SPINNOY: 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.
SPINNOY
Largest movements
- Tangible fixed assets -€53,532
down €53,532 (-29.1%), from €184,186 to €130,655
of which Plant, machinery and equipment: -€29,130
- Cash +€37,022
up €37,022 (+40.7%), from €90,966 to €127,988
mainly Depreciation (+€58,363) and Net result for the year (+€34,376)
- Receivables within one year +€20,208
up €20,208 (+122%), from €16,571 to €36,779
of which Trade receivables: +€19,495
- Stocks and contracts +€17,134
up €17,134 (+46.3%), from €37,045 to €54,179
- Reserves +€34,376
up €34,376 (+15.9%), from €215,777 to €250,153
of which Distributable reserves: +€34,376
- Current portion of long-term debt -€14,034
down €14,034 (-59.6%), from €23,535 to €9,501
- Debts after one year -€9,501
down €9,501 (-16.3%), from €58,269 to €48,768
- Tax, wage and social debts +€4,721
up €4,721 (+35.4%), from €13,337 to €18,058
of which Taxes: +€4,707
- Other debts +€4,378
up €4,378 (+247%), from €1,769 to €6,147
- Gross operating margin -€43,693
down €43,693 (-28.4%), from €153,754 to €110,061
- Write-downs -€23,577
down €23,577, from €18,165 to -€5,412
- Other operating charges -€13,171
down €13,171 (-71.9%), from €18,319 to €5,147
- Depreciation +€4,861
up €4,861 (+9.1%), from €53,501 to €58,363
- Taxes -€2,883
down €2,883 (-14.2%), from €20,350 to €17,466
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 | €333,713 | €354,644 | +€20,931 | +6.3% |
| Fixed assets | 21/28 | €184,395 | €130,863 | -€53,532 | -29.0% |
| Tangible fixed assets | 22/27 | €184,186 | €130,655 | -€53,532 | -29.1% |
| Plant, machinery and equipment | 23 | €91,026 | €61,896 | -€29,130 | -32.0% |
| Furniture and vehicles | 24 | €81,995 | €59,991 | -€22,004 | -26.8% |
| Other tangible fixed assets | 26 | - | €8,768 | +€8,768 | |
| Assets under construction and advance payments | 27 | €11,165 | - | -€11,165 | |
| Financial fixed assets | 28 | €208 | €208 | = | 0.0% |
| Current assets | 29/58 | €149,318 | €223,781 | +€74,463 | +49.9% |
| Stocks and contracts in progress | 3 | €37,045 | €54,179 | +€17,134 | +46.3% |
| Stocks | 30/36 | €37,045 | €54,179 | +€17,134 | +46.3% |
| Amounts receivable within one year | 40/41 | €16,571 | €36,779 | +€20,208 | +122% |
| Trade receivables | 40 | €16,173 | €35,668 | +€19,495 | +121% |
| Other amounts receivable | 41 | €398 | €1,111 | +€713 | +179% |
| Cash at bank and in hand | 54/58 | €90,966 | €127,988 | +€37,022 | +40.7% |
| Deferred charges and accrued income | 490/1 | €4,735 | €4,834 | +€99 | +2.1% |
| Total equity and liabilities | 10/49 | €333,713 | €354,644 | +€20,931 | +6.3% |
| Equity | 10/15 | €234,377 | €268,753 | +€34,376 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,777 | €250,153 | +€34,376 | +15.9% |
| Non-distributable reserves | 130/1 | €6,967 | €6,967 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €5,107 | €5,107 | = | 0.0% |
| Distributable reserves | 133 | €208,810 | €243,186 | +€34,376 | +16.5% |
| Amounts payable | 17/49 | €99,336 | €85,891 | -€13,445 | -13.5% |
| Amounts payable after more than one year | 17 | €58,269 | €48,768 | -€9,501 | -16.3% |
| Financial debts | 170/4 | €58,269 | €48,768 | -€9,501 | -16.3% |
| Amounts payable within one year | 42/48 | €41,067 | €37,123 | -€3,944 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €23,535 | €9,501 | -€14,034 | -59.6% |
| Trade debts | 44 | €2,426 | €3,417 | +€991 | +40.8% |
| Suppliers | 440/4 | €2,426 | €3,417 | +€991 | +40.8% |
| Taxes, remuneration and social security | 45 | €13,337 | €18,058 | +€4,721 | +35.4% |
| Taxes | 450/3 | €11,444 | €16,151 | +€4,707 | +41.1% |
| Remuneration and social security | 454/9 | €1,893 | €1,907 | +€14 | +0.7% |
| Other amounts payable | 47/48 | €1,769 | €6,147 | +€4,378 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,501 | €58,363 | +€4,861 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,165 | -€5,412 | -€23,577 | |
| Other operating charges | 640/8 | €18,319 | €5,147 | -€13,171 | -71.9% |
| Non-recurring operating charges | 66A | €324 | - | -€324 | |
| Gross operating margin | 9900 | €153,754 | €110,061 | -€43,693 | -28.4% |
| Operating profit (loss) | 9901 | €63,445 | €51,963 | -€11,482 | -18.1% |
| Financial income | 75/76B | €3,598 | €3,589 | -€8 | -0.2% |
| Recurring financial income | 75 | €3,598 | €3,589 | -€8 | -0.2% |
| Financial charges | 65/66B | €4,597 | €3,709 | -€888 | -19.3% |
| Recurring financial charges | 65 | €4,597 | €3,709 | -€888 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €62,445 | €51,843 | -€10,602 | -17.0% |
| Income taxes | 67/77 | €20,350 | €17,466 | -€2,883 | -14.2% |
| Profit (loss) for the period | 9904 | €42,095 | €34,376 | -€7,719 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,095 | €34,376 | -€7,719 | -18.3% |
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 20 October 2026 via checked.be.