INTERSHIRT: 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.
INTERSHIRT
Largest movements
- Receivables within one year -€62,749
down €62,749 (-42.9%), from €146,337 to €83,588
of which Trade receivables: -€43,445
- Stocks and contracts -€35,427
down €35,427 (-13.2%), from €269,274 to €233,847
- Tangible fixed assets -€21,631
down €21,631 (-11.7%), from €185,268 to €163,638
of which Land and buildings: -€21,086
- Formation expenses -€16,585
down €16,585 (-100.0%), from €16,585 to €0
- Cash +€8,588
up €8,588 (+26.1%), from €32,931 to €41,519
mainly Other debts (+€86,968) and Receivables within one year (+€62,749)
- Contributions -€200,000
down €200,000 (-93.0%), from €215,000 to €15,000
- Other debts +€86,968
up €86,968 (+418.0%), from €20,808 to €107,776
- Current portion of long-term debt -€24,987
down €24,987 (-51.6%), from €48,422 to €23,436
- Gross operating margin -€22,908
down €22,908 (-11.8%), from €193,798 to €170,890
- Financial charges +€13,014
up €13,014 (+109.4%), from €11,897 to €24,911
- Staff costs +€3,348
up €3,348 (+4.0%), from €84,110 to €87,458
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €660,274 | €529,546 | -€130,728 | -19.8% |
| Formation expenses | 20 | €16,585 | €0 | -€16,585 | -100.0% |
| Fixed assets | 21/28 | €190,909 | €165,217 | -€25,692 | -13.5% |
| Intangible fixed assets | 21 | €4,061 | €0 | -€4,061 | -100.0% |
| Tangible fixed assets | 22/27 | €185,268 | €163,638 | -€21,631 | -11.7% |
| Land and buildings | 22 | €183,785 | €162,699 | -€21,086 | -11.5% |
| Plant, machinery and equipment | 23 | €1,483 | €938 | -€545 | -36.7% |
| Furniture and vehicles | 24 | €0 | €0 | -€0 | -100.0% |
| Financial fixed assets | 28 | €1,579 | €1,579 | = | 0.0% |
| Current assets | 29/58 | €452,780 | €364,329 | -€88,450 | -19.5% |
| Stocks and contracts in progress | 3 | €269,274 | €233,847 | -€35,427 | -13.2% |
| Stocks | 30/36 | €269,274 | €233,847 | -€35,427 | -13.2% |
| Amounts receivable within one year | 40/41 | €146,337 | €83,588 | -€62,749 | -42.9% |
| Trade receivables | 40 | €126,540 | €83,095 | -€43,445 | -34.3% |
| Other amounts receivable | 41 | €19,797 | €493 | -€19,304 | -97.5% |
| Cash at bank and in hand | 54/58 | €32,931 | €41,519 | +€8,588 | +26.1% |
| Deferred charges and accrued income | 490/1 | €4,238 | €5,376 | +€1,138 | +26.9% |
| Total equity and liabilities | 10/49 | €660,274 | €529,546 | -€130,728 | -19.8% |
| Equity | 10/15 | €275,127 | €79,700 | -€195,427 | -71.0% |
| Contributions | 10/11 | €215,000 | €15,000 | -€200,000 | -93.0% |
| Capital | 10 | €215,000 | - | -€215,000 | |
| Issued capital | 100 | €215,000 | - | -€215,000 | |
| Revaluation surpluses | 12 | €113,000 | €113,000 | = | 0.0% |
| Reserves | 13 | €51,507 | €51,507 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €0 | -€6,500 | -100.0% |
| Legal reserve | 130 | €6,500 | - | -€6,500 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | €5,873 | €5,873 | = | 0.0% |
| Distributable reserves | 133 | €39,134 | €45,634 | +€6,500 | +16.6% |
| Profit (loss) carried forward | 14 | -€106,734 | -€102,161 | +€4,573 | +4.3% |
| Investment grants | 15 | €2,354 | €2,354 | = | 0.0% |
| Amounts payable | 17/49 | €385,147 | €449,846 | +€64,699 | +16.8% |
| Amounts payable within one year | 42/48 | €385,147 | €449,846 | +€64,699 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €48,422 | €23,436 | -€24,987 | -51.6% |
| Financial debts | 43 | €235,176 | €235,078 | -€98 | 0.0% |
| Credit institutions | 430/8 | €235,176 | €235,078 | -€98 | 0.0% |
| Trade debts | 44 | €62,091 | €60,695 | -€1,395 | -2.2% |
| Suppliers | 440/4 | €62,091 | €60,695 | -€1,395 | -2.2% |
| Taxes, remuneration and social security | 45 | €18,649 | €22,861 | +€4,211 | +22.6% |
| Taxes | 450/3 | €12,867 | €13,856 | +€989 | +7.7% |
| Remuneration and social security | 454/9 | €5,782 | €9,005 | +€3,222 | +55.7% |
| Other amounts payable | 47/48 | €20,808 | €107,776 | +€86,968 | +418.0% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €84,110 | €87,458 | +€3,348 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,784 | €42,277 | -€507 | -1.2% |
| Other operating charges | 640/8 | €10,158 | €10,729 | +€571 | +5.6% |
| Gross operating margin | 9900 | €193,798 | €170,890 | -€22,908 | -11.8% |
| Operating profit (loss) | 9901 | €56,746 | €30,426 | -€26,320 | -46.4% |
| Financial income | 75/76B | €45 | €0 | -€45 | -100.0% |
| Recurring financial income | 75 | €45 | €0 | -€45 | -100.0% |
| Financial charges | 65/66B | €11,897 | €24,911 | +€13,014 | +109.4% |
| Recurring financial charges | 65 | €11,897 | €24,911 | +€13,014 | +109.4% |
| Profit (loss) for the period before taxes | 9903 | €44,894 | €5,514 | -€39,379 | -87.7% |
| Income taxes | 67/77 | €735 | €941 | +€206 | +28.1% |
| Profit (loss) for the period | 9904 | €44,159 | €4,573 | -€39,586 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,159 | €4,573 | -€39,586 | -89.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.