SHA-TEX: 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.
SHA-TEX
Largest movements
- Receivables within one year +€39,119
up €39,119 (+22.0%), from €177,597 to €216,716
of which Other amounts receivable: +€69,833
- Cash -€35,766
down €35,766 (-21.1%), from €169,711 to €133,945
mainly Contributions, distributions and other (-€56,000) and Receivables within one year (-€39,119)
- Tax, wage and social debts -€18,361
down €18,361 (-50.9%), from €36,044 to €17,683
of which Taxes: -€18,361
- Other debts +€13,719
up €13,719 (+32.4%), from €42,281 to €56,000
- Trade debts +€4,298
up €4,298 (+7.5%), from €57,680 to €61,978
- Current portion of long-term debt +€4,122
up €4,122 (+24.9%), from €16,586 to €20,707
- Gross operating margin +€24,113
up €24,113 (+37.6%), from €64,116 to €88,229
- Taxes +€11,636
up €11,636 (+91.3%), from €12,750 to €24,386
- Other operating charges -€11,403
down €11,403 (-61.2%), from €18,646 to €7,243
- Financial charges -€3,000
down €3,000 (-60.0%), from €5,003 to €2,003
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 | €374,333 | €376,824 | +€2,491 | +0.7% |
| Current assets | 29/58 | €374,333 | €376,824 | +€2,491 | +0.7% |
| Stocks and contracts in progress | 3 | €25,621 | €25,200 | -€421 | -1.6% |
| Stocks | 30/36 | €25,621 | €25,200 | -€421 | -1.6% |
| Amounts receivable within one year | 40/41 | €177,597 | €216,716 | +€39,119 | +22.0% |
| Trade receivables | 40 | €145,764 | €115,051 | -€30,714 | -21.1% |
| Other amounts receivable | 41 | €31,833 | €101,665 | +€69,833 | +219% |
| Cash at bank and in hand | 54/58 | €169,711 | €133,945 | -€35,766 | -21.1% |
| Deferred charges and accrued income | 490/1 | €1,405 | €963 | -€441 | -31.4% |
| Total equity and liabilities | 10/49 | €374,333 | €376,824 | +€2,491 | +0.7% |
| Equity | 10/15 | €221,743 | €220,456 | -€1,286 | -0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €201,148 | €201,148 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €199,288 | €199,288 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,995 | €708 | -€1,286 | -64.5% |
| Amounts payable | 17/49 | €152,590 | €156,368 | +€3,778 | +2.5% |
| Amounts payable within one year | 42/48 | €152,590 | €156,368 | +€3,778 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €16,586 | €20,707 | +€4,122 | +24.9% |
| Trade debts | 44 | €57,680 | €61,978 | +€4,298 | +7.5% |
| Suppliers | 440/4 | €57,680 | €61,978 | +€4,298 | +7.5% |
| Taxes, remuneration and social security | 45 | €36,044 | €17,683 | -€18,361 | -50.9% |
| Taxes | 450/3 | €33,378 | €15,017 | -€18,361 | -55.0% |
| Remuneration and social security | 454/9 | €2,666 | €2,666 | = | 0.0% |
| Other amounts payable | 47/48 | €42,281 | €56,000 | +€13,719 | +32.4% |
| Remuneration, social security and pensions | 62 | €13 | - | -€13 | |
| Other operating charges | 640/8 | €18,646 | €7,243 | -€11,403 | -61.2% |
| Gross operating margin | 9900 | €64,116 | €88,229 | +€24,113 | +37.6% |
| Operating profit (loss) | 9901 | €45,457 | €80,986 | +€35,529 | +78.2% |
| Financial income | 75/76B | €2 | €117 | +€115 | +5,298% |
| Recurring financial income | 75 | €2 | €117 | +€115 | +5,298% |
| Financial charges | 65/66B | €5,003 | €2,003 | -€3,000 | -60.0% |
| Recurring financial charges | 65 | €5,003 | €2,003 | -€3,000 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €40,456 | €79,100 | +€38,644 | +95.5% |
| Income taxes | 67/77 | €12,750 | €24,386 | +€11,636 | +91.3% |
| Profit (loss) for the period | 9904 | €27,706 | €54,714 | +€27,008 | +97.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,706 | €54,714 | +€27,008 | +97.5% |
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.