SCHELFHOUT: 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.
SCHELFHOUT
Largest movements
- Stocks and contracts -€409,533
no longer reported in 2025 (was €409,533)
- Receivables within one year +€387,177
up €387,177 (+82.5%), from €469,442 to €856,620
- Cash +€214,742
up €214,742 (+143.2%), from €149,940 to €364,682
mainly Stocks and contracts (+€409,533) and Accrued charges and deferred income (+€187,479)
- Tangible fixed assets -€48,098
down €48,098 (-96.5%), from €49,825 to €1,727
- Financial fixed assets -€15,893
down €15,893 (-98.0%), from €16,213 to €320
- Accrued charges and deferred income +€187,479
new in 2025: €187,479
- Reserves +€176,622
up €176,622 (+94.5%), from €186,914 to €363,536
of which Distributable reserves: +€223,122
- Short-term financial debts -€156,763
no longer reported in 2025 (was €156,763)
- Debts after one year -€40,765
down €40,765 (-17.8%), from €229,383 to €188,618
- Current portion of long-term debt -€33,705
down €33,705 (-45.3%), from €74,470 to €40,765
- Write-downs -€167,920
down €167,920, from €77,980 to -€89,940
- Gross operating margin -€56,257
down €56,257 (-6.2%), from €905,722 to €849,464
- Staff costs -€52,894
down €52,894 (-7.5%), from €709,434 to €656,540
- Other operating charges +€39,599
up €39,599 (+2326.6%), from €1,702 to €41,301
- Taxes +€37,222
up €37,222 (+131.4%), from €28,322 to €65,544
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 | €1,098,407 | €1,223,349 | +€124,942 | +11.4% |
| Fixed assets | 21/28 | €66,210 | €2,047 | -€64,163 | -96.9% |
| Intangible fixed assets | 21 | €172 | - | -€172 | |
| Tangible fixed assets | 22/27 | €49,825 | €1,727 | -€48,098 | -96.5% |
| Land and buildings | 22 | €16,643 | - | -€16,643 | |
| Plant, machinery and equipment | 23 | €9,301 | - | -€9,301 | |
| Furniture and vehicles | 24 | €23,880 | €1,727 | -€22,153 | -92.8% |
| Financial fixed assets | 28 | €16,213 | €320 | -€15,893 | -98.0% |
| Current assets | 29/58 | €1,032,197 | €1,221,302 | +€189,105 | +18.3% |
| Stocks and contracts in progress | 3 | €409,533 | - | -€409,533 | |
| Stocks | 30/36 | €409,533 | - | -€409,533 | |
| Amounts receivable within one year | 40/41 | €469,442 | €856,620 | +€387,177 | +82.5% |
| Trade receivables | 40 | €469,442 | €856,620 | +€387,177 | +82.5% |
| Cash at bank and in hand | 54/58 | €149,940 | €364,682 | +€214,742 | +143.2% |
| Deferred charges and accrued income | 490/1 | €3,281 | - | -€3,281 | |
| Total equity and liabilities | 10/49 | €1,098,407 | €1,223,349 | +€124,942 | +11.4% |
| Equity | 10/15 | €361,914 | €538,536 | +€176,622 | +48.8% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Capital | 10 | €175,000 | €175,000 | = | 0.0% |
| Issued capital | 100 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €186,914 | €363,536 | +€176,622 | +94.5% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Legal reserve | 130 | €17,500 | €17,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,500 | - | -€46,500 | |
| Distributable reserves | 133 | €122,914 | €346,036 | +€223,122 | +181.5% |
| Amounts payable | 17/49 | €736,493 | €684,813 | -€51,680 | -7.0% |
| Amounts payable after more than one year | 17 | €229,383 | €188,618 | -€40,765 | -17.8% |
| Financial debts | 170/4 | €229,383 | €188,618 | -€40,765 | -17.8% |
| Amounts payable within one year | 42/48 | €507,110 | €308,716 | -€198,394 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €74,470 | €40,765 | -€33,705 | -45.3% |
| Financial debts | 43 | €156,763 | - | -€156,763 | |
| Credit institutions | 430/8 | €156,763 | - | -€156,763 | |
| Trade debts | 44 | €194,779 | €174,483 | -€20,296 | -10.4% |
| Suppliers | 440/4 | €194,779 | €174,483 | -€20,296 | -10.4% |
| Taxes, remuneration and social security | 45 | €81,097 | €93,467 | +€12,370 | +15.3% |
| Taxes | 450/3 | €40,998 | €93,467 | +€52,470 | +128.0% |
| Remuneration and social security | 454/9 | €40,100 | - | -€40,100 | |
| Accrued charges and deferred income | 492/3 | - | €187,479 | +€187,479 | |
| Non-recurring operating income | 76A | - | €4,572 | +€4,572 | |
| Remuneration, social security and pensions | 62 | €709,434 | €656,540 | -€52,894 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,447 | €1,187 | -€31,259 | -96.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €77,980 | -€89,940 | -€167,920 | |
| Other operating charges | 640/8 | €1,702 | €41,301 | +€39,599 | +2326.6% |
| Gross operating margin | 9900 | €905,722 | €849,464 | -€56,257 | -6.2% |
| Operating profit (loss) | 9901 | €84,159 | €240,376 | +€156,217 | +185.6% |
| Financial income | 75/76B | €28,274 | €20,963 | -€7,310 | -25.9% |
| Recurring financial income | 75 | €25,914 | €20,963 | -€4,950 | -19.1% |
| Non-recurring financial income | 76B | €2,360 | - | -€2,360 | |
| Financial charges | 65/66B | €25,050 | €19,173 | -€5,877 | -23.5% |
| Recurring financial charges | 65 | €25,050 | €19,173 | -€5,877 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €87,383 | €242,166 | +€154,784 | +177.1% |
| Income taxes | 67/77 | €28,322 | €65,544 | +€37,222 | +131.4% |
| Profit (loss) for the period | 9904 | €59,061 | €176,622 | +€117,561 | +199.1% |
| Transfer from tax-exempt reserves | 789 | - | €46,500 | +€46,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,061 | €223,122 | +€164,061 | +277.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.