SPIGELEER C & E: 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.
SPIGELEER C & E
Largest movements
- Receivables within one year -€61,264
down €61,264 (-44.5%), from €137,571 to €76,307
of which Trade receivables: -€43,518
- Current investments +€50,000
new in 2025: €50,000
- Cash -€47,423
down €47,423 (-52.0%), from €91,130 to €43,707
mainly Contributions, distributions and other (-€111,751) and Current investments (-€50,000)
- Tangible fixed assets -€8,199
down €8,199 (-21.6%), from €38,000 to €29,801
of which Furniture and vehicles: -€7,675
- Reserves -€96,475
down €96,475 (-65.3%), from €147,672 to €51,198
- Other debts +€73,018
up €73,018 (+229%), from €31,884 to €104,902
- Trade debts -€37,188
down €37,188 (-90.4%), from €41,117 to €3,930
- Debts after one year -€6,607
down €6,607 (-27.2%), from €24,319 to €17,712
- Gross operating margin -€10,453
down €10,453 (-23.2%), from €45,113 to €34,660
- Depreciation +€7,187
up €7,187 (+166%), from €4,332 to €11,519
- Taxes -€5,062
down €5,062 (-32.1%), from €15,750 to €10,688
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 | €269,044 | €201,551 | -€67,493 | -25.1% |
| Fixed assets | 21/28 | €38,000 | €29,801 | -€8,199 | -21.6% |
| Tangible fixed assets | 22/27 | €38,000 | €29,801 | -€8,199 | -21.6% |
| Plant, machinery and equipment | 23 | €2,044 | €1,521 | -€523 | -25.6% |
| Furniture and vehicles | 24 | €35,955 | €28,280 | -€7,675 | -21.3% |
| Current assets | 29/58 | €231,044 | €171,750 | -€59,294 | -25.7% |
| Amounts receivable within one year | 40/41 | €137,571 | €76,307 | -€61,264 | -44.5% |
| Trade receivables | 40 | €52,480 | €8,963 | -€43,518 | -82.9% |
| Other amounts receivable | 41 | €85,091 | €67,344 | -€17,746 | -20.9% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €91,130 | €43,707 | -€47,423 | -52.0% |
| Deferred charges and accrued income | 490/1 | €2,343 | €1,737 | -€607 | -25.9% |
| Total equity and liabilities | 10/49 | €269,044 | €201,551 | -€67,493 | -25.1% |
| Equity | 10/15 | €155,732 | €59,258 | -€96,475 | -61.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €147,672 | €51,198 | -€96,475 | -65.3% |
| Distributable reserves | 133 | €147,672 | €51,198 | -€96,475 | -65.3% |
| Amounts payable | 17/49 | €113,312 | €142,293 | +€28,982 | +25.6% |
| Amounts payable after more than one year | 17 | €24,319 | €17,712 | -€6,607 | -27.2% |
| Financial debts | 170/4 | €24,319 | €17,712 | -€6,607 | -27.2% |
| Amounts payable within one year | 42/48 | €88,925 | €124,512 | +€35,588 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €6,350 | €6,607 | +€257 | +4.0% |
| Financial debts | 43 | €61 | - | -€61 | |
| Credit institutions | 430/8 | €61 | - | -€61 | |
| Trade debts | 44 | €41,117 | €3,930 | -€37,188 | -90.4% |
| Suppliers | 440/4 | €41,117 | €3,930 | -€37,188 | -90.4% |
| Taxes, remuneration and social security | 45 | €9,513 | €9,074 | -€439 | -4.6% |
| Taxes | 450/3 | €9,513 | €9,074 | -€439 | -4.6% |
| Other amounts payable | 47/48 | €31,884 | €104,902 | +€73,018 | +229% |
| Accrued charges and deferred income | 492/3 | €68 | €69 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,332 | €11,519 | +€7,187 | +166% |
| Other operating charges | 640/8 | €487 | €100 | -€387 | -79.5% |
| Gross operating margin | 9900 | €45,113 | €34,660 | -€10,453 | -23.2% |
| Operating profit (loss) | 9901 | €40,294 | €23,040 | -€17,253 | -42.8% |
| Financial income | 75/76B | €4,365 | €4,717 | +€351 | +8.0% |
| Recurring financial income | 75 | €4,365 | €4,717 | +€351 | +8.0% |
| Financial charges | 65/66B | €2,110 | €1,793 | -€317 | -15.0% |
| Recurring financial charges | 65 | €2,110 | €1,793 | -€317 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €42,549 | €25,964 | -€16,585 | -39.0% |
| Income taxes | 67/77 | €15,750 | €10,688 | -€5,062 | -32.1% |
| Profit (loss) for the period | 9904 | €26,799 | €15,277 | -€11,523 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,799 | €15,277 | -€11,523 | -43.0% |
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 15 October 2026 via checked.be.