SPN: 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.
SPN
Largest movements
- Current investments +€55.3m
up €55.3m (+28095.3%), from €197,000 to €55.5m
- Deferred charges and accrued income +€28.9m
up €28.9m (+272433.0%), from €10,611 to €28.9m
- Receivables within one year +€10.0m
up €10.0m (+541511.8%), from €1,855 to €10.0m
of which Other amounts receivable: +€10.0m
- Receivables after one year +€6.5m
up €6.5m (+2181.0%), from €300,000 to €6.8m
- Tangible fixed assets +€3.0m
up €3.0m (+5655.2%), from €52,926 to €3.0m
of which Assets under construction and advance payments: +€2.1m
- Reserves +€97.8m
up €97.8m (+9244.5%), from €1.1m to €98.8m
of which Distributable reserves: +€97.8m
- Accrued charges and deferred income +€3.9m
up €3.9m (+19369.5%), from €20,092 to €3.9m
- Financial income +€102.4m
up €102.4m (+798434.3%), from €12,828 to €102.4m
of which Non-recurring financial income: +€101.7m
- Other operating charges +€2.5m
up €2.5m (+145078.1%), from €1,724 to €2.5m
- Gross operating margin -€1.1m
down €1.1m, from €105,847 to -€1.0m
- Taxes +€981,304
up €981,304 (+5193.3%), from €18,896 to €1.0m
- Depreciation +€102,768
up €102,768 (+689.6%), from €14,903 to €117,670
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 | €1,646,368 | €104,530,355 | +€102.9m | +6249.1% |
| Fixed assets | 21/28 | €900,996 | €3,062,860 | +€2.2m | +239.9% |
| Tangible fixed assets | 22/27 | €52,926 | €3,045,976 | +€3.0m | +5655.2% |
| Land and buildings | 22 | - | €862,750 | +€862,750 | |
| Furniture and vehicles | 24 | €52,926 | €38,785 | -€14,140 | -26.7% |
| Assets under construction and advance payments | 27 | - | €2,144,441 | +€2.1m | |
| Financial fixed assets | 28 | €848,071 | €16,884 | -€831,187 | -98.0% |
| Current assets | 29/58 | €745,371 | €101,467,495 | +€100.7m | +13513.0% |
| Amounts receivable after more than one year | 29 | €300,000 | €6,843,145 | +€6.5m | +2181.0% |
| Other amounts receivable | 291 | €300,000 | €6,843,145 | +€6.5m | +2181.0% |
| Amounts receivable within one year | 40/41 | €1,855 | €10,049,444 | +€10.0m | +541511.8% |
| Trade receivables | 40 | €0 | €49,444 | +€49,444 | |
| Other amounts receivable | 41 | €1,855 | €10,000,000 | +€10.0m | +538847.0% |
| Current investments | 50/53 | €197,000 | €55,544,829 | +€55.3m | +28095.3% |
| Cash at bank and in hand | 54/58 | €235,905 | €111,764 | -€124,141 | -52.6% |
| Deferred charges and accrued income | 490/1 | €10,611 | €28,918,313 | +€28.9m | +272433.0% |
| Total equity and liabilities | 10/49 | €1,646,368 | €104,530,355 | +€102.9m | +6249.1% |
| Equity | 10/15 | €1,107,685 | €98,885,421 | +€97.8m | +8827.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,057,685 | €98,835,421 | +€97.8m | +9244.5% |
| Non-distributable reserves | 130/1 | €5,000 | €0 | -€5,000 | -100.0% |
| Reserves not available under the articles | 1311 | €5,000 | €0 | -€5,000 | -100.0% |
| Distributable reserves | 133 | €1,052,685 | €98,835,421 | +€97.8m | +9288.9% |
| Amounts payable | 17/49 | €538,683 | €5,644,934 | +€5.1m | +947.9% |
| Amounts payable after more than one year | 17 | €487,500 | €487,500 | = | 0.0% |
| Financial debts | 170/4 | €487,500 | €487,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €31,091 | €1,245,677 | +€1.2m | +3906.6% |
| Trade debts | 44 | €73 | €448,845 | +€448,772 | +612239.5% |
| Suppliers | 440/4 | €73 | €448,845 | +€448,772 | +612239.5% |
| Taxes, remuneration and social security | 45 | €28,997 | €794,811 | +€765,814 | +2641.0% |
| Taxes | 450/3 | €26,847 | €792,661 | +€765,814 | +2852.5% |
| Remuneration and social security | 454/9 | €2,150 | €2,150 | = | 0.0% |
| Other amounts payable | 47/48 | €2,021 | €2,021 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,092 | €3,911,758 | +€3.9m | +19369.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,903 | €117,670 | +€102,768 | +689.6% |
| Other operating charges | 640/8 | €1,724 | €2,502,173 | +€2.5m | +145078.1% |
| Gross operating margin | 9900 | €105,847 | -€1,021,944 | -€1.1m | |
| Operating profit (loss) | 9901 | €89,220 | -€3,641,788 | -€3.7m | |
| Financial income | 75/76B | €12,828 | €102,436,693 | +€102.4m | +798434.3% |
| Recurring financial income | 75 | €12,828 | €741,360 | +€728,532 | +5679.2% |
| Non-recurring financial income | 76B | - | €101,695,333 | +€101.7m | |
| Financial charges | 65/66B | €20,302 | €16,971 | -€3,332 | -16.4% |
| Recurring financial charges | 65 | €20,302 | €16,971 | -€3,332 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €81,746 | €98,777,935 | +€98.7m | +120735.3% |
| Income taxes | 67/77 | €18,896 | €1,000,199 | +€981,304 | +5193.3% |
| Profit (loss) for the period | 9904 | €62,850 | €97,777,735 | +€97.7m | +155472.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,850 | €97,777,735 | +€97.7m | +155472.6% |
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 7 October 2026 via checked.be.