SPM: 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.
SPM
Largest movements
- Cash +€245,593
up €245,593 (+284.3%), from €86,381 to €331,974
mainly Investment in fixed assets (net) (+€167,438) and Net result for the year (+€123,557)
- Tangible fixed assets -€205,333
down €205,333 (-11.6%), from €1.8m to €1.6m
of which Land and buildings: -€207,488
- Receivables within one year -€48,248
down €48,248 (-96.7%), from €49,904 to €1,656
- Debts after one year -€96,385
down €96,385 (-14.0%), from €687,379 to €590,994
of which Financial debts: -€94,885
- Profit (loss) carried forward +€81,640
up €81,640, from -€61,491 to €20,149
- Current portion of long-term debt -€46,879
down €46,879 (-33.4%), from €140,231 to €93,352
- Reserves +€41,917
up €41,917 (+19.5%), from €214,729 to €256,646
of which Tax-exempt reserves: +€41,917
- Gross operating margin +€247,477
up €247,477 (+117.2%), from €211,183 to €458,660
- Taxes +€33,599
up €33,599 (+385.8%), from €8,708 to €42,307
- Depreciation -€28,615
down €28,615 (-43.0%), from €66,510 to €37,895
- Other operating charges -€11,070
down €11,070 (-47.4%), from €23,359 to €12,289
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 | €1,900,518 | €1,892,530 | -€7,988 | -0.4% |
| Fixed assets | 21/28 | €1,764,233 | €1,558,900 | -€205,333 | -11.6% |
| Tangible fixed assets | 22/27 | €1,764,233 | €1,558,900 | -€205,333 | -11.6% |
| Land and buildings | 22 | €1,761,429 | €1,553,941 | -€207,488 | -11.8% |
| Plant, machinery and equipment | 23 | - | €4,959 | +€4,959 | |
| Furniture and vehicles | 24 | €2,804 | - | -€2,804 | |
| Current assets | 29/58 | €136,285 | €333,630 | +€197,345 | +144.8% |
| Amounts receivable within one year | 40/41 | €49,904 | €1,656 | -€48,248 | -96.7% |
| Other amounts receivable | 41 | €49,904 | €1,656 | -€48,248 | -96.7% |
| Cash at bank and in hand | 54/58 | €86,381 | €331,974 | +€245,593 | +284.3% |
| Total equity and liabilities | 10/49 | €1,900,518 | €1,892,530 | -€7,988 | -0.4% |
| Equity | 10/15 | €953,566 | €1,077,123 | +€123,557 | +13.0% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Revaluation surpluses | 12 | €763,128 | €763,128 | = | 0.0% |
| Reserves | 13 | €214,729 | €256,646 | +€41,917 | +19.5% |
| Non-distributable reserves | 130/1 | €590 | €590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €590 | €590 | = | 0.0% |
| Tax-exempt reserves | 132 | €214,139 | €256,056 | +€41,917 | +19.6% |
| Profit (loss) carried forward | 14 | -€61,491 | €20,149 | +€81,640 | |
| Provisions and deferred taxes | 16 | €79,628 | €76,591 | -€3,037 | -3.8% |
| Deferred taxes | 168 | €79,628 | €76,591 | -€3,037 | -3.8% |
| Amounts payable | 17/49 | €867,324 | €738,816 | -€128,508 | -14.8% |
| Amounts payable after more than one year | 17 | €687,379 | €590,994 | -€96,385 | -14.0% |
| Financial debts | 170/4 | €353,924 | €259,039 | -€94,885 | -26.8% |
| Other amounts payable | 178/9 | €333,455 | €331,955 | -€1,500 | -0.4% |
| Amounts payable within one year | 42/48 | €179,943 | €147,822 | -€32,121 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €140,231 | €93,352 | -€46,879 | -33.4% |
| Trade debts | 44 | €2,050 | €13,457 | +€11,407 | +556.4% |
| Suppliers | 440/4 | €2,050 | €13,457 | +€11,407 | +556.4% |
| Taxes, remuneration and social security | 45 | €17,833 | €25,291 | +€7,458 | +41.8% |
| Taxes | 450/3 | €16,311 | €18,092 | +€1,781 | +10.9% |
| Remuneration and social security | 454/9 | €1,522 | €7,199 | +€5,677 | +373.0% |
| Other amounts payable | 47/48 | €19,829 | €15,722 | -€4,107 | -20.7% |
| Accrued charges and deferred income | 492/3 | €2 | - | -€2 | |
| Remuneration, social security and pensions | 62 | €42,815 | €44,596 | +€1,781 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,510 | €37,895 | -€28,615 | -43.0% |
| Other operating charges | 640/8 | €23,359 | €12,289 | -€11,070 | -47.4% |
| Non-recurring operating charges | 66A | - | €176,637 | +€176,637 | |
| Gross operating margin | 9900 | €211,183 | €458,660 | +€247,477 | +117.2% |
| Operating profit (loss) | 9901 | €78,499 | €187,243 | +€108,744 | +138.5% |
| Financial income | 75/76B | €4,812 | €2,192 | -€2,620 | -54.4% |
| Recurring financial income | 75 | €4,812 | €2,192 | -€2,620 | -54.4% |
| Financial charges | 65/66B | €24,671 | €26,609 | +€1,938 | +7.9% |
| Recurring financial charges | 65 | €24,671 | €26,609 | +€1,938 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €58,640 | €162,826 | +€104,186 | +177.7% |
| Transfer from deferred taxes | 780 | €3,038 | €3,038 | = | 0.0% |
| Income taxes | 67/77 | €8,708 | €42,307 | +€33,599 | +385.8% |
| Profit (loss) for the period | 9904 | €52,970 | €123,557 | +€70,587 | +133.3% |
| Transfer from tax-exempt reserves | 789 | €8,083 | €8,083 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,053 | €131,640 | +€70,587 | +115.6% |
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 8 October 2026 via checked.be.