SPAOLO: 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.
SPAOLO
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+453.6%), from €393,830 to €2.2m
of which Land and buildings: +€970,383
- Cash -€208,831
down €208,831 (-40.6%), from €513,822 to €304,991
mainly Investment in fixed assets (net) (-€2.3m) and Trade debts (-€210,719)
- Stocks and contracts +€183,213
up €183,213 (+42.1%), from €435,470 to €618,683
- Formation expenses +€153,275
up €153,275 (+3204.6%), from €4,783 to €158,058
- Deferred charges and accrued income +€66,785
up €66,785 (+24.2%), from €276,066 to €342,851
- Debts after one year +€1.6m
up €1.6m (+251.1%), from €622,914 to €2.2m
of which Financial debts: +€1.5m
- Accrued charges and deferred income +€267,448
up €267,448 (+6830.8%), from €3,915 to €271,363
- Trade debts -€210,719
down €210,719 (-15.7%), from €1.3m to €1.1m
- Current portion of long-term debt +€205,891
up €205,891 (+246.8%), from €83,421 to €289,312
- Profit (loss) carried forward +€106,608
up €106,608 (+39.0%), from -€273,282 to -€166,674
- Gross operating margin +€510,697
up €510,697 (+48.0%), from €1.1m to €1.6m
- Depreciation +€286,926
up €286,926 (+280.6%), from €102,252 to €389,177
- Staff costs -€150,355
down €150,355 (-14.8%), from €1.0m to €864,792
- Financial charges +€103,733
up €103,733 (+129.5%), from €80,123 to €183,856
of which Financial charges: +€77,170
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 | €2,566,235 | €4,516,914 | +€2.0m | +76.0% |
| Formation expenses | 20 | €4,783 | €158,058 | +€153,275 | +3204.6% |
| Fixed assets | 21/28 | €769,817 | €2,515,489 | +€1.7m | +226.8% |
| Intangible fixed assets | 21 | €375,988 | €333,306 | -€42,681 | -11.4% |
| Tangible fixed assets | 22/27 | €393,830 | €2,180,155 | +€1.8m | +453.6% |
| Land and buildings | 22 | - | €970,383 | +€970,383 | |
| Plant, machinery and equipment | 23 | €134,337 | €757,539 | +€623,202 | +463.9% |
| Furniture and vehicles | 24 | €15,776 | €452,233 | +€436,457 | +2766.5% |
| Assets under construction and advance payments | 27 | €243,716 | €0 | -€243,716 | -100.0% |
| Financial fixed assets | 28 | - | €2,028 | +€2,028 | |
| Current assets | 29/58 | €1,791,635 | €1,843,366 | +€51,732 | +2.9% |
| Stocks and contracts in progress | 3 | €435,470 | €618,683 | +€183,213 | +42.1% |
| Stocks | 30/36 | €435,470 | €618,683 | +€183,213 | +42.1% |
| Amounts receivable within one year | 40/41 | €566,277 | €576,841 | +€10,564 | +1.9% |
| Trade receivables | 40 | €566,277 | €518,898 | -€47,379 | -8.4% |
| Other amounts receivable | 41 | €0 | €57,943 | +€57,943 | |
| Cash at bank and in hand | 54/58 | €513,822 | €304,991 | -€208,831 | -40.6% |
| Deferred charges and accrued income | 490/1 | €276,066 | €342,851 | +€66,785 | +24.2% |
| Total equity and liabilities | 10/49 | €2,566,235 | €4,516,914 | +€2.0m | +76.0% |
| Equity | 10/15 | -€173,282 | -€66,674 | +€106,608 | +61.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€273,282 | -€166,674 | +€106,608 | +39.0% |
| Amounts payable | 17/49 | €2,739,517 | €4,583,588 | +€1.8m | +67.3% |
| Amounts payable after more than one year | 17 | €622,914 | €2,186,945 | +€1.6m | +251.1% |
| Financial debts | 170/4 | €472,914 | €1,990,745 | +€1.5m | +321.0% |
| Other amounts payable | 178/9 | €150,000 | €196,200 | +€46,200 | +30.8% |
| Amounts payable within one year | 42/48 | €2,112,688 | €2,125,280 | +€12,592 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €83,421 | €289,312 | +€205,891 | +246.8% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Other loans | 439 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €1,339,931 | €1,129,212 | -€210,719 | -15.7% |
| Suppliers | 440/4 | €1,339,931 | €1,129,212 | -€210,719 | -15.7% |
| Advances received on contracts in progress | 46 | - | €101 | +€101 | |
| Taxes, remuneration and social security | 45 | €169,062 | €154,962 | -€14,100 | -8.3% |
| Taxes | 450/3 | €19,970 | €164 | -€19,806 | -99.2% |
| Remuneration and social security | 454/9 | €149,092 | €154,798 | +€5,706 | +3.8% |
| Other amounts payable | 47/48 | €20,273 | €51,692 | +€31,419 | +155.0% |
| Accrued charges and deferred income | 492/3 | €3,915 | €271,363 | +€267,448 | +6830.8% |
| Non-recurring operating income | 76A | €453,257 | €593,985 | +€140,728 | +31.0% |
| Remuneration, social security and pensions | 62 | €1,015,147 | €864,792 | -€150,355 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,252 | €389,177 | +€286,926 | +280.6% |
| Other operating charges | 640/8 | €38,361 | €47,161 | +€8,800 | +22.9% |
| Non-recurring operating charges | 66A | €58 | €0 | -€58 | -100.0% |
| Gross operating margin | 9900 | €1,064,053 | €1,574,749 | +€510,697 | +48.0% |
| Operating profit (loss) | 9901 | -€91,766 | €273,618 | +€365,384 | |
| Financial income | 75/76B | €7,114 | €16,780 | +€9,667 | +135.9% |
| Recurring financial income | 75 | €7,114 | €16,780 | +€9,667 | +135.9% |
| Financial charges | 65/66B | €80,123 | €183,856 | +€103,733 | +129.5% |
| Recurring financial charges | 65 | €70,502 | €147,672 | +€77,170 | +109.5% |
| Non-recurring financial charges | 66B | €9,620 | €36,184 | +€26,563 | +276.1% |
| Profit (loss) for the period before taxes | 9903 | -€164,775 | €106,543 | +€271,318 | |
| Income taxes | 67/77 | €218 | -€65 | -€283 | |
| Profit (loss) for the period | 9904 | -€164,993 | €106,608 | +€271,601 | |
| Profit (loss) for the period to be appropriated | 9905 | -€164,993 | €106,608 | +€271,601 |
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 4 October 2026 via checked.be.