SPINE ENDO: what changed
SPINE ENDO
Largest movements
- Current investments +€250,500
up €250,500 (+83.5%), from €300,000 to €550,500
- Cash +€26,364
up €26,364 (+15.1%), from €174,029 to €200,393
mainly Net result for the year (+€306,773) and Depreciation (+€31,584)
- Tangible fixed assets -€22,391
down €22,391 (-3.8%), from €585,085 to €562,694
of which Land and buildings: -€28,177
- Reserves +€306,546
up €306,546 (+30.6%), from €1.0m to €1.3m
of which Distributable reserves: +€422,321
- Other debts -€36,856
down €36,856 (-74.1%), from €49,747 to €12,891
- Gross operating margin +€66,725
up €66,725 (+15.7%), from €425,738 to €492,462
- Taxes +€37,357
up €37,357 (+30.7%), from €121,579 to €158,935
- Depreciation -€6,198
down €6,198 (-16.4%), from €37,783 to €31,584
- Other operating charges -€5,896
down €5,896 (-54.1%), from €10,897 to €5,001
- Financial income +€5,044
up €5,044 (+98.6%), from €5,117 to €10,160
of which Financial income: +€5,044
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,265,521 | €1,542,322 | +€276,801 | +21.9% |
| Fixed assets | 21/28 | €585,085 | €562,694 | -€22,391 | -3.8% |
| Tangible fixed assets | 22/27 | €585,085 | €562,694 | -€22,391 | -3.8% |
| Land and buildings | 22 | €574,831 | €546,654 | -€28,177 | -4.9% |
| Furniture and vehicles | 24 | €9,426 | €15,381 | +€5,955 | +63.2% |
| Other tangible fixed assets | 26 | €827 | €658 | -€169 | -20.4% |
| Current assets | 29/58 | €680,437 | €979,629 | +€299,192 | +44.0% |
| Amounts receivable within one year | 40/41 | €204,322 | €218,270 | +€13,949 | +6.8% |
| Trade receivables | 40 | €204,322 | €218,270 | +€13,949 | +6.8% |
| Current investments | 50/53 | €300,000 | €550,500 | +€250,500 | +83.5% |
| Cash at bank and in hand | 54/58 | €174,029 | €200,393 | +€26,364 | +15.1% |
| Deferred charges and accrued income | 490/1 | €2,086 | €10,465 | +€8,379 | +402% |
| Total equity and liabilities | 10/49 | €1,265,521 | €1,542,322 | +€276,801 | +21.9% |
| Equity | 10/15 | €1,012,597 | €1,319,142 | +€306,546 | +30.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,000,197 | €1,306,742 | +€306,546 | +30.6% |
| Tax-exempt reserves | 132 | €246,285 | €130,510 | -€115,775 | -47.0% |
| Distributable reserves | 133 | €753,912 | €1,176,232 | +€422,321 | +56.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €163,968 | €163,968 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €163,968 | €163,968 | = | 0.0% |
| Pensions and similar obligations | 160 | €163,968 | €163,968 | = | 0.0% |
| Amounts payable | 17/49 | €88,956 | €59,212 | -€29,744 | -33.4% |
| Amounts payable within one year | 42/48 | €88,956 | €59,212 | -€29,744 | -33.4% |
| Trade debts | 44 | €4,788 | €6,514 | +€1,727 | +36.1% |
| Suppliers | 440/4 | €4,788 | €6,514 | +€1,727 | +36.1% |
| Taxes, remuneration and social security | 45 | €34,422 | €39,806 | +€5,385 | +15.6% |
| Taxes | 450/3 | €34,422 | €39,806 | +€5,385 | +15.6% |
| Other amounts payable | 47/48 | €49,747 | €12,891 | -€36,856 | -74.1% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,783 | €31,584 | -€6,198 | -16.4% |
| Other operating charges | 640/8 | €10,897 | €5,001 | -€5,896 | -54.1% |
| Non-recurring operating charges | 66A | €9,920 | - | -€9,920 | |
| Gross operating margin | 9900 | €425,738 | €492,462 | +€66,725 | +15.7% |
| Operating profit (loss) | 9901 | €367,139 | €455,877 | +€88,738 | +24.2% |
| Financial income | 75/76B | €5,117 | €10,160 | +€5,044 | +98.6% |
| Recurring financial income | 75 | €5,117 | €10,160 | +€5,044 | +98.6% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €130 | €329 | +€199 | +153% |
| Recurring financial charges | 65 | €130 | €329 | +€199 | +153% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €372,125 | €465,708 | +€93,583 | +25.1% |
| Income taxes | 67/77 | €121,579 | €158,935 | +€37,357 | +30.7% |
| Profit (loss) for the period | 9904 | €250,547 | €306,773 | +€56,226 | +22.4% |
| Transfer from tax-exempt reserves | 789 | - | €115,775 | +€115,775 | |
| Profit (loss) for the period to be appropriated | 9905 | €250,547 | €422,548 | +€172,001 | +68.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.