SHAFA: what changed
Two fiscal 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.
SHAFA
Largest movements
- Tangible fixed assets +€35,854
up €35,854 (+4.6%), from €783,034 to €818,887
- Cash -€30,538
down €30,538 (-57.2%), from €53,376 to €22,838
mainly Investment in fixed assets (net) (-€73,966) and Accrued charges and deferred income (-€22,549)
- Reserves +€42,200
up €42,200 (+51.1%), from €82,626 to €124,826
- Accrued charges and deferred income -€22,549
down €22,549 (-5.0%), from €454,054 to €431,505
- Debts after one year -€20,148
down €20,148 (-19.8%), from €101,830 to €81,683
- Depreciation -€41,437
down €41,437 (-52.1%), from €79,549 to €38,112
- Gross operating margin +€29,975
up €29,975 (+33.4%), from €89,734 to €119,708
- Taxes +€19,894
new in 2025: €19,894
- Other operating charges +€5,689
up €5,689 (+69.9%), from €8,140 to €13,829
- Financial charges +€2,860
up €2,860 (+102.0%), from €2,803 to €5,663
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 | €862,781 | €859,558 | -€3,223 | -0.4% |
| Fixed assets | 21/28 | €783,034 | €818,887 | +€35,854 | +4.6% |
| Tangible fixed assets | 22/27 | €783,034 | €818,887 | +€35,854 | +4.6% |
| Land and buildings | 22 | €783,034 | €818,887 | +€35,854 | +4.6% |
| Current assets | 29/58 | €79,747 | €40,671 | -€39,076 | -49.0% |
| Amounts receivable within one year | 40/41 | €21,491 | €15,000 | -€6,491 | -30.2% |
| Trade receivables | 40 | €6,315 | - | -€6,315 | |
| Other amounts receivable | 41 | €15,176 | €15,000 | -€176 | -1.2% |
| Cash at bank and in hand | 54/58 | €53,376 | €22,838 | -€30,538 | -57.2% |
| Deferred charges and accrued income | 490/1 | €4,880 | €2,833 | -€2,047 | -42.0% |
| Total equity and liabilities | 10/49 | €862,781 | €859,558 | -€3,223 | -0.4% |
| Equity | 10/15 | €196,326 | €238,536 | +€42,210 | +21.5% |
| Contributions | 10/11 | €13,600 | €13,600 | = | 0.0% |
| Reserves | 13 | €82,626 | €124,826 | +€42,200 | +51.1% |
| Distributable reserves | 133 | €82,626 | €124,826 | +€42,200 | +51.1% |
| Profit (loss) carried forward | 14 | €100,100 | €100,110 | +€10 | 0.0% |
| Amounts payable | 17/49 | €666,455 | €621,023 | -€45,432 | -6.8% |
| Amounts payable after more than one year | 17 | €101,830 | €81,683 | -€20,148 | -19.8% |
| Financial debts | 170/4 | €101,830 | €81,683 | -€20,148 | -19.8% |
| Amounts payable within one year | 42/48 | €110,570 | €107,835 | -€2,735 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €26,605 | €25,192 | -€1,413 | -5.3% |
| Trade debts | 44 | €6,341 | €2,682 | -€3,658 | -57.7% |
| Suppliers | 440/4 | €6,341 | €2,682 | -€3,658 | -57.7% |
| Taxes, remuneration and social security | 45 | €4,688 | €11,788 | +€7,100 | +151.4% |
| Taxes | 450/3 | €4,688 | €11,788 | +€7,100 | +151.4% |
| Other amounts payable | 47/48 | €72,936 | €68,173 | -€4,763 | -6.5% |
| Accrued charges and deferred income | 492/3 | €454,054 | €431,505 | -€22,549 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,549 | €38,112 | -€41,437 | -52.1% |
| Other operating charges | 640/8 | €8,140 | €13,829 | +€5,689 | +69.9% |
| Gross operating margin | 9900 | €89,734 | €119,708 | +€29,975 | +33.4% |
| Operating profit (loss) | 9901 | €2,045 | €67,767 | +€65,722 | +3214.0% |
| Financial charges | 65/66B | €2,803 | €5,663 | +€2,860 | +102.0% |
| Recurring financial charges | 65 | €2,803 | €5,663 | +€2,860 | +102.0% |
| Profit (loss) for the period before taxes | 9903 | -€758 | €62,103 | +€62,862 | |
| Income taxes | 67/77 | - | €19,894 | +€19,894 | |
| Profit (loss) for the period | 9904 | -€758 | €42,210 | +€42,968 | |
| Profit (loss) for the period to be appropriated | 9905 | -€758 | €42,210 | +€42,968 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.