SPIVAN: 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.
SPIVAN
Largest movements
- Receivables within one year +€543,592
up €543,592 (+45.6%), from €1.2m to €1.7m
of which Trade receivables: +€342,537
- Current investments -€304,407
down €304,407 (-89.2%), from €341,362 to €36,955
- Cash -€126,148
down €126,148 (-35.0%), from €360,919 to €234,771
mainly Receivables within one year (-€543,592) and Contributions, distributions and other (-€237,184)
- Trade debts +€170,973
up €170,973 (+27.0%), from €633,709 to €804,681
- Other debts -€32,816
down €32,816 (-10.5%), from €313,348 to €280,532
- Profit (loss) carried forward -€26,625
down €26,625 (-5.0%), from €528,675 to €502,050
- Gross operating margin -€66,385
down €66,385 (-23.8%), from €278,402 to €212,016
- Financial income -€3,487
down €3,487 (-36.0%), from €9,676 to €6,189
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 | €1,904,065 | €2,013,197 | +€109,131 | +5.7% |
| Fixed assets | 21/28 | €393 | €4,698 | +€4,305 | +1094.4% |
| Tangible fixed assets | 22/27 | €393 | €4,698 | +€4,305 | +1094.4% |
| Plant, machinery and equipment | 23 | €174 | €1,615 | +€1,441 | +827.4% |
| Furniture and vehicles | 24 | €219 | €3,083 | +€2,864 | +1306.3% |
| Current assets | 29/58 | €1,903,672 | €2,008,499 | +€104,827 | +5.5% |
| Stocks and contracts in progress | 3 | €7,456 | €0 | -€7,456 | -100.0% |
| Stocks | 30/36 | €7,456 | €0 | -€7,456 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,191,687 | €1,735,279 | +€543,592 | +45.6% |
| Trade receivables | 40 | €1,143,979 | €1,486,517 | +€342,537 | +29.9% |
| Other amounts receivable | 41 | €47,707 | €248,762 | +€201,055 | +421.4% |
| Current investments | 50/53 | €341,362 | €36,955 | -€304,407 | -89.2% |
| Cash at bank and in hand | 54/58 | €360,919 | €234,771 | -€126,148 | -35.0% |
| Deferred charges and accrued income | 490/1 | €2,248 | €1,494 | -€755 | -33.6% |
| Total equity and liabilities | 10/49 | €1,904,065 | €2,013,197 | +€109,131 | +5.7% |
| Equity | 10/15 | €950,307 | €923,703 | -€26,604 | -2.8% |
| Contributions | 10/11 | €372,053 | €372,053 | = | 0.0% |
| Capital | 10 | €372,053 | €372,053 | = | 0.0% |
| Issued capital | 100 | €496,000 | €496,000 | = | 0.0% |
| Uncalled capital | 101 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €49,579 | €49,600 | +€21 | 0.0% |
| Non-distributable reserves | 130/1 | €49,579 | €49,600 | +€21 | 0.0% |
| Legal reserve | 130 | €49,579 | €49,600 | +€21 | 0.0% |
| Profit (loss) carried forward | 14 | €528,675 | €502,050 | -€26,625 | -5.0% |
| Amounts payable | 17/49 | €953,758 | €1,089,493 | +€135,735 | +14.2% |
| Amounts payable within one year | 42/48 | €953,527 | €1,089,493 | +€135,967 | +14.3% |
| Trade debts | 44 | €633,709 | €804,681 | +€170,973 | +27.0% |
| Suppliers | 440/4 | €633,709 | €804,681 | +€170,973 | +27.0% |
| Taxes, remuneration and social security | 45 | €6,470 | €4,280 | -€2,190 | -33.9% |
| Taxes | 450/3 | €6,470 | €4,280 | -€2,190 | -33.9% |
| Other amounts payable | 47/48 | €313,348 | €280,532 | -€32,816 | -10.5% |
| Accrued charges and deferred income | 492/3 | €231 | €0 | -€231 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €841 | +€407 | +93.7% |
| Other operating charges | 640/8 | €1,115 | €992 | -€123 | -11.0% |
| Gross operating margin | 9900 | €278,402 | €212,016 | -€66,385 | -23.8% |
| Operating profit (loss) | 9901 | €276,852 | €210,183 | -€66,669 | -24.1% |
| Financial income | 75/76B | €9,676 | €6,189 | -€3,487 | -36.0% |
| Recurring financial income | 75 | €9,676 | €6,189 | -€3,487 | -36.0% |
| Financial charges | 65/66B | €454 | €97 | -€357 | -78.6% |
| Recurring financial charges | 65 | €454 | €97 | -€357 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €286,074 | €216,275 | -€69,800 | -24.4% |
| Income taxes | 67/77 | €5,526 | €5,694 | +€169 | +3.0% |
| Profit (loss) for the period | 9904 | €280,548 | €210,580 | -€69,968 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €280,548 | €210,580 | -€69,968 | -24.9% |
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.