SPOELHAL: 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.
SPOELHAL
Largest movements
- Tangible fixed assets -€109,921
down €109,921 (-13.8%), from €795,072 to €685,151
of which Land and buildings: -€72,649
- Receivables within one year +€103,886
up €103,886 (+58.1%), from €178,833 to €282,719
of which Other amounts receivable: +€60,099
- Trade debts +€90,910
up €90,910 (+34.2%), from €265,820 to €356,730
- Current portion of long-term debt -€85,683
down €85,683 (-100.0%), from €85,683 to €0
- Tax, wage and social debts -€42,330
down €42,330 (-59.3%), from €71,424 to €29,094
of which Remuneration and social security: -€38,505
- Profit (loss) carried forward +€13,707
up €13,707 (+69.2%), from -€19,801 to -€6,094
- Staff costs -€158,806
down €158,806 (-33.0%), from €481,546 to €322,740
- Gross operating margin -€99,197
down €99,197 (-17.4%), from €570,205 to €471,009
- Other operating charges +€11,334
up €11,334 (+276.9%), from €4,094 to €15,428
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 | €984,942 | €968,253 | -€16,688 | -1.7% |
| Fixed assets | 21/28 | €795,072 | €685,151 | -€109,921 | -13.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €795,072 | €685,151 | -€109,921 | -13.8% |
| Land and buildings | 22 | €666,876 | €594,227 | -€72,649 | -10.9% |
| Plant, machinery and equipment | 23 | €118,755 | €84,631 | -€34,124 | -28.7% |
| Furniture and vehicles | 24 | €9,441 | €6,294 | -€3,147 | -33.3% |
| Current assets | 29/58 | €189,870 | €283,102 | +€93,232 | +49.1% |
| Amounts receivable within one year | 40/41 | €178,833 | €282,719 | +€103,886 | +58.1% |
| Trade receivables | 40 | €109,589 | €153,376 | +€43,787 | +40.0% |
| Other amounts receivable | 41 | €69,244 | €129,343 | +€60,099 | +86.8% |
| Cash at bank and in hand | 54/58 | €1,125 | €202 | -€923 | -82.0% |
| Deferred charges and accrued income | 490/1 | €9,911 | €181 | -€9,730 | -98.2% |
| Total equity and liabilities | 10/49 | €984,942 | €968,253 | -€16,688 | -1.7% |
| Equity | 10/15 | €562,015 | €575,722 | +€13,707 | +2.4% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Capital | 10 | €525,000 | €525,000 | = | 0.0% |
| Issued capital | 100 | €525,000 | €525,000 | = | 0.0% |
| Reserves | 13 | €56,816 | €56,816 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,500 | €52,500 | = | 0.0% |
| Legal reserve | 130 | €52,500 | €52,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,316 | €4,316 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,801 | -€6,094 | +€13,707 | +69.2% |
| Provisions and deferred taxes | 16 | - | €4,660 | +€4,660 | |
| Provisions for liabilities and charges | 160/5 | - | €4,660 | +€4,660 | |
| Environmental obligations | 163 | - | €4,660 | +€4,660 | |
| Amounts payable | 17/49 | €422,927 | €387,872 | -€35,055 | -8.3% |
| Amounts payable within one year | 42/48 | €422,927 | €385,824 | -€37,103 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €85,683 | €0 | -€85,683 | -100.0% |
| Trade debts | 44 | €265,820 | €356,730 | +€90,910 | +34.2% |
| Suppliers | 440/4 | €265,820 | €356,730 | +€90,910 | +34.2% |
| Taxes, remuneration and social security | 45 | €71,424 | €29,094 | -€42,330 | -59.3% |
| Taxes | 450/3 | €5,787 | €1,963 | -€3,825 | -66.1% |
| Remuneration and social security | 454/9 | €65,637 | €27,131 | -€38,505 | -58.7% |
| Accrued charges and deferred income | 492/3 | - | €2,047 | +€2,047 | |
| Remuneration, social security and pensions | 62 | €481,546 | €322,740 | -€158,806 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,897 | €109,921 | +€1,023 | +0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,660 | +€4,660 | |
| Other operating charges | 640/8 | €4,094 | €15,428 | +€11,334 | +276.9% |
| Gross operating margin | 9900 | €570,205 | €471,009 | -€99,197 | -17.4% |
| Operating profit (loss) | 9901 | -€24,332 | €18,260 | +€42,592 | |
| Financial income | 75/76B | €3,746 | €0 | -€3,746 | -100.0% |
| Recurring financial income | 75 | €3,746 | €0 | -€3,746 | -100.0% |
| Financial charges | 65/66B | €4,539 | €2,996 | -€1,544 | -34.0% |
| Recurring financial charges | 65 | €4,539 | €2,996 | -€1,544 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,126 | €15,264 | +€40,390 | |
| Income taxes | 67/77 | €598 | €1,557 | +€959 | +160.3% |
| Profit (loss) for the period | 9904 | -€25,724 | €13,707 | +€39,431 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,724 | €13,707 | +€39,431 |
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.