Shafaux Immo: 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.
Shafaux Immo
Largest movements
- Tangible fixed assets +€43,145
up €43,145 (+386%), from €11,177 to €54,323
of which Furniture and vehicles: +€35,752
- Cash +€34,368
up €34,368 (+160%), from €21,470 to €55,839
mainly Net result for the year (+€80,600) and Depreciation (+€17,993)
- Receivables within one year +€6,636
up €6,636 (+14.8%), from €44,944 to €51,580
of which Trade receivables: +€14,189
- Intangible fixed assets -€3,373
down €3,373 (-15.4%), from €21,889 to €18,517
- Stocks and contracts -€2,454
down €2,454 (-10.9%), from €22,543 to €20,089
- Profit (loss) carried forward +€78,934
up €78,934 (+191%), from €41,389 to €120,323
- Trade debts -€22,498
down €22,498 (-64.5%), from €34,899 to €12,401
- Debts after one year +€15,749
new in 2025: €15,749
- Current portion of long-term debt +€2,122
up €2,122 (+55.6%), from €3,816 to €5,938
- Gross operating margin +€121,636
up €121,636 (+105%), from €115,303 to €236,939
- Staff costs +€52,674
up €52,674 (+92.0%), from €57,235 to €109,908
- Depreciation +€9,440
up €9,440 (+110%), from €8,553 to €17,993
- Taxes +€8,445
up €8,445 (+66.5%), from €12,694 to €21,139
- Financial charges +€4,839
up €4,839 (+1,357%), from €357 to €5,196
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 | €125,882 | €202,210 | +€76,328 | +60.6% |
| Fixed assets | 21/28 | €33,272 | €73,045 | +€39,773 | +120% |
| Intangible fixed assets | 21 | €21,889 | €18,517 | -€3,373 | -15.4% |
| Tangible fixed assets | 22/27 | €11,177 | €54,323 | +€43,145 | +386% |
| Plant, machinery and equipment | 23 | €4,907 | €12,300 | +€7,393 | +151% |
| Furniture and vehicles | 24 | €6,271 | €42,023 | +€35,752 | +570% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €92,610 | €129,166 | +€36,555 | +39.5% |
| Stocks and contracts in progress | 3 | €22,543 | €20,089 | -€2,454 | -10.9% |
| Stocks | 30/36 | €22,543 | €20,089 | -€2,454 | -10.9% |
| Amounts receivable within one year | 40/41 | €44,944 | €51,580 | +€6,636 | +14.8% |
| Trade receivables | 40 | €37,342 | €51,531 | +€14,189 | +38.0% |
| Other amounts receivable | 41 | €7,603 | €49 | -€7,553 | -99.3% |
| Cash at bank and in hand | 54/58 | €21,470 | €55,839 | +€34,368 | +160% |
| Deferred charges and accrued income | 490/1 | €3,652 | €1,657 | -€1,995 | -54.6% |
| Total equity and liabilities | 10/49 | €125,882 | €202,210 | +€76,328 | +60.6% |
| Equity | 10/15 | €47,389 | €126,323 | +€78,934 | +167% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,389 | €120,323 | +€78,934 | +191% |
| Amounts payable | 17/49 | €78,493 | €75,887 | -€2,606 | -3.3% |
| Amounts payable after more than one year | 17 | - | €15,749 | +€15,749 | |
| Financial debts | 170/4 | - | €15,749 | +€15,749 | |
| Amounts payable within one year | 42/48 | €78,493 | €60,139 | -€18,355 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €3,816 | €5,938 | +€2,122 | +55.6% |
| Financial debts | 43 | - | €800 | +€800 | |
| Credit institutions | 430/8 | - | €800 | +€800 | |
| Trade debts | 44 | €34,899 | €12,401 | -€22,498 | -64.5% |
| Suppliers | 440/4 | €34,899 | €12,401 | -€22,498 | -64.5% |
| Taxes, remuneration and social security | 45 | €16,577 | €16,784 | +€206 | +1.2% |
| Taxes | 450/3 | €13,366 | €12,192 | -€1,174 | -8.8% |
| Remuneration and social security | 454/9 | €3,211 | €4,591 | +€1,381 | +43.0% |
| Other amounts payable | 47/48 | €23,201 | €24,216 | +€1,015 | +4.4% |
| Remuneration, social security and pensions | 62 | €57,235 | €109,908 | +€52,674 | +92.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,553 | €17,993 | +€9,440 | +110% |
| Other operating charges | 640/8 | €1,941 | €2,289 | +€348 | +17.9% |
| Gross operating margin | 9900 | €115,303 | €236,939 | +€121,636 | +105% |
| Operating profit (loss) | 9901 | €47,574 | €106,749 | +€59,175 | +124% |
| Financial income | 75/76B | €232 | €186 | -€46 | -19.7% |
| Recurring financial income | 75 | €232 | €186 | -€46 | -19.7% |
| Financial charges | 65/66B | €357 | €5,196 | +€4,839 | +1,357% |
| Recurring financial charges | 65 | €357 | €5,196 | +€4,839 | +1,357% |
| Profit (loss) for the period before taxes | 9903 | €47,450 | €101,739 | +€54,289 | +114% |
| Income taxes | 67/77 | €12,694 | €21,139 | +€8,445 | +66.5% |
| Profit (loss) for the period | 9904 | €34,756 | €80,600 | +€45,844 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €34,756 | €80,600 | +€45,844 | +132% |
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 24 October 2026 via checked.be.