SPIVEST: 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.
SPIVEST
Largest movements
- Tangible fixed assets +€535,686
up €535,686 (+105.9%), from €505,966 to €1.0m
of which Other tangible fixed assets: +€552,078
- Current investments -€285,680
down €285,680 (-99.9%), from €285,830 to €150
- Receivables within one year -€187,124
down €187,124 (-77.0%), from €242,899 to €55,774
of which Other amounts receivable: -€109,981
- Cash +€99,783
up €99,783 (+179.2%), from €55,676 to €155,459
mainly Current investments (+€285,680) and Receivables within one year (+€187,124)
- Other debts +€69,551
up €69,551 (+4579.5%), from €1,519 to €71,069
- Reserves +€61,187
up €61,187 (+16.1%), from €379,269 to €440,456
of which Distributable reserves: +€61,187
- Trade debts +€18,003
up €18,003 (+82.9%), from €21,711 to €39,715
- Depreciation +€87,874
up €87,874 (+519.3%), from €16,921 to €104,795
- Gross operating margin +€51,152
up €51,152 (+36.7%), from €139,251 to €190,404
- Taxes -€9,244
down €9,244 (-28.4%), from €32,528 to €23,284
- Financial income -€3,594
down €3,594 (-47.3%), from €7,602 to €4,008
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 | €1,115,481 | €1,274,650 | +€159,169 | +14.3% |
| Fixed assets | 21/28 | €512,305 | €1,047,463 | +€535,157 | +104.5% |
| Intangible fixed assets | 21 | €6,339 | €5,811 | -€528 | -8.3% |
| Tangible fixed assets | 22/27 | €505,966 | €1,041,652 | +€535,686 | +105.9% |
| Land and buildings | 22 | €505,966 | €489,573 | -€16,392 | -3.2% |
| Other tangible fixed assets | 26 | - | €552,078 | +€552,078 | |
| Current assets | 29/58 | €603,176 | €227,187 | -€375,988 | -62.3% |
| Stocks and contracts in progress | 3 | €15,648 | €14,579 | -€1,069 | -6.8% |
| Stocks | 30/36 | €15,648 | €14,579 | -€1,069 | -6.8% |
| Amounts receivable within one year | 40/41 | €242,899 | €55,774 | -€187,124 | -77.0% |
| Trade receivables | 40 | €132,918 | €55,774 | -€77,144 | -58.0% |
| Other amounts receivable | 41 | €109,981 | €0 | -€109,981 | -100.0% |
| Current investments | 50/53 | €285,830 | €150 | -€285,680 | -99.9% |
| Cash at bank and in hand | 54/58 | €55,676 | €155,459 | +€99,783 | +179.2% |
| Deferred charges and accrued income | 490/1 | €3,124 | €1,225 | -€1,898 | -60.8% |
| Total equity and liabilities | 10/49 | €1,115,481 | €1,274,650 | +€159,169 | +14.3% |
| Equity | 10/15 | €1,074,269 | €1,135,456 | +€61,187 | +5.7% |
| Contributions | 10/11 | €695,000 | €695,000 | = | 0.0% |
| Capital | 10 | €695,000 | €695,000 | = | 0.0% |
| Issued capital | 100 | €695,000 | €695,000 | = | 0.0% |
| Reserves | 13 | €379,269 | €440,456 | +€61,187 | +16.1% |
| Non-distributable reserves | 130/1 | €69,500 | €69,500 | = | 0.0% |
| Legal reserve | 130 | €69,500 | €69,500 | = | 0.0% |
| Distributable reserves | 133 | €309,769 | €370,956 | +€61,187 | +19.8% |
| Amounts payable | 17/49 | €41,211 | €139,194 | +€97,983 | +237.8% |
| Amounts payable within one year | 42/48 | €40,244 | €138,196 | +€97,952 | +243.4% |
| Trade debts | 44 | €21,711 | €39,715 | +€18,003 | +82.9% |
| Suppliers | 440/4 | €21,711 | €39,715 | +€18,003 | +82.9% |
| Taxes, remuneration and social security | 45 | €17,014 | €27,412 | +€10,398 | +61.1% |
| Taxes | 450/3 | €17,014 | €27,412 | +€10,398 | +61.1% |
| Other amounts payable | 47/48 | €1,519 | €71,069 | +€69,551 | +4579.5% |
| Accrued charges and deferred income | 492/3 | €968 | €998 | +€31 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,921 | €104,795 | +€87,874 | +519.3% |
| Other operating charges | 640/8 | €3,756 | €3,805 | +€48 | +1.3% |
| Gross operating margin | 9900 | €139,251 | €190,404 | +€51,152 | +36.7% |
| Operating profit (loss) | 9901 | €118,574 | €81,804 | -€36,770 | -31.0% |
| Financial income | 75/76B | €7,602 | €4,008 | -€3,594 | -47.3% |
| Recurring financial income | 75 | €7,602 | €4,008 | -€3,594 | -47.3% |
| Financial charges | 65/66B | €57 | €1,342 | +€1,284 | +2234.2% |
| Recurring financial charges | 65 | €57 | €1,342 | +€1,284 | +2234.2% |
| Profit (loss) for the period before taxes | 9903 | €126,119 | €84,471 | -€41,648 | -33.0% |
| Income taxes | 67/77 | €32,528 | €23,284 | -€9,244 | -28.4% |
| Profit (loss) for the period | 9904 | €93,591 | €61,187 | -€32,405 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €93,591 | €61,187 | -€32,405 | -34.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.