SPIMMO: 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.
SPIMMO
Largest movements
- Cash -€118,101
down €118,101 (-83.8%), from €140,863 to €22,763
mainly Investment in fixed assets (net) (-€82,328) and Current investments (-€37,502)
- Tangible fixed assets +€70,045
up €70,045 (+27.1%), from €258,426 to €328,471
of which Land and buildings: +€70,284
- Current investments +€37,502
up €37,502 (+30.1%), from €124,723 to €162,225
- Profit (loss) carried forward -€38,031
down €38,031 (-8.1%), from €471,597 to €433,566
- Financial charges -€62,343
down €62,343, from €55,932 to -€6,411
- Gross operating margin -€8,571
down €8,571, from €6,680 to -€1,890
- Financial income -€1,296
down €1,296 (-10.2%), from €12,686 to €11,390
- Depreciation +€648
up €648 (+5.6%), from €11,634 to €12,283
- Other operating charges +€110
up €110 (+2.9%), from €3,804 to €3,914
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 | €2,894,643 | €2,881,657 | -€12,986 | -0.4% |
| Fixed assets | 21/28 | €2,619,521 | €2,689,566 | +€70,045 | +2.7% |
| Tangible fixed assets | 22/27 | €258,426 | €328,471 | +€70,045 | +27.1% |
| Land and buildings | 22 | €256,861 | €327,145 | +€70,284 | +27.4% |
| Plant, machinery and equipment | 23 | €1,565 | €1,326 | -€239 | -15.3% |
| Financial fixed assets | 28 | €2,361,095 | €2,361,095 | = | 0.0% |
| Current assets | 29/58 | €275,122 | €192,091 | -€83,031 | -30.2% |
| Amounts receivable within one year | 40/41 | €9,376 | €7,103 | -€2,273 | -24.2% |
| Other amounts receivable | 41 | €9,376 | €7,103 | -€2,273 | -24.2% |
| Current investments | 50/53 | €124,723 | €162,225 | +€37,502 | +30.1% |
| Cash at bank and in hand | 54/58 | €140,863 | €22,763 | -€118,101 | -83.8% |
| Deferred charges and accrued income | 490/1 | €159 | - | -€159 | |
| Total equity and liabilities | 10/49 | €2,894,643 | €2,881,657 | -€12,986 | -0.4% |
| Equity | 10/15 | €599,339 | €568,407 | -€30,931 | -5.2% |
| Contributions | 10/11 | €127,741 | €134,841 | +€7,100 | +5.6% |
| Profit (loss) carried forward | 14 | €471,597 | €433,566 | -€38,031 | -8.1% |
| Amounts payable | 17/49 | €2,295,304 | €2,313,250 | +€17,946 | +0.8% |
| Amounts payable after more than one year | 17 | €2,244,900 | €2,231,856 | -€13,044 | -0.6% |
| Financial debts | 170/4 | €134,785 | €121,561 | -€13,224 | -9.8% |
| Other amounts payable | 178/9 | €2,110,115 | €2,110,295 | +€180 | 0.0% |
| Amounts payable within one year | 42/48 | €50,341 | €81,394 | +€31,053 | +61.7% |
| Current portion of amounts payable after more than one year | 42 | €12,952 | €13,224 | +€272 | +2.1% |
| Trade debts | 44 | €1,664 | €2,409 | +€745 | +44.8% |
| Suppliers | 440/4 | €1,664 | €2,409 | +€745 | +44.8% |
| Taxes, remuneration and social security | 45 | - | €11,328 | +€11,328 | |
| Taxes | 450/3 | - | €11,328 | +€11,328 | |
| Other amounts payable | 47/48 | €35,725 | €54,433 | +€18,708 | +52.4% |
| Accrued charges and deferred income | 492/3 | €63 | - | -€63 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,634 | €12,283 | +€648 | +5.6% |
| Other operating charges | 640/8 | €3,804 | €3,914 | +€110 | +2.9% |
| Gross operating margin | 9900 | €6,680 | -€1,890 | -€8,571 | |
| Operating profit (loss) | 9901 | -€8,759 | -€18,088 | -€9,329 | -106.5% |
| Financial income | 75/76B | €12,686 | €11,390 | -€1,296 | -10.2% |
| Recurring financial income | 75 | €12,686 | €11,390 | -€1,296 | -10.2% |
| Financial charges | 65/66B | €55,932 | -€6,411 | -€62,343 | |
| Recurring financial charges | 65 | €55,932 | -€6,411 | -€62,343 | |
| Profit (loss) for the period before taxes | 9903 | -€52,005 | -€287 | +€51,718 | +99.4% |
| Income taxes | 67/77 | - | -€15 | -€15 | |
| Profit (loss) for the period | 9904 | -€52,005 | -€271 | +€51,733 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,005 | -€271 | +€51,733 | +99.5% |
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 11 October 2026 via checked.be.