ShadowMen: 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.
ShadowMen
Largest movements
- Financial fixed assets +€70,000
up €70,000 (+2.8%), from €2.5m to €2.6m
- Cash -€47,054
down €47,054 (-35.8%), from €131,444 to €84,390
mainly Debts after one year (-€312,143) and Investment in fixed assets (net) (-€73,416)
- Debts after one year -€312,143
down €312,143 (-16.5%), from €1.9m to €1.6m
of which Financial debts: -€1.0m
- Profit (loss) carried forward +€212,570
new in 2025: €212,570
- Accrued charges and deferred income +€86,000
new in 2025: €86,000
- Gross operating margin -€70,593
down €70,593 (-37.3%), from €189,466 to €118,873
- Taxes -€6,889
down €6,889 (-30.3%), from €22,766 to €15,877
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 | €2,710,971 | €2,715,064 | +€4,093 | +0.2% |
| Fixed assets | 21/28 | €2,556,352 | €2,605,732 | +€49,380 | +1.9% |
| Tangible fixed assets | 22/27 | €56,352 | €35,732 | -€20,620 | -36.6% |
| Plant, machinery and equipment | 23 | - | €893 | +€893 | |
| Furniture and vehicles | 24 | €37,612 | €18,602 | -€19,009 | -50.5% |
| Other tangible fixed assets | 26 | €18,740 | €16,237 | -€2,503 | -13.4% |
| Financial fixed assets | 28 | €2,500,000 | €2,570,000 | +€70,000 | +2.8% |
| Current assets | 29/58 | €154,619 | €109,332 | -€45,287 | -29.3% |
| Amounts receivable within one year | 40/41 | €20,841 | €21,213 | +€372 | +1.8% |
| Trade receivables | 40 | €20,053 | €21,213 | +€1,160 | +5.8% |
| Other amounts receivable | 41 | €788 | €0 | -€788 | -100.0% |
| Cash at bank and in hand | 54/58 | €131,444 | €84,390 | -€47,054 | -35.8% |
| Deferred charges and accrued income | 490/1 | €2,333 | €3,729 | +€1,396 | +59.8% |
| Total equity and liabilities | 10/49 | €2,710,971 | €2,715,064 | +€4,093 | +0.2% |
| Equity | 10/15 | €521,111 | €733,681 | +€212,570 | +40.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €516,111 | €516,111 | = | 0.0% |
| Distributable reserves | 133 | €516,111 | €516,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €212,570 | +€212,570 | |
| Amounts payable | 17/49 | €2,189,859 | €1,981,383 | -€208,476 | -9.5% |
| Amounts payable after more than one year | 17 | €1,894,524 | €1,582,381 | -€312,143 | -16.5% |
| Financial debts | 170/4 | €1,894,524 | €852,381 | -€1.0m | -55.0% |
| Other amounts payable | 178/9 | - | €730,000 | +€730,000 | |
| Amounts payable within one year | 42/48 | €295,335 | €313,002 | +€17,667 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €278,638 | €297,006 | +€18,369 | +6.6% |
| Trade debts | 44 | €1,416 | €289 | -€1,127 | -79.6% |
| Suppliers | 440/4 | €1,416 | €289 | -€1,127 | -79.6% |
| Taxes, remuneration and social security | 45 | €14,619 | €10,183 | -€4,436 | -30.3% |
| Taxes | 450/3 | €14,619 | €10,183 | -€4,436 | -30.3% |
| Other amounts payable | 47/48 | €663 | €5,523 | +€4,861 | +733.7% |
| Accrued charges and deferred income | 492/3 | - | €86,000 | +€86,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,285 | €24,036 | -€249 | -1.0% |
| Other operating charges | 640/8 | €1,460 | €1,568 | +€108 | +7.4% |
| Gross operating margin | 9900 | €189,466 | €118,873 | -€70,593 | -37.3% |
| Operating profit (loss) | 9901 | €163,721 | €93,269 | -€70,452 | -43.0% |
| Financial income | 75/76B | €192,003 | €190,850 | -€1,153 | -0.6% |
| Recurring financial income | 75 | €192,003 | €190,850 | -€1,153 | -0.6% |
| Financial charges | 65/66B | €55,914 | €55,673 | -€241 | -0.4% |
| Recurring financial charges | 65 | €55,914 | €55,673 | -€241 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €299,811 | €228,446 | -€71,364 | -23.8% |
| Income taxes | 67/77 | €22,766 | €15,877 | -€6,889 | -30.3% |
| Profit (loss) for the period | 9904 | €277,045 | €212,570 | -€64,475 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €277,045 | €212,570 | -€64,475 | -23.3% |
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 11 October 2026 via checked.be.