SPINE: 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.
SPINE
Largest movements
- Current investments +€50,000
up €50,000 (+21.5%), from €232,445 to €282,445
- Cash -€38,812
down €38,812 (-20.5%), from €188,975 to €150,163
mainly Current investments (-€50,000) and Trade debts (-€10,693)
- Tangible fixed assets -€16,535
down €16,535 (-33.2%), from €49,798 to €33,263
of which Furniture and vehicles: -€14,052
- Reserves +€19,200
up €19,200 (+7.8%), from €244,667 to €263,867
- Trade debts -€10,693
down €10,693 (-65.1%), from €16,434 to €5,741
- Current portion of long-term debt -€9,079
no longer reported in 2025 (was €9,079)
- Gross operating margin +€19,223
up €19,223 (+71.5%), from €26,904 to €46,127
- Depreciation +€6,183
up €6,183 (+48.4%), from €12,763 to €18,946
- Taxes +€3,148
up €3,148 (+67.4%), from €4,673 to €7,821
- Financial income -€1,436
down €1,436 (-63.3%), from €2,268 to €832
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 | €481,338 | €478,919 | -€2,419 | -0.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €49,798 | €33,263 | -€16,535 | -33.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €49,798 | €33,263 | -€16,535 | -33.2% |
| Land and buildings | 22 | €11,807 | €10,580 | -€1,227 | -10.4% |
| Plant, machinery and equipment | 23 | €4,047 | €2,791 | -€1,256 | -31.0% |
| Furniture and vehicles | 24 | €33,943 | €19,892 | -€14,052 | -41.4% |
| Current assets | 29/58 | €431,541 | €445,656 | +€14,116 | +3.3% |
| Amounts receivable within one year | 40/41 | €8,609 | €9,730 | +€1,121 | +13.0% |
| Trade receivables | 40 | €5,027 | €6,148 | +€1,121 | +22.3% |
| Other amounts receivable | 41 | €3,582 | €3,582 | = | 0.0% |
| Current investments | 50/53 | €232,445 | €282,445 | +€50,000 | +21.5% |
| Cash at bank and in hand | 54/58 | €188,975 | €150,163 | -€38,812 | -20.5% |
| Deferred charges and accrued income | 490/1 | €1,512 | €3,318 | +€1,806 | +119.5% |
| Total equity and liabilities | 10/49 | €481,338 | €478,919 | -€2,419 | -0.5% |
| Equity | 10/15 | €448,708 | €467,934 | +€19,227 | +4.3% |
| Contributions | 10/11 | €149,105 | €149,105 | = | 0.0% |
| Reserves | 13 | €244,667 | €263,867 | +€19,200 | +7.8% |
| Distributable reserves | 133 | €244,667 | €263,867 | +€19,200 | +7.8% |
| Profit (loss) carried forward | 14 | €54,936 | €54,962 | +€27 | 0.0% |
| Amounts payable | 17/49 | €32,631 | €10,985 | -€21,646 | -66.3% |
| Amounts payable within one year | 42/48 | €32,631 | €10,985 | -€21,646 | -66.3% |
| Current portion of amounts payable after more than one year | 42 | €9,079 | - | -€9,079 | |
| Trade debts | 44 | €16,434 | €5,741 | -€10,693 | -65.1% |
| Suppliers | 440/4 | €16,434 | €5,741 | -€10,693 | -65.1% |
| Taxes, remuneration and social security | 45 | €6,391 | €4,531 | -€1,860 | -29.1% |
| Taxes | 450/3 | €4,451 | €2,591 | -€1,860 | -41.8% |
| Remuneration and social security | 454/9 | €1,940 | €1,940 | = | 0.0% |
| Other amounts payable | 47/48 | €727 | €713 | -€15 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,763 | €18,946 | +€6,183 | +48.4% |
| Other operating charges | 640/8 | €247 | €652 | +€406 | +164.3% |
| Gross operating margin | 9900 | €26,904 | €46,127 | +€19,223 | +71.5% |
| Operating profit (loss) | 9901 | €13,894 | €26,528 | +€12,634 | +90.9% |
| Financial income | 75/76B | €2,268 | €832 | -€1,436 | -63.3% |
| Recurring financial income | 75 | €2,268 | €832 | -€1,436 | -63.3% |
| Financial charges | 65/66B | €550 | €312 | -€238 | -43.3% |
| Recurring financial charges | 65 | €550 | €312 | -€238 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €15,611 | €27,048 | +€11,436 | +73.3% |
| Income taxes | 67/77 | €4,673 | €7,821 | +€3,148 | +67.4% |
| Profit (loss) for the period | 9904 | €10,939 | €19,227 | +€8,288 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,939 | €19,227 | +€8,288 | +75.8% |
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 7 October 2026 via checked.be.