IMMO SHANAW: 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.
IMMO SHANAW
Largest movements
- Receivables within one year +€46,478
up €46,478 (+476%), from €9,757 to €56,235
of which Trade receivables: +€46,463
- Cash +€9,983
up €9,983 (+13.1%), from €75,945 to €85,928
mainly Net result for the year (+€23,618) and Tax, wage and social debts (+€21,680)
- Tangible fixed assets -€8,604
down €8,604 (-84.2%), from €10,214 to €1,610
- Reserves +€23,618
up €23,618 (+58.0%), from €40,723 to €64,341
of which Distributable reserves: +€23,618
- Tax, wage and social debts +€21,680
up €21,680 (+84.4%), from €25,690 to €47,370
of which Remuneration and social security: +€14,615
- Trade debts +€2,523
up €2,523 (+16.5%), from €15,265 to €17,788
- Gross operating margin +€109,402
up €109,402, from -€6,415 to €102,987
- Staff costs +€34,026
up €34,026 (+61.4%), from €55,391 to €89,417
- Taxes -€25,651
down €25,651, from €2,061 to -€23,590
- Depreciation -€6,570
down €6,570 (-37.1%), from €17,701 to €11,131
- Other operating charges -€5,956
down €5,956 (-72.6%), from €8,209 to €2,253
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 | €97,603 | €145,500 | +€47,897 | +49.1% |
| Fixed assets | 21/28 | €11,731 | €3,127 | -€8,604 | -73.3% |
| Tangible fixed assets | 22/27 | €10,214 | €1,610 | -€8,604 | -84.2% |
| Furniture and vehicles | 24 | €10,214 | €1,610 | -€8,604 | -84.2% |
| Financial fixed assets | 28 | €1,517 | €1,517 | = | 0.0% |
| Current assets | 29/58 | €85,872 | €142,373 | +€56,501 | +65.8% |
| Amounts receivable within one year | 40/41 | €9,757 | €56,235 | +€46,478 | +476% |
| Trade receivables | 40 | €9,757 | €56,220 | +€46,463 | +476% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €75,945 | €85,928 | +€9,983 | +13.1% |
| Deferred charges and accrued income | 490/1 | €170 | €210 | +€40 | +23.5% |
| Total equity and liabilities | 10/49 | €97,603 | €145,500 | +€47,897 | +49.1% |
| Equity | 10/15 | €5,771 | €29,389 | +€23,618 | +409% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €40,723 | €64,341 | +€23,618 | +58.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €22,868 | €46,486 | +€23,618 | +103% |
| Profit (loss) carried forward | 14 | -€41,152 | -€41,152 | = | 0.0% |
| Amounts payable | 17/49 | €91,832 | €116,111 | +€24,279 | +26.4% |
| Amounts payable within one year | 42/48 | €91,832 | €116,111 | +€24,279 | +26.4% |
| Trade debts | 44 | €15,265 | €17,788 | +€2,523 | +16.5% |
| Suppliers | 440/4 | €15,265 | €17,788 | +€2,523 | +16.5% |
| Advances received on contracts in progress | 46 | €18,626 | €18,626 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €25,690 | €47,370 | +€21,680 | +84.4% |
| Taxes | 450/3 | €4,089 | €11,154 | +€7,065 | +173% |
| Remuneration and social security | 454/9 | €21,601 | €36,216 | +€14,615 | +67.7% |
| Other amounts payable | 47/48 | €32,251 | €32,327 | +€76 | +0.2% |
| Remuneration, social security and pensions | 62 | €55,391 | €89,417 | +€34,026 | +61.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,701 | €11,131 | -€6,570 | -37.1% |
| Other operating charges | 640/8 | €8,209 | €2,253 | -€5,956 | -72.6% |
| Gross operating margin | 9900 | -€6,415 | €102,987 | +€109,402 | |
| Operating profit (loss) | 9901 | -€87,716 | €186 | +€87,902 | |
| Financial income | 75/76B | €1,831 | €621 | -€1,210 | -66.1% |
| Recurring financial income | 75 | €1,831 | €621 | -€1,210 | -66.1% |
| Financial charges | 65/66B | €1,126 | €779 | -€347 | -30.8% |
| Recurring financial charges | 65 | €1,126 | €779 | -€347 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | -€87,011 | €28 | +€87,039 | |
| Income taxes | 67/77 | €2,061 | -€23,590 | -€25,651 | |
| Profit (loss) for the period | 9904 | -€89,072 | €23,618 | +€112,690 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,072 | €23,618 | +€112,690 |
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.