8m to €75.4m
of which Other amounts receivable: -€6.3m
Equity and liabilities
- Other debts +€86.3m
up €86.3m (+470.4%), from €18.3m to €104.6m
- Debts after one year +€13.8m
up €13.8m (+12.1%), from €114.1m to €127.9m
of which Financial debts: +€13.8m
- Investment grants +€13.6m
up €13.6m (+10.9%), from €125.1m to €138.7m
Income statement
- Turnover -€6.3m
down €6.3m (-23.2%), from €27.0m to €20.8m
- Other operating income +€5.9m
up €5.9m (+30.2%), from €19.6m to €25.6m
- Goods and materials +€4.9m
up €4.9m (+22.6%), from €21.6m to €26.4m
- Services and other goods -€842,211
down €842,211 (-25.9%), from €3.3m to €2.4m
- Depreciation -€409,560
down €409,560 (-3.8%), from €10.8m to €10.4m
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.
Result 2024
-€76,518
Turnover
-€6.3m
Other operating income
+€5.9m
Goods and materials
-€4.9m
Services and other goods
+€842,211
Staff costs
-€330,585
Depreciation
+€409,560
Write-downs
+€332,800
Provisions
-€5,000
Other operating charges
-€211,712
Other operating items
+€3.7m
Financial income
+€340,950
Financial charges
-€114,367
Taxes
-€1,633
Result 2025
-€289,708
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.
From operations
+€87.3m
Investment
-€91.8m
Financing
+€30.0m
Cash 2024
€15.2m
From operations (derived)
+€87.3m
Net result for the year
-€289,708
Depreciation
+€10.4m
Receivables after one year
+€6.4m
Stocks and contracts
-€523,291
Receivables within one year
-€13.5m
Smaller working-capital items
-€23,132
Trade debts
-€604,086
Advances received
+€384,557
Other debts
+€86.3m
Accrued charges and deferred income
-€1.3m
Investment (derived)
-€91.8m
Investment in fixed assets (net)
-€35.5m
Current investments
-€56.3m
Financing
+€30.0m
Debts after one year
+€13.8m
Current portion of long-term debt
+€952,267
Contributions, distributions and other
+€15.3m
Cash 2025
€40.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €370,593,893 | €484,938,772 | +€114.3m | +30.9% |
| Fixed assets | 21/28 | €201,268,370 | €226,399,229 | +€25.1m | +12.5% |
| Intangible fixed assets | 21 | €2,160,890 | €1,959,465 | -€201,425 | -9.3% |
| Tangible fixed assets | 22/27 | €187,043,796 | €212,464,555 | +€25.4m | +13.6% |
| Land and buildings | 22 | €3,399,948 | €3,039,987 | -€359,961 | -10.6% |
| Furniture and vehicles | 24 | €185,511 | €287,626 | +€102,115 | +55.0% |
| Other tangible fixed assets | 26 | €162,486,138 | €199,444,057 | +€37.0m | +22.7% |
| Assets under construction and advance payments | 27 | €20,972,199 | €9,692,885 | -€11.3m | -53.8% |
| Financial fixed assets | 28 | €12,063,684 | €11,975,209 | -€88,475 | -0.7% |
| Affiliated companies | 280/1 | €5,910,000 | €5,910,000 | = | 0.0% |
| Participating interests | 280 | €1,255,000 | €1,255,000 | = | 0.0% |
| Amounts receivable | 281 | €4,655,000 | €4,655,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,172,100 | €1,172,100 | = | 0.0% |
| Participating interests | 282 | €422,100 | €422,100 | = | 0.0% |
| Amounts receivable | 283 | €750,000 | €750,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,981,584 | €4,893,109 | -€88,475 | -1.8% |
| Shares | 284 | €4,954,900 | €4,849,045 | -€105,855 | -2.1% |
| Amounts receivable and cash guarantees | 285/8 | €26,684 | €44,064 | +€17,380 | +65.1% |
| Current assets | 29/58 | €169,325,523 | €258,539,543 | +€89.2m | +52.7% |
| Amounts receivable after more than one year | 29 | €81,844,342 | €75,395,673 | -€6.4m | -7.9% |
| Trade receivables | 290 | €3,865,827 | €3,689,660 | -€176,167 | -4.6% |
| Other amounts receivable | 291 | €77,978,515 | €71,706,013 | -€6.3m | -8.0% |
| Stocks and contracts in progress | 3 | €34,981,407 | €35,504,698 | +€523,291 | +1.5% |
| Stocks | 30/36 | €34,981,407 | €35,504,698 | +€523,291 | +1.5% |
| Property held for sale | 35 | €34,981,407 | €35,504,698 | +€523,291 | +1.5% |
| Amounts receivable within one year | 40/41 | €24,919,548 | €38,404,205 | +€13.5m | +54.1% |
| Trade receivables | 40 | €7,385,209 | €9,680,000 | +€2.3m | +31.1% |
| Other amounts receivable | 41 | €17,534,339 | €28,724,205 | +€11.2m | +63.8% |
| Current investments | 50/53 | €9,086,281 | €65,385,612 | +€56.3m | +619.6% |
| Other investments | 51/53 | €9,086,281 | €65,385,612 | +€56.3m | +619.6% |
| Cash at bank and in hand | 54/58 | €15,165,162 | €40,637,307 | +€25.5m | +168.0% |
| Deferred charges and accrued income | 490/1 | €3,328,783 | €3,212,048 | -€116,735 | -3.5% |
| Total equity and liabilities | 10/49 | €370,593,893 | €484,938,772 | +€114.3m | +30.9% |
| Equity | 10/15 | €206,449,517 | €221,420,326 | +€15.0m | +7.3% |
| Contributions | 10/11 | €42,181,900 | €43,860,500 | +€1.7m | +4.0% |
| Reserves | 13 | €28,068,037 | €27,895,464 | -€172,573 | -0.6% |
| Non-distributable reserves | 130/1 | €894,730 | €894,730 | = | 0.0% |
| Reserves not available under the articles | 1311 | €801,498 | €801,498 | = | 0.0% |
| Other | 1319 | €93,232 | €93,232 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,805,096 | €3,632,523 | -€172,573 | -4.5% |
| Distributable reserves | 133 | €23,368,211 | €23,368,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,127,910 | €11,010,775 | -€117,135 | -1.1% |
| Investment grants | 15 | €125,071,670 | €138,653,587 | +€13.6m | +10.9% |
| Provisions and deferred taxes | 16 | €1,262,715 | €1,205,191 | -€57,524 | -4.6% |
| Deferred taxes | 168 | €1,262,715 | €1,205,191 | -€57,524 | -4.6% |
| Amounts payable | 17/49 | €162,881,661 | €262,313,255 | +€99.4m | +61.0% |
| Amounts payable after more than one year | 17 | €114,123,706 | €127,910,872 | +€13.8m | +12.1% |
| Financial debts | 170/4 | €111,636,798 | €125,402,069 | +€13.8m | +12.3% |
| Credit institutions | 173 | €107,734,221 | €121,651,530 | +€13.9m | +12.9% |
| Other loans | 174 | €3,902,577 | €3,750,539 | -€152,038 | -3.9% |
| Other amounts payable | 178/9 | €2,486,908 | €2,508,803 | +€21,895 | +0.9% |
| Amounts payable within one year | 42/48 | €44,130,423 | €131,044,106 | +€86.9m | +196.9% |
| Current portion of amounts payable after more than one year | 42 | €15,091,695 | €16,043,962 | +€952,267 | +6.3% |
| Trade debts | 44 | €3,661,061 | €3,056,975 | -€604,086 | -16.5% |
| Suppliers | 440/4 | €3,661,061 | €3,056,975 | -€604,086 | -16.5% |
| Advances received on contracts in progress | 46 | €4,637,047 | €5,021,604 | +€384,557 | +8.3% |
| Taxes, remuneration and social security | 45 | €2,400,858 | €2,318,515 | -€82,343 | -3.4% |
| Taxes | 450/3 | €821,944 | €713,342 | -€108,602 | -13.2% |
| Remuneration and social security | 454/9 | €1,578,914 | €1,605,173 | +€26,259 | +1.7% |
| Other amounts payable | 47/48 | €18,339,762 | €104,603,050 | +€86.3m | +470.4% |
| Accrued charges and deferred income | 492/3 | €4,627,532 | €3,358,277 | -€1.3m | -27.4% |
| Operating income | 70/76A | €47,836,034 | €51,239,381 | +€3.4m | +7.1% |
| Turnover | 70 | €27,040,503 | €20,760,649 | -€6.3m | -23.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,100,767 | €139,131 | +€1.2m | |
| Own construction capitalised | 72 | €2,208,964 | €4,692,816 | +€2.5m | +112.4% |
| Other operating income | 74 | €19,646,278 | €25,582,793 | +€5.9m | +30.2% |
| Non-recurring operating income | 76A | €41,056 | €63,992 | +€22,936 | +55.9% |
| Operating charges | 60/66A | €50,308,990 | €54,150,477 | +€3.8m | +7.6% |
| Goods for resale, raw materials and consumables | 60 | €21,565,892 | €26,444,653 | +€4.9m | +22.6% |
| Purchases | 600/8 | €21,565,892 | €26,444,653 | +€4.9m | +22.6% |
| Services and other goods | 61 | €3,257,779 | €2,415,568 | -€842,211 | -25.9% |
| Remuneration, social security and pensions | 62 | €12,199,685 | €12,530,270 | +€330,585 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,798,640 | €10,389,080 | -€409,560 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €69,487 | -€263,313 | -€332,800 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,000 | - | +€5,000 | |
| Other operating charges | 640/8 | €2,422,507 | €2,634,219 | +€211,712 | +8.7% |
| Operating profit (loss) | 9901 | -€2,472,956 | -€2,911,096 | -€438,140 | -17.7% |
| Financial income | 75/76B | €5,658,637 | €5,999,587 | +€340,950 | +6.0% |
| Recurring financial income | 75 | €5,594,379 | €5,999,587 | +€405,208 | +7.2% |
| Income from financial fixed assets | 750 | €314,906 | €275,896 | -€39,010 | -12.4% |
| Income from current assets | 751 | €341,218 | €251,816 | -€89,402 | -26.2% |
| Other financial income | 752/9 | €4,938,255 | €5,471,875 | +€533,620 | +10.8% |
| Non-recurring financial income | 76B | €64,258 | - | -€64,258 | |
| Financial charges | 65/66B | €3,215,781 | €3,330,148 | +€114,367 | +3.6% |
| Recurring financial charges | 65 | €3,211,916 | €3,225,974 | +€14,058 | +0.4% |
| Debt charges | 650 | €865,767 | €1,048,166 | +€182,399 | +21.1% |
| Other financial charges | 652/9 | €2,346,149 | €2,177,808 | -€168,341 | -7.2% |
| Non-recurring financial charges | 66B | €3,865 | €104,174 | +€100,309 | +2595.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,100 | -€241,657 | -€211,557 | -702.8% |
| Transfer from deferred taxes | 780 | €57,524 | €57,524 | = | 0.0% |
| Income taxes | 67/77 | €103,942 | €105,575 | +€1,633 | +1.6% |
| Taxes | 670/3 | €103,942 | €105,575 | +€1,633 | +1.6% |
| Profit (loss) for the period | 9904 | -€76,518 | -€289,708 | -€213,190 | -278.6% |
| Transfer from tax-exempt reserves | 789 | €172,573 | €172,573 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,055 | -€117,135 | -€213,190 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.