SHAF-P: 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.
SHAF-P
Largest movements
- Receivables within one year +€8,760
up €8,760 (+82.9%), from €10,569 to €19,329
of which Trade receivables: +€8,984
- Cash -€1,425
down €1,425 (-8.9%), from €15,988 to €14,563
mainly Other debts (-€10,100) and Receivables within one year (-€8,760)
- Tangible fixed assets +€986
new in 2025: €986
- Other debts -€10,100
down €10,100 (-83.5%), from €12,102 to €2,002
- Profit (loss) carried forward +€9,725
up €9,725 (+63.6%), from -€15,285 to -€5,560
- Tax, wage and social debts +€8,695
up €8,695 (+82.5%), from €10,540 to €19,235
- Taxes +€18,297
up €18,297 (+736%), from €2,487 to €20,784
- Gross operating margin -€9,362
down €9,362 (-20.9%), from €44,713 to €35,351
- Other operating charges -€2,081
down €2,081 (-46.1%), from €4,511 to €2,429
- Financial charges +€1,232
up €1,232 (+143%), from €861 to €2,093
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 | €27,017 | €35,338 | +€8,320 | +30.8% |
| Fixed assets | 21/28 | €460 | €1,446 | +€986 | +214% |
| Tangible fixed assets | 22/27 | - | €986 | +€986 | |
| Plant, machinery and equipment | 23 | - | €986 | +€986 | |
| Financial fixed assets | 28 | €460 | €460 | = | 0.0% |
| Current assets | 29/58 | €26,557 | €33,892 | +€7,335 | +27.6% |
| Amounts receivable within one year | 40/41 | €10,569 | €19,329 | +€8,760 | +82.9% |
| Trade receivables | 40 | €10,346 | €19,329 | +€8,984 | +86.8% |
| Other amounts receivable | 41 | €224 | - | -€224 | |
| Cash at bank and in hand | 54/58 | €15,988 | €14,563 | -€1,425 | -8.9% |
| Total equity and liabilities | 10/49 | €27,017 | €35,338 | +€8,320 | +30.8% |
| Equity | 10/15 | €4,375 | €14,100 | +€9,725 | +222% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,060 | €1,060 | = | 0.0% |
| Distributable reserves | 133 | €1,060 | €1,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,285 | -€5,560 | +€9,725 | +63.6% |
| Amounts payable | 17/49 | €22,642 | €21,237 | -€1,405 | -6.2% |
| Amounts payable within one year | 42/48 | €22,642 | €21,237 | -€1,405 | -6.2% |
| Taxes, remuneration and social security | 45 | €10,540 | €19,235 | +€8,695 | +82.5% |
| Taxes | 450/3 | €10,540 | €19,235 | +€8,695 | +82.5% |
| Other amounts payable | 47/48 | €12,102 | €2,002 | -€10,100 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €319 | +€319 | |
| Other operating charges | 640/8 | €4,511 | €2,429 | -€2,081 | -46.1% |
| Non-recurring operating charges | 66A | €711 | - | -€711 | |
| Gross operating margin | 9900 | €44,713 | €35,351 | -€9,362 | -20.9% |
| Operating profit (loss) | 9901 | €39,491 | €32,603 | -€6,889 | -17.4% |
| Financial charges | 65/66B | €861 | €2,093 | +€1,232 | +143% |
| Recurring financial charges | 65 | €861 | €2,093 | +€1,232 | +143% |
| Profit (loss) for the period before taxes | 9903 | €38,630 | €30,509 | -€8,121 | -21.0% |
| Income taxes | 67/77 | €2,487 | €20,784 | +€18,297 | +736% |
| Profit (loss) for the period | 9904 | €36,143 | €9,725 | -€26,418 | -73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,143 | €9,725 | -€26,418 | -73.1% |
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 15 October 2026 via checked.be.