SHAAN: 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.
SHAAN
Largest movements
- Stocks and contracts -€5,082
down €5,082 (-13.2%), from €38,382 to €33,300
- Receivables within one year -€731
down €731 (-33.3%), from €2,192 to €1,461
of which Trade receivables: -€553
- Profit (loss) carried forward -€19,358
down €19,358 (-25.1%), from -€76,985 to -€96,343
- Other debts +€14,254
up €14,254 (+14.6%), from €97,479 to €111,733
- Trade debts -€801
down €801 (-26.0%), from €3,076 to €2,275
- Other operating charges +€11,956
up €11,956 (+152.0%), from €7,868 to €19,825
- Gross operating margin +€4,347
up €4,347, from -€3,237 to €1,110
- Financial charges +€46
up €46 (+10.5%), from €437 to €483
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 | €41,235 | €35,359 | -€5,876 | -14.2% |
| Current assets | 29/58 | €41,235 | €35,359 | -€5,876 | -14.2% |
| Stocks and contracts in progress | 3 | €38,382 | €33,300 | -€5,082 | -13.2% |
| Stocks | 30/36 | €38,382 | €33,300 | -€5,082 | -13.2% |
| Amounts receivable within one year | 40/41 | €2,192 | €1,461 | -€731 | -33.3% |
| Trade receivables | 40 | €1,554 | €1,001 | -€553 | -35.6% |
| Other amounts receivable | 41 | €638 | €460 | -€178 | -27.9% |
| Cash at bank and in hand | 54/58 | €294 | €217 | -€77 | -26.2% |
| Deferred charges and accrued income | 490/1 | €367 | €381 | +€14 | +3.8% |
| Total equity and liabilities | 10/49 | €41,235 | €35,359 | -€5,876 | -14.2% |
| Equity | 10/15 | -€59,625 | -€78,983 | -€19,358 | -32.5% |
| Contributions | 10/11 | €17,360 | €17,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,985 | -€96,343 | -€19,358 | -25.1% |
| Amounts payable | 17/49 | €100,860 | €114,343 | +€13,482 | +13.4% |
| Amounts payable within one year | 42/48 | €100,860 | €114,343 | +€13,482 | +13.4% |
| Trade debts | 44 | €3,076 | €2,275 | -€801 | -26.0% |
| Suppliers | 440/4 | €3,076 | €2,275 | -€801 | -26.0% |
| Taxes, remuneration and social security | 45 | €306 | €335 | +€29 | +9.5% |
| Taxes | 450/3 | €306 | €335 | +€29 | +9.5% |
| Other amounts payable | 47/48 | €97,479 | €111,733 | +€14,254 | +14.6% |
| Other operating charges | 640/8 | €7,868 | €19,825 | +€11,956 | +152.0% |
| Gross operating margin | 9900 | -€3,237 | €1,110 | +€4,347 | |
| Operating profit (loss) | 9901 | -€11,105 | -€18,715 | -€7,610 | -68.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €437 | €483 | +€46 | +10.5% |
| Recurring financial charges | 65 | €437 | €483 | +€46 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,543 | -€19,198 | -€7,656 | -66.3% |
| Income taxes | 67/77 | €159 | €160 | +€1 | +0.8% |
| Profit (loss) for the period | 9904 | -€11,701 | -€19,358 | -€7,657 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,701 | -€19,358 | -€7,657 | -65.4% |
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 6 October 2026 via checked.be.