SPIGA D'ORO: 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.
SPIGA D'ORO
Largest movements
- Tangible fixed assets -€10,134
down €10,134 (-12.8%), from €78,952 to €68,819
- Receivables within one year -€8,607
down €8,607 (-4.3%), from €197,983 to €189,376
of which Trade receivables: -€8,767
- Stocks and contracts +€5,000
up €5,000 (+25.0%), from €20,000 to €25,000
- Deferred charges and accrued income +€3,754
new in 2025: €3,754
- Debts after one year -€25,097
down €25,097 (-16.9%), from €148,591 to €123,493
- Trade debts +€17,058
up €17,058 (+29.2%), from €58,424 to €75,483
- Profit (loss) carried forward -€13,335
down €13,335 (-19.1%), from -€69,691 to -€83,025
- Current portion of long-term debt +€10,358
up €10,358 (+19.6%), from €52,724 to €63,081
- Tax, wage and social debts -€8,040
down €8,040 (-19.0%), from €42,209 to €34,168
of which Taxes: -€9,048
- Gross operating margin -€65,974
down €65,974 (-37.0%), from €178,351 to €112,377
- Taxes -€11,342
down €11,342 (-95.8%), from €11,840 to €498
- Staff costs -€8,980
down €8,980 (-11.4%), from €78,648 to €69,669
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 | €352,837 | €339,119 | -€13,717 | -3.9% |
| Fixed assets | 21/28 | €82,167 | €71,632 | -€10,535 | -12.8% |
| Intangible fixed assets | 21 | €401 | - | -€401 | |
| Tangible fixed assets | 22/27 | €78,952 | €68,819 | -€10,134 | -12.8% |
| Land and buildings | 22 | €23,731 | €23,333 | -€398 | -1.7% |
| Plant, machinery and equipment | 23 | €39,473 | €34,658 | -€4,815 | -12.2% |
| Furniture and vehicles | 24 | €4,702 | €2,919 | -€1,783 | -37.9% |
| Leasing and similar rights | 25 | €11,047 | €7,909 | -€3,138 | -28.4% |
| Financial fixed assets | 28 | €2,814 | €2,814 | = | 0.0% |
| Current assets | 29/58 | €270,670 | €267,487 | -€3,183 | -1.2% |
| Stocks and contracts in progress | 3 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Stocks | 30/36 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €197,983 | €189,376 | -€8,607 | -4.3% |
| Trade receivables | 40 | €22,884 | €14,117 | -€8,767 | -38.3% |
| Other amounts receivable | 41 | €175,099 | €175,259 | +€160 | +0.1% |
| Cash at bank and in hand | 54/58 | €52,687 | €49,358 | -€3,330 | -6.3% |
| Deferred charges and accrued income | 490/1 | - | €3,754 | +€3,754 | |
| Total equity and liabilities | 10/49 | €352,837 | €339,119 | -€13,717 | -3.9% |
| Equity | 10/15 | €1,755 | -€11,580 | -€13,335 | |
| Contributions | 10/11 | €28,210 | €28,210 | = | 0.0% |
| Reserves | 13 | €43,235 | €43,235 | = | 0.0% |
| Distributable reserves | 133 | €43,235 | €43,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,691 | -€83,025 | -€13,335 | -19.1% |
| Amounts payable | 17/49 | €351,082 | €350,700 | -€383 | -0.1% |
| Amounts payable after more than one year | 17 | €148,591 | €123,493 | -€25,097 | -16.9% |
| Financial debts | 170/4 | €148,591 | €123,493 | -€25,097 | -16.9% |
| Amounts payable within one year | 42/48 | €201,656 | €227,075 | +€25,418 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €52,724 | €63,081 | +€10,358 | +19.6% |
| Financial debts | 43 | €46,291 | €51,808 | +€5,518 | +11.9% |
| Credit institutions | 430/8 | €46,291 | €51,808 | +€5,518 | +11.9% |
| Trade debts | 44 | €58,424 | €75,483 | +€17,058 | +29.2% |
| Suppliers | 440/4 | €58,424 | €75,483 | +€17,058 | +29.2% |
| Advances received on contracts in progress | 46 | - | €525 | +€525 | |
| Taxes, remuneration and social security | 45 | €42,209 | €34,168 | -€8,040 | -19.0% |
| Taxes | 450/3 | €37,792 | €28,744 | -€9,048 | -23.9% |
| Remuneration and social security | 454/9 | €4,417 | €5,425 | +€1,008 | +22.8% |
| Other amounts payable | 47/48 | €2,009 | €2,009 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €835 | €131 | -€704 | -84.3% |
| Remuneration, social security and pensions | 62 | €78,648 | €69,669 | -€8,980 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,655 | €22,838 | +€182 | +0.8% |
| Other operating charges | 640/8 | €1,889 | €2,370 | +€481 | +25.4% |
| Gross operating margin | 9900 | €178,351 | €112,377 | -€65,974 | -37.0% |
| Operating profit (loss) | 9901 | €75,158 | €17,501 | -€57,657 | -76.7% |
| Financial income | 75/76B | €2 | €4 | +€2 | +89.9% |
| Recurring financial income | 75 | €2 | €4 | +€2 | +89.9% |
| Financial charges | 65/66B | €30,465 | €30,341 | -€124 | -0.4% |
| Recurring financial charges | 65 | €30,465 | €30,341 | -€124 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €44,695 | -€12,836 | -€57,532 | |
| Income taxes | 67/77 | €11,840 | €498 | -€11,342 | -95.8% |
| Profit (loss) for the period | 9904 | €32,855 | -€13,335 | -€46,190 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,855 | -€13,335 | -€46,190 |
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 18 October 2026 via checked.be.