SPV 162: 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
SPV 162
NACE 42.110, Construction of roads and motorways
financial year 2025 compared with 2022not consecutivefiled annual accounts (NBB)
Net result for the year
-€123,511
2022 · €6.4m-€6.5m
Equity
€6.2m
2022 · €6.4m-€247,023
Cash
€21.6m
2022 · €24.5m-€2.9m
Balance sheet total
€33.4m
2022 · €34.3m-€929,728
Largest movements
Assets
- Tangible fixed assets +€6.1m
new in 2025: €6.1m
of which Land and buildings: +€3.1m
- Receivables after one year -€3.9m
down €3.9m (-50.0%), from €7.8m to €3.9m
- Cash -€2.9m
down €2.9m (-11.8%), from €24.5m to €21.6m
Equity and liabilities
- Tax, wage and social debts -€607,032
down €607,032 (-26.2%), from €2.3m to €1.7m
Income statement
- Taxes -€2.3m
no longer reported in 2025 (was €2.3m)
From the 2022 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 2022
€6.4m
Depreciation
-€123,511
Other operating charges
-€130
Other operating items
+€105
Financial income
+€19,294
Financial charges
-€9,799
Other financial items
-€8.7m
Taxes
+€2.3m
Result 2025
-€123,511
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,328,890 | €33,399,162 | -€929,728 | -2.7% |
| Fixed assets | 21/28 | - | €6,127,763 | +€6.1m | |
| Tangible fixed assets | 22/27 | - | €6,127,763 | +€6.1m | |
| Land and buildings | 22 | - | €3,123,645 | +€3.1m | |
| Plant, machinery and equipment | 23 | - | €3,004,118 | +€3.0m | |
| Current assets | 29/58 | €34,328,890 | €27,271,400 | -€7.1m | -20.6% |
| Amounts receivable after more than one year | 29 | €7,832,000 | €3,916,000 | -€3.9m | -50.0% |
| Other amounts receivable | 291 | €7,832,000 | €3,916,000 | -€3.9m | -50.0% |
| Amounts receivable within one year | 40/41 | €1,983,056 | €1,721,970 | -€261,086 | -13.2% |
| Trade receivables | 40 | €25,003 | €1,721,925 | +€1.7m | +6,787% |
| Other amounts receivable | 41 | €1,958,053 | €46 | -€2.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €24,513,834 | €21,633,429 | -€2.9m | -11.8% |
| Total equity and liabilities | 10/49 | €34,328,890 | €33,399,162 | -€929,728 | -2.7% |
| Equity | 10/15 | €6,436,786 | €6,189,763 | -€247,023 | -3.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,368,586 | €6,121,563 | -€247,023 | -3.9% |
| Amounts payable | 17/49 | €27,892,104 | €27,209,400 | -€682,704 | -2.4% |
| Amounts payable after more than one year | 17 | €25,531,232 | €25,466,480 | -€64,752 | -0.3% |
| Other amounts payable | 178/9 | €25,531,232 | €25,466,480 | -€64,752 | -0.3% |
| Amounts payable within one year | 42/48 | €2,336,775 | €1,722,073 | -€614,702 | -26.3% |
| Trade debts | 44 | €16,201 | €8,530 | -€7,671 | -47.3% |
| Suppliers | 440/4 | €16,201 | €8,530 | -€7,671 | -47.3% |
| Taxes, remuneration and social security | 45 | €2,320,574 | €1,713,542 | -€607,032 | -26.2% |
| Taxes | 450/3 | €2,320,574 | €1,713,542 | -€607,032 | -26.2% |
| Accrued charges and deferred income | 492/3 | €24,097 | €20,847 | -€3,250 | -13.5% |
| Operating income | 70/76A | €24,965 | €1,723,064 | +€1.7m | +6,802% |
| Other operating income | 74 | €24,965 | €9,522 | -€15,443 | -61.9% |
| Non-recurring operating income | 76A | - | €1,713,542 | +€1.7m | |
| Operating charges | 60/66A | €24,940 | €1,846,576 | +€1.8m | +7,304% |
| Services and other goods | 61 | €24,072 | €8,523 | -€15,549 | -64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €123,511 | +€123,511 | |
| Other operating charges | 640/8 | €868 | €998 | +€130 | +15.0% |
| Non-recurring operating charges | 66A | - | €1,713,542 | +€1.7m | |
| Operating profit (loss) | 9901 | €25 | -€123,511 | -€123,536 | |
| Financial income | 75/76B | - | €19,294 | +€19,294 | |
| Recurring financial income | 75 | €8,704,830 | €19,294 | -€8.7m | -99.8% |
| Other financial income | 752/9 | €8,704,830 | €19,294 | -€8.7m | -99.8% |
| Financial charges | 65/66B | €9,495 | €19,294 | +€9,799 | +103% |
| Recurring financial charges | 65 | €9,495 | €19,294 | +€9,799 | +103% |
| Debt charges | 650 | €9,470 | €19,294 | +€9,824 | +104% |
| Other financial charges | 652/9 | €25 | - | -€25 | |
| Profit (loss) for the period before taxes | 9903 | €8,695,360 | -€123,511 | -€8.8m | |
| Income taxes | 67/77 | €2,320,574 | - | -€2.3m | |
| Taxes | 670/3 | €2,320,574 | - | -€2.3m | |
| Profit (loss) for the period | 9904 | €6,374,786 | -€123,511 | -€6.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €6,374,786 | -€123,511 | -€6.5m |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.