SPIRAX - SARCO: 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.
What changed
SPIRAX - SARCO
NACE 46.649, Wholesale of other machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €3.0m-€445,445
Equity
€4.8m
2024 · €4.8m+€18,423
Cash
€1.2m
2024 · €843,290+€359,610
Balance sheet total
€10.0m
2024 · €10.0m-€44,410
Largest movements
Assets
- Cash +€359,610
up €359,610 (+42.6%), from €843,290 to €1.2m
mainly Net result for the year (+€2.5m) and Trade debts (+€346,500)
- Receivables within one year -€310,491
down €310,491 (-7.1%), from €4.4m to €4.1m
of which Trade receivables: -€216,264
Equity and liabilities
- Tax, wage and social debts -€424,354
down €424,354 (-28.8%), from €1.5m to €1.0m
of which Remuneration and social security: -€371,068
- Trade debts +€346,500
up €346,500 (+30.3%), from €1.1m to €1.5m
Income statement
- Turnover -€1.8m
down €1.8m (-8.8%), from €20.7m to €18.9m
- Goods and materials -€787,200
down €787,200 (-7.7%), from €10.2m to €9.4m
of which Purchases: -€727,099
- Staff costs -€350,391
down €350,391 (-7.2%), from €4.9m to €4.5m
- Taxes -€342,221
down €342,221 (-29.9%), from €1.1m to €801,968
of which Taxes: -€290,134
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.
Result 2024
€3.0m
Turnover
-€1.8m
Other operating income
-€38,584
Goods and materials
+€787,200
Services and other goods
-€85,672
Staff costs
+€350,391
Depreciation
+€15,788
Write-downs
-€97,108
Other operating charges
+€5,896
Financial income
+€14,363
Financial charges
+€68,443
Taxes
+€342,221
Result 2025
€2.5m
Cash bridge derived
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.
From operations
+€3.0m
Investment
-€125,397
Financing
-€2.5m
Cash 2024
€843,290
From operations (derived)
+€3.0m
Net result for the year
+€2.5m
Depreciation
+€261,137
Stocks and contracts
-€55,718
Receivables within one year
+€310,491
Deferred charges and accrued income
+€13,507
Trade debts
+€346,500
Tax, wage and social debts
-€424,354
Advances received
+€41,965
Accrued charges and deferred income
+€9,725
Investment (derived)
-€125,397
Investment in fixed assets (net)
-€125,397
Financing
-€2.5m
Short-term financial debts
-€36,669
Contributions, distributions and other
-€2.5m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,000,947 | €9,956,537 | -€44,410 | -0.4% |
| Fixed assets | 21/28 | €3,190,214 | €3,054,473 | -€135,740 | -4.3% |
| Intangible fixed assets | 21 | €152,586 | €76,782 | -€75,804 | -49.7% |
| Tangible fixed assets | 22/27 | €3,037,627 | €2,977,691 | -€59,936 | -2.0% |
| Land and buildings | 22 | €2,693,508 | €2,823,047 | +€129,539 | +4.8% |
| Plant, machinery and equipment | 23 | €138,010 | €114,525 | -€23,485 | -17.0% |
| Furniture and vehicles | 24 | €47,241 | €40,120 | -€7,121 | -15.1% |
| Assets under construction and advance payments | 27 | €158,869 | - | -€158,869 | |
| Current assets | 29/58 | €6,810,733 | €6,902,063 | +€91,330 | +1.3% |
| Stocks and contracts in progress | 3 | €1,554,772 | €1,610,490 | +€55,718 | +3.6% |
| Stocks | 30/36 | €1,554,772 | €1,610,490 | +€55,718 | +3.6% |
| Goods purchased for resale | 34 | €1,554,772 | €1,610,490 | +€55,718 | +3.6% |
| Amounts receivable within one year | 40/41 | €4,374,111 | €4,063,620 | -€310,491 | -7.1% |
| Trade receivables | 40 | €3,778,983 | €3,562,719 | -€216,264 | -5.7% |
| Other amounts receivable | 41 | €595,127 | €500,901 | -€94,226 | -15.8% |
| Cash at bank and in hand | 54/58 | €843,290 | €1,202,900 | +€359,610 | +42.6% |
| Deferred charges and accrued income | 490/1 | €38,561 | €25,054 | -€13,507 | -35.0% |
| Total equity and liabilities | 10/49 | €10,000,947 | €9,956,537 | -€44,410 | -0.4% |
| Equity | 10/15 | €4,806,908 | €4,825,332 | +€18,423 | +0.4% |
| Contributions | 10/11 | €904,536 | €904,536 | = | 0.0% |
| Capital | 10 | €904,536 | €904,536 | = | 0.0% |
| Issued capital | 100 | €1,250,100 | €1,250,100 | = | 0.0% |
| Uncalled capital | 101 | €345,564 | €345,564 | = | 0.0% |
| Reserves | 13 | €173,062 | €173,062 | = | 0.0% |
| Non-distributable reserves | 130/1 | €125,010 | €125,010 | = | 0.0% |
| Legal reserve | 130 | €125,010 | €125,010 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,052 | €48,052 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,729,310 | €3,747,733 | +€18,423 | +0.5% |
| Amounts payable | 17/49 | €5,194,039 | €5,131,205 | -€62,833 | -1.2% |
| Amounts payable within one year | 42/48 | €5,180,675 | €5,108,117 | -€72,558 | -1.4% |
| Financial debts | 43 | €36,669 | - | -€36,669 | |
| Credit institutions | 430/8 | €36,669 | - | -€36,669 | |
| Trade debts | 44 | €1,143,530 | €1,490,030 | +€346,500 | +30.3% |
| Suppliers | 440/4 | €1,143,530 | €1,490,030 | +€346,500 | +30.3% |
| Advances received on contracts in progress | 46 | €27,917 | €69,883 | +€41,965 | +150.3% |
| Taxes, remuneration and social security | 45 | €1,472,559 | €1,048,205 | -€424,354 | -28.8% |
| Taxes | 450/3 | €413,479 | €360,193 | -€53,286 | -12.9% |
| Remuneration and social security | 454/9 | €1,059,080 | €688,012 | -€371,068 | -35.0% |
| Other amounts payable | 47/48 | €2,500,000 | €2,500,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,363 | €23,088 | +€9,725 | +72.8% |
| Operating income | 70/76A | €22,530,058 | €20,683,092 | -€1.8m | -8.2% |
| Turnover | 70 | €20,665,669 | €18,857,287 | -€1.8m | -8.8% |
| Other operating income | 74 | €1,864,389 | €1,825,805 | -€38,584 | -2.1% |
| Operating charges | 60/66A | €18,276,501 | €17,300,006 | -€976,495 | -5.3% |
| Goods for resale, raw materials and consumables | 60 | €10,187,362 | €9,400,162 | -€787,200 | -7.7% |
| Purchases | 600/8 | €10,229,942 | €9,502,843 | -€727,099 | -7.1% |
| Change in stocks: decrease (increase) | 609 | -€42,580 | -€102,681 | -€60,101 | -141.1% |
| Services and other goods | 61 | €2,960,216 | €3,045,888 | +€85,672 | +2.9% |
| Remuneration, social security and pensions | 62 | €4,886,412 | €4,536,022 | -€350,391 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276,926 | €261,137 | -€15,788 | -5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€50,145 | €46,963 | +€97,108 | |
| Other operating charges | 640/8 | €15,729 | €9,833 | -€5,896 | -37.5% |
| Operating profit (loss) | 9901 | €4,253,557 | €3,383,086 | -€870,471 | -20.5% |
| Financial income | 75/76B | €19,005 | €33,367 | +€14,363 | +75.6% |
| Recurring financial income | 75 | €19,005 | €33,367 | +€14,363 | +75.6% |
| Income from current assets | 751 | €19,005 | €27,445 | +€8,441 | +44.4% |
| Other financial income | 752/9 | - | €5,922 | +€5,922 | |
| Financial charges | 65/66B | €164,506 | €96,063 | -€68,443 | -41.6% |
| Recurring financial charges | 65 | €164,506 | €96,063 | -€68,443 | -41.6% |
| Debt charges | 650 | €21,381 | €41,476 | +€20,095 | +94.0% |
| Other financial charges | 652/9 | €143,124 | €54,586 | -€88,538 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €4,108,056 | €3,320,391 | -€787,666 | -19.2% |
| Income taxes | 67/77 | €1,144,188 | €801,968 | -€342,221 | -29.9% |
| Taxes | 670/3 | €1,194,262 | €904,128 | -€290,134 | -24.3% |
| Tax adjustments and reversals of tax provisions | 77 | €50,073 | €102,160 | +€52,087 | +104.0% |
| Profit (loss) for the period | 9904 | €2,963,868 | €2,518,423 | -€445,445 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,963,868 | €2,518,423 | -€445,445 | -15.0% |
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 3 October 2026 via checked.be.