SPIEGEL: 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.
SPIEGEL
Largest movements
- Cash -€48,333
down €48,333 (-85.7%), from €56,389 to €8,056
mainly Net result for the year (-€24,012) and Receivables within one year (-€21,473)
- Receivables within one year +€21,473
up €21,473 (+75.0%), from €28,624 to €50,096
of which Other amounts receivable: +€11,965
- Tangible fixed assets -€12,123
down €12,123 (-27.2%), from €44,509 to €32,386
of which Leasing and similar rights: -€12,598
- Deferred charges and accrued income +€4,461
up €4,461 (+307%), from €1,452 to €5,913
- Profit (loss) carried forward -€24,012
down €24,012 (-354%), from -€6,789 to -€30,801
- Trade debts +€20,744
up €20,744 (+1,038%), from €1,999 to €22,743
- Debts after one year -€14,347
down €14,347 (-80.6%), from €17,793 to €3,446
- Current portion of long-term debt -€9,356
down €9,356 (-12.6%), from €74,330 to €64,975
- Tax, wage and social debts -€4,809
down €4,809 (-38.2%), from €12,601 to €7,792
of which Taxes: -€5,763
- Gross operating margin -€85,421
down €85,421 (-71.8%), from €118,942 to €33,522
- Staff costs +€10,283
up €10,283 (+60.7%), from €16,944 to €27,228
- Other operating charges -€3,950
down €3,950 (-49.7%), from €7,954 to €4,005
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.
Derived cash bridge
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 | €140,072 | €105,550 | -€34,522 | -24.6% |
| Fixed assets | 21/28 | €44,509 | €32,386 | -€12,123 | -27.2% |
| Tangible fixed assets | 22/27 | €44,509 | €32,386 | -€12,123 | -27.2% |
| Plant, machinery and equipment | 23 | €18,487 | €19,163 | +€676 | +3.7% |
| Furniture and vehicles | 24 | €827 | €626 | -€201 | -24.3% |
| Leasing and similar rights | 25 | €25,195 | €12,598 | -€12,598 | -50.0% |
| Current assets | 29/58 | €95,562 | €73,163 | -€22,399 | -23.4% |
| Stocks and contracts in progress | 3 | €9,097 | €9,097 | = | 0.0% |
| Stocks | 30/36 | €9,097 | €9,097 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,624 | €50,096 | +€21,473 | +75.0% |
| Trade receivables | 40 | €11,216 | €20,724 | +€9,508 | +84.8% |
| Other amounts receivable | 41 | €17,407 | €29,372 | +€11,965 | +68.7% |
| Cash at bank and in hand | 54/58 | €56,389 | €8,056 | -€48,333 | -85.7% |
| Deferred charges and accrued income | 490/1 | €1,452 | €5,913 | +€4,461 | +307% |
| Total equity and liabilities | 10/49 | €140,072 | €105,550 | -€34,522 | -24.6% |
| Equity | 10/15 | €30,606 | €6,593 | -€24,012 | -78.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,195 | €31,195 | = | 0.0% |
| Distributable reserves | 133 | €31,195 | €31,195 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,789 | -€30,801 | -€24,012 | -354% |
| Amounts payable | 17/49 | €109,466 | €98,956 | -€10,510 | -9.6% |
| Amounts payable after more than one year | 17 | €17,793 | €3,446 | -€14,347 | -80.6% |
| Financial debts | 170/4 | €17,793 | €3,446 | -€14,347 | -80.6% |
| Amounts payable within one year | 42/48 | €88,930 | €95,510 | +€6,580 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €74,330 | €64,975 | -€9,356 | -12.6% |
| Trade debts | 44 | €1,999 | €22,743 | +€20,744 | +1,038% |
| Suppliers | 440/4 | €1,999 | €22,743 | +€20,744 | +1,038% |
| Taxes, remuneration and social security | 45 | €12,601 | €7,792 | -€4,809 | -38.2% |
| Taxes | 450/3 | €12,341 | €6,578 | -€5,763 | -46.7% |
| Remuneration and social security | 454/9 | €260 | €1,214 | +€954 | +367% |
| Accrued charges and deferred income | 492/3 | €2,743 | - | -€2,743 | |
| Non-recurring operating income | 76A | €69,393 | - | -€69,393 | |
| Remuneration, social security and pensions | 62 | €16,944 | €27,228 | +€10,283 | +60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,807 | €20,922 | +€115 | +0.6% |
| Other operating charges | 640/8 | €7,954 | €4,005 | -€3,950 | -49.7% |
| Gross operating margin | 9900 | €118,942 | €33,522 | -€85,421 | -71.8% |
| Operating profit (loss) | 9901 | €73,237 | -€18,633 | -€91,870 | |
| Financial income | 75/76B | €19 | €34 | +€15 | +79.6% |
| Recurring financial income | 75 | €19 | €34 | +€15 | +79.6% |
| Financial charges | 65/66B | €5,943 | €5,228 | -€715 | -12.0% |
| Recurring financial charges | 65 | €5,943 | €5,228 | -€715 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €67,312 | -€23,827 | -€91,140 | |
| Income taxes | 67/77 | €258 | €185 | -€73 | -28.4% |
| Profit (loss) for the period | 9904 | €67,054 | -€24,012 | -€91,067 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,054 | -€24,012 | -€91,067 |
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 22 October 2026 via checked.be.