SCHELL PROJECTS: 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.
SCHELL PROJECTS
Largest movements
- Current investments +€5.2m
up €5.2m (+257%), from €2.0m to €7.2m
- Cash -€5.0m
down €5.0m (-97.4%), from €5.1m to €133,066
mainly Current investments (-€5.2m) and Investment in fixed assets (net) (-€1.3m)
- Tangible fixed assets +€1.2m
up €1.2m (+34.5%), from €3.5m to €4.7m
of which Land and buildings: +€1.2m
- Other debts +€1.3m
up €1.3m (+18.6%), from €6.9m to €8.2m
- Profit (loss) carried forward +€202,104
up €202,104 (+16.5%), from -€1.2m to -€1.0m
- Gross operating margin +€386,903
up €386,903, from -€7,812 to €379,091
- Financial income +€159,339
up €159,339 (+100%), from €158,867 to €318,206
of which Financial income: +€148,874
- Financial charges +€44,279
up €44,279 (+28.6%), from €154,593 to €198,872
- Taxes +€28,155
up €28,155 (+59.5%), from €47,343 to €75,497
- Depreciation +€21,255
up €21,255 (+31.7%), from €67,021 to €88,276
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 | €11,851,485 | €13,254,211 | +€1.4m | +11.8% |
| Fixed assets | 21/28 | €3,509,150 | €4,718,261 | +€1.2m | +34.5% |
| Tangible fixed assets | 22/27 | €3,505,461 | €4,714,572 | +€1.2m | +34.5% |
| Land and buildings | 22 | €3,464,608 | €4,683,604 | +€1.2m | +35.2% |
| Furniture and vehicles | 24 | €40,853 | €30,968 | -€9,885 | -24.2% |
| Financial fixed assets | 28 | €3,689 | €3,689 | = | 0.0% |
| Current assets | 29/58 | €8,342,335 | €8,535,949 | +€193,614 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,208,500 | €1,215,007 | +€6,507 | +0.5% |
| Trade receivables | 40 | €5,628 | €5,628 | = | 0.0% |
| Other amounts receivable | 41 | €1,202,872 | €1,209,380 | +€6,507 | +0.5% |
| Current investments | 50/53 | €2,007,678 | €7,175,876 | +€5.2m | +257% |
| Cash at bank and in hand | 54/58 | €5,126,157 | €133,066 | -€5.0m | -97.4% |
| Deferred charges and accrued income | 490/1 | - | €12,000 | +€12,000 | |
| Total equity and liabilities | 10/49 | €11,851,485 | €13,254,211 | +€1.4m | +11.8% |
| Equity | 10/15 | €4,215,584 | €4,363,891 | +€148,306 | +3.5% |
| Contributions | 10/11 | €2,382,717 | €2,382,717 | = | 0.0% |
| Capital | 10 | €2,382,717 | €2,382,717 | = | 0.0% |
| Issued capital | 100 | €2,382,717 | €2,382,717 | = | 0.0% |
| Reserves | 13 | €3,060,988 | €3,007,190 | -€53,798 | -1.8% |
| Non-distributable reserves | 130/1 | €41,673 | €41,673 | = | 0.0% |
| Legal reserve | 130 | €41,673 | €41,673 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,019,315 | €2,965,517 | -€53,798 | -1.8% |
| Profit (loss) carried forward | 14 | -€1,228,120 | -€1,026,016 | +€202,104 | +16.5% |
| Provisions and deferred taxes | 16 | €631,924 | €620,665 | -€11,260 | -1.8% |
| Deferred taxes | 168 | €631,924 | €620,665 | -€11,260 | -1.8% |
| Amounts payable | 17/49 | €7,003,976 | €8,269,655 | +€1.3m | +18.1% |
| Amounts payable within one year | 42/48 | €7,003,976 | €8,269,655 | +€1.3m | +18.1% |
| Trade debts | 44 | €31,317 | €7,752 | -€23,566 | -75.2% |
| Suppliers | 440/4 | €31,317 | €7,752 | -€23,566 | -75.2% |
| Taxes, remuneration and social security | 45 | €26,355 | €26,397 | +€42 | +0.2% |
| Remuneration and social security | 454/9 | €26,355 | €26,397 | +€42 | +0.2% |
| Other amounts payable | 47/48 | €6,946,304 | €8,235,506 | +€1.3m | +18.6% |
| Non-recurring operating income | 76A | - | €240,790 | +€240,790 | |
| Remuneration, social security and pensions | 62 | €175,089 | €180,754 | +€5,666 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,021 | €88,276 | +€21,255 | +31.7% |
| Other operating charges | 640/8 | €6,990 | €16,851 | +€9,861 | +141% |
| Gross operating margin | 9900 | -€7,812 | €379,091 | +€386,903 | |
| Operating profit (loss) | 9901 | -€256,912 | €93,210 | +€350,122 | |
| Financial income | 75/76B | €158,867 | €318,206 | +€159,339 | +100% |
| Recurring financial income | 75 | €158,867 | €307,741 | +€148,874 | +93.7% |
| Non-recurring financial income | 76B | - | €10,465 | +€10,465 | |
| Financial charges | 65/66B | €154,593 | €198,872 | +€44,279 | +28.6% |
| Recurring financial charges | 65 | €154,593 | €198,872 | +€44,279 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | -€252,637 | €212,544 | +€465,181 | |
| Transfer from deferred taxes | 780 | €7,992 | €11,260 | +€3,268 | +40.9% |
| Income taxes | 67/77 | €47,343 | €75,497 | +€28,155 | +59.5% |
| Profit (loss) for the period | 9904 | -€291,988 | €148,306 | +€440,295 | |
| Transfer from tax-exempt reserves | 789 | €38,183 | €53,798 | +€15,614 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€253,805 | €202,104 | +€455,909 |
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 26 October 2026 via checked.be.