Spine 8: 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.
Spine 8
Largest movements
- Receivables after one year -€169,594
down €169,594 (-85.4%), from €198,635 to €29,042
of which Other amounts receivable: -€169,594
- Receivables within one year -€45,495
down €45,495 (-7.1%), from €636,494 to €590,999
of which Trade receivables: -€45,981
- Tangible fixed assets -€42,003
down €42,003 (-12.1%), from €347,760 to €305,757
of which Plant, machinery and equipment: -€41,499
- Other debts -€679,572
down €679,572 (-82.9%), from €820,133 to €140,561
- Debts after one year +€174,726
new in 2025: €174,726
- Tax, wage and social debts +€103,713
up €103,713 (+202%), from €51,337 to €155,049
of which Taxes: +€91,902
- Short-term financial debts +€88,480
up €88,480 (+307%), from €28,858 to €117,338
- Reserves +€62,421
up €62,421 (+46.1%), from €135,483 to €197,905
- Gross operating margin -€672,437
down €672,437 (-48.8%), from €1.4m to €706,072
- Depreciation +€29,853
up €29,853 (+223%), from €13,369 to €43,222
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 | €1,319,930 | €1,071,539 | -€248,391 | -18.8% |
| Fixed assets | 21/28 | €347,760 | €305,757 | -€42,003 | -12.1% |
| Tangible fixed assets | 22/27 | €347,760 | €305,757 | -€42,003 | -12.1% |
| Plant, machinery and equipment | 23 | €346,885 | €305,386 | -€41,499 | -12.0% |
| Furniture and vehicles | 24 | €875 | €371 | -€504 | -57.6% |
| Current assets | 29/58 | €972,170 | €765,782 | -€206,388 | -21.2% |
| Amounts receivable after more than one year | 29 | €198,635 | €29,042 | -€169,594 | -85.4% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €198,635 | €29,042 | -€169,594 | -85.4% |
| Amounts receivable within one year | 40/41 | €636,494 | €590,999 | -€45,495 | -7.1% |
| Trade receivables | 40 | €531,036 | €485,055 | -€45,981 | -8.7% |
| Other amounts receivable | 41 | €105,458 | €105,943 | +€486 | +0.5% |
| Cash at bank and in hand | 54/58 | €133,605 | €144,142 | +€10,537 | +7.9% |
| Deferred charges and accrued income | 490/1 | €3,436 | €1,600 | -€1,837 | -53.4% |
| Total equity and liabilities | 10/49 | €1,319,930 | €1,071,539 | -€248,391 | -18.8% |
| Equity | 10/15 | €142,630 | €205,051 | +€62,421 | +43.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €135,483 | €197,905 | +€62,421 | +46.1% |
| Distributable reserves | 133 | €135,483 | €197,905 | +€62,421 | +46.1% |
| Profit (loss) carried forward | 14 | €947 | €947 | = | 0.0% |
| Amounts payable | 17/49 | €1,177,300 | €866,487 | -€310,812 | -26.4% |
| Amounts payable after more than one year | 17 | - | €174,726 | +€174,726 | |
| Financial debts | 170/4 | - | €174,726 | +€174,726 | |
| Amounts payable within one year | 42/48 | €1,177,300 | €691,761 | -€485,539 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | - | €53,697 | +€53,697 | |
| Financial debts | 43 | €28,858 | €117,338 | +€88,480 | +307% |
| Credit institutions | 430/8 | €28,858 | €117,338 | +€88,480 | +307% |
| Trade debts | 44 | €276,972 | €225,116 | -€51,856 | -18.7% |
| Suppliers | 440/4 | €276,972 | €225,116 | -€51,856 | -18.7% |
| Taxes, remuneration and social security | 45 | €51,337 | €155,049 | +€103,713 | +202% |
| Taxes | 450/3 | €11,495 | €103,398 | +€91,902 | +799% |
| Remuneration and social security | 454/9 | €39,841 | €51,651 | +€11,810 | +29.6% |
| Other amounts payable | 47/48 | €820,133 | €140,561 | -€679,572 | -82.9% |
| Non-recurring operating income | 76A | €11,490 | €912 | -€10,578 | -92.1% |
| Remuneration, social security and pensions | 62 | €417,507 | €413,549 | -€3,958 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,369 | €43,222 | +€29,853 | +223% |
| Other operating charges | 640/8 | €590 | €398 | -€192 | -32.6% |
| Gross operating margin | 9900 | €1,378,509 | €706,072 | -€672,437 | -48.8% |
| Operating profit (loss) | 9901 | €947,042 | €248,902 | -€698,140 | -73.7% |
| Financial income | 75/76B | €15 | €20 | +€5 | +35.9% |
| Recurring financial income | 75 | €15 | €20 | +€5 | +35.9% |
| Financial charges | 65/66B | €3,793 | €17,525 | +€13,733 | +362% |
| Recurring financial charges | 65 | €3,793 | €17,525 | +€13,733 | +362% |
| Profit (loss) for the period before taxes | 9903 | €943,264 | €231,397 | -€711,868 | -75.5% |
| Income taxes | 67/77 | €28,478 | €28,975 | +€497 | +1.7% |
| Profit (loss) for the period | 9904 | €914,786 | €202,421 | -€712,365 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €914,786 | €202,421 | -€712,365 | -77.9% |
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 22 October 2026 via checked.be.