SPIRIT 4: what changed
What changed
SPIRIT 4
filed annual accounts (NBB)
Net result for the year
€30,979
2024 · €3,197+€27,782
Equity
€195,254
2024 · €164,275+€30,979
Cash
€15,970
2024 · €22,137-€6,167
Balance sheet total
€5.1m
2024 · €6.3m-€1.2m
Largest movements
Assets
- Stocks and contracts -€993,343
no longer reported in 2025 (was €993,343)
- Tangible fixed assets -€255,744
down €255,744 (-4.9%), from €5.2m to €5.0m
Equity and liabilities
- Current portion of long-term debt -€799,025
down €799,025 (-81.7%), from €978,382 to €179,357
- Debts after one year -€577,233
down €577,233 (-11.3%), from €5.1m to €4.5m
of which Financial debts: -€689,047
- Trade debts +€109,852
up €109,852 (+953%), from €11,526 to €121,378
Income statement
- Gross operating margin +€219,244
up €219,244 (+91.2%), from €240,516 to €459,760
- Depreciation +€164,991
up €164,991 (+182%), from €90,753 to €255,744
- Financial income -€14,440
down €14,440 (-100.0%), from €14,440 to €0
of which Non-recurring financial income: -€14,042
- Taxes +€11,401
up €11,401 (+952%), from €1,198 to €12,599
- Other operating charges +€10,000
up €10,000 (+23.0%), from €43,557 to €53,557
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.
Result 2024
€3,197
Gross operating margin
+€219,244
Depreciation
-€164,991
Other operating charges
-€10,000
Financial income
-€14,440
Financial charges
+€9,370
Taxes
-€11,401
Result 2025
€30,979
raises the resultlowers the result
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.
From operations
+€1.4m
Investment
€0
Financing
-€1.4m
Cash 2024
€22,137
From operations (derived)
+€1.4m
Net result for the year
+€30,979
Depreciation
+€255,744
Stocks and contracts
+€993,343
Receivables within one year
-€36,680
Deferred charges and accrued income
-€2,746
Trade debts
+€109,852
Smaller working-capital items
+€570
Advances received
+€4,039
Other debts
+€18,300
Financing
-€1.4m
Debts after one year
-€577,233
Current portion of long-term debt
-€799,025
Short-term financial debts
-€3,309
Cash 2025
€15,970
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,299,587 | €5,083,759 | -€1.2m | -19.3% |
| Fixed assets | 21/28 | €5,229,806 | €4,974,062 | -€255,744 | -4.9% |
| Tangible fixed assets | 22/27 | €5,229,806 | €4,974,062 | -€255,744 | -4.9% |
| Land and buildings | 22 | €5,229,806 | €4,974,062 | -€255,744 | -4.9% |
| Current assets | 29/58 | €1,069,781 | €109,697 | -€960,084 | -89.7% |
| Stocks and contracts in progress | 3 | €993,343 | - | -€993,343 | |
| Stocks | 30/36 | €993,343 | - | -€993,343 | |
| Amounts receivable within one year | 40/41 | €54,042 | €90,722 | +€36,680 | +67.9% |
| Trade receivables | 40 | €9,350 | €5,030 | -€4,320 | -46.2% |
| Other amounts receivable | 41 | €44,691 | €85,691 | +€41,000 | +91.7% |
| Cash at bank and in hand | 54/58 | €22,137 | €15,970 | -€6,167 | -27.9% |
| Deferred charges and accrued income | 490/1 | €260 | €3,006 | +€2,746 | +1,058% |
| Total equity and liabilities | 10/49 | €6,299,587 | €5,083,759 | -€1.2m | -19.3% |
| Equity | 10/15 | €164,275 | €195,254 | +€30,979 | +18.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €31,081 | €31,081 | = | 0.0% |
| Reserves | 13 | €114,644 | €145,623 | +€30,979 | +27.0% |
| Distributable reserves | 133 | €114,644 | €145,623 | +€30,979 | +27.0% |
| Amounts payable | 17/49 | €6,135,312 | €4,888,505 | -€1.2m | -20.3% |
| Amounts payable after more than one year | 17 | €5,118,890 | €4,541,656 | -€577,233 | -11.3% |
| Financial debts | 170/4 | €4,039,203 | €3,350,157 | -€689,047 | -17.1% |
| Other amounts payable | 178/9 | €1,079,686 | €1,191,500 | +€111,813 | +10.4% |
| Amounts payable within one year | 42/48 | €1,010,138 | €341,395 | -€668,742 | -66.2% |
| Current portion of amounts payable after more than one year | 42 | €978,382 | €179,357 | -€799,025 | -81.7% |
| Financial debts | 43 | €17,232 | €13,923 | -€3,309 | -19.2% |
| Credit institutions | 430/8 | €17,232 | €13,923 | -€3,309 | -19.2% |
| Trade debts | 44 | €11,526 | €121,378 | +€109,852 | +953% |
| Suppliers | 440/4 | €11,526 | €121,378 | +€109,852 | +953% |
| Advances received on contracts in progress | 46 | - | €4,039 | +€4,039 | |
| Taxes, remuneration and social security | 45 | €1,198 | €2,599 | +€1,401 | +117% |
| Taxes | 450/3 | €1,198 | €2,599 | +€1,401 | +117% |
| Other amounts payable | 47/48 | €1,800 | €20,100 | +€18,300 | +1,017% |
| Accrued charges and deferred income | 492/3 | €6,284 | €5,453 | -€831 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,753 | €255,744 | +€164,991 | +182% |
| Other operating charges | 640/8 | €43,557 | €53,557 | +€10,000 | +23.0% |
| Gross operating margin | 9900 | €240,516 | €459,760 | +€219,244 | +91.2% |
| Operating profit (loss) | 9901 | €106,207 | €150,459 | +€44,253 | +41.7% |
| Financial income | 75/76B | €14,440 | €0 | -€14,440 | -100.0% |
| Recurring financial income | 75 | €399 | €0 | -€398 | -100.0% |
| Non-recurring financial income | 76B | €14,042 | - | -€14,042 | |
| Financial charges | 65/66B | €116,252 | €106,882 | -€9,370 | -8.1% |
| Recurring financial charges | 65 | €99,469 | €106,882 | +€7,413 | +7.5% |
| Non-recurring financial charges | 66B | €16,783 | - | -€16,783 | |
| Profit (loss) for the period before taxes | 9903 | €4,395 | €43,578 | +€39,183 | +892% |
| Income taxes | 67/77 | €1,198 | €12,599 | +€11,401 | +952% |
| Profit (loss) for the period | 9904 | €3,197 | €30,979 | +€27,782 | +869% |
| Profit (loss) for the period to be appropriated | 9905 | €3,197 | €30,979 | +€27,782 | +869% |
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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 8 November 2026 via checked.be.