S and SHEIKH: 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.
S and SHEIKH
Largest movements
- Receivables within one year +€10,694
up €10,694 (+63.3%), from €16,881 to €27,575
- Stocks and contracts +€7,826
up €7,826 (+19.6%), from €39,842 to €47,668
- Tangible fixed assets -€3,632
no longer reported in 2025 (was €3,632)
- Cash -€1,198
down €1,198 (-12.8%), from €9,358 to €8,160
mainly Receivables within one year (-€10,694) and Stocks and contracts (-€7,826)
- Tax, wage and social debts +€7,965
up €7,965 (+798%), from €998 to €8,963
- Profit (loss) carried forward +€6,196
up €6,196 (+18.5%), from €33,424 to €39,620
- Other debts +€4,598
up €4,598 (+68.5%), from €6,717 to €11,315
- Trade debts -€4,307
down €4,307 (-83.1%), from €5,180 to €873
- Gross operating margin +€5,024
up €5,024 (+64.4%), from €7,799 to €12,823
- Taxes +€1,149
up €1,149 (+216%), from €533 to €1,682
- Other operating charges -€197
down €197 (-37.3%), from €527 to €330
- Financial charges -€190
down €190 (-15.5%), from €1,225 to €1,035
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 | €69,713 | €84,166 | +€14,452 | +20.7% |
| Fixed assets | 21/28 | €3,632 | - | -€3,632 | |
| Tangible fixed assets | 22/27 | €3,632 | - | -€3,632 | |
| Leasing and similar rights | 25 | €3,632 | - | -€3,632 | |
| Current assets | 29/58 | €66,081 | €84,166 | +€18,085 | +27.4% |
| Stocks and contracts in progress | 3 | €39,842 | €47,668 | +€7,826 | +19.6% |
| Stocks | 30/36 | €39,842 | €47,668 | +€7,826 | +19.6% |
| Amounts receivable within one year | 40/41 | €16,881 | €27,575 | +€10,694 | +63.3% |
| Trade receivables | 40 | €16,881 | €27,575 | +€10,694 | +63.3% |
| Cash at bank and in hand | 54/58 | €9,358 | €8,160 | -€1,198 | -12.8% |
| Deferred charges and accrued income | 490/1 | - | €762 | +€762 | |
| Total equity and liabilities | 10/49 | €69,713 | €84,166 | +€14,452 | +20.7% |
| Equity | 10/15 | €56,819 | €63,015 | +€6,196 | +10.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,803 | €4,803 | = | 0.0% |
| Distributable reserves | 133 | €4,803 | €4,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,424 | €39,620 | +€6,196 | +18.5% |
| Amounts payable | 17/49 | €12,894 | €21,151 | +€8,257 | +64.0% |
| Amounts payable within one year | 42/48 | €12,894 | €21,151 | +€8,257 | +64.0% |
| Trade debts | 44 | €5,180 | €873 | -€4,307 | -83.1% |
| Suppliers | 440/4 | €5,180 | €873 | -€4,307 | -83.1% |
| Taxes, remuneration and social security | 45 | €998 | €8,963 | +€7,965 | +798% |
| Taxes | 450/3 | €998 | €8,963 | +€7,965 | +798% |
| Other amounts payable | 47/48 | €6,717 | €11,315 | +€4,598 | +68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,632 | €3,632 | -€0 | 0.0% |
| Other operating charges | 640/8 | €527 | €330 | -€197 | -37.3% |
| Gross operating margin | 9900 | €7,799 | €12,823 | +€5,024 | +64.4% |
| Operating profit (loss) | 9901 | €3,640 | €8,860 | +€5,221 | +143% |
| Financial income | 75/76B | €30 | €52 | +€22 | +73.6% |
| Recurring financial income | 75 | €30 | €52 | +€22 | +73.6% |
| Financial charges | 65/66B | €1,225 | €1,035 | -€190 | -15.5% |
| Recurring financial charges | 65 | €1,225 | €1,035 | -€190 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €2,445 | €7,877 | +€5,433 | +222% |
| Income taxes | 67/77 | €533 | €1,682 | +€1,149 | +216% |
| Profit (loss) for the period | 9904 | €1,912 | €6,196 | +€4,284 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €1,912 | €6,196 | +€4,284 | +224% |
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.