SPMH: what changed
Two financial 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.
SPMH
Largest movements
- Current investments +€116,017
up €116,017 (+232%), from €50,000 to €166,017
- Receivables within one year -€37,633
down €37,633 (-88.5%), from €42,500 to €4,867
of which Trade receivables: -€37,700
- Tangible fixed assets -€15,475
down €15,475 (-14.5%), from €106,812 to €91,337
of which Furniture and vehicles: -€23,900
- Reserves +€67,590
up €67,590 (+49.6%), from €136,376 to €203,966
- Tax, wage and social debts +€18,008
up €18,008 (+44.5%), from €40,500 to €58,507
- Debts after one year -€16,902
down €16,902 (-27.9%), from €60,534 to €43,632
- Gross operating margin -€81,574
down €81,574 (-41.7%), from €195,705 to €114,131
- Taxes -€22,012
down €22,012 (-54.4%), from €40,500 to €18,488
- Depreciation +€8,968
up €8,968 (+55.0%), from €16,313 to €25,282
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.
Derived cash bridge
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 | €271,028 | €340,080 | +€69,052 | +25.5% |
| Fixed assets | 21/28 | €106,812 | €91,337 | -€15,475 | -14.5% |
| Tangible fixed assets | 22/27 | €106,812 | €91,337 | -€15,475 | -14.5% |
| Plant, machinery and equipment | 23 | - | €9,150 | +€9,150 | |
| Furniture and vehicles | 24 | €103,371 | €79,471 | -€23,900 | -23.1% |
| Other tangible fixed assets | 26 | €3,441 | €2,716 | -€725 | -21.1% |
| Current assets | 29/58 | €164,216 | €248,743 | +€84,526 | +51.5% |
| Amounts receivable after more than one year | 29 | €6,000 | €7,000 | +€1,000 | +16.7% |
| Other amounts receivable | 291 | €6,000 | €7,000 | +€1,000 | +16.7% |
| Amounts receivable within one year | 40/41 | €42,500 | €4,867 | -€37,633 | -88.5% |
| Trade receivables | 40 | €42,500 | €4,800 | -€37,700 | -88.7% |
| Other amounts receivable | 41 | - | €67 | +€67 | |
| Current investments | 50/53 | €50,000 | €166,017 | +€116,017 | +232% |
| Cash at bank and in hand | 54/58 | €65,716 | €67,722 | +€2,005 | +3.1% |
| Deferred charges and accrued income | 490/1 | - | €3,137 | +€3,137 | |
| Total equity and liabilities | 10/49 | €271,028 | €340,080 | +€69,052 | +25.5% |
| Equity | 10/15 | €141,376 | €208,966 | +€67,590 | +47.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €136,376 | €203,966 | +€67,590 | +49.6% |
| Distributable reserves | 133 | €136,376 | €203,966 | +€67,590 | +49.6% |
| Amounts payable | 17/49 | €129,652 | €131,114 | +€1,461 | +1.1% |
| Amounts payable after more than one year | 17 | €60,534 | €43,632 | -€16,902 | -27.9% |
| Financial debts | 170/4 | €60,534 | €43,632 | -€16,902 | -27.9% |
| Amounts payable within one year | 42/48 | €69,119 | €87,481 | +€18,363 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €16,264 | €16,902 | +€638 | +3.9% |
| Trade debts | 44 | €187 | - | -€187 | |
| Suppliers | 440/4 | €187 | - | -€187 | |
| Taxes, remuneration and social security | 45 | €40,500 | €58,507 | +€18,008 | +44.5% |
| Taxes | 450/3 | €40,500 | €58,507 | +€18,008 | +44.5% |
| Other amounts payable | 47/48 | €12,168 | €12,073 | -€95 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,313 | €25,282 | +€8,968 | +55.0% |
| Other operating charges | 640/8 | €557 | €1,834 | +€1,277 | +229% |
| Gross operating margin | 9900 | €195,705 | €114,131 | -€81,574 | -41.7% |
| Operating profit (loss) | 9901 | €178,835 | €87,015 | -€91,819 | -51.3% |
| Financial income | 75/76B | €150 | €1,780 | +€1,630 | +1,087% |
| Recurring financial income | 75 | €150 | €1,780 | +€1,630 | +1,087% |
| Financial charges | 65/66B | €2,109 | €2,718 | +€608 | +28.8% |
| Recurring financial charges | 65 | €2,109 | €2,718 | +€608 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | €176,876 | €86,078 | -€90,797 | -51.3% |
| Income taxes | 67/77 | €40,500 | €18,488 | -€22,012 | -54.4% |
| Profit (loss) for the period | 9904 | €136,376 | €67,590 | -€68,786 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €136,376 | €67,590 | -€68,786 | -50.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.