SPITFIRE: 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.
SPITFIRE
Largest movements
- Receivables within one year -€130,653
down €130,653 (-34.7%), from €376,784 to €246,131
of which Other amounts receivable: -€115,240
- Tangible fixed assets -€14,438
down €14,438 (-6.1%), from €237,805 to €223,367
of which Land and buildings: -€11,273
- Reserves -€109,882
down €109,882 (-27.0%), from €407,068 to €297,186
of which Distributable reserves: -€109,882
- Debts after one year -€18,907
down €18,907 (-13.1%), from €144,002 to €125,095
- Trade debts -€14,628
down €14,628 (-62.1%), from €23,540 to €8,912
- Gross operating margin -€10,579
down €10,579 (-17.7%), from €59,827 to €49,248
- Financial income -€6,204
down €6,204 (-34.5%), from €17,991 to €11,787
- Depreciation -€3,713
down €3,713 (-19.3%), from €19,265 to €15,551
- Taxes -€2,876
down €2,876 (-20.3%), from €14,172 to €11,297
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €634,153 | €482,870 | -€151,284 | -23.9% |
| Fixed assets | 21/28 | €238,210 | €223,772 | -€14,438 | -6.1% |
| Tangible fixed assets | 22/27 | €237,805 | €223,367 | -€14,438 | -6.1% |
| Land and buildings | 22 | €227,250 | €215,977 | -€11,273 | -5.0% |
| Plant, machinery and equipment | 23 | €2,905 | €2,759 | -€147 | -5.0% |
| Furniture and vehicles | 24 | €6,611 | €4,330 | -€2,281 | -34.5% |
| Other tangible fixed assets | 26 | €1,039 | €301 | -€737 | -71.0% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €395,944 | €259,097 | -€136,846 | -34.6% |
| Amounts receivable within one year | 40/41 | €376,784 | €246,131 | -€130,653 | -34.7% |
| Trade receivables | 40 | €57,766 | €42,352 | -€15,414 | -26.7% |
| Other amounts receivable | 41 | €319,018 | €203,778 | -€115,240 | -36.1% |
| Cash at bank and in hand | 54/58 | €17,628 | €12,898 | -€4,730 | -26.8% |
| Deferred charges and accrued income | 490/1 | €1,532 | €69 | -€1,463 | -95.5% |
| Total equity and liabilities | 10/49 | €634,153 | €482,870 | -€151,284 | -23.9% |
| Equity | 10/15 | €413,268 | €303,386 | -€109,882 | -26.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €407,068 | €297,186 | -€109,882 | -27.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €405,208 | €295,326 | -€109,882 | -27.1% |
| Amounts payable | 17/49 | €220,885 | €179,484 | -€41,402 | -18.7% |
| Amounts payable after more than one year | 17 | €144,002 | €125,095 | -€18,907 | -13.1% |
| Financial debts | 170/4 | €144,002 | €125,095 | -€18,907 | -13.1% |
| Amounts payable within one year | 42/48 | €73,052 | €54,389 | -€18,663 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €19,639 | €18,907 | -€732 | -3.7% |
| Financial debts | 43 | €3,947 | - | -€3,947 | |
| Credit institutions | 430/8 | €552 | - | -€552 | |
| Other loans | 439 | €3,396 | - | -€3,396 | |
| Trade debts | 44 | €23,540 | €8,912 | -€14,628 | -62.1% |
| Suppliers | 440/4 | €23,540 | €8,912 | -€14,628 | -62.1% |
| Taxes, remuneration and social security | 45 | €25,926 | €26,569 | +€644 | +2.5% |
| Taxes | 450/3 | €22,926 | €24,569 | +€1,644 | +7.2% |
| Remuneration and social security | 454/9 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Accrued charges and deferred income | 492/3 | €3,832 | - | -€3,832 | |
| Non-recurring operating income | 76A | €8,665 | - | -€8,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,265 | €15,551 | -€3,713 | -19.3% |
| Other operating charges | 640/8 | €1,610 | €1,409 | -€201 | -12.5% |
| Gross operating margin | 9900 | €59,827 | €49,248 | -€10,579 | -17.7% |
| Operating profit (loss) | 9901 | €38,952 | €32,287 | -€6,665 | -17.1% |
| Financial income | 75/76B | €17,991 | €11,787 | -€6,204 | -34.5% |
| Recurring financial income | 75 | €17,991 | €11,787 | -€6,204 | -34.5% |
| Financial charges | 65/66B | €5,978 | €6,296 | +€319 | +5.3% |
| Recurring financial charges | 65 | €5,978 | €6,296 | +€319 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €50,966 | €37,778 | -€13,188 | -25.9% |
| Income taxes | 67/77 | €14,172 | €11,297 | -€2,876 | -20.3% |
| Profit (loss) for the period | 9904 | €36,793 | €26,481 | -€10,312 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,793 | €26,481 | -€10,312 | -28.0% |
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 2 October 2026 via checked.be.