Shadd: what changed
Shadd
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+156%), from €1.0m to €2.6m
of which Land and buildings: +€1.4m
- Cash -€158,019
down €158,019 (-98.9%), from €159,797 to €1,778
mainly Investment in fixed assets (net) (-€1.7m) and Tax, wage and social debts (-€12,635)
- Debts after one year +€1.3m
up €1.3m (+157%), from €837,960 to €2.1m
of which Financial debts: +€926,539
- Current portion of long-term debt +€58,005
up €58,005 (+108%), from €53,567 to €111,572
- Depreciation +€89,455
up €89,455 (+716%), from €12,500 to €101,955
- Gross operating margin +€70,587
up €70,587 (+78.5%), from €89,905 to €160,492
- Financial charges +€30,065
up €30,065 (+484%), from €6,207 to €36,272
- Taxes -€11,449
down €11,449 (-85.9%), from €13,331 to €1,882
- Other operating charges +€2,339
up €2,339 (+51.5%), from €4,542 to €6,881
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,179,318 | €2,561,364 | +€1.4m | +117% |
| Fixed assets | 21/28 | €1,000,417 | €2,558,730 | +€1.6m | +156% |
| Tangible fixed assets | 22/27 | €1,000,417 | €2,558,730 | +€1.6m | +156% |
| Land and buildings | 22 | €1,000,417 | €2,412,740 | +€1.4m | +141% |
| Assets under construction and advance payments | 27 | - | €145,990 | +€145,990 | |
| Current assets | 29/58 | €178,901 | €2,634 | -€176,267 | -98.5% |
| Amounts receivable within one year | 40/41 | €19,104 | €0 | -€19,104 | -100% |
| Trade receivables | 40 | €19,104 | €0 | -€19,104 | -100% |
| Cash at bank and in hand | 54/58 | €159,797 | €1,778 | -€158,019 | -98.9% |
| Deferred charges and accrued income | 490/1 | - | €856 | +€856 | |
| Total equity and liabilities | 10/49 | €1,179,318 | €2,561,364 | +€1.4m | +117% |
| Equity | 10/15 | €131,637 | €145,139 | +€13,503 | +10.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €111,637 | €125,139 | +€13,503 | +12.1% |
| Distributable reserves | 133 | €111,637 | €125,139 | +€13,503 | +12.1% |
| Amounts payable | 17/49 | €1,047,681 | €2,416,224 | +€1.4m | +131% |
| Amounts payable after more than one year | 17 | €837,960 | €2,149,499 | +€1.3m | +157% |
| Financial debts | 170/4 | €620,453 | €1,546,992 | +€926,539 | +149% |
| Other amounts payable | 178/9 | €217,507 | €602,507 | +€385,000 | +177% |
| Amounts payable within one year | 42/48 | €84,693 | €141,725 | +€57,032 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | €53,567 | €111,572 | +€58,005 | +108% |
| Trade debts | 44 | €968 | €12,629 | +€11,661 | +1,205% |
| Suppliers | 440/4 | €968 | €12,629 | +€11,661 | +1,205% |
| Taxes, remuneration and social security | 45 | €30,159 | €17,525 | -€12,635 | -41.9% |
| Taxes | 450/3 | €30,159 | €17,525 | -€12,635 | -41.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €125,028 | €125,000 | -€28 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,500 | €101,955 | +€89,455 | +716% |
| Other operating charges | 640/8 | €4,542 | €6,881 | +€2,339 | +51.5% |
| Gross operating margin | 9900 | €89,905 | €160,492 | +€70,587 | +78.5% |
| Operating profit (loss) | 9901 | €72,863 | €51,657 | -€21,206 | -29.1% |
| Financial charges | 65/66B | €6,207 | €36,272 | +€30,065 | +484% |
| Recurring financial charges | 65 | €6,207 | €36,272 | +€30,065 | +484% |
| Profit (loss) for the period before taxes | 9903 | €66,656 | €15,385 | -€51,271 | -76.9% |
| Income taxes | 67/77 | €13,331 | €1,882 | -€11,449 | -85.9% |
| Profit (loss) for the period | 9904 | €53,325 | €13,503 | -€39,822 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,325 | €13,503 | -€39,822 | -74.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.