SHADOW TO LIVE: 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.
SHADOW TO LIVE
Largest movements
- Cash +€231,984
up €231,984 (+152%), from €152,643 to €384,626
mainly Trade debts (+€213,195) and Current investments (+€190,050)
- Current investments -€190,050
down €190,050 (-81.6%), from €233,014 to €42,964
- Receivables within one year -€180,117
down €180,117 (-21.4%), from €839,974 to €659,857
of which Trade receivables: -€221,170
- Intangible fixed assets -€19,167
down €19,167 (-30.1%), from €63,710 to €44,542
- Trade debts +€213,195
up €213,195 (+53.1%), from €401,871 to €615,066
- Accrued charges and deferred income -€163,668
down €163,668 (-58.5%), from €279,755 to €116,087
- Advances received -€70,000
no longer reported in 2024 (was €70,000)
- Tax, wage and social debts -€54,695
down €54,695 (-63.2%), from €86,602 to €31,907
of which Taxes: -€53,787
- Other debts -€52,066
down €52,066 (-37.3%), from €139,701 to €87,635
- Other operating charges +€60,883
up €60,883 (+70.4%), from €86,539 to €147,421
- Gross operating margin -€31,375
down €31,375 (-13.2%), from €238,001 to €206,627
- Staff costs -€8,959
down €8,959 (-20.1%), from €44,548 to €35,588
- Depreciation +€3,930
up €3,930 (+14.0%), from €27,997 to €31,926
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,330,338 | €1,167,853 | -€162,485 | -12.2% |
| Fixed assets | 21/28 | €104,501 | €76,486 | -€28,016 | -26.8% |
| Intangible fixed assets | 21 | €63,710 | €44,542 | -€19,167 | -30.1% |
| Tangible fixed assets | 22/27 | €40,792 | €31,943 | -€8,848 | -21.7% |
| Plant, machinery and equipment | 23 | €11,703 | €10,627 | -€1,076 | -9.2% |
| Furniture and vehicles | 24 | €27,885 | €20,276 | -€7,609 | -27.3% |
| Other tangible fixed assets | 26 | €1,204 | €1,041 | -€163 | -13.5% |
| Current assets | 29/58 | €1,225,837 | €1,091,367 | -€134,470 | -11.0% |
| Amounts receivable within one year | 40/41 | €839,974 | €659,857 | -€180,117 | -21.4% |
| Trade receivables | 40 | €782,632 | €561,462 | -€221,170 | -28.3% |
| Other amounts receivable | 41 | €57,342 | €98,395 | +€41,053 | +71.6% |
| Current investments | 50/53 | €233,014 | €42,964 | -€190,050 | -81.6% |
| Cash at bank and in hand | 54/58 | €152,643 | €384,626 | +€231,984 | +152% |
| Deferred charges and accrued income | 490/1 | €206 | €3,920 | +€3,714 | +1,799% |
| Total equity and liabilities | 10/49 | €1,330,338 | €1,167,853 | -€162,485 | -12.2% |
| Equity | 10/15 | €352,409 | €317,158 | -€35,251 | -10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,654 | €164,403 | -€35,251 | -17.7% |
| Investment grants | 15 | €144,695 | €144,695 | = | 0.0% |
| Amounts payable | 17/49 | €977,930 | €850,695 | -€127,235 | -13.0% |
| Amounts payable within one year | 42/48 | €698,175 | €734,608 | +€36,434 | +5.2% |
| Trade debts | 44 | €401,871 | €615,066 | +€213,195 | +53.1% |
| Suppliers | 440/4 | €401,871 | €615,066 | +€213,195 | +53.1% |
| Advances received on contracts in progress | 46 | €70,000 | - | -€70,000 | |
| Taxes, remuneration and social security | 45 | €86,602 | €31,907 | -€54,695 | -63.2% |
| Taxes | 450/3 | €78,119 | €24,332 | -€53,787 | -68.9% |
| Remuneration and social security | 454/9 | €8,483 | €7,576 | -€908 | -10.7% |
| Other amounts payable | 47/48 | €139,701 | €87,635 | -€52,066 | -37.3% |
| Accrued charges and deferred income | 492/3 | €279,755 | €116,087 | -€163,668 | -58.5% |
| Remuneration, social security and pensions | 62 | €44,548 | €35,588 | -€8,959 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,997 | €31,926 | +€3,930 | +14.0% |
| Other operating charges | 640/8 | €86,539 | €147,421 | +€60,883 | +70.4% |
| Gross operating margin | 9900 | €238,001 | €206,627 | -€31,375 | -13.2% |
| Operating profit (loss) | 9901 | €78,918 | -€8,309 | -€87,228 | |
| Financial income | 75/76B | €0 | €86 | +€86 | +431,950% |
| Recurring financial income | 75 | €0 | €86 | +€86 | +431,950% |
| Financial charges | 65/66B | €1,186 | €938 | -€248 | -20.9% |
| Recurring financial charges | 65 | €1,186 | €938 | -€248 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €77,733 | -€9,161 | -€86,894 | |
| Income taxes | 67/77 | €24,925 | €26,090 | +€1,165 | +4.7% |
| Profit (loss) for the period | 9904 | €52,808 | -€35,251 | -€88,058 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,808 | -€35,251 | -€88,058 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.