sh&zen: 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.
sh&zen
Largest movements
- Receivables within one year -€111,861
down €111,861 (-67.6%), from €165,581 to €53,720
of which Trade receivables: -€111,861
- Intangible fixed assets -€6,667
down €6,667 (-12.0%), from €55,542 to €48,876
- Tangible fixed assets -€4,043
down €4,043 (-26.3%), from €15,346 to €11,304
of which Furniture and vehicles: -€4,044
- Trade debts -€117,131
down €117,131 (-77.9%), from €150,417 to €33,286
- Other debts +€25,432
up €25,432 (+454%), from €5,599 to €31,031
- Profit (loss) carried forward -€19,969
down €19,969, from €1,690 to -€18,279
- Tax, wage and social debts -€6,838
down €6,838 (-12.5%), from €54,732 to €47,894
of which Taxes: -€10,329
- Debts after one year -€4,856
down €4,856 (-59.7%), from €8,132 to €3,277
- Gross operating margin -€40,649
down €40,649 (-27.3%), from €149,157 to €108,507
- Financial charges +€34,754
up €34,754 (+508%), from €6,837 to €41,591
- Taxes -€18,800
down €18,800 (-99.1%), from €18,978 to €179
- Staff costs +€6,892
up €6,892 (+10.5%), from €65,911 to €72,803
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 | €331,291 | €209,242 | -€122,049 | -36.8% |
| Fixed assets | 21/28 | €71,094 | €60,384 | -€10,710 | -15.1% |
| Intangible fixed assets | 21 | €55,542 | €48,876 | -€6,667 | -12.0% |
| Tangible fixed assets | 22/27 | €15,346 | €11,304 | -€4,043 | -26.3% |
| Land and buildings | 22 | - | €1 | +€1 | |
| Furniture and vehicles | 24 | €15,346 | €11,303 | -€4,044 | -26.4% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €260,197 | €148,858 | -€111,339 | -42.8% |
| Amounts receivable within one year | 40/41 | €165,581 | €53,720 | -€111,861 | -67.6% |
| Trade receivables | 40 | €159,560 | €47,698 | -€111,861 | -70.1% |
| Other amounts receivable | 41 | €6,022 | €6,022 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,928 | €91,609 | +€1,681 | +1.9% |
| Deferred charges and accrued income | 490/1 | €4,688 | €3,529 | -€1,159 | -24.7% |
| Total equity and liabilities | 10/49 | €331,291 | €209,242 | -€122,049 | -36.8% |
| Equity | 10/15 | €99,753 | €79,784 | -€19,969 | -20.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €85,664 | €85,664 | = | 0.0% |
| Distributable reserves | 133 | €85,664 | €85,664 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,690 | -€18,279 | -€19,969 | |
| Amounts payable | 17/49 | €231,537 | €129,457 | -€102,080 | -44.1% |
| Amounts payable after more than one year | 17 | €8,132 | €3,277 | -€4,856 | -59.7% |
| Financial debts | 170/4 | €8,132 | €3,277 | -€4,856 | -59.7% |
| Amounts payable within one year | 42/48 | €222,441 | €124,188 | -€98,253 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €4,784 | €4,856 | +€71 | +1.5% |
| Financial debts | 43 | €6,908 | €7,122 | +€213 | +3.1% |
| Credit institutions | 430/8 | €6,908 | €7,122 | +€213 | +3.1% |
| Trade debts | 44 | €150,417 | €33,286 | -€117,131 | -77.9% |
| Suppliers | 440/4 | €150,417 | €33,286 | -€117,131 | -77.9% |
| Taxes, remuneration and social security | 45 | €54,732 | €47,894 | -€6,838 | -12.5% |
| Taxes | 450/3 | €47,829 | €37,501 | -€10,329 | -21.6% |
| Remuneration and social security | 454/9 | €6,902 | €10,393 | +€3,491 | +50.6% |
| Other amounts payable | 47/48 | €5,599 | €31,031 | +€25,432 | +454% |
| Accrued charges and deferred income | 492/3 | €964 | €1,993 | +€1,029 | +107% |
| Remuneration, social security and pensions | 62 | €65,911 | €72,803 | +€6,892 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,983 | €12,640 | +€656 | +5.5% |
| Other operating charges | 640/8 | €1,054 | €1,283 | +€229 | +21.7% |
| Gross operating margin | 9900 | €149,157 | €108,507 | -€40,649 | -27.3% |
| Operating profit (loss) | 9901 | €70,208 | €21,781 | -€48,427 | -69.0% |
| Financial income | 75/76B | €7 | €19 | +€12 | +168% |
| Recurring financial income | 75 | €7 | €19 | +€12 | +168% |
| Financial charges | 65/66B | €6,837 | €41,591 | +€34,754 | +508% |
| Recurring financial charges | 65 | €6,837 | €41,591 | +€34,754 | +508% |
| Profit (loss) for the period before taxes | 9903 | €63,378 | -€19,790 | -€83,168 | |
| Income taxes | 67/77 | €18,978 | €179 | -€18,800 | -99.1% |
| Profit (loss) for the period | 9904 | €44,399 | -€19,969 | -€64,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,399 | -€19,969 | -€64,368 |
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 17 October 2026 via checked.be.