SPREDS: 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.
SPREDS
Largest movements
- Intangible fixed assets -€64,363
down €64,363 (-9.2%), from €697,853 to €633,489
- Cash +€20,518
up €20,518 (+39.5%), from €51,881 to €72,399
mainly Contributions, distributions and other (+€2.5m) and Depreciation (+€261,973)
- Receivables within one year -€17,641
down €17,641 (-12.0%), from €146,579 to €128,938
of which Trade receivables: -€14,952
- Contributions +€2.5m
up €2.5m (+135%), from €1.9m to €4.4m
- Debts after one year -€2.5m
down €2.5m (-100%), from €2.5m to €0
- Tax, wage and social debts -€111,603
down €111,603 (-45.8%), from €243,629 to €132,026
of which Remuneration and social security: -€99,980
- Advances received -€50,500
down €50,500 (-100%), from €50,500 to €0
- Profit (loss) carried forward +€42,542
up €42,542 (+1.1%), from -€3.7m to -€3.7m
- Gross operating margin +€201,754
up €201,754 (+34.4%), from €587,018 to €788,772
- Write-downs +€33,355
up €33,355, from -€1,739 to €31,615
- Financial charges -€30,946
down €30,946 (-43.5%), from €71,189 to €40,243
- Depreciation +€16,308
up €16,308 (+6.6%), from €245,666 to €261,973
- Other operating charges -€11,044
down €11,044 (-66.8%), from €16,542 to €5,498
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €963,360 | €901,370 | -€61,989 | -6.4% |
| Fixed assets | 21/28 | €759,714 | €696,200 | -€63,515 | -8.4% |
| Intangible fixed assets | 21 | €697,853 | €633,489 | -€64,363 | -9.2% |
| Tangible fixed assets | 22/27 | - | €849 | +€849 | |
| Furniture and vehicles | 24 | - | €849 | +€849 | |
| Financial fixed assets | 28 | €61,862 | €61,862 | = | 0.0% |
| Current assets | 29/58 | €203,645 | €205,170 | +€1,525 | +0.7% |
| Amounts receivable within one year | 40/41 | €146,579 | €128,938 | -€17,641 | -12.0% |
| Trade receivables | 40 | €142,714 | €127,762 | -€14,952 | -10.5% |
| Other amounts receivable | 41 | €3,865 | €1,176 | -€2,689 | -69.6% |
| Cash at bank and in hand | 54/58 | €51,881 | €72,399 | +€20,518 | +39.5% |
| Deferred charges and accrued income | 490/1 | €5,185 | €3,833 | -€1,352 | -26.1% |
| Total equity and liabilities | 10/49 | €963,360 | €901,370 | -€61,989 | -6.4% |
| Equity | 10/15 | -€1,859,944 | €698,208 | +€2.6m | |
| Contributions | 10/11 | €1,860,676 | €4,376,286 | +€2.5m | +135% |
| Capital | 10 | €1,860,676 | €4,376,286 | +€2.5m | +135% |
| Issued capital | 100 | €1,860,676 | €4,376,286 | +€2.5m | +135% |
| Profit (loss) carried forward | 14 | -€3,720,620 | -€3,678,078 | +€42,542 | +1.1% |
| Amounts payable | 17/49 | €2,823,304 | €203,162 | -€2.6m | -92.8% |
| Amounts payable after more than one year | 17 | €2,470,438 | €0 | -€2.5m | -100% |
| Financial debts | 170/4 | €2,470,438 | €0 | -€2.5m | -100% |
| Amounts payable within one year | 42/48 | €352,203 | €181,912 | -€170,291 | -48.4% |
| Trade debts | 44 | €55,925 | €47,737 | -€8,188 | -14.6% |
| Suppliers | 440/4 | €55,925 | €47,737 | -€8,188 | -14.6% |
| Advances received on contracts in progress | 46 | €50,500 | €0 | -€50,500 | -100% |
| Taxes, remuneration and social security | 45 | €243,629 | €132,026 | -€111,603 | -45.8% |
| Taxes | 450/3 | €31,926 | €20,304 | -€11,623 | -36.4% |
| Remuneration and social security | 454/9 | €211,703 | €111,722 | -€99,980 | -47.2% |
| Other amounts payable | 47/48 | €2,149 | €2,149 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €662 | €21,250 | +€20,588 | +3,109% |
| Non-recurring operating income | 76A | - | €98,000 | +€98,000 | |
| Remuneration, social security and pensions | 62 | €398,950 | €407,004 | +€8,054 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,666 | €261,973 | +€16,308 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,739 | €31,615 | +€33,355 | |
| Other operating charges | 640/8 | €16,542 | €5,498 | -€11,044 | -66.8% |
| Non-recurring operating charges | 66A | €25 | €0 | -€25 | -100% |
| Gross operating margin | 9900 | €587,018 | €788,772 | +€201,754 | +34.4% |
| Operating profit (loss) | 9901 | -€72,426 | €82,682 | +€155,107 | |
| Financial income | 75/76B | €2,948 | €103 | -€2,845 | -96.5% |
| Recurring financial income | 75 | €2,948 | €103 | -€2,845 | -96.5% |
| Financial charges | 65/66B | €71,189 | €40,243 | -€30,946 | -43.5% |
| Recurring financial charges | 65 | €71,189 | €40,243 | -€30,946 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | -€140,666 | €42,542 | +€183,208 | |
| Profit (loss) for the period | 9904 | -€140,666 | €42,542 | +€183,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140,666 | €42,542 | +€183,208 |
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 22 October 2026 via checked.be.