SPINNING WHEEL: what changed
SPINNING WHEEL
Largest movements
- Current investments -€194,173
down €194,173 (-32.3%), from €601,712 to €407,539
- Cash +€164,981
up €164,981 (+229%), from €72,172 to €237,153
mainly Current investments (+€194,173) and Receivables within one year (+€16,792)
- Receivables within one year -€16,792
down €16,792 (-43.2%), from €38,886 to €22,093
of which Other amounts receivable: -€11,088
- Reserves -€64,267
down €64,267 (-13.3%), from €483,251 to €418,983
of which Distributable reserves: -€64,267
- Other debts +€9,651
up €9,651 (+34.7%), from €27,792 to €37,442
- Gross operating margin +€31,401
up €31,401 (+59.2%), from €53,039 to €84,440
- Financial income -€14,786
down €14,786 (-55.0%), from €26,902 to €12,117
- Depreciation -€5,922
down €5,922 (-50.8%), from €11,649 to €5,727
- Financial charges -€5,433
down €5,433 (-88.9%), from €6,109 to €675
- Other operating charges -€2,195
down €2,195 (-71.5%), from €3,070 to €875
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 | €727,952 | €676,241 | -€51,711 | -7.1% |
| Fixed assets | 21/28 | €15,182 | €9,456 | -€5,727 | -37.7% |
| Tangible fixed assets | 22/27 | €15,182 | €9,456 | -€5,727 | -37.7% |
| Plant, machinery and equipment | 23 | €153 | €0 | -€153 | -100% |
| Furniture and vehicles | 24 | €15,029 | €9,456 | -€5,573 | -37.1% |
| Current assets | 29/58 | €712,769 | €666,785 | -€45,984 | -6.5% |
| Amounts receivable within one year | 40/41 | €38,886 | €22,093 | -€16,792 | -43.2% |
| Trade receivables | 40 | €21,363 | €15,659 | -€5,704 | -26.7% |
| Other amounts receivable | 41 | €17,522 | €6,434 | -€11,088 | -63.3% |
| Current investments | 50/53 | €601,712 | €407,539 | -€194,173 | -32.3% |
| Cash at bank and in hand | 54/58 | €72,172 | €237,153 | +€164,981 | +229% |
| Total equity and liabilities | 10/49 | €727,952 | €676,241 | -€51,711 | -7.1% |
| Equity | 10/15 | €683,251 | €618,983 | -€64,267 | -9.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €483,251 | €418,983 | -€64,267 | -13.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €477,051 | €412,783 | -€64,267 | -13.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,701 | €57,257 | +€12,556 | +28.1% |
| Amounts payable within one year | 42/48 | €44,701 | €57,257 | +€12,556 | +28.1% |
| Trade debts | 44 | €868 | €3,171 | +€2,303 | +265% |
| Suppliers | 440/4 | €868 | €3,171 | +€2,303 | +265% |
| Taxes, remuneration and social security | 45 | €16,042 | €16,645 | +€603 | +3.8% |
| Taxes | 450/3 | €0 | €962 | +€962 | |
| Remuneration and social security | 454/9 | €16,042 | €15,683 | -€359 | -2.2% |
| Other amounts payable | 47/48 | €27,792 | €37,442 | +€9,651 | +34.7% |
| Remuneration, social security and pensions | 62 | €131,617 | €133,601 | +€1,984 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,649 | €5,727 | -€5,922 | -50.8% |
| Other operating charges | 640/8 | €3,070 | €875 | -€2,195 | -71.5% |
| Gross operating margin | 9900 | €53,039 | €84,440 | +€31,401 | +59.2% |
| Operating profit (loss) | 9901 | -€93,296 | -€55,763 | +€37,533 | +40.2% |
| Financial income | 75/76B | €26,902 | €12,117 | -€14,786 | -55.0% |
| Recurring financial income | 75 | €26,902 | €12,117 | -€14,786 | -55.0% |
| Financial charges | 65/66B | €6,109 | €675 | -€5,433 | -88.9% |
| Recurring financial charges | 65 | €6,109 | €675 | -€5,433 | -88.9% |
| Profit (loss) for the period before taxes | 9903 | -€72,503 | -€44,322 | +€28,181 | +38.9% |
| Income taxes | 67/77 | €671 | €709 | +€39 | +5.8% |
| Profit (loss) for the period | 9904 | -€73,173 | -€45,031 | +€28,142 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€73,173 | -€45,031 | +€28,142 | +38.5% |
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.