SPIEGELTENTEN: what changed
SPIEGELTENTEN
Largest movements
- Cash +€155,612
up €155,612 (+108%), from €144,471 to €300,084
mainly Depreciation (+€99,860) and Net result for the year (+€56,760)
- Tangible fixed assets -€99,860
down €99,860 (-25.5%), from €391,705 to €291,844
of which Plant, machinery and equipment: -€86,000
- Receivables within one year -€12,532
down €12,532 (-18.8%), from €66,731 to €54,199
of which Trade receivables: -€12,555
- Reserves +€56,760
up €56,760 (+13.1%), from €434,184 to €490,944
of which Distributable reserves: +€91,147
- Advances received -€20,850
down €20,850 (-21.8%), from €95,720 to €74,870
- Trade debts +€9,923
up €9,923 (+47.9%), from €20,724 to €30,647
- Tax, wage and social debts +€8,979
up €8,979 (+37.1%), from €24,174 to €33,152
of which Taxes: +€5,701
- Provisions -€8,813
down €8,813 (-87.1%), from €10,118 to €1,305
- Taxes -€35,084
down €35,084 (-48.6%), from €72,154 to €37,069
- Gross operating margin -€33,815
down €33,815 (-10.7%), from €316,829 to €283,014
- Staff costs +€15,747
up €15,747 (+20.9%), from €75,429 to €91,176
- Depreciation +€5,414
up €5,414 (+5.7%), from €94,447 to €99,860
- Write-downs -€3,387
down €3,387 (-100%), from €3,387 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €604,438 | €652,016 | +€47,577 | +7.9% |
| Fixed assets | 21/28 | €391,705 | €291,844 | -€99,860 | -25.5% |
| Tangible fixed assets | 22/27 | €391,705 | €291,844 | -€99,860 | -25.5% |
| Plant, machinery and equipment | 23 | €333,584 | €247,584 | -€86,000 | -25.8% |
| Furniture and vehicles | 24 | €58,121 | €44,261 | -€13,860 | -23.8% |
| Current assets | 29/58 | €212,734 | €360,171 | +€147,438 | +69.3% |
| Amounts receivable within one year | 40/41 | €66,731 | €54,199 | -€12,532 | -18.8% |
| Trade receivables | 40 | €53,890 | €41,335 | -€12,555 | -23.3% |
| Other amounts receivable | 41 | €12,841 | €12,864 | +€23 | +0.2% |
| Cash at bank and in hand | 54/58 | €144,471 | €300,084 | +€155,612 | +108% |
| Deferred charges and accrued income | 490/1 | €1,531 | €5,889 | +€4,357 | +285% |
| Total equity and liabilities | 10/49 | €604,438 | €652,016 | +€47,577 | +7.9% |
| Equity | 10/15 | €440,384 | €497,144 | +€56,760 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €434,184 | €490,944 | +€56,760 | +13.1% |
| Tax-exempt reserves | 132 | €39,479 | €5,093 | -€34,386 | -87.1% |
| Distributable reserves | 133 | €394,704 | €485,851 | +€91,147 | +23.1% |
| Provisions and deferred taxes | 16 | €10,118 | €1,305 | -€8,813 | -87.1% |
| Deferred taxes | 168 | €10,118 | €1,305 | -€8,813 | -87.1% |
| Amounts payable | 17/49 | €153,937 | €153,566 | -€370 | -0.2% |
| Amounts payable within one year | 42/48 | €153,937 | €153,566 | -€370 | -0.2% |
| Trade debts | 44 | €20,724 | €30,647 | +€9,923 | +47.9% |
| Suppliers | 440/4 | €20,724 | €30,647 | +€9,923 | +47.9% |
| Advances received on contracts in progress | 46 | €95,720 | €74,870 | -€20,850 | -21.8% |
| Taxes, remuneration and social security | 45 | €24,174 | €33,152 | +€8,979 | +37.1% |
| Taxes | 450/3 | €11,183 | €16,884 | +€5,701 | +51.0% |
| Remuneration and social security | 454/9 | €12,990 | €16,268 | +€3,278 | +25.2% |
| Other amounts payable | 47/48 | €13,319 | €14,898 | +€1,579 | +11.9% |
| Non-recurring operating income | 76A | €27,273 | €0 | -€27,273 | -100% |
| Remuneration, social security and pensions | 62 | €75,429 | €91,176 | +€15,747 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,447 | €99,860 | +€5,414 | +5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,387 | €0 | -€3,387 | -100% |
| Other operating charges | 640/8 | €5,656 | €7,128 | +€1,472 | +26.0% |
| Gross operating margin | 9900 | €316,829 | €283,014 | -€33,815 | -10.7% |
| Operating profit (loss) | 9901 | €137,911 | €84,850 | -€53,061 | -38.5% |
| Financial income | 75/76B | €846 | €800 | -€47 | -5.5% |
| Recurring financial income | 75 | €846 | €800 | -€47 | -5.5% |
| Financial charges | 65/66B | €1,083 | €633 | -€450 | -41.6% |
| Recurring financial charges | 65 | €1,083 | €633 | -€450 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €137,674 | €85,017 | -€52,657 | -38.2% |
| Transfer from deferred taxes | 780 | €8,813 | €8,813 | = | 0.0% |
| Income taxes | 67/77 | €72,154 | €37,069 | -€35,084 | -48.6% |
| Profit (loss) for the period | 9904 | €74,333 | €56,760 | -€17,573 | -23.6% |
| Transfer from tax-exempt reserves | 789 | €34,386 | €34,386 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €108,720 | €91,147 | -€17,573 | -16.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.