SPOODY: 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.
What changed
SPOODY
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,977
2024 · €6,410+€8,567
Equity
€218,362
2024 · €226,103-€7,741
Cash
€6,856
2024 · €7,919-€1,064
Balance sheet total
€579,182
2024 · €603,138-€23,956
Largest movements
Assets
- Tangible fixed assets -€21,630
down €21,630 (-3.6%), from €592,795 to €571,165
of which Land and buildings: -€21,048
Equity and liabilities
- Debts after one year -€16,278
down €16,278 (-10.9%), from €149,599 to €133,321
- Reserves -€6,620
down €6,620 (-3.5%), from €187,439 to €180,819
of which Tax-exempt reserves: -€4,156
Income statement
- Gross operating margin +€11,806
up €11,806 (+26.4%), from €44,773 to €56,579
- Taxes +€3,253
up €3,253 (+60.5%), from €5,374 to €8,628
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
€6,410
Gross operating margin
+€11,806
Depreciation
+€0
Other operating charges
-€287
Financial charges
+€301
Taxes
-€3,253
Result 2025
€14,977
raises the resultlowers the result
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.
From operations
+€37,179
Investment
€0
Financing
-€38,242
Cash 2024
€7,919
From operations (derived)
+€37,179
Net result for the year
+€14,977
Depreciation
+€21,630
Receivables within one year
+€1,278
Smaller working-capital items
-€59
Provisions
-€1,039
Tax, wage and social debts
+€2,511
Other debts
-€4,264
Accrued charges and deferred income
+€2,145
Financing
-€38,242
Debts after one year
-€16,278
Current portion of long-term debt
+€754
Contributions, distributions and other
-€22,719
Cash 2025
€6,856
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,138 | €579,182 | -€23,956 | -4.0% |
| Fixed assets | 21/28 | €592,795 | €571,165 | -€21,630 | -3.6% |
| Tangible fixed assets | 22/27 | €592,795 | €571,165 | -€21,630 | -3.6% |
| Land and buildings | 22 | €590,467 | €569,419 | -€21,048 | -3.6% |
| Furniture and vehicles | 24 | €2,328 | €1,746 | -€582 | -25.0% |
| Current assets | 29/58 | €10,343 | €8,018 | -€2,326 | -22.5% |
| Amounts receivable within one year | 40/41 | €1,278 | €0 | -€1,278 | -100% |
| Other amounts receivable | 41 | €1,278 | €0 | -€1,278 | -100% |
| Cash at bank and in hand | 54/58 | €7,919 | €6,856 | -€1,064 | -13.4% |
| Deferred charges and accrued income | 490/1 | €1,146 | €1,162 | +€16 | +1.4% |
| Total equity and liabilities | 10/49 | €603,138 | €579,182 | -€23,956 | -4.0% |
| Equity | 10/15 | €226,103 | €218,362 | -€7,741 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €187,439 | €180,819 | -€6,620 | -3.5% |
| Tax-exempt reserves | 132 | €88,145 | €83,989 | -€4,156 | -4.7% |
| Distributable reserves | 133 | €99,294 | €96,830 | -€2,464 | -2.5% |
| Profit (loss) carried forward | 14 | €20,064 | €18,943 | -€1,121 | -5.6% |
| Provisions and deferred taxes | 16 | €22,036 | €20,997 | -€1,039 | -4.7% |
| Deferred taxes | 168 | €22,036 | €20,997 | -€1,039 | -4.7% |
| Amounts payable | 17/49 | €354,999 | €339,824 | -€15,175 | -4.3% |
| Amounts payable after more than one year | 17 | €149,599 | €133,321 | -€16,278 | -10.9% |
| Financial debts | 170/4 | €149,599 | €133,321 | -€16,278 | -10.9% |
| Amounts payable within one year | 42/48 | €183,230 | €182,188 | -€1,042 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €15,524 | €16,278 | +€754 | +4.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €43 | €0 | -€43 | -100% |
| Suppliers | 440/4 | €43 | €0 | -€43 | -100% |
| Taxes, remuneration and social security | 45 | €4,204 | €6,715 | +€2,511 | +59.7% |
| Taxes | 450/3 | €4,204 | €6,715 | +€2,511 | +59.7% |
| Other amounts payable | 47/48 | €163,459 | €159,195 | -€4,264 | -2.6% |
| Accrued charges and deferred income | 492/3 | €22,170 | €24,315 | +€2,145 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,630 | €21,630 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,294 | €2,580 | +€287 | +12.5% |
| Gross operating margin | 9900 | €44,773 | €56,579 | +€11,806 | +26.4% |
| Operating profit (loss) | 9901 | €20,849 | €32,368 | +€11,519 | +55.3% |
| Financial charges | 65/66B | €10,103 | €9,802 | -€301 | -3.0% |
| Recurring financial charges | 65 | €10,103 | €9,802 | -€301 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €10,746 | €22,566 | +€11,820 | +110% |
| Transfer from deferred taxes | 780 | €1,039 | €1,039 | = | 0.0% |
| Income taxes | 67/77 | €5,374 | €8,628 | +€3,253 | +60.5% |
| Profit (loss) for the period | 9904 | €6,410 | €14,977 | +€8,567 | +134% |
| Transfer from tax-exempt reserves | 789 | €4,156 | €4,156 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,567 | €19,134 | +€8,567 | +81.1% |
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 30 October 2026 via checked.be.