Spinoza: 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.
Spinoza
Largest movements
- Receivables after one year -€169,100
down €169,100 (-87.2%), from €194,000 to €24,900
- Cash +€143,305
up €143,305 (+41.3%), from €346,624 to €489,929
mainly Receivables after one year (+€169,100) and Net result for the year (+€134,770)
- Other debts -€40,515
down €40,515 (-24.0%), from €169,100 to €128,585
- Tax, wage and social debts +€19,817
up €19,817 (+34.9%), from €56,826 to €76,642
of which Taxes: +€19,817
- Gross operating margin -€15,288
down €15,288 (-7.4%), from €205,406 to €190,118
- Taxes -€8,499
down €8,499 (-13.0%), from €65,399 to €56,901
- Financial income -€3,112
down €3,112 (-44.7%), from €6,965 to €3,853
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 | €920,727 | €895,484 | -€25,243 | -2.7% |
| Fixed assets | 21/28 | €1,272 | €1,468 | +€196 | +15.4% |
| Tangible fixed assets | 22/27 | €1,272 | €1,468 | +€196 | +15.4% |
| Furniture and vehicles | 24 | €1,272 | €1,468 | +€196 | +15.4% |
| Current assets | 29/58 | €919,456 | €894,016 | -€25,439 | -2.8% |
| Amounts receivable after more than one year | 29 | €194,000 | €24,900 | -€169,100 | -87.2% |
| Other amounts receivable | 291 | €194,000 | €24,900 | -€169,100 | -87.2% |
| Amounts receivable within one year | 40/41 | €110,911 | €108,304 | -€2,607 | -2.4% |
| Trade receivables | 40 | €80,766 | €40,517 | -€40,249 | -49.8% |
| Other amounts receivable | 41 | €30,145 | €67,787 | +€37,641 | +125% |
| Current investments | 50/53 | €251,393 | €253,566 | +€2,173 | +0.9% |
| Cash at bank and in hand | 54/58 | €346,624 | €489,929 | +€143,305 | +41.3% |
| Deferred charges and accrued income | 490/1 | €16,527 | €17,317 | +€790 | +4.8% |
| Total equity and liabilities | 10/49 | €920,727 | €895,484 | -€25,243 | -2.7% |
| Equity | 10/15 | €689,067 | €688,485 | -€582 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €670,467 | €669,885 | -€582 | -0.1% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €670,417 | €669,835 | -€582 | -0.1% |
| Amounts payable | 17/49 | €231,660 | €206,999 | -€24,661 | -10.6% |
| Amounts payable within one year | 42/48 | €231,660 | €206,999 | -€24,661 | -10.6% |
| Trade debts | 44 | €5,735 | €1,772 | -€3,962 | -69.1% |
| Suppliers | 440/4 | €5,735 | €1,772 | -€3,962 | -69.1% |
| Taxes, remuneration and social security | 45 | €56,826 | €76,642 | +€19,817 | +34.9% |
| Taxes | 450/3 | €52,826 | €72,642 | +€19,817 | +37.5% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €169,100 | €128,585 | -€40,515 | -24.0% |
| Remuneration, social security and pensions | 62 | €35 | - | -€35 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,067 | €630 | -€436 | -40.9% |
| Other operating charges | 640/8 | €1,442 | €1,509 | +€67 | +4.7% |
| Gross operating margin | 9900 | €205,406 | €190,118 | -€15,288 | -7.4% |
| Operating profit (loss) | 9901 | €202,862 | €187,979 | -€14,883 | -7.3% |
| Financial income | 75/76B | €6,965 | €3,853 | -€3,112 | -44.7% |
| Recurring financial income | 75 | €6,965 | €3,853 | -€3,112 | -44.7% |
| Financial charges | 65/66B | €321 | €161 | -€161 | -50.0% |
| Recurring financial charges | 65 | €321 | €161 | -€161 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €209,506 | €191,671 | -€17,835 | -8.5% |
| Income taxes | 67/77 | €65,399 | €56,901 | -€8,499 | -13.0% |
| Profit (loss) for the period | 9904 | €144,107 | €134,770 | -€9,336 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €144,107 | €134,770 | -€9,336 | -6.5% |
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 14 October 2026 via checked.be.