Spinepart: 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.
Spinepart
Largest movements
- Receivables within one year +€186,941
up €186,941 (+63.4%), from €294,864 to €481,805
of which Trade receivables: +€170,543
- Tangible fixed assets +€34,094
up €34,094 (+21.3%), from €160,029 to €194,123
of which Plant, machinery and equipment: +€34,866
- Cash -€15,225
down €15,225 (-26.7%), from €57,058 to €41,834
mainly Receivables within one year (-€186,941) and Investment in fixed assets (net) (-€131,438)
- Trade debts +€126,842
up €126,842 (+46.3%), from €273,889 to €400,732
- Current portion of long-term debt +€41,647
new in 2025: €41,647
- Debts after one year +€18,851
up €18,851 (+77.2%), from €24,407 to €43,258
- Reserves +€7,477
up €7,477 (+9.1%), from €82,180 to €89,656
- Depreciation +€26,070
up €26,070 (+36.6%), from €71,275 to €97,344
- Gross operating margin +€20,668
up €20,668 (+20.0%), from €103,600 to €124,268
- Financial charges +€3,841
up €3,841 (+77.5%), from €4,958 to €8,799
- Taxes +€1,556
up €1,556 (+20.9%), from €7,445 to €9,000
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 | €513,221 | €719,062 | +€205,841 | +40.1% |
| Fixed assets | 21/28 | €160,069 | €194,163 | +€34,094 | +21.3% |
| Tangible fixed assets | 22/27 | €160,029 | €194,123 | +€34,094 | +21.3% |
| Plant, machinery and equipment | 23 | €157,622 | €192,487 | +€34,866 | +22.1% |
| Furniture and vehicles | 24 | €2,408 | €1,636 | -€771 | -32.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €353,152 | €524,899 | +€171,747 | +48.6% |
| Amounts receivable within one year | 40/41 | €294,864 | €481,805 | +€186,941 | +63.4% |
| Trade receivables | 40 | €247,387 | €417,929 | +€170,543 | +68.9% |
| Other amounts receivable | 41 | €47,477 | €63,875 | +€16,398 | +34.5% |
| Cash at bank and in hand | 54/58 | €57,058 | €41,834 | -€15,225 | -26.7% |
| Deferred charges and accrued income | 490/1 | €1,230 | €1,261 | +€31 | +2.5% |
| Total equity and liabilities | 10/49 | €513,221 | €719,062 | +€205,841 | +40.1% |
| Equity | 10/15 | €91,424 | €98,900 | +€7,477 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €82,180 | €89,656 | +€7,477 | +9.1% |
| Distributable reserves | 133 | €82,180 | €89,656 | +€7,477 | +9.1% |
| Profit (loss) carried forward | 14 | €3,044 | €3,044 | = | 0.0% |
| Amounts payable | 17/49 | €421,798 | €620,162 | +€198,364 | +47.0% |
| Amounts payable after more than one year | 17 | €24,407 | €43,258 | +€18,851 | +77.2% |
| Financial debts | 170/4 | €24,407 | €43,258 | +€18,851 | +77.2% |
| Amounts payable within one year | 42/48 | €395,287 | €575,423 | +€180,136 | +45.6% |
| Current portion of amounts payable after more than one year | 42 | - | €41,647 | +€41,647 | |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €273,889 | €400,732 | +€126,842 | +46.3% |
| Suppliers | 440/4 | €273,889 | €400,732 | +€126,842 | +46.3% |
| Taxes, remuneration and social security | 45 | €8,368 | €14,050 | +€5,682 | +67.9% |
| Taxes | 450/3 | €8,368 | €14,050 | +€5,682 | +67.9% |
| Other amounts payable | 47/48 | €13,029 | €18,994 | +€5,965 | +45.8% |
| Accrued charges and deferred income | 492/3 | €2,104 | €1,481 | -€623 | -29.6% |
| Non-recurring operating income | 76A | €375 | €0 | -€375 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,275 | €97,344 | +€26,070 | +36.6% |
| Other operating charges | 640/8 | €535 | €1,648 | +€1,113 | +208% |
| Gross operating margin | 9900 | €103,600 | €124,268 | +€20,668 | +20.0% |
| Operating profit (loss) | 9901 | €31,790 | €25,275 | -€6,515 | -20.5% |
| Financial income | 75/76B | €1 | €1 | +€1 | +96.7% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +96.7% |
| Financial charges | 65/66B | €4,958 | €8,799 | +€3,841 | +77.5% |
| Recurring financial charges | 65 | €4,958 | €8,799 | +€3,841 | +77.5% |
| Profit (loss) for the period before taxes | 9903 | €26,833 | €16,477 | -€10,355 | -38.6% |
| Income taxes | 67/77 | €7,445 | €9,000 | +€1,556 | +20.9% |
| Profit (loss) for the period | 9904 | €19,388 | €7,477 | -€11,911 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,388 | €7,477 | -€11,911 | -61.4% |
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 17 October 2026 via checked.be.