SPSG: 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.
SPSG
Largest movements
- Receivables within one year +€19,922
up €19,922 (+52.0%), from €38,286 to €58,208
of which Other amounts receivable: +€19,529
- Tangible fixed assets -€19,047
down €19,047 (-8.1%), from €235,423 to €216,375
of which Land and buildings: -€11,397
- Cash -€15,787
down €15,787 (-51.8%), from €30,475 to €14,688
mainly Debts after one year (-€44,675) and Receivables within one year (-€19,922)
- Debts after one year -€44,675
down €44,675 (-84.7%), from €52,750 to €8,075
- Trade debts +€21,559
up €21,559 (+3694.8%), from €584 to €22,143
- Profit (loss) carried forward +€5,312
no longer reported in 2025 (was -€5,312)
- Gross operating margin +€9,961
up €9,961 (+37.2%), from €26,763 to €36,724
- Financial charges -€1,421
down €1,421 (-33.2%), from €4,277 to €2,856
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 | €385,500 | €372,138 | -€13,363 | -3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €235,423 | €216,375 | -€19,047 | -8.1% |
| Tangible fixed assets | 22/27 | €235,423 | €216,375 | -€19,047 | -8.1% |
| Land and buildings | 22 | €224,655 | €213,258 | -€11,397 | -5.1% |
| Other tangible fixed assets | 26 | €10,768 | €3,117 | -€7,651 | -71.1% |
| Current assets | 29/58 | €150,078 | €155,762 | +€5,685 | +3.8% |
| Amounts receivable after more than one year | 29 | €77,500 | €77,500 | = | 0.0% |
| Trade receivables | 290 | €77,500 | €77,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,286 | €58,208 | +€19,922 | +52.0% |
| Trade receivables | 40 | €27,582 | €27,975 | +€393 | +1.4% |
| Other amounts receivable | 41 | €10,704 | €30,233 | +€19,529 | +182.5% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €30,475 | €14,688 | -€15,787 | -51.8% |
| Deferred charges and accrued income | 490/1 | €3,567 | €5,117 | +€1,550 | +43.5% |
| Total equity and liabilities | 10/49 | €385,500 | €372,138 | -€13,363 | -3.5% |
| Equity | 10/15 | €323,565 | €329,154 | +€5,589 | +1.7% |
| Contributions | 10/11 | €266,000 | €266,000 | = | 0.0% |
| Reserves | 13 | €62,878 | €63,154 | +€277 | +0.4% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €56,878 | €57,154 | +€277 | +0.5% |
| Profit (loss) carried forward | 14 | -€5,312 | - | +€5,312 | |
| Amounts payable | 17/49 | €61,935 | €42,983 | -€18,952 | -30.6% |
| Amounts payable after more than one year | 17 | €52,750 | €8,075 | -€44,675 | -84.7% |
| Financial debts | 170/4 | €52,750 | €8,075 | -€44,675 | -84.7% |
| Amounts payable within one year | 42/48 | €2,429 | €25,343 | +€22,913 | +943.2% |
| Trade debts | 44 | €584 | €22,143 | +€21,559 | +3694.8% |
| Suppliers | 440/4 | €584 | €22,143 | +€21,559 | +3694.8% |
| Taxes, remuneration and social security | 45 | - | €70 | +€70 | |
| Taxes | 450/3 | - | €70 | +€70 | |
| Other amounts payable | 47/48 | €1,846 | €3,129 | +€1,284 | +69.5% |
| Accrued charges and deferred income | 492/3 | €6,756 | €9,566 | +€2,810 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,191 | €24,191 | -€0 | 0.0% |
| Other operating charges | 640/8 | €5,514 | €5,633 | +€119 | +2.2% |
| Gross operating margin | 9900 | €26,763 | €36,724 | +€9,961 | +37.2% |
| Operating profit (loss) | 9901 | -€2,942 | €6,901 | +€9,843 | |
| Financial income | 75/76B | €1,906 | €1,643 | -€264 | -13.8% |
| Recurring financial income | 75 | €1,906 | €1,643 | -€264 | -13.8% |
| Financial charges | 65/66B | €4,277 | €2,856 | -€1,421 | -33.2% |
| Recurring financial charges | 65 | €4,277 | €2,856 | -€1,421 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,312 | €5,687 | +€10,999 | |
| Income taxes | 67/77 | - | €98 | +€98 | |
| Profit (loss) for the period | 9904 | -€5,312 | €5,589 | +€10,901 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,312 | €5,589 | +€10,901 |
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 6 October 2026 via checked.be.