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
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward -€2,638
down €2,638 (-54.2%), from €4,864 to €2,226
- Trade debts +€2,283
up €2,283 (+292%), from €782 to €3,065
- Short-term financial debts -€1,117
down €1,117 (-12.2%), from €9,129 to €8,012
- Other operating charges -€101
down €101 (-3.8%), from €2,681 to €2,580
- Financial charges -€65
down €65 (-4.6%), from €1,429 to €1,364
- Gross operating margin -€23
down €23 (-1.1%), from €2,086 to €2,063
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,844 | €92,372 | -€1,472 | -1.6% |
| Fixed assets | 21/28 | €4,111 | €3,353 | -€758 | -18.4% |
| Tangible fixed assets | 22/27 | €4,111 | €3,353 | -€758 | -18.4% |
| Land and buildings | 22 | €4,111 | €2,975 | -€1,137 | -27.6% |
| Plant, machinery and equipment | 23 | - | €379 | +€379 | |
| Current assets | 29/58 | €89,732 | €89,018 | -€714 | -0.8% |
| Amounts receivable within one year | 40/41 | €89,732 | €89,018 | -€714 | -0.8% |
| Trade receivables | 40 | €66,536 | €66,536 | = | 0.0% |
| Other amounts receivable | 41 | €23,196 | €22,482 | -€714 | -3.1% |
| Total equity and liabilities | 10/49 | €93,844 | €92,372 | -€1,472 | -1.6% |
| Equity | 10/15 | €82,133 | €79,494 | -€2,638 | -3.2% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €52,479 | €52,479 | = | 0.0% |
| Distributable reserves | 133 | €52,479 | €52,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,864 | €2,226 | -€2,638 | -54.2% |
| Amounts payable | 17/49 | €11,711 | €12,877 | +€1,166 | +10.0% |
| Amounts payable within one year | 42/48 | €11,711 | €12,877 | +€1,166 | +10.0% |
| Financial debts | 43 | €9,129 | €8,012 | -€1,117 | -12.2% |
| Credit institutions | 430/8 | €9,129 | €8,012 | -€1,117 | -12.2% |
| Trade debts | 44 | €782 | €3,065 | +€2,283 | +292% |
| Suppliers | 440/4 | €782 | €3,065 | +€2,283 | +292% |
| Taxes, remuneration and social security | 45 | €1,800 | €1,800 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,800 | €1,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €758 | €758 | = | 0.0% |
| Other operating charges | 640/8 | €2,681 | €2,580 | -€101 | -3.8% |
| Gross operating margin | 9900 | €2,086 | €2,063 | -€23 | -1.1% |
| Operating profit (loss) | 9901 | -€1,352 | -€1,274 | +€78 | +5.7% |
| Financial charges | 65/66B | €1,429 | €1,364 | -€65 | -4.6% |
| Recurring financial charges | 65 | €1,429 | €1,364 | -€65 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,781 | -€2,638 | +€143 | +5.1% |
| Profit (loss) for the period | 9904 | -€2,781 | -€2,638 | +€143 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,781 | -€2,638 | +€143 | +5.1% |
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 16 October 2026 via checked.be.