SPECTRUM: 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.
SPECTRUM
Largest movements
- Receivables within one year -€317,405
down €317,405 (-89.3%), from €355,238 to €37,833
of which Other amounts receivable: -€353,705
- Cash +€186,857
up €186,857 (+17.1%), from €1.1m to €1.3m
mainly Net result for the year (+€328,104) and Receivables within one year (+€317,405)
- Tangible fixed assets +€32,413
up €32,413 (+14.4%), from €225,085 to €257,499
of which Furniture and vehicles: +€42,950
- Debts after one year -€379,256
down €379,256 (-10.7%), from €3.5m to €3.2m
- Profit (loss) carried forward +€328,104
up €328,104 (+29.4%), from -€1.1m to -€788,096
- Financial charges -€1.1m
down €1.1m (-94.8%), from €1.1m to €58,063
of which Non-recurring financial charges: -€1.1m
- Financial income +€345,614
up €345,614 (+7,002%), from €4,936 to €350,550
- Gross operating margin +€25,241
up €25,241 (+44.9%), from €56,259 to €81,499
- Depreciation +€18,556
up €18,556 (+82.1%), from €22,604 to €41,160
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 | €2,912,439 | €2,814,864 | -€97,575 | -3.4% |
| Fixed assets | 21/28 | €1,463,477 | €1,495,891 | +€32,413 | +2.2% |
| Tangible fixed assets | 22/27 | €225,085 | €257,499 | +€32,413 | +14.4% |
| Land and buildings | 22 | €173,010 | €163,530 | -€9,480 | -5.5% |
| Plant, machinery and equipment | 23 | €1,318 | €261 | -€1,056 | -80.2% |
| Furniture and vehicles | 24 | €50,758 | €93,708 | +€42,950 | +84.6% |
| Financial fixed assets | 28 | €1,238,392 | €1,238,392 | = | 0.0% |
| Current assets | 29/58 | €1,448,962 | €1,318,974 | -€129,988 | -9.0% |
| Amounts receivable within one year | 40/41 | €355,238 | €37,833 | -€317,405 | -89.3% |
| Trade receivables | 40 | €0 | €36,300 | +€36,300 | |
| Other amounts receivable | 41 | €355,238 | €1,533 | -€353,705 | -99.6% |
| Cash at bank and in hand | 54/58 | €1,090,609 | €1,277,466 | +€186,857 | +17.1% |
| Deferred charges and accrued income | 490/1 | €3,115 | €3,674 | +€559 | +17.9% |
| Total equity and liabilities | 10/49 | €2,912,439 | €2,814,864 | -€97,575 | -3.4% |
| Equity | 10/15 | -€1,097,600 | -€769,496 | +€328,104 | +29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,116,200 | -€788,096 | +€328,104 | +29.4% |
| Amounts payable | 17/49 | €4,010,039 | €3,584,360 | -€425,679 | -10.6% |
| Amounts payable after more than one year | 17 | €3,549,243 | €3,169,987 | -€379,256 | -10.7% |
| Financial debts | 170/4 | €3,549,243 | €3,169,987 | -€379,256 | -10.7% |
| Amounts payable within one year | 42/48 | €430,459 | €384,576 | -€45,884 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €405,499 | €379,256 | -€26,244 | -6.5% |
| Trade debts | 44 | €3,765 | €2,098 | -€1,667 | -44.3% |
| Suppliers | 440/4 | €3,765 | €2,098 | -€1,667 | -44.3% |
| Taxes, remuneration and social security | 45 | €1,299 | €3,126 | +€1,827 | +141% |
| Taxes | 450/3 | €1,299 | €3,126 | +€1,827 | +141% |
| Other amounts payable | 47/48 | €19,895 | €95 | -€19,800 | -99.5% |
| Accrued charges and deferred income | 492/3 | €30,338 | €29,798 | -€540 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,604 | €41,160 | +€18,556 | +82.1% |
| Other operating charges | 640/8 | €4,289 | €4,093 | -€197 | -4.6% |
| Gross operating margin | 9900 | €56,259 | €81,499 | +€25,241 | +44.9% |
| Operating profit (loss) | 9901 | €29,365 | €36,246 | +€6,881 | +23.4% |
| Financial income | 75/76B | €4,936 | €350,550 | +€345,614 | +7,002% |
| Recurring financial income | 75 | €4,936 | €350,550 | +€345,614 | +7,002% |
| Financial charges | 65/66B | €1,118,819 | €58,063 | -€1.1m | -94.8% |
| Recurring financial charges | 65 | €61,999 | €58,063 | -€3,935 | -6.3% |
| Non-recurring financial charges | 66B | €1,056,820 | €0 | -€1.1m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€1,084,518 | €328,733 | +€1.4m | |
| Income taxes | 67/77 | €224 | €629 | +€405 | +181% |
| Profit (loss) for the period | 9904 | -€1,084,741 | €328,104 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,084,741 | €328,104 | +€1.4m |
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 31 October 2026 via checked.be.