SHAHEEN: 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.
SHAHEEN
Largest movements
- Receivables within one year -€58,458
down €58,458 (-51.1%), from €114,443 to €55,985
of which Trade receivables: -€59,000
- Stocks and contracts -€16,545
down €16,545 (-19.9%), from €83,088 to €66,543
- Cash +€7,200
up €7,200 (+202.4%), from €3,557 to €10,757
mainly Receivables within one year (+€58,458) and Stocks and contracts (+€16,545)
- Other debts -€30,789
down €30,789 (-52.0%), from €59,186 to €28,397
- Profit (loss) carried forward -€25,408
down €25,408, from €15,140 to -€10,268
- Trade debts -€10,531
down €10,531 (-77.6%), from €13,577 to €3,046
- Gross operating margin -€41,334
down €41,334, from €17,253 to -€24,081
- Taxes -€866
no longer reported in 2021 (was €866)
From the 2020 result to the 2021 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 2020 and 2021 balance sheets and the 2021 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,059 | €136,514 | -€66,545 | -32.8% |
| Fixed assets | 21/28 | €1,971 | €3,229 | +€1,257 | +63.8% |
| Tangible fixed assets | 22/27 | €1,971 | €3,229 | +€1,257 | +63.8% |
| Land and buildings | 22 | €402 | €2,444 | +€2,042 | +507.4% |
| Plant, machinery and equipment | 23 | €1,569 | €785 | -€785 | -50.0% |
| Current assets | 29/58 | €201,088 | €133,285 | -€67,803 | -33.7% |
| Stocks and contracts in progress | 3 | €83,088 | €66,543 | -€16,545 | -19.9% |
| Stocks | 30/36 | €83,088 | €66,543 | -€16,545 | -19.9% |
| Amounts receivable within one year | 40/41 | €114,443 | €55,985 | -€58,458 | -51.1% |
| Trade receivables | 40 | €113,705 | €54,705 | -€59,000 | -51.9% |
| Other amounts receivable | 41 | €738 | €1,280 | +€542 | +73.4% |
| Cash at bank and in hand | 54/58 | €3,557 | €10,757 | +€7,200 | +202.4% |
| Total equity and liabilities | 10/49 | €203,059 | €136,514 | -€66,545 | -32.8% |
| Equity | 10/15 | €122,955 | €97,548 | -€25,408 | -20.7% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Capital | 10 | €1,250 | €1,250 | = | 0.0% |
| Issued capital | 100 | €1,250 | €1,250 | = | 0.0% |
| Reserves | 13 | €106,566 | €106,566 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,958 | €14,958 | = | 0.0% |
| Legal reserve | 130 | €14,958 | €14,958 | = | 0.0% |
| Distributable reserves | 133 | €91,608 | €91,608 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,140 | -€10,268 | -€25,408 | |
| Amounts payable | 17/49 | €80,104 | €38,966 | -€41,138 | -51.4% |
| Amounts payable within one year | 42/48 | €80,104 | €38,966 | -€41,138 | -51.4% |
| Trade debts | 44 | €13,577 | €3,046 | -€10,531 | -77.6% |
| Suppliers | 440/4 | €13,577 | €3,046 | -€10,531 | -77.6% |
| Taxes, remuneration and social security | 45 | €7,341 | €7,523 | +€182 | +2.5% |
| Taxes | 450/3 | €7,341 | €7,523 | +€182 | +2.5% |
| Other amounts payable | 47/48 | €59,186 | €28,397 | -€30,789 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €874 | €923 | +€49 | +5.6% |
| Other operating charges | 640/8 | €218 | €300 | +€82 | +37.6% |
| Gross operating margin | 9900 | €17,253 | -€24,081 | -€41,334 | |
| Operating profit (loss) | 9901 | €16,161 | -€25,304 | -€41,465 | |
| Financial income | 75/76B | €10 | €98 | +€89 | +922.6% |
| Recurring financial income | 75 | €10 | €98 | +€89 | +922.6% |
| Financial charges | 65/66B | €165 | €202 | +€37 | +22.5% |
| Recurring financial charges | 65 | €165 | €202 | +€37 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €16,006 | -€25,408 | -€41,413 | |
| Income taxes | 67/77 | €866 | - | -€866 | |
| Profit (loss) for the period | 9904 | €15,140 | -€25,408 | -€40,547 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,140 | -€25,408 | -€40,547 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2020 and 31 December 2021. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.