SHADOWFAX: 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.
SHADOWFAX
Largest movements
- Cash -€25,613
down €25,613 (-44.4%), from €57,721 to €32,108
mainly Other debts (-€19,102) and Net result for the year (-€7,615)
- Receivables after one year -€11,003
down €11,003 (-81.5%), from €13,503 to €2,500
of which Trade receivables: -€13,503
- Receivables within one year +€5,158
up €5,158 (+13.1%), from €39,448 to €44,606
of which Other amounts receivable: +€35,025
- Tangible fixed assets +€1,762
up €1,762, from €0 to €1,762
of which Plant, machinery and equipment: +€1,762
- Other debts -€19,102
down €19,102 (-93.5%), from €20,436 to €1,335
- Reserves -€7,615
down €7,615 (-10.3%), from €74,004 to €66,389
- Tax, wage and social debts -€2,962
down €2,962 (-22.1%), from €13,417 to €10,454
- Gross operating margin -€27,930
down €27,930, from €22,921 to -€5,009
- Taxes -€5,799
down €5,799 (-100.0%), from €5,799 to €0
- Other operating charges +€992
up €992 (+196.6%), from €505 to €1,497
- Financial charges +€247
up €247 (+17.7%), from €1,394 to €1,641
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 | €111,299 | €81,630 | -€29,669 | -26.7% |
| Fixed assets | 21/28 | €0 | €1,762 | +€1,762 | |
| Tangible fixed assets | 22/27 | €0 | €1,762 | +€1,762 | |
| Plant, machinery and equipment | 23 | - | €1,762 | +€1,762 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €111,299 | €79,868 | -€31,431 | -28.2% |
| Amounts receivable after more than one year | 29 | €13,503 | €2,500 | -€11,003 | -81.5% |
| Trade receivables | 290 | €13,503 | €0 | -€13,503 | -100.0% |
| Other amounts receivable | 291 | - | €2,500 | +€2,500 | |
| Amounts receivable within one year | 40/41 | €39,448 | €44,606 | +€5,158 | +13.1% |
| Trade receivables | 40 | €39,448 | €9,581 | -€29,867 | -75.7% |
| Other amounts receivable | 41 | €0 | €35,025 | +€35,025 | |
| Cash at bank and in hand | 54/58 | €57,721 | €32,108 | -€25,613 | -44.4% |
| Deferred charges and accrued income | 490/1 | €627 | €654 | +€27 | +4.3% |
| Total equity and liabilities | 10/49 | €111,299 | €81,630 | -€29,669 | -26.7% |
| Equity | 10/15 | €75,004 | €67,389 | -€7,615 | -10.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €74,004 | €66,389 | -€7,615 | -10.3% |
| Distributable reserves | 133 | €74,004 | €66,389 | -€7,615 | -10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,295 | €14,241 | -€22,054 | -60.8% |
| Amounts payable within one year | 42/48 | €36,295 | €14,241 | -€22,054 | -60.8% |
| Trade debts | 44 | €2,442 | €2,452 | +€10 | +0.4% |
| Suppliers | 440/4 | €2,442 | €2,452 | +€10 | +0.4% |
| Taxes, remuneration and social security | 45 | €13,417 | €10,454 | -€2,962 | -22.1% |
| Taxes | 450/3 | €13,417 | €10,454 | -€2,962 | -22.1% |
| Other amounts payable | 47/48 | €20,436 | €1,335 | -€19,102 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84 | €105 | +€21 | +24.5% |
| Other operating charges | 640/8 | €505 | €1,497 | +€992 | +196.6% |
| Non-recurring operating charges | 66A | €0 | €390 | +€390 | |
| Gross operating margin | 9900 | €22,921 | -€5,009 | -€27,930 | |
| Operating profit (loss) | 9901 | €22,332 | -€7,001 | -€29,333 | |
| Financial income | 75/76B | €929 | €1,027 | +€99 | +10.7% |
| Recurring financial income | 75 | €929 | €1,027 | +€99 | +10.7% |
| Financial charges | 65/66B | €1,394 | €1,641 | +€247 | +17.7% |
| Recurring financial charges | 65 | €1,394 | €1,641 | +€247 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €21,866 | -€7,615 | -€29,481 | |
| Income taxes | 67/77 | €5,799 | €0 | -€5,799 | -100.0% |
| Profit (loss) for the period | 9904 | €16,067 | -€7,615 | -€23,682 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,067 | -€7,615 | -€23,682 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.