Grease a ring cake tin well and dust with flour. Chop the candy canes and put aside about 1/3. Finely crumble the speculoos. Mix sugar, flour, baking powder, chocolate drink powder, speculoos crumbs and chocolate drops.
Cream butter with the whisk of the hand mixer. Stir in the eggs one by one. First stir in the flour mixture, then the cream.
Fill the dough into the prepared form, smooth it down. Sprinkle candy cane crumbs on top, but do not sprinkle on the edge of the tin. Bake in the preheated oven (electric cooker: 175 °C/ convection oven: 150 °C/ gas: see manufacturer) for 35-40 minutes.
Take out, let it cool down briefly, then turn onto a cake rack. Turn the cake carefully and let it cool down. Sprinkle with the remaining candy cane crumbs.