SPN IMMO: 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.
What changed
SPN IMMO
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,049
2024 · €5,045-€996
Equity
€252,751
2024 · €248,702+€4,049
Cash
€4,213
2024 · €8,427-€4,214
Balance sheet total
€618,259
2024 · €650,696-€32,437
Largest movements
Assets
- Tangible fixed assets -€26,902
down €26,902 (-4.2%), from €638,028 to €611,126
of which Land and buildings: -€21,533
Equity and liabilities
- Debts after one year -€25,324
down €25,324 (-7.7%), from €327,313 to €301,990
- Other debts -€15,017
down €15,017 (-45.2%), from €33,243 to €18,226
Income statement
- Gross operating margin -€2,220
down €2,220 (-4.7%), from €47,021 to €44,801
- Depreciation -€555
down €555 (-2.0%), from €27,457 to €26,902
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.
Result 2024
€5,045
Gross operating margin
-€2,220
Depreciation
+€555
Other operating charges
-€121
Financial income
-€0
Financial charges
+€382
Taxes
+€409
Result 2025
€4,049
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.
From operations
+€17,685
Investment
€0
Financing
-€21,899
Cash 2024
€8,427
From operations (derived)
+€17,685
Net result for the year
+€4,049
Depreciation
+€26,902
Receivables within one year
+€1,493
Deferred charges and accrued income
-€172
Provisions
-€1,232
Trade debts
+€661
Tax, wage and social debts
+€1,000
Other debts
-€15,017
Financing
-€21,899
Debts after one year
-€25,324
Current portion of long-term debt
+€499
Short-term financial debts
+€2,927
Cash 2025
€4,213
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €650,696 | €618,259 | -€32,437 | -5.0% |
| Fixed assets | 21/28 | €638,028 | €611,126 | -€26,902 | -4.2% |
| Tangible fixed assets | 22/27 | €638,028 | €611,126 | -€26,902 | -4.2% |
| Land and buildings | 22 | €601,446 | €579,913 | -€21,533 | -3.6% |
| Plant, machinery and equipment | 23 | €36,582 | €31,213 | -€5,369 | -14.7% |
| Other tangible fixed assets | 26 | €0 | - | -€0 | |
| Current assets | 29/58 | €12,668 | €7,133 | -€5,535 | -43.7% |
| Amounts receivable within one year | 40/41 | €2,936 | €1,443 | -€1,493 | -50.8% |
| Trade receivables | 40 | €2,931 | €300 | -€2,631 | -89.8% |
| Other amounts receivable | 41 | €5 | €1,143 | +€1,138 | +22999.8% |
| Cash at bank and in hand | 54/58 | €8,427 | €4,213 | -€4,214 | -50.0% |
| Deferred charges and accrued income | 490/1 | €1,305 | €1,477 | +€172 | +13.2% |
| Total equity and liabilities | 10/49 | €650,696 | €618,259 | -€32,437 | -5.0% |
| Equity | 10/15 | €248,702 | €252,751 | +€4,049 | +1.6% |
| Contributions | 10/11 | €5,630 | €5,630 | = | 0.0% |
| Reserves | 13 | €21,828 | €25,877 | +€4,049 | +18.6% |
| Non-distributable reserves | 130/1 | €1,689 | €1,689 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,689 | €1,689 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,704 | €10,313 | -€2,391 | -18.8% |
| Distributable reserves | 133 | €7,436 | €13,876 | +€6,440 | +86.6% |
| Profit (loss) carried forward | 14 | €221,243 | €221,243 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,533 | €7,301 | -€1,232 | -14.4% |
| Deferred taxes | 168 | €8,533 | €7,301 | -€1,232 | -14.4% |
| Amounts payable | 17/49 | €393,462 | €358,207 | -€35,255 | -9.0% |
| Amounts payable after more than one year | 17 | €327,313 | €301,990 | -€25,324 | -7.7% |
| Financial debts | 170/4 | €327,313 | €301,990 | -€25,324 | -7.7% |
| Amounts payable within one year | 42/48 | €62,714 | €52,783 | -€9,931 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €24,825 | €25,324 | +€499 | +2.0% |
| Financial debts | 43 | - | €2,927 | +€2,927 | |
| Credit institutions | 430/8 | - | €2,927 | +€2,927 | |
| Trade debts | 44 | €22 | €683 | +€661 | +2963.5% |
| Suppliers | 440/4 | €22 | €683 | +€661 | +2963.5% |
| Taxes, remuneration and social security | 45 | €4,624 | €5,624 | +€1,000 | +21.6% |
| Taxes | 450/3 | €4,624 | €5,624 | +€1,000 | +21.6% |
| Other amounts payable | 47/48 | €33,243 | €18,226 | -€15,017 | -45.2% |
| Accrued charges and deferred income | 492/3 | €3,434 | €3,434 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,457 | €26,902 | -€555 | -2.0% |
| Other operating charges | 640/8 | €4,923 | €5,044 | +€121 | +2.5% |
| Gross operating margin | 9900 | €47,021 | €44,801 | -€2,220 | -4.7% |
| Operating profit (loss) | 9901 | €14,642 | €12,855 | -€1,787 | -12.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,414 | €7,032 | -€382 | -5.2% |
| Recurring financial charges | 65 | €7,414 | €7,032 | -€382 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €7,228 | €5,823 | -€1,405 | -19.4% |
| Transfer from deferred taxes | 780 | €1,232 | €1,232 | = | 0.0% |
| Income taxes | 67/77 | €3,415 | €3,005 | -€409 | -12.0% |
| Profit (loss) for the period | 9904 | €5,045 | €4,049 | -€996 | -19.7% |
| Transfer from tax-exempt reserves | 789 | €2,391 | €2,391 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,436 | €6,440 | -€996 | -13.4% |
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.