A system is a chain. The electronics preserve the detail and clarity, as well as control the dynamic snap and bass inpact that the speaker can develop.
A higher quality speaker may not necessarily shine unless all the finer points of the system are up to snuff, this means cables, power conditioning etc.
A larger floortanding speaker will generally give you more sound a bigger image and more bass. So a speaker which is one mini monitor ie the Dynaudio vs a Tannoy may not be that shocking of a difference just one of more resolution hence your experience.
In answer to your query all parts of the system are inpportant but I have allways subscribed to speaker and electronics first before cd upgrades. The better the resolution of the speakers and electronics the easier is is to hear the difference in the front end.