KESHAV SHANTI: 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.
KESHAV SHANTI
Largest movements
- Tangible fixed assets -€6,996
down €6,996 (-51.3%), from €13,642 to €6,646
of which Plant, machinery and equipment: -€5,445
- Stocks and contracts -€2,437
down €2,437 (-58.3%), from €4,182 to €1,745
- Deferred charges and accrued income -€1,234
down €1,234 (-100%), from €1,234 to €0
- Intangible fixed assets -€1,000
down €1,000 (-17.7%), from €5,644 to €4,644
- Trade debts -€24,032
down €24,032 (-71.5%), from €33,633 to €9,601
- Reserves +€12,037
up €12,037 (+29.2%), from €41,197 to €53,234
- Gross operating margin -€77,557
down €77,557 (-30.0%), from €258,660 to €181,102
- Staff costs -€48,134
down €48,134 (-24.3%), from €197,863 to €149,729
- Financial charges -€21,230
down €21,230 (-86.5%), from €24,532 to €3,302
- Other operating charges +€7,411
up €7,411 (+1,149%), from €645 to €8,056
- Depreciation -€4,039
down €4,039 (-33.6%), from €12,035 to €7,996
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 | €95,554 | €84,255 | -€11,299 | -11.8% |
| Fixed assets | 21/28 | €24,386 | €16,390 | -€7,996 | -32.8% |
| Intangible fixed assets | 21 | €5,644 | €4,644 | -€1,000 | -17.7% |
| Tangible fixed assets | 22/27 | €13,642 | €6,646 | -€6,996 | -51.3% |
| Plant, machinery and equipment | 23 | €7,552 | €2,106 | -€5,445 | -72.1% |
| Furniture and vehicles | 24 | €652 | €0 | -€652 | -100% |
| Other tangible fixed assets | 26 | €5,438 | €4,540 | -€899 | -16.5% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €71,168 | €67,865 | -€3,303 | -4.6% |
| Stocks and contracts in progress | 3 | €4,182 | €1,745 | -€2,437 | -58.3% |
| Stocks | 30/36 | €4,182 | €1,745 | -€2,437 | -58.3% |
| Amounts receivable within one year | 40/41 | €212 | €0 | -€212 | -100% |
| Trade receivables | 40 | €212 | €0 | -€212 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €65,540 | €66,120 | +€581 | +0.9% |
| Deferred charges and accrued income | 490/1 | €1,234 | €0 | -€1,234 | -100% |
| Total equity and liabilities | 10/49 | €95,554 | €84,255 | -€11,299 | -11.8% |
| Equity | 10/15 | €42,197 | €54,234 | +€12,037 | +28.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €41,197 | €53,234 | +€12,037 | +29.2% |
| Distributable reserves | 133 | €41,197 | €53,234 | +€12,037 | +29.2% |
| Amounts payable | 17/49 | €53,357 | €30,020 | -€23,336 | -43.7% |
| Amounts payable within one year | 42/48 | €53,357 | €30,020 | -€23,336 | -43.7% |
| Trade debts | 44 | €33,633 | €9,601 | -€24,032 | -71.5% |
| Suppliers | 440/4 | €33,633 | €9,601 | -€24,032 | -71.5% |
| Taxes, remuneration and social security | 45 | €19,723 | €20,419 | +€696 | +3.5% |
| Taxes | 450/3 | €414 | €3,367 | +€2,953 | +713% |
| Remuneration and social security | 454/9 | €19,309 | €17,052 | -€2,257 | -11.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €197,863 | €149,729 | -€48,134 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,035 | €7,996 | -€4,039 | -33.6% |
| Other operating charges | 640/8 | €645 | €8,056 | +€7,411 | +1,149% |
| Gross operating margin | 9900 | €258,660 | €181,102 | -€77,557 | -30.0% |
| Operating profit (loss) | 9901 | €48,117 | €15,322 | -€32,795 | -68.2% |
| Financial income | 75/76B | €48 | €18 | -€30 | -61.9% |
| Recurring financial income | 75 | €48 | €18 | -€30 | -61.9% |
| Financial charges | 65/66B | €24,532 | €3,302 | -€21,230 | -86.5% |
| Recurring financial charges | 65 | €24,532 | €3,302 | -€21,230 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | €23,632 | €12,037 | -€11,595 | -49.1% |
| Profit (loss) for the period | 9904 | €23,632 | €12,037 | -€11,595 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,632 | €12,037 | -€11,595 | -49.1% |
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 30 October 2026 via checked.be.