SPYPHARMA: 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.
SPYPHARMA
Largest movements
- Tangible fixed assets +€893,844
up €893,844 (+195.5%), from €457,230 to €1.4m
of which Land and buildings: +€648,198
- Receivables within one year -€105,087
down €105,087 (-44.6%), from €235,577 to €130,489
of which Other amounts receivable: -€79,807
- Cash -€70,817
down €70,817 (-67.5%), from €104,963 to €34,146
mainly Investment in fixed assets (net) (-€960,041) and Net result for the year (-€147,773)
- Debts after one year +€710,582
up €710,582 (+120.1%), from €591,472 to €1.3m
- Profit (loss) carried forward -€147,773
down €147,773 (-144.9%), from -€102,002 to -€249,775
- Other debts +€99,972
up €99,972 (+182.0%), from €54,929 to €154,901
- Current portion of long-term debt +€35,766
up €35,766 (+124.6%), from €28,702 to €64,469
- Short-term financial debts +€30,483
up €30,483 (+234.1%), from €13,021 to €43,504
- Other operating charges +€111,484
up €111,484 (+6244.6%), from €1,785 to €113,269
- Gross operating margin +€95,846
up €95,846 (+71.9%), from €133,310 to €229,156
- Depreciation +€41,449
up €41,449 (+167.5%), from €24,749 to €66,197
- Financial charges +€20,205
up €20,205 (+65.9%), from €30,646 to €50,851
- Financial income -€4,213
down €4,213 (-91.0%), from €4,628 to €415
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 | €909,242 | €1,621,355 | +€712,114 | +78.3% |
| Fixed assets | 21/28 | €463,804 | €1,357,648 | +€893,844 | +192.7% |
| Tangible fixed assets | 22/27 | €457,230 | €1,351,073 | +€893,844 | +195.5% |
| Land and buildings | 22 | €438,152 | €1,086,349 | +€648,198 | +147.9% |
| Plant, machinery and equipment | 23 | €16,325 | €257,690 | +€241,365 | +1478.5% |
| Furniture and vehicles | 24 | €2,753 | €7,033 | +€4,281 | +155.5% |
| Financial fixed assets | 28 | €6,575 | €6,575 | = | 0.0% |
| Current assets | 29/58 | €445,438 | €263,708 | -€181,730 | -40.8% |
| Stocks and contracts in progress | 3 | €100,641 | €92,876 | -€7,765 | -7.7% |
| Stocks | 30/36 | €100,641 | €92,876 | -€7,765 | -7.7% |
| Amounts receivable within one year | 40/41 | €235,577 | €130,489 | -€105,087 | -44.6% |
| Trade receivables | 40 | €98,349 | €73,069 | -€25,281 | -25.7% |
| Other amounts receivable | 41 | €137,228 | €57,421 | -€79,807 | -58.2% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €104,963 | €34,146 | -€70,817 | -67.5% |
| Deferred charges and accrued income | 490/1 | €4,256 | €6,196 | +€1,939 | +45.6% |
| Total equity and liabilities | 10/49 | €909,242 | €1,621,355 | +€712,114 | +78.3% |
| Equity | 10/15 | -€10,086 | -€157,859 | -€147,773 | -1465.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €73,324 | €73,324 | = | 0.0% |
| Distributable reserves | 133 | €73,324 | €73,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,002 | -€249,775 | -€147,773 | -144.9% |
| Amounts payable | 17/49 | €919,328 | €1,779,214 | +€859,886 | +93.5% |
| Amounts payable after more than one year | 17 | €591,472 | €1,302,054 | +€710,582 | +120.1% |
| Financial debts | 170/4 | €591,472 | €1,302,054 | +€710,582 | +120.1% |
| Amounts payable within one year | 42/48 | €327,856 | €477,160 | +€149,304 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €28,702 | €64,469 | +€35,766 | +124.6% |
| Financial debts | 43 | €13,021 | €43,504 | +€30,483 | +234.1% |
| Credit institutions | 430/8 | €13,021 | €43,504 | +€30,483 | +234.1% |
| Trade debts | 44 | €223,948 | €199,450 | -€24,497 | -10.9% |
| Suppliers | 440/4 | €223,948 | €199,450 | -€24,497 | -10.9% |
| Taxes, remuneration and social security | 45 | €7,255 | €14,836 | +€7,580 | +104.5% |
| Taxes | 450/3 | €561 | €75 | -€486 | -86.7% |
| Remuneration and social security | 454/9 | €6,694 | €14,761 | +€8,066 | +120.5% |
| Other amounts payable | 47/48 | €54,929 | €154,901 | +€99,972 | +182.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €814 | €0 | -€814 | -100.0% |
| Remuneration, social security and pensions | 62 | €137,211 | €140,160 | +€2,948 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,749 | €66,197 | +€41,449 | +167.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,630 | +€3,630 | |
| Other operating charges | 640/8 | €1,785 | €113,269 | +€111,484 | +6244.6% |
| Non-recurring operating charges | 66A | €7,164 | €3,161 | -€4,003 | -55.9% |
| Gross operating margin | 9900 | €133,310 | €229,156 | +€95,846 | +71.9% |
| Operating profit (loss) | 9901 | -€37,599 | -€97,262 | -€59,662 | -158.7% |
| Financial income | 75/76B | €4,628 | €415 | -€4,213 | -91.0% |
| Recurring financial income | 75 | €4,628 | €415 | -€4,213 | -91.0% |
| Financial charges | 65/66B | €30,646 | €50,851 | +€20,205 | +65.9% |
| Recurring financial charges | 65 | €30,646 | €50,851 | +€20,205 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | -€63,618 | -€147,698 | -€84,080 | -132.2% |
| Income taxes | 67/77 | €92 | €75 | -€17 | -18.9% |
| Profit (loss) for the period | 9904 | -€63,710 | -€147,773 | -€84,063 | -131.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,710 | -€147,773 | -€84,063 | -131.9% |
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 1 October 2026 via checked.be.