SPYGLASS: 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.
SPYGLASS
Largest movements
- Tangible fixed assets +€300,163
new in 2025: €300,163
- Receivables within one year +€43,729
up €43,729 (+158%), from €27,718 to €71,447
of which Other amounts receivable: +€49,401
- Deferred charges and accrued income -€8,501
down €8,501 (-11.1%), from €76,501 to €68,000
- Trade debts +€339,134
up €339,134 (+739%), from €45,884 to €385,018
- Profit (loss) carried forward -€8,383
down €8,383 (-24.2%), from €34,680 to €26,297
- Depreciation +€5,087
new in 2025: €5,087
- Gross operating margin -€1,933
down €1,933 (-323%), from -€598 to -€2,531
- Financial charges -€401
down €401 (-79.4%), from €505 to €104
- Other operating charges +€276
up €276 (+71.9%), from €384 to €660
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 | €111,502 | €443,453 | +€331,951 | +298% |
| Fixed assets | 21/28 | - | €300,163 | +€300,163 | |
| Tangible fixed assets | 22/27 | - | €300,163 | +€300,163 | |
| Other tangible fixed assets | 26 | - | €300,163 | +€300,163 | |
| Current assets | 29/58 | €111,502 | €143,290 | +€31,788 | +28.5% |
| Amounts receivable within one year | 40/41 | €27,718 | €71,447 | +€43,729 | +158% |
| Trade receivables | 40 | €5,808 | €136 | -€5,672 | -97.7% |
| Other amounts receivable | 41 | €21,910 | €71,311 | +€49,401 | +225% |
| Cash at bank and in hand | 54/58 | €7,283 | €3,843 | -€3,440 | -47.2% |
| Deferred charges and accrued income | 490/1 | €76,501 | €68,000 | -€8,501 | -11.1% |
| Total equity and liabilities | 10/49 | €111,502 | €443,453 | +€331,951 | +298% |
| Equity | 10/15 | €56,018 | €47,635 | -€8,383 | -15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,738 | €2,738 | = | 0.0% |
| Distributable reserves | 133 | €2,738 | €2,738 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,680 | €26,297 | -€8,383 | -24.2% |
| Amounts payable | 17/49 | €55,484 | €395,818 | +€340,334 | +613% |
| Amounts payable within one year | 42/48 | €45,884 | €385,018 | +€339,134 | +739% |
| Trade debts | 44 | €45,884 | €385,018 | +€339,134 | +739% |
| Suppliers | 440/4 | €45,884 | €385,018 | +€339,134 | +739% |
| Accrued charges and deferred income | 492/3 | €9,600 | €10,800 | +€1,200 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,087 | +€5,087 | |
| Other operating charges | 640/8 | €384 | €660 | +€276 | +71.9% |
| Gross operating margin | 9900 | -€598 | -€2,531 | -€1,933 | -323% |
| Operating profit (loss) | 9901 | -€982 | -€8,278 | -€7,296 | -743% |
| Financial charges | 65/66B | €505 | €104 | -€401 | -79.4% |
| Recurring financial charges | 65 | €505 | €104 | -€401 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,487 | -€8,382 | -€6,895 | -464% |
| Profit (loss) for the period | 9904 | -€1,487 | -€8,382 | -€6,895 | -464% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,487 | -€8,382 | -€6,895 | -464% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.