SPX: 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.
What changed
SPX
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€9,617
2024 · -€4,122-€5,495
Equity
€1.5m
2024 · €1.5m-€9,617
Cash
€77,633
2024 · €63,932+€13,700
Balance sheet total
€1.6m
2024 · €1.6m-€26,224
Largest movements
Assets
- Tangible fixed assets -€44,017
down €44,017 (-3.1%), from €1.4m to €1.4m
Equity and liabilities
- Debts after one year -€20,127
down €20,127 (-19.9%), from €101,306 to €81,179
Income statement
- Depreciation +€2,809
up €2,809 (+4.9%), from €57,741 to €60,551
- Financial income -€1,463
down €1,463 (-35.2%), from €4,158 to €2,695
- Gross operating margin -€1,390
down €1,390 (-2.2%), from €64,589 to €63,199
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.
Result 2024
-€4,122
Gross operating margin
-€1,390
Depreciation
-€2,809
Other operating charges
-€206
Financial income
-€1,463
Financial charges
+€374
Result 2025
-€9,617
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.
From operations
+€52,354
Investment
-€18,784
Financing
-€19,870
Cash 2024
€63,932
From operations (derived)
+€52,354
Net result for the year
-€9,617
Depreciation
+€60,551
Receivables within one year
-€2,298
Deferred charges and accrued income
+€456
Trade debts
+€2,367
Other debts
-€408
Accrued charges and deferred income
+€1,303
Investment (derived)
-€18,784
Investment in fixed assets (net)
-€16,534
Current investments
-€2,250
Financing
-€19,870
Debts after one year
-€20,127
Current portion of long-term debt
+€258
Cash 2025
€77,633
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,642,307 | €1,616,083 | -€26,224 | -1.6% |
| Fixed assets | 21/28 | €1,424,983 | €1,380,966 | -€44,017 | -3.1% |
| Tangible fixed assets | 22/27 | €1,424,983 | €1,380,966 | -€44,017 | -3.1% |
| Land and buildings | 22 | €1,424,983 | €1,380,966 | -€44,017 | -3.1% |
| Current assets | 29/58 | €217,324 | €235,117 | +€17,793 | +8.2% |
| Amounts receivable within one year | 40/41 | €5,092 | €7,390 | +€2,298 | +45.1% |
| Trade receivables | 40 | €1,502 | €0 | -€1,502 | -100.0% |
| Other amounts receivable | 41 | €3,591 | €7,390 | +€3,800 | +105.8% |
| Current investments | 50/53 | €144,994 | €147,244 | +€2,250 | +1.6% |
| Cash at bank and in hand | 54/58 | €63,932 | €77,633 | +€13,700 | +21.4% |
| Deferred charges and accrued income | 490/1 | €3,305 | €2,849 | -€456 | -13.8% |
| Total equity and liabilities | 10/49 | €1,642,307 | €1,616,083 | -€26,224 | -1.6% |
| Equity | 10/15 | €1,511,841 | €1,502,224 | -€9,617 | -0.6% |
| Contributions | 10/11 | €1,530,000 | €1,530,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,159 | -€27,776 | -€9,617 | -53.0% |
| Amounts payable | 17/49 | €130,466 | €113,858 | -€16,608 | -12.7% |
| Amounts payable after more than one year | 17 | €101,306 | €81,179 | -€20,127 | -19.9% |
| Financial debts | 170/4 | €101,306 | €81,179 | -€20,127 | -19.9% |
| Amounts payable within one year | 42/48 | €27,604 | €29,821 | +€2,217 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €21,536 | €21,794 | +€258 | +1.2% |
| Trade debts | 44 | €518 | €2,885 | +€2,367 | +457.1% |
| Suppliers | 440/4 | €518 | €2,885 | +€2,367 | +457.1% |
| Other amounts payable | 47/48 | €5,550 | €5,142 | -€408 | -7.4% |
| Accrued charges and deferred income | 492/3 | €1,555 | €2,859 | +€1,303 | +83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,741 | €60,551 | +€2,809 | +4.9% |
| Other operating charges | 640/8 | €13,178 | €13,384 | +€206 | +1.6% |
| Gross operating margin | 9900 | €64,589 | €63,199 | -€1,390 | -2.2% |
| Operating profit (loss) | 9901 | -€6,331 | -€10,736 | -€4,406 | -69.6% |
| Financial income | 75/76B | €4,158 | €2,695 | -€1,463 | -35.2% |
| Recurring financial income | 75 | €4,158 | €2,695 | -€1,463 | -35.2% |
| Financial charges | 65/66B | €1,950 | €1,576 | -€374 | -19.2% |
| Recurring financial charges | 65 | €1,950 | €1,576 | -€374 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,122 | -€9,617 | -€5,495 | -133.3% |
| Profit (loss) for the period | 9904 | -€4,122 | -€9,617 | -€5,495 | -133.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,122 | -€9,617 | -€5,495 | -133.3% |
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 5 October 2026 via checked.be.