SHAHIN: 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.
SHAHIN
Largest movements
- Tangible fixed assets -€18,704
down €18,704 (-72.2%), from €25,921 to €7,218
- Financial fixed assets +€14,000
new in 2025: €14,000
- Cash -€2,925
down €2,925 (-14.1%), from €20,672 to €17,747
mainly Other debts (-€17,840) and Trade debts (-€2,222)
- Receivables within one year +€1,114
up €1,114 (+2.2%), from €49,578 to €50,692
of which Trade receivables: +€9,117
- Other debts -€17,840
no longer reported in 2025 (was €17,840)
- Tax, wage and social debts +€7,234
up €7,234 (+44.7%), from €16,191 to €23,425
of which Taxes: +€5,152
- Profit (loss) carried forward +€5,553
new in 2025: €5,553
- Trade debts -€2,222
down €2,222 (-14.4%), from €15,400 to €13,178
- Staff costs -€20,528
down €20,528 (-24.8%), from €82,779 to €62,250
- Other operating charges +€14,178
up €14,178 (+206.0%), from €6,883 to €21,062
- Depreciation -€2,970
down €2,970 (-54.9%), from €5,410 to €2,440
- Gross operating margin -€1,176
down €1,176 (-1.0%), from €115,025 to €113,849
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 | €97,981 | €90,705 | -€7,276 | -7.4% |
| Fixed assets | 21/28 | €25,921 | €21,218 | -€4,704 | -18.1% |
| Tangible fixed assets | 22/27 | €25,921 | €7,218 | -€18,704 | -72.2% |
| Furniture and vehicles | 24 | €25,921 | €7,218 | -€18,704 | -72.2% |
| Financial fixed assets | 28 | - | €14,000 | +€14,000 | |
| Current assets | 29/58 | €72,060 | €69,488 | -€2,572 | -3.6% |
| Amounts receivable within one year | 40/41 | €49,578 | €50,692 | +€1,114 | +2.2% |
| Trade receivables | 40 | €5,144 | €14,261 | +€9,117 | +177.2% |
| Other amounts receivable | 41 | €44,433 | €36,431 | -€8,002 | -18.0% |
| Cash at bank and in hand | 54/58 | €20,672 | €17,747 | -€2,925 | -14.1% |
| Deferred charges and accrued income | 490/1 | €1,810 | €1,048 | -€762 | -42.1% |
| Total equity and liabilities | 10/49 | €97,981 | €90,705 | -€7,276 | -7.4% |
| Equity | 10/15 | €48,550 | €54,103 | +€5,553 | +11.4% |
| Contributions | 10/11 | €11,023 | €11,023 | = | 0.0% |
| Reserves | 13 | €37,527 | €37,527 | = | 0.0% |
| Distributable reserves | 133 | €37,527 | €37,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,553 | +€5,553 | |
| Amounts payable | 17/49 | €49,431 | €36,602 | -€12,829 | -26.0% |
| Amounts payable within one year | 42/48 | €49,431 | €36,602 | -€12,829 | -26.0% |
| Trade debts | 44 | €15,400 | €13,178 | -€2,222 | -14.4% |
| Suppliers | 440/4 | €15,400 | €13,178 | -€2,222 | -14.4% |
| Taxes, remuneration and social security | 45 | €16,191 | €23,425 | +€7,234 | +44.7% |
| Taxes | 450/3 | €14,984 | €20,136 | +€5,152 | +34.4% |
| Remuneration and social security | 454/9 | €1,207 | €3,288 | +€2,082 | +172.6% |
| Other amounts payable | 47/48 | €17,840 | - | -€17,840 | |
| Remuneration, social security and pensions | 62 | €82,779 | €62,250 | -€20,528 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,410 | €2,440 | -€2,970 | -54.9% |
| Other operating charges | 640/8 | €6,883 | €21,062 | +€14,178 | +206.0% |
| Non-recurring operating charges | 66A | €4,889 | €11,027 | +€6,138 | +125.5% |
| Gross operating margin | 9900 | €115,025 | €113,849 | -€1,176 | -1.0% |
| Operating profit (loss) | 9901 | €15,064 | €17,070 | +€2,006 | +13.3% |
| Financial income | 75/76B | €2,485 | €1,921 | -€564 | -22.7% |
| Recurring financial income | 75 | €2,485 | €1,921 | -€564 | -22.7% |
| Financial charges | 65/66B | €380 | €0 | -€380 | -100.0% |
| Recurring financial charges | 65 | €380 | €0 | -€380 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €17,169 | €18,991 | +€1,822 | +10.6% |
| Income taxes | 67/77 | €14,051 | €13,438 | -€613 | -4.4% |
| Profit (loss) for the period | 9904 | €3,118 | €5,553 | +€2,435 | +78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,118 | €5,553 | +€2,435 | +78.1% |
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 10 October 2026 via checked.be.