Belgian Shell: 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.
What changed
Belgian Shell
NACE 46.810, Wholesale of solid, liquid and gaseous fuels and related products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22.4m
2024 · €14.5m+€7.9m
Equity
€92.0m
2024 · €92.0m+€1,964
Cash
€53.1m
2024 · €46.3m+€6.8m
Balance sheet total
€317.5m
2024 · €325.1m-€7.5m
Largest movements
Assets
- Receivables within one year -€16.7m
down €16.7m (-11.7%), from €142.2m to €125.5m
of which Trade receivables: -€14.8m
- Tangible fixed assets +€7.7m
up €7.7m (+7.3%), from €105.3m to €113.0m
of which Plant, machinery and equipment: +€18.9m
- Cash +€6.8m
up €6.8m (+14.6%), from €46.3m to €53.1m
mainly Net result for the year (+€22.4m) and Receivables within one year (+€16.7m)
- Stocks and contracts -€5.9m
down €5.9m (-21.1%), from €28.2m to €22.2m
Equity and liabilities
- Trade debts -€12.4m
down €12.4m (-8.1%), from €153.5m to €141.2m
- Tax, wage and social debts +€8.0m
up €8.0m (+16.9%), from €47.4m to €55.4m
of which Taxes: +€9.3m
- Provisions -€5.2m
down €5.2m (-47.6%), from €10.9m to €5.7m
Income statement
- Goods and materials -€134.2m
down €134.2m (-6.9%), from €1.94bn to €1.81bn
of which Purchases: -€137.3m
- Turnover -€130.3m
down €130.3m (-6.3%), from €2.07bn to €1.94bn
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.
Result 2024
€14.5m
Turnover
-€130.3m
Other operating income
+€1.6m
Goods and materials
+€134.2m
Services and other goods
+€3.6m
Staff costs
-€4.1m
Depreciation
+€158,932
Write-downs
-€94,984
Provisions
+€4.2m
Other operating charges
-€656,612
Other operating items
+€2.3m
Financial income
-€1.2m
Financial charges
+€2.8m
Taxes
-€4.5m
Result 2025
€22.4m
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.
From operations
+€46.2m
Investment
-€17.0m
Financing
-€22.4m
Cash 2024
€46.3m
From operations (derived)
+€46.2m
Net result for the year
+€22.4m
Depreciation
+€9.3m
Receivables after one year
+€100,678
Stocks and contracts
+€5.9m
Receivables within one year
+€16.7m
Deferred charges and accrued income
-€754,043
Provisions
-€5.2m
Trade debts
-€12.4m
Tax, wage and social debts
+€8.0m
Other debts
+€1.8m
Accrued charges and deferred income
+€212,289
Investment (derived)
-€17.0m
Investment in fixed assets (net)
-€17.0m
Financing
-€22.4m
Contributions, distributions and other
-€22.4m
Cash 2025
€53.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €325,053,599 | €317,542,409 | -€7.5m | -2.3% |
| Fixed assets | 21/28 | €105,393,134 | €113,097,004 | +€7.7m | +7.3% |
| Tangible fixed assets | 22/27 | €105,296,805 | €113,011,907 | +€7.7m | +7.3% |
| Land and buildings | 22 | €16,520,473 | €15,866,139 | -€654,334 | -4.0% |
| Plant, machinery and equipment | 23 | €45,941,697 | €64,868,461 | +€18.9m | +41.2% |
| Furniture and vehicles | 24 | €113,413 | €59,463 | -€53,950 | -47.6% |
| Assets under construction and advance payments | 27 | €42,721,222 | €32,217,844 | -€10.5m | -24.6% |
| Financial fixed assets | 28 | €96,329 | €85,097 | -€11,232 | -11.7% |
| Affiliated companies | 280/1 | €96,329 | €85,097 | -€11,232 | -11.7% |
| Participating interests | 280 | €96,329 | €85,097 | -€11,232 | -11.7% |
| Current assets | 29/58 | €219,660,465 | €204,445,405 | -€15.2m | -6.9% |
| Amounts receivable after more than one year | 29 | €239,510 | €138,832 | -€100,678 | -42.0% |
| Other amounts receivable | 291 | €239,510 | €138,832 | -€100,678 | -42.0% |
| Stocks and contracts in progress | 3 | €28,160,047 | €22,224,239 | -€5.9m | -21.1% |
| Stocks | 30/36 | €28,160,047 | €22,224,239 | -€5.9m | -21.1% |
| Raw materials and consumables | 30/31 | €4,676,707 | €4,510,710 | -€165,997 | -3.5% |
| Work in progress | 32 | €1,461,813 | €1,534,077 | +€72,264 | +4.9% |
| Finished goods | 33 | €5,753,269 | €7,346,843 | +€1.6m | +27.7% |
| Goods purchased for resale | 34 | €16,268,258 | €8,832,609 | -€7.4m | -45.7% |
| Amounts receivable within one year | 40/41 | €142,247,939 | €125,537,822 | -€16.7m | -11.7% |
| Trade receivables | 40 | €140,150,537 | €125,378,626 | -€14.8m | -10.5% |
| Other amounts receivable | 41 | €2,097,402 | €159,196 | -€1.9m | -92.4% |
| Cash at bank and in hand | 54/58 | €46,332,138 | €53,109,638 | +€6.8m | +14.6% |
| Deferred charges and accrued income | 490/1 | €2,680,831 | €3,434,874 | +€754,043 | +28.1% |
| Total equity and liabilities | 10/49 | €325,053,599 | €317,542,409 | -€7.5m | -2.3% |
| Equity | 10/15 | €92,039,053 | €92,041,017 | +€1,964 | 0.0% |
| Contributions | 10/11 | €83,588,164 | €83,588,164 | = | 0.0% |
| Capital | 10 | €83,588,164 | €83,588,164 | = | 0.0% |
| Issued capital | 100 | €83,588,164 | €83,588,164 | = | 0.0% |
| Reserves | 13 | €8,358,817 | €8,358,816 | -€1 | 0.0% |
| Non-distributable reserves | 130/1 | €8,358,817 | €8,358,816 | -€1 | 0.0% |
| Legal reserve | 130 | €8,358,817 | €8,358,816 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | €92,072 | €94,037 | +€1,965 | +2.1% |
| Provisions and deferred taxes | 16 | €10,886,896 | €5,709,252 | -€5.2m | -47.6% |
| Provisions for liabilities and charges | 160/5 | €10,886,896 | €5,709,252 | -€5.2m | -47.6% |
| Environmental obligations | 163 | €5,644,096 | €5,278,752 | -€365,344 | -6.5% |
| Other liabilities and charges | 164/5 | €5,242,800 | €430,500 | -€4.8m | -91.8% |
| Amounts payable | 17/49 | €222,127,650 | €219,792,140 | -€2.3m | -1.1% |
| Amounts payable within one year | 42/48 | €221,675,253 | €219,127,454 | -€2.5m | -1.1% |
| Trade debts | 44 | €153,536,155 | €141,169,281 | -€12.4m | -8.1% |
| Suppliers | 440/4 | €153,536,155 | €141,169,281 | -€12.4m | -8.1% |
| Taxes, remuneration and social security | 45 | €47,427,097 | €55,418,894 | +€8.0m | +16.9% |
| Taxes | 450/3 | €38,018,208 | €47,306,545 | +€9.3m | +24.4% |
| Remuneration and social security | 454/9 | €9,408,889 | €8,112,349 | -€1.3m | -13.8% |
| Other amounts payable | 47/48 | €20,712,001 | €22,539,279 | +€1.8m | +8.8% |
| Accrued charges and deferred income | 492/3 | €452,397 | €664,686 | +€212,289 | +46.9% |
| Operating income | 70/76A | €2,129,731,949 | €2,001,110,808 | -€128.6m | -6.0% |
| Turnover | 70 | €2,068,379,996 | €1,938,075,694 | -€130.3m | -6.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,557,234 | €1,665,838 | +€108,604 | +7.0% |
| Other operating income | 74 | €59,794,719 | €61,369,276 | +€1.6m | +2.6% |
| Operating charges | 60/66A | €2,112,698,694 | €1,973,243,891 | -€139.5m | -6.6% |
| Goods for resale, raw materials and consumables | 60 | €1,940,358,980 | €1,806,133,155 | -€134.2m | -6.9% |
| Purchases | 600/8 | €1,935,804,539 | €1,798,531,509 | -€137.3m | -7.1% |
| Change in stocks: decrease (increase) | 609 | €4,554,441 | €7,601,646 | +€3.0m | +66.9% |
| Services and other goods | 61 | €111,738,523 | €108,126,443 | -€3.6m | -3.2% |
| Remuneration, social security and pensions | 62 | €42,764,739 | €46,867,150 | +€4.1m | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,429,548 | €9,270,616 | -€158,932 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €117,581 | €212,565 | +€94,984 | +80.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,016,173 | -€5,177,644 | -€4.2m | -409.5% |
| Other operating charges | 640/8 | €6,547,111 | €7,203,723 | +€656,612 | +10.0% |
| Non-recurring operating charges | 66A | €2,758,385 | €607,883 | -€2.2m | -78.0% |
| Operating profit (loss) | 9901 | €17,033,255 | €27,866,917 | +€10.8m | +63.6% |
| Financial income | 75/76B | €11,059,046 | €9,845,916 | -€1.2m | -11.0% |
| Recurring financial income | 75 | €8,730,762 | €9,075,675 | +€344,913 | +4.0% |
| Income from current assets | 751 | €440 | - | -€440 | |
| Other financial income | 752/9 | €8,730,322 | €9,075,675 | +€345,353 | +4.0% |
| Non-recurring financial income | 76B | €2,328,284 | €770,241 | -€1.6m | -66.9% |
| Financial charges | 65/66B | €10,630,438 | €7,843,547 | -€2.8m | -26.2% |
| Recurring financial charges | 65 | €10,618,044 | €7,832,315 | -€2.8m | -26.2% |
| Debt charges | 650 | €601,952 | €102,003 | -€499,949 | -83.1% |
| Other financial charges | 652/9 | €10,016,092 | €7,730,312 | -€2.3m | -22.8% |
| Non-recurring financial charges | 66B | €12,394 | €11,232 | -€1,162 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €17,461,863 | €29,869,286 | +€12.4m | +71.1% |
| Income taxes | 67/77 | €2,969,503 | €7,467,322 | +€4.5m | +151.5% |
| Taxes | 670/3 | €2,969,503 | €7,467,322 | +€4.5m | +151.5% |
| Profit (loss) for the period | 9904 | €14,492,360 | €22,401,964 | +€7.9m | +54.6% |
| Transfer from tax-exempt reserves | 789 | €5,737,456 | - | -€5.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €20,229,816 | €22,401,964 | +€2.2m | +10.7% |
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 29 September 2026 via checked.be.