S.H.A.D. MANAGEMENT: what changed
What changed
S.H.A.D. MANAGEMENT
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€28,690
2024 · €68,416-€39,726
Equity
€165,124
2024 · €136,435+€28,690
Cash
€12,413
2024 · €56,162-€43,749
Balance sheet total
€347,667
2024 · €399,068-€51,401
Largest movements
Assets
- Cash -€43,749
down €43,749 (-77.9%), from €56,162 to €12,413
mainly Debts after one year (-€30,183) and Other debts (-€25,239)
- Receivables within one year -€7,260
down €7,260 (-100%), from €7,260 to €0
of which Trade receivables: -€7,260
Equity and liabilities
- Debts after one year -€30,183
down €30,183 (-33.6%), from €89,937 to €59,754
of which Financial debts: -€30,183
- Reserves +€29,000
up €29,000 (+26.1%), from €111,000 to €140,000
- Other debts -€25,239
down €25,239 (-32.2%), from €78,491 to €53,252
- Tax, wage and social debts -€23,605
down €23,605 (-55.4%), from €42,592 to €18,987
of which Taxes: -€23,486
- Trade debts -€22,561
down €22,561 (-98.0%), from €23,017 to €456
Income statement
- Turnover -€190,000
no longer reported in 2025 (was €190,000)
- Gross operating margin +€73,096
new in 2025: €73,096
- Services and other goods -€65,740
no longer reported in 2025 (was €65,740)
- Taxes -€14,339
down €14,339 (-78.8%), from €18,199 to €3,860
of which Taxes: -€19,911
- Other operating income -€4,154
no longer reported in 2025 (was €4,154)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€68,416
Turnover
-€190,000
Other operating income
-€4,154
Services and other goods
+€65,740
Staff costs
-€2,179
Depreciation
-€655
Other operating charges
+€2,698
Other operating items
+€73,096
Financial charges
+€1,389
Taxes
+€14,339
Result 2025
€28,690
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€31,010
Investment
-€4,054
Financing
-€8,685
Cash 2024
€56,162
From operations (derived)
-€31,010
Net result for the year
+€28,690
Depreciation
+€3,488
Receivables within one year
+€7,260
Deferred charges and accrued income
+€957
Trade debts
-€22,561
Tax, wage and social debts
-€23,605
Other debts
-€25,239
Investment (derived)
-€4,054
Investment in fixed assets (net)
-€4,054
Financing
-€8,685
Debts after one year
-€30,183
Current portion of long-term debt
+€21,498
Cash 2025
€12,413
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €399,068 | €347,667 | -€51,401 | -12.9% |
| Fixed assets | 21/28 | €330,667 | €331,232 | +€565 | +0.2% |
| Tangible fixed assets | 22/27 | €5,667 | €6,232 | +€565 | +10.0% |
| Furniture and vehicles | 24 | €5,667 | €6,232 | +€565 | +10.0% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Affiliated companies | 280/1 | €325,000 | - | -€325,000 | |
| Participating interests | 280 | €325,000 | - | -€325,000 | |
| Current assets | 29/58 | €68,401 | €16,435 | -€51,966 | -76.0% |
| Amounts receivable within one year | 40/41 | €7,260 | €0 | -€7,260 | -100% |
| Trade receivables | 40 | €7,260 | €0 | -€7,260 | -100% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €56,162 | €12,413 | -€43,749 | -77.9% |
| Deferred charges and accrued income | 490/1 | €4,979 | €4,022 | -€957 | -19.2% |
| Total equity and liabilities | 10/49 | €399,068 | €347,667 | -€51,401 | -12.9% |
| Equity | 10/15 | €136,435 | €165,124 | +€28,690 | +21.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €111,000 | €140,000 | +€29,000 | +26.1% |
| Distributable reserves | 133 | €111,000 | €140,000 | +€29,000 | +26.1% |
| Profit (loss) carried forward | 14 | €435 | €124 | -€310 | -71.4% |
| Amounts payable | 17/49 | €262,633 | €182,543 | -€80,090 | -30.5% |
| Amounts payable after more than one year | 17 | €89,937 | €59,754 | -€30,183 | -33.6% |
| Financial debts | 170/4 | €89,937 | €59,754 | -€30,183 | -33.6% |
| Credit institutions | 173 | €89,937 | - | -€89,937 | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €172,696 | €122,789 | -€49,907 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €28,596 | €50,094 | +€21,498 | +75.2% |
| Trade debts | 44 | €23,017 | €456 | -€22,561 | -98.0% |
| Suppliers | 440/4 | €23,017 | €456 | -€22,561 | -98.0% |
| Taxes, remuneration and social security | 45 | €42,592 | €18,987 | -€23,605 | -55.4% |
| Taxes | 450/3 | €33,794 | €10,307 | -€23,486 | -69.5% |
| Remuneration and social security | 454/9 | €8,799 | €8,680 | -€119 | -1.3% |
| Other amounts payable | 47/48 | €78,491 | €53,252 | -€25,239 | -32.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €194,154 | - | -€194,154 | |
| Turnover | 70 | €190,000 | - | -€190,000 | |
| Other operating income | 74 | €4,154 | - | -€4,154 | |
| Operating charges | 60/66A | €120,155 | - | -€120,155 | |
| Services and other goods | 61 | €65,740 | - | -€65,740 | |
| Remuneration, social security and pensions | 62 | €47,942 | €50,121 | +€2,179 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,833 | €3,488 | +€655 | +23.1% |
| Other operating charges | 640/8 | €3,639 | €941 | -€2,698 | -74.1% |
| Gross operating margin | 9900 | - | €73,096 | +€73,096 | |
| Operating profit (loss) | 9901 | €73,999 | €18,546 | -€55,454 | -74.9% |
| Financial income | 75/76B | €20,000 | €20,000 | = | 0.0% |
| Recurring financial income | 75 | €20,000 | €20,000 | = | 0.0% |
| Income from financial fixed assets | 750 | €20,000 | - | -€20,000 | |
| Financial charges | 65/66B | €7,385 | €5,996 | -€1,389 | -18.8% |
| Recurring financial charges | 65 | €7,385 | €5,996 | -€1,389 | -18.8% |
| Debt charges | 650 | €7,219 | - | -€7,219 | |
| Other financial charges | 652/9 | €166 | - | -€166 | |
| Profit (loss) for the period before taxes | 9903 | €86,615 | €32,550 | -€54,065 | -62.4% |
| Income taxes | 67/77 | €18,199 | €3,860 | -€14,339 | -78.8% |
| Taxes | 670/3 | €19,911 | - | -€19,911 | |
| Tax adjustments and reversals of tax provisions | 77 | €1,712 | - | -€1,712 | |
| Profit (loss) for the period | 9904 | €68,416 | €28,690 | -€39,726 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,416 | €28,690 | -€39,726 | -58.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.