SHADY AS: 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.
SHADY AS
Largest movements
- Receivables within one year +€39,204
up €39,204 (+362%), from €10,825 to €50,029
of which Trade receivables: +€28,500
- Cash -€6,018
down €6,018 (-40.6%), from €14,834 to €8,816
mainly Receivables within one year (-€39,204) and Investment in fixed assets (net) (-€2,557)
- Tangible fixed assets +€697
up €697 (+26.4%), from €2,645 to €3,342
of which Furniture and vehicles: +€1,186
- Advances received +€29,011
up €29,011 (+505%), from €5,749 to €34,760
- Reserves +€19,872
new in 2025: €19,872
- Profit (loss) carried forward -€15,777
no longer reported in 2025 (was €15,777)
- Taxes +€2,240
up €2,240 (+125%), from €1,798 to €4,038
- Gross operating margin +€1,355
up €1,355 (+15.1%), from €8,972 to €10,328
- Depreciation +€1,123
up €1,123 (+152%), from €737 to €1,860
- Turnover +€1,115
up €1,115 (+3.2%), from €35,385 to €36,500
- Other operating charges -€503
down €503 (-45.6%), from €1,102 to €600
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 | €28,303 | €62,187 | +€33,884 | +120% |
| Fixed assets | 21/28 | €2,645 | €3,342 | +€697 | +26.4% |
| Tangible fixed assets | 22/27 | €2,645 | €3,342 | +€697 | +26.4% |
| Plant, machinery and equipment | 23 | €489 | - | -€489 | |
| Furniture and vehicles | 24 | €2,156 | €3,342 | +€1,186 | +55.0% |
| Current assets | 29/58 | €25,659 | €58,845 | +€33,186 | +129% |
| Amounts receivable within one year | 40/41 | €10,825 | €50,029 | +€39,204 | +362% |
| Trade receivables | 40 | €5,000 | €33,500 | +€28,500 | +570% |
| Other amounts receivable | 41 | €5,825 | €16,529 | +€10,704 | +184% |
| Cash at bank and in hand | 54/58 | €14,834 | €8,816 | -€6,018 | -40.6% |
| Total equity and liabilities | 10/49 | €28,303 | €62,187 | +€33,884 | +120% |
| Equity | 10/15 | €17,577 | €21,672 | +€4,095 | +23.3% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Reserves | 13 | - | €19,872 | +€19,872 | |
| Distributable reserves | 133 | - | €19,872 | +€19,872 | |
| Profit (loss) carried forward | 14 | €15,777 | - | -€15,777 | |
| Amounts payable | 17/49 | €10,727 | €40,515 | +€29,789 | +278% |
| Amounts payable within one year | 42/48 | €10,727 | €40,515 | +€29,789 | +278% |
| Financial debts | 43 | - | €116 | +€116 | |
| Credit institutions | 430/8 | - | €116 | +€116 | |
| Trade debts | 44 | - | €162 | +€162 | |
| Suppliers | 440/4 | - | €162 | +€162 | |
| Advances received on contracts in progress | 46 | €5,749 | €34,760 | +€29,011 | +505% |
| Taxes, remuneration and social security | 45 | €4,978 | €5,478 | +€500 | +10.1% |
| Taxes | 450/3 | €4,978 | €5,478 | +€500 | +10.1% |
| Turnover | 70 | €35,385 | €36,500 | +€1,115 | +3.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €26,527 | €26,316 | -€211 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €737 | €1,860 | +€1,123 | +152% |
| Other operating charges | 640/8 | €1,102 | €600 | -€503 | -45.6% |
| Gross operating margin | 9900 | €8,972 | €10,328 | +€1,355 | +15.1% |
| Operating profit (loss) | 9901 | €7,132 | €7,868 | +€735 | +10.3% |
| Financial income | 75/76B | €388 | €620 | +€232 | +59.7% |
| Recurring financial income | 75 | €388 | €620 | +€232 | +59.7% |
| Financial charges | 65/66B | €223 | €354 | +€131 | +58.9% |
| Recurring financial charges | 65 | €223 | €354 | +€131 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €7,298 | €8,133 | +€836 | +11.5% |
| Income taxes | 67/77 | €1,798 | €4,038 | +€2,240 | +125% |
| Profit (loss) for the period | 9904 | €5,499 | €4,095 | -€1,404 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,499 | €4,095 | -€1,404 | -25.5% |
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 21 October 2026 via checked.be.