SHAFLE: 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.
SHAFLE
Largest movements
- Receivables within one year +€54,881
up €54,881 (+286.9%), from €19,127 to €74,008
of which Other amounts receivable: +€48,960
- Tangible fixed assets +€31,643
up €31,643 (+37.4%), from €84,495 to €116,138
of which Other tangible fixed assets: +€29,983
- Cash -€9,478
down €9,478 (-94.7%), from €10,009 to €531
mainly Receivables within one year (-€54,881) and Investment in fixed assets (net) (-€38,207)
- Financial fixed assets -€5,487
down €5,487 (-78.4%), from €7,001 to €1,514
- Profit (loss) carried forward +€68,881
up €68,881 (+82.1%), from €83,861 to €152,742
- Tax, wage and social debts +€4,240
up €4,240 (+13.3%), from €31,822 to €36,062
- Trade debts -€2,102
down €2,102 (-51.4%), from €4,089 to €1,987
- Gross operating margin +€17,139
up €17,139 (+20.7%), from €82,974 to €100,114
- Depreciation +€6,367
up €6,367 (+112.0%), from €5,685 to €12,051
- Other operating charges +€2,477
up €2,477 (+639.4%), from €387 to €2,864
- Taxes +€2,046
up €2,046 (+13.1%), from €15,671 to €17,717
- Financial income +€1,580
up €1,580 (+491.4%), from €322 to €1,901
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 | €121,272 | €192,291 | +€71,019 | +58.6% |
| Fixed assets | 21/28 | €91,496 | €117,652 | +€26,156 | +28.6% |
| Tangible fixed assets | 22/27 | €84,495 | €116,138 | +€31,643 | +37.4% |
| Furniture and vehicles | 24 | - | €1,660 | +€1,660 | |
| Other tangible fixed assets | 26 | €84,495 | €114,478 | +€29,983 | +35.5% |
| Financial fixed assets | 28 | €7,001 | €1,514 | -€5,487 | -78.4% |
| Current assets | 29/58 | €29,776 | €74,639 | +€44,863 | +150.7% |
| Amounts receivable within one year | 40/41 | €19,127 | €74,008 | +€54,881 | +286.9% |
| Trade receivables | 40 | €8,518 | €14,440 | +€5,922 | +69.5% |
| Other amounts receivable | 41 | €10,609 | €59,568 | +€48,960 | +461.5% |
| Cash at bank and in hand | 54/58 | €10,009 | €531 | -€9,478 | -94.7% |
| Deferred charges and accrued income | 490/1 | €640 | €99 | -€541 | -84.5% |
| Total equity and liabilities | 10/49 | €121,272 | €192,291 | +€71,019 | +58.6% |
| Equity | 10/15 | €85,361 | €154,242 | +€68,881 | +80.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,861 | €152,742 | +€68,881 | +82.1% |
| Amounts payable | 17/49 | €35,911 | €38,049 | +€2,138 | +6.0% |
| Amounts payable within one year | 42/48 | €35,911 | €38,049 | +€2,138 | +6.0% |
| Trade debts | 44 | €4,089 | €1,987 | -€2,102 | -51.4% |
| Suppliers | 440/4 | €4,089 | €1,987 | -€2,102 | -51.4% |
| Taxes, remuneration and social security | 45 | €31,822 | €36,062 | +€4,240 | +13.3% |
| Taxes | 450/3 | €31,822 | €36,062 | +€4,240 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,685 | €12,051 | +€6,367 | +112.0% |
| Other operating charges | 640/8 | €387 | €2,864 | +€2,477 | +639.4% |
| Gross operating margin | 9900 | €82,974 | €100,114 | +€17,139 | +20.7% |
| Operating profit (loss) | 9901 | €76,902 | €85,198 | +€8,296 | +10.8% |
| Financial income | 75/76B | €322 | €1,901 | +€1,580 | +491.4% |
| Recurring financial income | 75 | €322 | €1,901 | +€1,580 | +491.4% |
| Financial charges | 65/66B | €169 | €502 | +€333 | +196.8% |
| Recurring financial charges | 65 | €169 | €502 | +€333 | +196.8% |
| Profit (loss) for the period before taxes | 9903 | €77,055 | €86,598 | +€9,543 | +12.4% |
| Income taxes | 67/77 | €15,671 | €17,717 | +€2,046 | +13.1% |
| Profit (loss) for the period | 9904 | €61,384 | €68,881 | +€7,497 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,384 | €68,881 | +€7,497 | +12.2% |
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 4 October 2026 via checked.be.