SPQR: 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.
SPQR
Largest movements
- Receivables within one year -€25,966
down €25,966 (-68.7%), from €37,817 to €11,851
of which Trade receivables: -€28,508
- Current investments +€12,469
up €12,469 (+7.1%), from €176,009 to €188,478
- Cash +€10,954
up €10,954 (+419.6%), from €2,611 to €13,565
mainly Receivables within one year (+€25,966) and Net result for the year (+€20,090)
- Tangible fixed assets -€7,251
down €7,251 (-2.9%), from €249,233 to €241,983
of which Land and buildings: -€9,055
- Reserves +€20,090
up €20,090 (+11.6%), from €172,493 to €192,583
of which Distributable reserves: +€24,618
- Debts after one year -€16,005
down €16,005 (-12.0%), from €133,452 to €117,447
- Tax, wage and social debts -€8,421
down €8,421 (-54.9%), from €15,333 to €6,911
- Gross operating margin -€13,271
down €13,271 (-23.0%), from €57,586 to €44,316
- Financial income +€7,300
up €7,300 (+205.0%), from €3,560 to €10,860
- Taxes -€2,028
down €2,028 (-15.7%), from €12,929 to €10,901
- Other operating charges +€1,209
up €1,209 (+33.1%), from €3,648 to €4,857
- Financial charges -€829
down €829 (-10.0%), from €8,270 to €7,441
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 | €471,808 | €462,193 | -€9,616 | -2.0% |
| Fixed assets | 21/28 | €253,019 | €245,768 | -€7,251 | -2.9% |
| Tangible fixed assets | 22/27 | €249,233 | €241,983 | -€7,251 | -2.9% |
| Land and buildings | 22 | €246,804 | €237,749 | -€9,055 | -3.7% |
| Plant, machinery and equipment | 23 | €749 | €2,748 | +€1,998 | +266.7% |
| Furniture and vehicles | 24 | €1,680 | €1,486 | -€193 | -11.5% |
| Financial fixed assets | 28 | €3,786 | €3,786 | = | 0.0% |
| Current assets | 29/58 | €218,789 | €216,424 | -€2,365 | -1.1% |
| Amounts receivable within one year | 40/41 | €37,817 | €11,851 | -€25,966 | -68.7% |
| Trade receivables | 40 | €37,817 | €9,309 | -€28,508 | -75.4% |
| Other amounts receivable | 41 | - | €2,542 | +€2,542 | |
| Current investments | 50/53 | €176,009 | €188,478 | +€12,469 | +7.1% |
| Cash at bank and in hand | 54/58 | €2,611 | €13,565 | +€10,954 | +419.6% |
| Deferred charges and accrued income | 490/1 | €2,353 | €2,530 | +€178 | +7.6% |
| Total equity and liabilities | 10/49 | €471,808 | €462,193 | -€9,616 | -2.0% |
| Equity | 10/15 | €270,995 | €291,085 | +€20,090 | +7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,493 | €192,583 | +€20,090 | +11.6% |
| Tax-exempt reserves | 132 | €101,157 | €96,629 | -€4,528 | -4.5% |
| Distributable reserves | 133 | €71,336 | €95,955 | +€24,618 | +34.5% |
| Profit (loss) carried forward | 14 | €79,902 | €79,902 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,608 | €22,276 | -€2,333 | -9.5% |
| Deferred taxes | 168 | €24,608 | €22,276 | -€2,333 | -9.5% |
| Amounts payable | 17/49 | €176,205 | €148,832 | -€27,373 | -15.5% |
| Amounts payable after more than one year | 17 | €133,452 | €117,447 | -€16,005 | -12.0% |
| Financial debts | 170/4 | €133,452 | €117,447 | -€16,005 | -12.0% |
| Amounts payable within one year | 42/48 | €36,802 | €27,063 | -€9,739 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €15,262 | €16,005 | +€743 | +4.9% |
| Trade debts | 44 | €3,193 | €1,272 | -€1,921 | -60.2% |
| Suppliers | 440/4 | €3,193 | €1,272 | -€1,921 | -60.2% |
| Taxes, remuneration and social security | 45 | €15,333 | €6,911 | -€8,421 | -54.9% |
| Taxes | 450/3 | €15,333 | €6,911 | -€8,421 | -54.9% |
| Other amounts payable | 47/48 | €3,014 | €2,874 | -€140 | -4.6% |
| Accrued charges and deferred income | 492/3 | €5,951 | €4,322 | -€1,629 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,652 | €14,219 | +€566 | +4.1% |
| Other operating charges | 640/8 | €3,648 | €4,857 | +€1,209 | +33.1% |
| Gross operating margin | 9900 | €57,586 | €44,316 | -€13,271 | -23.0% |
| Operating profit (loss) | 9901 | €40,286 | €25,240 | -€15,047 | -37.3% |
| Financial income | 75/76B | €3,560 | €10,860 | +€7,300 | +205.0% |
| Recurring financial income | 75 | €3,560 | €10,860 | +€7,300 | +205.0% |
| Financial charges | 65/66B | €8,270 | €7,441 | -€829 | -10.0% |
| Recurring financial charges | 65 | €8,270 | €7,441 | -€829 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €35,576 | €28,658 | -€6,918 | -19.4% |
| Transfer from deferred taxes | 780 | €2,333 | €2,333 | = | 0.0% |
| Income taxes | 67/77 | €12,929 | €10,901 | -€2,028 | -15.7% |
| Profit (loss) for the period | 9904 | €24,980 | €20,090 | -€4,890 | -19.6% |
| Transfer from tax-exempt reserves | 789 | €4,528 | €4,528 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,508 | €24,618 | -€4,890 | -16.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.