SPINNEKOP: 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.
SPINNEKOP
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-33.1%), from €5.1m to €3.4m
of which Trade receivables: -€1.1m
- Stocks and contracts +€1.1m
up €1.1m (+28.7%), from €3.8m to €4.9m
- Cash +€616,901
up €616,901 (+167.3%), from €368,792 to €985,693
mainly Receivables within one year (+€1.7m) and Short-term financial debts (+€1.0m)
- Tangible fixed assets +€176,885
up €176,885 (+24.0%), from €737,925 to €914,810
of which Plant, machinery and equipment: +€137,692
- Advances received -€2.0m
down €2.0m (-59.5%), from €3.4m to €1.4m
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward +€884,728
up €884,728 (+24.4%), from €3.6m to €4.5m
- Other debts +€340,500
up €340,500 (+91.3%), from €373,000 to €713,500
- Tax, wage and social debts -€163,713
down €163,713 (-26.5%), from €617,980 to €454,267
of which Taxes: -€211,986
- Gross operating margin +€612,695
up €612,695 (+17.1%), from €3.6m to €4.2m
- Staff costs +€127,317
up €127,317 (+5.0%), from €2.5m to €2.7m
- Depreciation +€118,275
up €118,275 (+70.6%), from €167,556 to €285,831
- Taxes +€85,432
up €85,432 (+37.4%), from €228,356 to €313,788
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,160,882 | €10,431,524 | +€270,642 | +2.7% |
| Fixed assets | 21/28 | €850,564 | €1,019,792 | +€169,228 | +19.9% |
| Intangible fixed assets | 21 | €103,606 | €94,253 | -€9,352 | -9.0% |
| Tangible fixed assets | 22/27 | €737,925 | €914,810 | +€176,885 | +24.0% |
| Plant, machinery and equipment | 23 | €274,832 | €412,524 | +€137,692 | +50.1% |
| Furniture and vehicles | 24 | €463,093 | €489,422 | +€26,329 | +5.7% |
| Other tangible fixed assets | 26 | - | €12,864 | +€12,864 | |
| Financial fixed assets | 28 | €9,034 | €10,729 | +€1,696 | +18.8% |
| Current assets | 29/58 | €9,310,318 | €9,411,732 | +€101,413 | +1.1% |
| Stocks and contracts in progress | 3 | €3,789,118 | €4,877,116 | +€1.1m | +28.7% |
| Stocks | 30/36 | €3,789,118 | €4,877,116 | +€1.1m | +28.7% |
| Amounts receivable within one year | 40/41 | €5,136,950 | €3,435,247 | -€1.7m | -33.1% |
| Trade receivables | 40 | €4,118,896 | €2,974,513 | -€1.1m | -27.8% |
| Other amounts receivable | 41 | €1,018,054 | €460,735 | -€557,319 | -54.7% |
| Cash at bank and in hand | 54/58 | €368,792 | €985,693 | +€616,901 | +167.3% |
| Deferred charges and accrued income | 490/1 | €15,458 | €113,676 | +€98,218 | +635.4% |
| Total equity and liabilities | 10/49 | €10,160,882 | €10,431,524 | +€270,642 | +2.7% |
| Equity | 10/15 | €3,688,144 | €4,572,872 | +€884,728 | +24.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,620,494 | €4,505,222 | +€884,728 | +24.4% |
| Amounts payable | 17/49 | €6,472,739 | €5,858,652 | -€614,086 | -9.5% |
| Amounts payable after more than one year | 17 | €674,113 | €686,350 | +€12,238 | +1.8% |
| Financial debts | 170/4 | €674,113 | €686,350 | +€12,238 | +1.8% |
| Amounts payable within one year | 42/48 | €5,798,626 | €5,171,547 | -€627,078 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €122,116 | €152,222 | +€30,106 | +24.7% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €1,329,899 | €1,491,005 | +€161,105 | +12.1% |
| Suppliers | 440/4 | €1,329,899 | €1,491,005 | +€161,105 | +12.1% |
| Advances received on contracts in progress | 46 | €3,355,630 | €1,360,554 | -€2.0m | -59.5% |
| Taxes, remuneration and social security | 45 | €617,980 | €454,267 | -€163,713 | -26.5% |
| Taxes | 450/3 | €289,124 | €77,139 | -€211,986 | -73.3% |
| Remuneration and social security | 454/9 | €328,856 | €377,128 | +€48,272 | +14.7% |
| Other amounts payable | 47/48 | €373,000 | €713,500 | +€340,500 | +91.3% |
| Accrued charges and deferred income | 492/3 | - | €755 | +€755 | |
| Non-recurring operating income | 76A | €8,737 | €2,022 | -€6,715 | -76.9% |
| Remuneration, social security and pensions | 62 | €2,529,189 | €2,656,506 | +€127,317 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,556 | €285,831 | +€118,275 | +70.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,770 | €44 | -€2,726 | -98.4% |
| Other operating charges | 640/8 | €34,020 | €55,705 | +€21,685 | +63.7% |
| Gross operating margin | 9900 | €3,590,571 | €4,203,266 | +€612,695 | +17.1% |
| Operating profit (loss) | 9901 | €857,036 | €1,205,179 | +€348,143 | +40.6% |
| Financial income | 75/76B | €46,945 | €67,305 | +€20,361 | +43.4% |
| Recurring financial income | 75 | €46,945 | €67,305 | +€20,361 | +43.4% |
| Financial charges | 65/66B | €41,748 | €73,968 | +€32,220 | +77.2% |
| Recurring financial charges | 65 | €41,748 | €73,968 | +€32,220 | +77.2% |
| Profit (loss) for the period before taxes | 9903 | €862,233 | €1,198,516 | +€336,283 | +39.0% |
| Income taxes | 67/77 | €228,356 | €313,788 | +€85,432 | +37.4% |
| Profit (loss) for the period | 9904 | €633,877 | €884,728 | +€250,851 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €633,877 | €884,728 | +€250,851 | +39.6% |
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 5 October 2026 via checked.be.