S.H.T.L.: 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.H.T.L.
Largest movements
- Tangible fixed assets -€10,491
down €10,491 (-14.2%), from €73,685 to €63,194
- Receivables within one year +€4,064
up €4,064 (+440%), from €924 to €4,988
of which Trade receivables: +€2,744
- Cash +€1,977
up €1,977 (+145%), from €1,365 to €3,342
mainly Net result for the year (+€49,699) and Depreciation (+€17,340)
- Profit (loss) carried forward +€49,699
up €49,699 (+64.0%), from -€77,631 to -€27,933
- Accrued charges and deferred income -€21,470
down €21,470 (-90.6%), from €23,705 to €2,235
- Debts after one year -€20,082
down €20,082 (-42.5%), from €47,226 to €27,144
- Current portion of long-term debt -€19,759
down €19,759 (-46.7%), from €42,323 to €22,564
- Investment grants +€9,031
new in 2025: €9,031
- Purchases and services -€26,820
down €26,820 (-11.8%), from €226,556 to €199,736
- Gross operating margin +€25,608
up €25,608 (+23.4%), from €109,438 to €135,046
- Financial charges -€5,257
down €5,257 (-20.7%), from €25,435 to €20,178
- Staff costs -€3,563
down €3,563 (-10.0%), from €35,520 to €31,957
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 | €92,279 | €86,503 | -€5,776 | -6.3% |
| Formation expenses | 20 | €1,322 | €891 | -€431 | -32.6% |
| Fixed assets | 21/28 | €75,673 | €64,723 | -€10,949 | -14.5% |
| Intangible fixed assets | 21 | €1,456 | €998 | -€458 | -31.5% |
| Tangible fixed assets | 22/27 | €73,685 | €63,194 | -€10,491 | -14.2% |
| Land and buildings | 22 | €36,888 | €32,159 | -€4,729 | -12.8% |
| Plant, machinery and equipment | 23 | €20,309 | €15,914 | -€4,395 | -21.6% |
| Furniture and vehicles | 24 | €9,830 | €10,529 | +€699 | +7.1% |
| Leasing and similar rights | 25 | €6,658 | €4,591 | -€2,066 | -31.0% |
| Financial fixed assets | 28 | €532 | €532 | = | 0.0% |
| Current assets | 29/58 | €15,285 | €20,889 | +€5,604 | +36.7% |
| Stocks and contracts in progress | 3 | €11,273 | €10,772 | -€501 | -4.4% |
| Stocks | 30/36 | €11,273 | €10,772 | -€501 | -4.4% |
| Amounts receivable within one year | 40/41 | €924 | €4,988 | +€4,064 | +440% |
| Trade receivables | 40 | €916 | €3,660 | +€2,744 | +300% |
| Other amounts receivable | 41 | €8 | €1,328 | +€1,320 | +16,559% |
| Cash at bank and in hand | 54/58 | €1,365 | €3,342 | +€1,977 | +145% |
| Deferred charges and accrued income | 490/1 | €1,723 | €1,787 | +€65 | +3.7% |
| Total equity and liabilities | 10/49 | €92,279 | €86,503 | -€5,776 | -6.3% |
| Equity | 10/15 | -€73,631 | -€14,901 | +€58,730 | +79.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,631 | -€27,933 | +€49,699 | +64.0% |
| Investment grants | 15 | - | €9,031 | +€9,031 | |
| Amounts payable | 17/49 | €165,911 | €101,404 | -€64,507 | -38.9% |
| Amounts payable after more than one year | 17 | €47,226 | €27,144 | -€20,082 | -42.5% |
| Financial debts | 170/4 | €47,226 | €27,144 | -€20,082 | -42.5% |
| Amounts payable within one year | 42/48 | €94,980 | €72,025 | -€22,955 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €42,323 | €22,564 | -€19,759 | -46.7% |
| Financial debts | 43 | €4,944 | €4,790 | -€154 | -3.1% |
| Credit institutions | 430/8 | €4,944 | €4,790 | -€154 | -3.1% |
| Trade debts | 44 | €26,101 | €28,071 | +€1,970 | +7.5% |
| Suppliers | 440/4 | €26,101 | €28,071 | +€1,970 | +7.5% |
| Advances received on contracts in progress | 46 | €230 | €276 | +€46 | +20.0% |
| Taxes, remuneration and social security | 45 | €20,117 | €11,187 | -€8,930 | -44.4% |
| Taxes | 450/3 | €12,928 | €4,540 | -€8,388 | -64.9% |
| Remuneration and social security | 454/9 | €7,189 | €6,647 | -€541 | -7.5% |
| Other amounts payable | 47/48 | €1,266 | €5,138 | +€3,872 | +306% |
| Accrued charges and deferred income | 492/3 | €23,705 | €2,235 | -€21,470 | -90.6% |
| Turnover | 70 | €326,433 | €328,491 | +€2,057 | +0.6% |
| Non-recurring operating income | 76A | €3,401 | €6,291 | +€2,891 | +85.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €226,556 | €199,736 | -€26,820 | -11.8% |
| Remuneration, social security and pensions | 62 | €35,520 | €31,957 | -€3,563 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,206 | €17,340 | +€1,134 | +7.0% |
| Other operating charges | 640/8 | €7,803 | €9,862 | +€2,059 | +26.4% |
| Non-recurring operating charges | 66A | €280 | €9,010 | +€8,730 | +3,120% |
| Gross operating margin | 9900 | €109,438 | €135,046 | +€25,608 | +23.4% |
| Operating profit (loss) | 9901 | €49,629 | €66,877 | +€17,248 | +34.8% |
| Financial income | 75/76B | €15 | €3,000 | +€2,984 | +19,634% |
| Recurring financial income | 75 | €15 | €3,000 | +€2,984 | +19,634% |
| Financial charges | 65/66B | €25,435 | €20,178 | -€5,257 | -20.7% |
| Recurring financial charges | 65 | €25,435 | €20,178 | -€5,257 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €24,209 | €49,699 | +€25,489 | +105% |
| Profit (loss) for the period | 9904 | €24,209 | €49,699 | +€25,489 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €24,209 | €49,699 | +€25,489 | +105% |
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 29 October 2026 via checked.be.