SHACKLETON MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€15,053
down €15,053 (-97.9%), from €15,380 to €327
mainly Current portion of long-term debt (-€76,390) and Debts after one year (-€19,595)
- Current portion of long-term debt -€76,390
down €76,390 (-44.8%), from €170,494 to €94,105
- Profit (loss) carried forward +€45,481
up €45,481 (+39.9%), from -€114,053 to -€68,572
- Other debts +€24,498
new in 2025: €24,498
- Debts after one year -€19,595
down €19,595 (-1.9%), from €1.0m to €999,526
of which Other amounts payable: -€19,595
- Gross operating margin +€29,691
up €29,691 (+80.3%), from €36,998 to €66,689
- Financial charges +€3,537
up €3,537 (+20.2%), from €17,540 to €21,078
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 | €1,425,790 | €1,405,434 | -€20,356 | -1.4% |
| Fixed assets | 21/28 | €1,400,058 | €1,400,058 | = | 0.0% |
| Financial fixed assets | 28 | €1,400,058 | €1,400,058 | = | 0.0% |
| Current assets | 29/58 | €25,732 | €5,376 | -€20,356 | -79.1% |
| Amounts receivable within one year | 40/41 | €8,802 | €3,500 | -€5,302 | -60.2% |
| Trade receivables | 40 | €3,500 | €3,500 | = | 0.0% |
| Other amounts receivable | 41 | €5,302 | - | -€5,302 | |
| Cash at bank and in hand | 54/58 | €15,380 | €327 | -€15,053 | -97.9% |
| Deferred charges and accrued income | 490/1 | €1,549 | €1,549 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,425,790 | €1,405,434 | -€20,356 | -1.4% |
| Equity | 10/15 | €100,942 | €146,423 | +€45,481 | +45.1% |
| Contributions | 10/11 | €178,550 | €178,550 | = | 0.0% |
| Reserves | 13 | €36,445 | €36,445 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,445 | €3,445 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,445 | €3,445 | = | 0.0% |
| Distributable reserves | 133 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,053 | -€68,572 | +€45,481 | +39.9% |
| Amounts payable | 17/49 | €1,324,848 | €1,259,011 | -€65,837 | -5.0% |
| Amounts payable after more than one year | 17 | €1,019,122 | €999,526 | -€19,595 | -1.9% |
| Financial debts | 170/4 | €242,766 | €242,766 | = | 0.0% |
| Other amounts payable | 178/9 | €776,356 | €756,760 | -€19,595 | -2.5% |
| Amounts payable within one year | 42/48 | €305,726 | €259,485 | -€46,241 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €170,494 | €94,105 | -€76,390 | -44.8% |
| Financial debts | 43 | €121,737 | €117,500 | -€4,237 | -3.5% |
| Credit institutions | 430/8 | €63,430 | €59,192 | -€4,237 | -6.7% |
| Other loans | 439 | €58,308 | €58,308 | = | 0.0% |
| Trade debts | 44 | €3,351 | €2,499 | -€852 | -25.4% |
| Suppliers | 440/4 | €3,351 | €2,499 | -€852 | -25.4% |
| Taxes, remuneration and social security | 45 | €10,144 | €20,883 | +€10,739 | +105.9% |
| Taxes | 450/3 | €10,144 | €20,883 | +€10,739 | +105.9% |
| Other amounts payable | 47/48 | - | €24,498 | +€24,498 | |
| Other operating charges | 640/8 | €397 | €129 | -€267 | -67.3% |
| Gross operating margin | 9900 | €36,998 | €66,689 | +€29,691 | +80.3% |
| Operating profit (loss) | 9901 | €36,601 | €66,559 | +€29,958 | +81.8% |
| Financial charges | 65/66B | €17,540 | €21,078 | +€3,537 | +20.2% |
| Recurring financial charges | 65 | €17,540 | €21,078 | +€3,537 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €19,061 | €45,481 | +€26,421 | +138.6% |
| Profit (loss) for the period | 9904 | €19,061 | €45,481 | +€26,421 | +138.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,061 | €45,481 | +€26,421 | +138.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.