SPINAE: 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.
SPINAE
Largest movements
- Receivables within one year +€194,144
up €194,144 (+170.8%), from €113,679 to €307,823
of which Trade receivables: +€203,598
- Cash -€34,621
down €34,621 (-27.4%), from €126,481 to €91,860
mainly Receivables within one year (-€194,144) and Contributions, distributions and other (-€69,874)
- Deferred charges and accrued income +€21,243
up €21,243 (+255.4%), from €8,319 to €29,562
- Tangible fixed assets -€18,451
down €18,451 (-15.5%), from €119,087 to €100,636
of which Furniture and vehicles: -€11,493
- Other debts +€69,874
new in 2025: €69,874
- Tax, wage and social debts +€48,452
up €48,452 (+140.4%), from €34,498 to €82,950
of which Taxes: +€34,835
- Trade debts +€44,780
up €44,780 (+130.5%), from €34,315 to €79,095
- Accrued charges and deferred income +€34,583
up €34,583 (+179.2%), from €19,298 to €53,881
- Profit (loss) carried forward -€22,968
down €22,968 (-10.2%), from €226,176 to €203,209
- Staff costs +€78,290
up €78,290 (+29.9%), from €261,653 to €339,942
- Gross operating margin +€42,162
up €42,162 (+10.5%), from €399,811 to €441,973
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 | €375,740 | €537,885 | +€162,145 | +43.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €127,261 | €108,640 | -€18,621 | -14.6% |
| Intangible fixed assets | 21 | €447 | €277 | -€170 | -38.0% |
| Tangible fixed assets | 22/27 | €119,087 | €100,636 | -€18,451 | -15.5% |
| Plant, machinery and equipment | 23 | €1,699 | €1,102 | -€597 | -35.1% |
| Furniture and vehicles | 24 | €39,000 | €27,507 | -€11,493 | -29.5% |
| Leasing and similar rights | 25 | €29,659 | €22,681 | -€6,979 | -23.5% |
| Other tangible fixed assets | 26 | €48,729 | €49,347 | +€618 | +1.3% |
| Financial fixed assets | 28 | €7,727 | €7,727 | = | 0.0% |
| Current assets | 29/58 | €248,479 | €429,245 | +€180,766 | +72.7% |
| Amounts receivable within one year | 40/41 | €113,679 | €307,823 | +€194,144 | +170.8% |
| Trade receivables | 40 | €93,509 | €297,107 | +€203,598 | +217.7% |
| Other amounts receivable | 41 | €20,171 | €10,717 | -€9,454 | -46.9% |
| Cash at bank and in hand | 54/58 | €126,481 | €91,860 | -€34,621 | -27.4% |
| Deferred charges and accrued income | 490/1 | €8,319 | €29,562 | +€21,243 | +255.4% |
| Total equity and liabilities | 10/49 | €375,740 | €537,885 | +€162,145 | +43.2% |
| Equity | 10/15 | €236,176 | €213,209 | -€22,968 | -9.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,176 | €203,209 | -€22,968 | -10.2% |
| Amounts payable | 17/49 | €139,564 | €324,676 | +€185,112 | +132.6% |
| Amounts payable after more than one year | 17 | €38,876 | €25,898 | -€12,978 | -33.4% |
| Financial debts | 170/4 | €38,876 | €25,898 | -€12,978 | -33.4% |
| Amounts payable within one year | 42/48 | €81,390 | €244,896 | +€163,506 | +200.9% |
| Current portion of amounts payable after more than one year | 42 | €12,577 | €12,978 | +€401 | +3.2% |
| Trade debts | 44 | €34,315 | €79,095 | +€44,780 | +130.5% |
| Suppliers | 440/4 | €34,315 | €79,095 | +€44,780 | +130.5% |
| Taxes, remuneration and social security | 45 | €34,498 | €82,950 | +€48,452 | +140.4% |
| Taxes | 450/3 | €16,245 | €51,080 | +€34,835 | +214.4% |
| Remuneration and social security | 454/9 | €18,253 | €31,870 | +€13,617 | +74.6% |
| Other amounts payable | 47/48 | - | €69,874 | +€69,874 | |
| Accrued charges and deferred income | 492/3 | €19,298 | €53,881 | +€34,583 | +179.2% |
| Remuneration, social security and pensions | 62 | €261,653 | €339,942 | +€78,290 | +29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,865 | €27,030 | +€4,165 | +18.2% |
| Other operating charges | 640/8 | €854 | €4,680 | +€3,826 | +448.2% |
| Non-recurring operating charges | 66A | €8,880 | - | -€8,880 | |
| Gross operating margin | 9900 | €399,811 | €441,973 | +€42,162 | +10.5% |
| Operating profit (loss) | 9901 | €105,559 | €70,320 | -€35,239 | -33.4% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €4,313 | €4,938 | +€625 | +14.5% |
| Recurring financial charges | 65 | €4,313 | €4,938 | +€625 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €101,258 | €65,382 | -€35,875 | -35.4% |
| Income taxes | 67/77 | €14,283 | €18,476 | +€4,193 | +29.4% |
| Profit (loss) for the period | 9904 | €86,974 | €46,907 | -€40,068 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,974 | €46,907 | -€40,068 | -46.1% |
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 6 October 2026 via checked.be.