SPAACO: 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.
SPAACO
Largest movements
- Cash -€321,260
down €321,260 (-88.7%), from €362,265 to €41,005
mainly Other debts (-€250,000) and Short-term financial debts (-€160,341)
- Receivables within one year +€33,999
up €33,999 (+66.7%), from €50,957 to €84,956
of which Other amounts receivable: +€41,187
- Other debts -€250,000
no longer reported in 2025 (was €250,000)
- Short-term financial debts -€160,341
no longer reported in 2025 (was €160,341)
- Reserves +€104,582
up €104,582 (+20.1%), from €521,124 to €625,706
of which Distributable reserves: +€104,582
- Gross operating margin +€67,129
up €67,129 (+30.7%), from €219,009 to €286,138
- Financial income -€11,989
down €11,989 (-100.0%), from €11,992 to €3
- Taxes +€11,239
up €11,239 (+47.6%), from €23,622 to €34,861
- Depreciation +€11,010
up €11,010 (+8.3%), from €132,312 to €143,322
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 | €1,361,725 | €1,074,911 | -€286,814 | -21.1% |
| Fixed assets | 21/28 | €948,503 | €948,951 | +€447 | 0.0% |
| Tangible fixed assets | 22/27 | €948,503 | €948,951 | +€447 | 0.0% |
| Plant, machinery and equipment | 23 | €948,503 | €948,951 | +€447 | 0.0% |
| Current assets | 29/58 | €413,222 | €125,961 | -€287,261 | -69.5% |
| Amounts receivable within one year | 40/41 | €50,957 | €84,956 | +€33,999 | +66.7% |
| Trade receivables | 40 | €29,223 | €22,035 | -€7,188 | -24.6% |
| Other amounts receivable | 41 | €21,733 | €62,920 | +€41,187 | +190% |
| Cash at bank and in hand | 54/58 | €362,265 | €41,005 | -€321,260 | -88.7% |
| Total equity and liabilities | 10/49 | €1,361,725 | €1,074,911 | -€286,814 | -21.1% |
| Equity | 10/15 | €921,124 | €1,025,706 | +€104,582 | +11.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €521,124 | €625,706 | +€104,582 | +20.1% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €481,124 | €585,706 | +€104,582 | +21.7% |
| Amounts payable | 17/49 | €440,601 | €49,205 | -€391,396 | -88.8% |
| Amounts payable within one year | 42/48 | €440,601 | €49,205 | -€391,396 | -88.8% |
| Financial debts | 43 | €160,341 | - | -€160,341 | |
| Other loans | 439 | €160,341 | - | -€160,341 | |
| Trade debts | 44 | €29,424 | €40,865 | +€11,442 | +38.9% |
| Suppliers | 440/4 | €29,424 | €40,865 | +€11,442 | +38.9% |
| Taxes, remuneration and social security | 45 | €836 | €8,340 | +€7,504 | +897% |
| Taxes | 450/3 | €836 | €8,340 | +€7,504 | +897% |
| Other amounts payable | 47/48 | €250,000 | - | -€250,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,312 | €143,322 | +€11,010 | +8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,168 | - | -€2,168 | |
| Other operating charges | 640/8 | €1,086 | €998 | -€87 | -8.0% |
| Gross operating margin | 9900 | €219,009 | €286,138 | +€67,129 | +30.7% |
| Operating profit (loss) | 9901 | €83,443 | €141,818 | +€58,375 | +70.0% |
| Financial income | 75/76B | €11,992 | €3 | -€11,989 | -100.0% |
| Recurring financial income | 75 | €11,992 | €3 | -€11,989 | -100.0% |
| Financial charges | 65/66B | €2,360 | €2,378 | +€19 | +0.8% |
| Recurring financial charges | 65 | €2,360 | €2,378 | +€19 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €93,076 | €139,442 | +€46,367 | +49.8% |
| Income taxes | 67/77 | €23,622 | €34,861 | +€11,239 | +47.6% |
| Profit (loss) for the period | 9904 | €69,454 | €104,582 | +€35,128 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,454 | €104,582 | +€35,128 | +50.6% |
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 27 October 2026 via checked.be.