SPINCOF: 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.
SPINCOF
Largest movements
- Current investments +€56,805
up €56,805 (+24.2%), from €234,260 to €291,065
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year -€20,306
down €20,306 (-97.5%), from €20,828 to €522
of which Other amounts receivable: -€20,798
- Tangible fixed assets +€20,124
up €20,124 (+111%), from €18,082 to €38,206
of which Furniture and vehicles: +€15,199
- Cash +€13,115
up €13,115 (+57.9%), from €22,645 to €35,760
mainly Net result for the year (+€91,788) and Receivables after one year (+€50,000)
- Reserves -€39,761
down €39,761 (-12.2%), from €324,641 to €284,880
- Other debts +€37,878
up €37,878 (+608%), from €6,234 to €44,113
- Tax, wage and social debts +€20,425
up €20,425 (+221%), from €9,244 to €29,669
- Gross operating margin +€20,752
up €20,752 (+18.8%), from €110,222 to €130,975
- Taxes +€4,458
up €4,458 (+13.3%), from €33,550 to €38,008
- Financial income -€2,786
down €2,786 (-42.4%), from €6,575 to €3,789
- Depreciation +€1,903
up €1,903 (+81.2%), from €2,345 to €4,249
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 | €348,085 | €365,553 | +€17,468 | +5.0% |
| Fixed assets | 21/28 | €18,082 | €38,206 | +€20,124 | +111% |
| Tangible fixed assets | 22/27 | €18,082 | €38,206 | +€20,124 | +111% |
| Plant, machinery and equipment | 23 | €2,590 | €8,996 | +€6,405 | +247% |
| Furniture and vehicles | 24 | €1,122 | €16,321 | +€15,199 | +1,354% |
| Other tangible fixed assets | 26 | €14,369 | €12,889 | -€1,480 | -10.3% |
| Current assets | 29/58 | €330,003 | €327,347 | -€2,656 | -0.8% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €20,828 | €522 | -€20,306 | -97.5% |
| Trade receivables | 40 | - | €492 | +€492 | |
| Other amounts receivable | 41 | €20,828 | €30 | -€20,798 | -99.9% |
| Current investments | 50/53 | €234,260 | €291,065 | +€56,805 | +24.2% |
| Cash at bank and in hand | 54/58 | €22,645 | €35,760 | +€13,115 | +57.9% |
| Deferred charges and accrued income | 490/1 | €2,270 | - | -€2,270 | |
| Total equity and liabilities | 10/49 | €348,085 | €365,553 | +€17,468 | +5.0% |
| Equity | 10/15 | €330,841 | €291,080 | -€39,761 | -12.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €324,641 | €284,880 | -€39,761 | -12.2% |
| Distributable reserves | 133 | €324,641 | €284,880 | -€39,761 | -12.2% |
| Amounts payable | 17/49 | €17,244 | €74,472 | +€57,229 | +332% |
| Amounts payable within one year | 42/48 | €17,244 | €74,472 | +€57,229 | +332% |
| Trade debts | 44 | €1,765 | €691 | -€1,074 | -60.9% |
| Suppliers | 440/4 | €1,765 | €691 | -€1,074 | -60.9% |
| Taxes, remuneration and social security | 45 | €9,244 | €29,669 | +€20,425 | +221% |
| Taxes | 450/3 | €9,244 | €29,669 | +€20,425 | +221% |
| Other amounts payable | 47/48 | €6,234 | €44,113 | +€37,878 | +608% |
| Non-recurring operating income | 76A | - | €129 | +€129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,345 | €4,249 | +€1,903 | +81.2% |
| Other operating charges | 640/8 | €621 | €583 | -€38 | -6.2% |
| Gross operating margin | 9900 | €110,222 | €130,975 | +€20,752 | +18.8% |
| Operating profit (loss) | 9901 | €107,256 | €126,143 | +€18,887 | +17.6% |
| Financial income | 75/76B | €6,575 | €3,789 | -€2,786 | -42.4% |
| Recurring financial income | 75 | €6,575 | €3,789 | -€2,786 | -42.4% |
| Financial charges | 65/66B | €284 | €135 | -€148 | -52.2% |
| Recurring financial charges | 65 | €284 | €135 | -€148 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €113,547 | €129,796 | +€16,249 | +14.3% |
| Income taxes | 67/77 | €33,550 | €38,008 | +€4,458 | +13.3% |
| Profit (loss) for the period | 9904 | €79,998 | €91,788 | +€11,790 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,998 | €91,788 | +€11,790 | +14.7% |
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 20 October 2026 via checked.be.