SPWUR: 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.
SPWUR
Largest movements
- Receivables within one year -€7,489
no longer reported in 2025 (was €7,489)
- Tangible fixed assets -€4,719
down €4,719 (-9.3%), from €50,893 to €46,174
of which Plant, machinery and equipment: -€3,826
- Cash +€4,714
up €4,714 (+26.6%), from €17,706 to €22,420
mainly Net result for the year (+€16,034) and Tax, wage and social debts (+€14,394)
- Stocks and contracts +€3,845
up €3,845 (+74.6%), from €5,155 to €9,000
- Intangible fixed assets -€3,000
down €3,000 (-13.6%), from €22,110 to €19,110
- Trade debts -€27,790
down €27,790 (-84.2%), from €33,006 to €5,216
- Tax, wage and social debts +€14,394
up €14,394 (+64.1%), from €22,472 to €36,866
of which Taxes: +€18,322
- Reserves +€10,929
new in 2025: €10,929
- Debts after one year -€10,366
down €10,366 (-56.5%), from €18,344 to €7,978
- Profit (loss) carried forward +€5,105
no longer reported in 2025 (was -€5,105)
- Gross operating margin +€48,314
up €48,314 (+88.0%), from €54,922 to €103,235
- Staff costs +€17,631
up €17,631 (+41.8%), from €42,224 to €59,856
- Other operating charges +€5,478
up €5,478 (+208.4%), from €2,629 to €8,107
- Taxes +€4,227
new in 2025: €4,227
- Depreciation +€1,358
up €1,358 (+14.3%), from €9,486 to €10,844
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 | €103,353 | €96,703 | -€6,650 | -6.4% |
| Fixed assets | 21/28 | €73,003 | €65,283 | -€7,719 | -10.6% |
| Intangible fixed assets | 21 | €22,110 | €19,110 | -€3,000 | -13.6% |
| Tangible fixed assets | 22/27 | €50,893 | €46,174 | -€4,719 | -9.3% |
| Land and buildings | 22 | €10,590 | €9,303 | -€1,288 | -12.2% |
| Plant, machinery and equipment | 23 | €29,501 | €25,675 | -€3,826 | -13.0% |
| Furniture and vehicles | 24 | €10,802 | €11,196 | +€395 | +3.7% |
| Current assets | 29/58 | €30,350 | €31,420 | +€1,070 | +3.5% |
| Stocks and contracts in progress | 3 | €5,155 | €9,000 | +€3,845 | +74.6% |
| Stocks | 30/36 | €5,155 | €9,000 | +€3,845 | +74.6% |
| Amounts receivable within one year | 40/41 | €7,489 | - | -€7,489 | |
| Trade receivables | 40 | €7,489 | - | -€7,489 | |
| Cash at bank and in hand | 54/58 | €17,706 | €22,420 | +€4,714 | +26.6% |
| Total equity and liabilities | 10/49 | €103,353 | €96,703 | -€6,650 | -6.4% |
| Equity | 10/15 | €4,895 | €20,929 | +€16,034 | +327.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €10,929 | +€10,929 | |
| Distributable reserves | 133 | - | €10,929 | +€10,929 | |
| Profit (loss) carried forward | 14 | -€5,105 | - | +€5,105 | |
| Amounts payable | 17/49 | €98,458 | €75,774 | -€22,684 | -23.0% |
| Amounts payable after more than one year | 17 | €18,344 | €7,978 | -€10,366 | -56.5% |
| Financial debts | 170/4 | €18,344 | €7,978 | -€10,366 | -56.5% |
| Amounts payable within one year | 42/48 | €80,114 | €67,185 | -€12,929 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €10,065 | €10,351 | +€286 | +2.8% |
| Trade debts | 44 | €33,006 | €5,216 | -€27,790 | -84.2% |
| Suppliers | 440/4 | €33,006 | €5,216 | -€27,790 | -84.2% |
| Taxes, remuneration and social security | 45 | €22,472 | €36,866 | +€14,394 | +64.1% |
| Taxes | 450/3 | €11,461 | €29,784 | +€18,322 | +159.9% |
| Remuneration and social security | 454/9 | €11,011 | €7,083 | -€3,928 | -35.7% |
| Other amounts payable | 47/48 | €14,571 | €14,753 | +€181 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €611 | +€611 | |
| Remuneration, social security and pensions | 62 | €42,224 | €59,856 | +€17,631 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,486 | €10,844 | +€1,358 | +14.3% |
| Other operating charges | 640/8 | €2,629 | €8,107 | +€5,478 | +208.4% |
| Gross operating margin | 9900 | €54,922 | €103,235 | +€48,314 | +88.0% |
| Operating profit (loss) | 9901 | €583 | €24,429 | +€23,847 | +4092.5% |
| Financial income | 75/76B | €228 | €458 | +€230 | +101.1% |
| Recurring financial income | 75 | €228 | €458 | +€230 | +101.1% |
| Financial charges | 65/66B | €3,965 | €4,626 | +€661 | +16.7% |
| Recurring financial charges | 65 | €3,965 | €4,626 | +€661 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,154 | €20,262 | +€23,416 | |
| Income taxes | 67/77 | - | €4,227 | +€4,227 | |
| Profit (loss) for the period | 9904 | -€3,154 | €16,034 | +€19,188 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,154 | €16,034 | +€19,188 |
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 12 October 2026 via checked.be.