SPIKEREST: what changed
Two fiscal 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.
SPIKEREST
Largest movements
- Receivables within one year +€128,762
up €128,762 (+56.0%), from €229,947 to €358,709
of which Other amounts receivable: +€119,943
- Cash -€112,420
down €112,420 (-47.2%), from €238,257 to €125,837
mainly Net result for the year (-€174,501) and Receivables within one year (-€128,762)
- Tangible fixed assets -€82,388
down €82,388 (-31.3%), from €263,073 to €180,685
of which Plant, machinery and equipment: -€82,298
- Other debts +€139,568
up €139,568 (+88044.4%), from €159 to €139,726
- Profit (loss) carried forward -€139,378
new in 2025: -€139,378
- Reserves -€35,123
no longer reported in 2025 (was €35,123)
- Trade debts -€21,478
down €21,478 (-6.7%), from €322,731 to €301,253
- Debts after one year -€9,280
no longer reported in 2025 (was €9,280)
- Gross operating margin -€145,454
down €145,454 (-17.6%), from €828,176 to €682,722
- Staff costs +€95,646
up €95,646 (+16.1%), from €593,262 to €688,909
- Depreciation -€40,782
down €40,782 (-22.0%), from €185,381 to €144,599
- Taxes -€11,406
down €11,406 (-98.3%), from €11,598 to €193
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.
Cash bridge derived
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 | €768,678 | €710,086 | -€58,593 | -7.6% |
| Fixed assets | 21/28 | €263,667 | €181,280 | -€82,388 | -31.2% |
| Tangible fixed assets | 22/27 | €263,073 | €180,685 | -€82,388 | -31.3% |
| Plant, machinery and equipment | 23 | €258,255 | €175,957 | -€82,298 | -31.9% |
| Furniture and vehicles | 24 | €4,817 | €4,727 | -€90 | -1.9% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €505,011 | €528,806 | +€23,795 | +4.7% |
| Stocks and contracts in progress | 3 | €17,068 | €20,997 | +€3,929 | +23.0% |
| Stocks | 30/36 | €17,068 | €20,997 | +€3,929 | +23.0% |
| Amounts receivable within one year | 40/41 | €229,947 | €358,709 | +€128,762 | +56.0% |
| Trade receivables | 40 | €23,816 | €32,635 | +€8,819 | +37.0% |
| Other amounts receivable | 41 | €206,131 | €326,074 | +€119,943 | +58.2% |
| Current investments | 50/53 | - | €929 | +€929 | |
| Cash at bank and in hand | 54/58 | €238,257 | €125,837 | -€112,420 | -47.2% |
| Deferred charges and accrued income | 490/1 | €19,739 | €22,334 | +€2,595 | +13.1% |
| Total equity and liabilities | 10/49 | €768,678 | €710,086 | -€58,593 | -7.6% |
| Equity | 10/15 | €360,123 | €185,622 | -€174,501 | -48.5% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €35,123 | - | -€35,123 | |
| Distributable reserves | 133 | €35,123 | - | -€35,123 | |
| Profit (loss) carried forward | 14 | - | -€139,378 | -€139,378 | |
| Amounts payable | 17/49 | €408,555 | €524,464 | +€115,909 | +28.4% |
| Amounts payable after more than one year | 17 | €9,280 | - | -€9,280 | |
| Financial debts | 170/4 | €9,280 | - | -€9,280 | |
| Amounts payable within one year | 42/48 | €399,276 | €524,464 | +€125,188 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €12,217 | €9,280 | -€2,937 | -24.0% |
| Financial debts | 43 | €5,589 | €7,039 | +€1,450 | +25.9% |
| Credit institutions | 430/8 | - | €1,221 | +€1,221 | |
| Other loans | 439 | €5,589 | €5,818 | +€229 | +4.1% |
| Trade debts | 44 | €322,731 | €301,253 | -€21,478 | -6.7% |
| Suppliers | 440/4 | €322,731 | €301,253 | -€21,478 | -6.7% |
| Taxes, remuneration and social security | 45 | €58,581 | €67,166 | +€8,585 | +14.7% |
| Taxes | 450/3 | €3,523 | €2,120 | -€1,404 | -39.8% |
| Remuneration and social security | 454/9 | €55,058 | €65,046 | +€9,989 | +18.1% |
| Other amounts payable | 47/48 | €159 | €139,726 | +€139,568 | +88044.4% |
| Remuneration, social security and pensions | 62 | €593,262 | €688,909 | +€95,646 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,381 | €144,599 | -€40,782 | -22.0% |
| Other operating charges | 640/8 | €9,813 | €10,364 | +€551 | +5.6% |
| Gross operating margin | 9900 | €828,176 | €682,722 | -€145,454 | -17.6% |
| Operating profit (loss) | 9901 | €39,719 | -€161,150 | -€200,869 | |
| Financial income | 75/76B | €12 | €20 | +€7 | +59.8% |
| Recurring financial income | 75 | €12 | €20 | +€7 | +59.8% |
| Financial charges | 65/66B | €14,838 | €13,179 | -€1,659 | -11.2% |
| Recurring financial charges | 65 | €14,838 | €13,179 | -€1,659 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €24,893 | -€174,309 | -€199,202 | |
| Income taxes | 67/77 | €11,598 | €193 | -€11,406 | -98.3% |
| Profit (loss) for the period | 9904 | €13,295 | -€174,501 | -€187,797 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,295 | -€174,501 | -€187,797 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.