SHAH G: 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.
SHAH G
Largest movements
- Stocks and contracts -€36,623
down €36,623 (-72.0%), from €50,864 to €14,241
- Cash +€11,301
up €11,301 (+34.2%), from €33,026 to €44,327
mainly Stocks and contracts (+€36,623) and Tax, wage and social debts (+€11,494)
- Contributions -€22,400
down €22,400 (-54.6%), from €41,000 to €18,600
- Profit (loss) carried forward -€16,127
down €16,127 (-789%), from -€2,044 to -€18,170
- Tax, wage and social debts +€11,494
up €11,494 (+42.4%), from €27,128 to €38,622
- Trade debts +€3,098
up €3,098 (+42.3%), from €7,324 to €10,422
- Other debts -€1,735
down €1,735 (-8.4%), from €20,699 to €18,964
- Turnover -€22,291
down €22,291 (-11.3%), from €196,761 to €174,470
- Gross operating margin -€20,950
down €20,950 (-86.8%), from €24,148 to €3,198
- Taxes +€9,578
new in 2025: €9,578
- Other operating charges -€7,644
down €7,644 (-50.5%), from €15,130 to €7,485
- Staff costs -€6,116
no longer reported in 2025 (was €6,116)
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 | €94,306 | €68,637 | -€25,669 | -27.2% |
| Fixed assets | 21/28 | €908 | €649 | -€259 | -28.5% |
| Tangible fixed assets | 22/27 | €908 | €649 | -€259 | -28.5% |
| Furniture and vehicles | 24 | €908 | €649 | -€259 | -28.5% |
| Current assets | 29/58 | €93,398 | €67,988 | -€25,411 | -27.2% |
| Stocks and contracts in progress | 3 | €50,864 | €14,241 | -€36,623 | -72.0% |
| Stocks | 30/36 | €50,864 | €14,241 | -€36,623 | -72.0% |
| Amounts receivable within one year | 40/41 | €9,509 | €9,420 | -€89 | -0.9% |
| Trade receivables | 40 | €9,509 | €9,420 | -€89 | -0.9% |
| Cash at bank and in hand | 54/58 | €33,026 | €44,327 | +€11,301 | +34.2% |
| Total equity and liabilities | 10/49 | €94,306 | €68,637 | -€25,669 | -27.2% |
| Equity | 10/15 | €39,156 | €629 | -€38,527 | -98.4% |
| Contributions | 10/11 | €41,000 | €18,600 | -€22,400 | -54.6% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,044 | -€18,170 | -€16,127 | -789% |
| Amounts payable | 17/49 | €55,151 | €68,008 | +€12,857 | +23.3% |
| Amounts payable within one year | 42/48 | €55,151 | €68,008 | +€12,857 | +23.3% |
| Trade debts | 44 | €7,324 | €10,422 | +€3,098 | +42.3% |
| Suppliers | 440/4 | €7,324 | €10,422 | +€3,098 | +42.3% |
| Taxes, remuneration and social security | 45 | €27,128 | €38,622 | +€11,494 | +42.4% |
| Taxes | 450/3 | €27,128 | €38,622 | +€11,494 | +42.4% |
| Other amounts payable | 47/48 | €20,699 | €18,964 | -€1,735 | -8.4% |
| Turnover | 70 | €196,761 | €174,470 | -€22,291 | -11.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €174,269 | €173,997 | -€272 | -0.2% |
| Remuneration, social security and pensions | 62 | €6,116 | - | -€6,116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €979 | +€979 | |
| Other operating charges | 640/8 | €15,130 | €7,485 | -€7,644 | -50.5% |
| Non-recurring operating charges | 66A | €22,307 | €361 | -€21,946 | -98.4% |
| Gross operating margin | 9900 | €24,148 | €3,198 | -€20,950 | -86.8% |
| Operating profit (loss) | 9901 | -€19,405 | -€5,628 | +€13,778 | +71.0% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €847 | €923 | +€76 | +8.9% |
| Recurring financial charges | 65 | €847 | €923 | +€76 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,253 | -€6,548 | +€13,704 | +67.7% |
| Income taxes | 67/77 | - | €9,578 | +€9,578 | |
| Profit (loss) for the period | 9904 | -€20,253 | -€16,127 | +€4,126 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,253 | -€16,127 | +€4,126 | +20.4% |
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 28 October 2026 via checked.be.