SHADE BY SHAN: 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.
SHADE BY SHAN
Largest movements
- Cash -€7,248
down €7,248 (-28.3%), from €25,577 to €18,328
mainly Receivables within one year (-€6,922) and Tax, wage and social debts (-€4,407)
- Receivables within one year +€6,922
up €6,922 (+68.4%), from €10,122 to €17,044
of which Trade receivables: +€7,915
- Deferred charges and accrued income -€2,322
no longer reported in 2025 (was €2,322)
- Tangible fixed assets -€429
down €429 (-50.8%), from €845 to €416
- Tax, wage and social debts -€4,407
down €4,407 (-33.9%), from €12,990 to €8,583
- Profit (loss) carried forward +€2,589
up €2,589 (+13.4%), from €19,368 to €21,957
- Trade debts -€1,260
down €1,260 (-31.4%), from €4,009 to €2,749
- Gross operating margin +€2,852
up €2,852 (+60.4%), from €4,721 to €7,573
- Other operating charges +€456
up €456 (+89.2%), from €512 to €968
- Taxes +€226
up €226 (+6.6%), from €3,410 to €3,637
- Financial income -€161
down €161 (-38.1%), from €423 to €262
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 | €38,866 | €35,789 | -€3,077 | -7.9% |
| Fixed assets | 21/28 | €845 | €416 | -€429 | -50.8% |
| Tangible fixed assets | 22/27 | €845 | €416 | -€429 | -50.8% |
| Furniture and vehicles | 24 | €845 | €416 | -€429 | -50.8% |
| Current assets | 29/58 | €38,021 | €35,373 | -€2,648 | -7.0% |
| Amounts receivable within one year | 40/41 | €10,122 | €17,044 | +€6,922 | +68.4% |
| Trade receivables | 40 | €4,790 | €12,705 | +€7,915 | +165% |
| Other amounts receivable | 41 | €5,332 | €4,340 | -€993 | -18.6% |
| Cash at bank and in hand | 54/58 | €25,577 | €18,328 | -€7,248 | -28.3% |
| Deferred charges and accrued income | 490/1 | €2,322 | - | -€2,322 | |
| Total equity and liabilities | 10/49 | €38,866 | €35,789 | -€3,077 | -7.9% |
| Equity | 10/15 | €21,868 | €24,457 | +€2,589 | +11.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,368 | €21,957 | +€2,589 | +13.4% |
| Amounts payable | 17/49 | €16,998 | €11,332 | -€5,667 | -33.3% |
| Amounts payable within one year | 42/48 | €16,998 | €11,332 | -€5,667 | -33.3% |
| Trade debts | 44 | €4,009 | €2,749 | -€1,260 | -31.4% |
| Suppliers | 440/4 | €4,009 | €2,749 | -€1,260 | -31.4% |
| Taxes, remuneration and social security | 45 | €12,990 | €8,583 | -€4,407 | -33.9% |
| Taxes | 450/3 | €12,990 | €8,583 | -€4,407 | -33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429 | €429 | = | 0.0% |
| Other operating charges | 640/8 | €512 | €968 | +€456 | +89.2% |
| Gross operating margin | 9900 | €4,721 | €7,573 | +€2,852 | +60.4% |
| Operating profit (loss) | 9901 | €3,781 | €6,176 | +€2,395 | +63.4% |
| Financial income | 75/76B | €423 | €262 | -€161 | -38.1% |
| Recurring financial income | 75 | €423 | €262 | -€161 | -38.1% |
| Financial charges | 65/66B | €164 | €212 | +€48 | +29.0% |
| Recurring financial charges | 65 | €164 | €212 | +€48 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €4,040 | €6,226 | +€2,186 | +54.1% |
| Income taxes | 67/77 | €3,410 | €3,637 | +€226 | +6.6% |
| Profit (loss) for the period | 9904 | €629 | €2,589 | +€1,960 | +312% |
| Profit (loss) for the period to be appropriated | 9905 | €629 | €2,589 | +€1,960 | +312% |
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 28 October 2026 via checked.be.