SPI: 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.
SPI
Largest movements
- Cash +€290,884
up €290,884 (+90.2%), from €322,313 to €613,197
mainly Net result for the year (+€329,171) and Receivables within one year (+€64,166)
- Receivables within one year -€64,166
down €64,166 (-88.3%), from €72,659 to €8,493
of which Other amounts receivable: -€61,662
- Reserves +€329,171
up €329,171 (+57.3%), from €574,732 to €903,903
- Debts after one year -€106,427
down €106,427 (-50.6%), from €210,254 to €103,827
of which Other amounts payable: -€100,000
- Financial income +€42,501
up €42,501 (+14.3%), from €297,500 to €340,001
- Gross operating margin -€11,144
down €11,144 (-13.3%), from €83,704 to €72,560
- Other operating charges +€7,604
up €7,604 (+137.2%), from €5,544 to €13,148
- Taxes +€2,521
up €2,521 (+8.1%), from €31,273 to €33,794
- Financial charges -€1,976
down €1,976 (-32.7%), from €6,042 to €4,066
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 | €3,124,973 | €3,352,351 | +€227,378 | +7.3% |
| Fixed assets | 21/28 | €2,727,373 | €2,727,529 | +€155 | 0.0% |
| Tangible fixed assets | 22/27 | €814,873 | €815,029 | +€155 | 0.0% |
| Land and buildings | 22 | €791,339 | €765,661 | -€25,678 | -3.2% |
| Plant, machinery and equipment | 23 | €19,972 | €39,015 | +€19,043 | +95.3% |
| Furniture and vehicles | 24 | €3,562 | €10,352 | +€6,791 | +190.6% |
| Financial fixed assets | 28 | €1,912,500 | €1,912,500 | = | 0.0% |
| Current assets | 29/58 | €397,600 | €624,822 | +€227,222 | +57.1% |
| Amounts receivable within one year | 40/41 | €72,659 | €8,493 | -€64,166 | -88.3% |
| Trade receivables | 40 | €10,997 | €8,493 | -€2,504 | -22.8% |
| Other amounts receivable | 41 | €61,662 | - | -€61,662 | |
| Cash at bank and in hand | 54/58 | €322,313 | €613,197 | +€290,884 | +90.2% |
| Deferred charges and accrued income | 490/1 | €2,628 | €3,132 | +€504 | +19.2% |
| Total equity and liabilities | 10/49 | €3,124,973 | €3,352,351 | +€227,378 | +7.3% |
| Equity | 10/15 | €948,732 | €1,277,903 | +€329,171 | +34.7% |
| Contributions | 10/11 | €374,000 | €374,000 | = | 0.0% |
| Outside capital | 11 | €374,000 | €374,000 | = | 0.0% |
| Other | 1109/19 | €374,000 | €374,000 | = | 0.0% |
| Reserves | 13 | €574,732 | €903,903 | +€329,171 | +57.3% |
| Distributable reserves | 133 | €574,732 | €903,903 | +€329,171 | +57.3% |
| Amounts payable | 17/49 | €2,176,242 | €2,074,448 | -€101,794 | -4.7% |
| Amounts payable after more than one year | 17 | €210,254 | €103,827 | -€106,427 | -50.6% |
| Financial debts | 170/4 | €10,254 | €3,827 | -€6,427 | -62.7% |
| Other amounts payable | 178/9 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Amounts payable within one year | 42/48 | €1,965,988 | €1,970,621 | +€4,633 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €106,234 | €106,427 | +€192 | +0.2% |
| Trade debts | 44 | €3,113 | €28,580 | +€25,467 | +818.1% |
| Suppliers | 440/4 | €3,113 | €28,580 | +€25,467 | +818.1% |
| Taxes, remuneration and social security | 45 | €32,089 | €34,523 | +€2,434 | +7.6% |
| Taxes | 450/3 | €32,089 | €34,523 | +€2,434 | +7.6% |
| Other amounts payable | 47/48 | €1,824,552 | €1,801,091 | -€23,460 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,974 | €32,381 | -€593 | -1.8% |
| Other operating charges | 640/8 | €5,544 | €13,148 | +€7,604 | +137.2% |
| Gross operating margin | 9900 | €83,704 | €72,560 | -€11,144 | -13.3% |
| Operating profit (loss) | 9901 | €45,186 | €27,031 | -€18,155 | -40.2% |
| Financial income | 75/76B | €297,500 | €340,001 | +€42,501 | +14.3% |
| Recurring financial income | 75 | €297,500 | €340,001 | +€42,501 | +14.3% |
| Financial charges | 65/66B | €6,042 | €4,066 | -€1,976 | -32.7% |
| Recurring financial charges | 65 | €6,042 | €4,066 | -€1,976 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €336,644 | €362,965 | +€26,322 | +7.8% |
| Income taxes | 67/77 | €31,273 | €33,794 | +€2,521 | +8.1% |
| Profit (loss) for the period | 9904 | €305,371 | €329,171 | +€23,800 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €305,371 | €329,171 | +€23,800 | +7.8% |
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 4 October 2026 via checked.be.