Shackleton: 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.
Shackleton
Largest movements
- Cash -€598,564
down €598,564 (-94.1%), from €636,420 to €37,856
mainly Current investments (-€550,000) and Contributions, distributions and other (-€280,000)
- Current investments +€550,000
up €550,000, from €0 to €550,000
- Receivables within one year -€11,833
down €11,833 (-97.7%), from €12,113 to €280
of which Trade receivables: -€12,100
- Reserves -€289,534
down €289,534 (-49.5%), from €584,583 to €295,049
- Other debts +€228,485
up €228,485 (+7187.3%), from €3,179 to €231,664
- Gross operating margin -€161,886
down €161,886, from €155,601 to -€6,284
- Taxes -€49,860
down €49,860 (-99.5%), from €50,099 to €239
- Financial income -€15,203
down €15,203 (-100.0%), from €15,203 to €0
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 | €651,158 | €592,161 | -€58,997 | -9.1% |
| Fixed assets | 21/28 | €2,625 | €3,397 | +€772 | +29.4% |
| Tangible fixed assets | 22/27 | €2,625 | €3,397 | +€772 | +29.4% |
| Furniture and vehicles | 24 | €2,625 | €3,397 | +€772 | +29.4% |
| Current assets | 29/58 | €648,533 | €588,763 | -€59,769 | -9.2% |
| Amounts receivable within one year | 40/41 | €12,113 | €280 | -€11,833 | -97.7% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100.0% |
| Other amounts receivable | 41 | €13 | €280 | +€267 | +2074.0% |
| Current investments | 50/53 | €0 | €550,000 | +€550,000 | |
| Cash at bank and in hand | 54/58 | €636,420 | €37,856 | -€598,564 | -94.1% |
| Deferred charges and accrued income | 490/1 | €0 | €628 | +€628 | |
| Total equity and liabilities | 10/49 | €651,158 | €592,161 | -€58,997 | -9.1% |
| Equity | 10/15 | €603,133 | €313,599 | -€289,534 | -48.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €584,583 | €295,049 | -€289,534 | -49.5% |
| Distributable reserves | 133 | €584,583 | €295,049 | -€289,534 | -49.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €48,025 | €278,562 | +€230,537 | +480.0% |
| Amounts payable within one year | 42/48 | €48,025 | €278,562 | +€230,537 | +480.0% |
| Trade debts | 44 | €4,181 | €296 | -€3,885 | -92.9% |
| Suppliers | 440/4 | €4,181 | €296 | -€3,885 | -92.9% |
| Taxes, remuneration and social security | 45 | €40,665 | €46,601 | +€5,937 | +14.6% |
| Taxes | 450/3 | €40,665 | €46,601 | +€5,937 | +14.6% |
| Other amounts payable | 47/48 | €3,179 | €231,664 | +€228,485 | +7187.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,077 | €1,485 | +€408 | +37.9% |
| Other operating charges | 640/8 | €1,106 | €924 | -€181 | -16.4% |
| Gross operating margin | 9900 | €155,601 | -€6,284 | -€161,886 | |
| Operating profit (loss) | 9901 | €153,418 | -€8,694 | -€162,112 | |
| Financial income | 75/76B | €15,203 | €0 | -€15,203 | -100.0% |
| Recurring financial income | 75 | €15,203 | €0 | -€15,203 | -100.0% |
| Financial charges | 65/66B | €127 | €601 | +€474 | +373.7% |
| Recurring financial charges | 65 | €127 | €601 | +€474 | +373.7% |
| Profit (loss) for the period before taxes | 9903 | €168,495 | -€9,295 | -€177,789 | |
| Income taxes | 67/77 | €50,099 | €239 | -€49,860 | -99.5% |
| Profit (loss) for the period | 9904 | €118,395 | -€9,534 | -€127,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,395 | -€9,534 | -€127,929 |
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 2 October 2026 via checked.be.