SHAHINE: 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.
SHAHINE
Largest movements
- Receivables within one year +€13,470
up €13,470 (+119.3%), from €11,294 to €24,764
of which Trade receivables: +€13,470
- Tangible fixed assets -€9,283
down €9,283 (-19.5%), from €47,677 to €38,395
of which Furniture and vehicles: -€10,467
- Intangible fixed assets -€6,000
down €6,000 (-25.0%), from €24,000 to €18,000
- Cash -€5,298
down €5,298 (-13.6%), from €38,908 to €33,610
mainly Trade debts (-€19,452) and Receivables within one year (-€13,470)
- Stocks and contracts -€2,750
down €2,750 (-35.9%), from €7,663 to €4,913
- Trade debts -€19,452
no longer reported in 2025 (was €19,452)
- Debts after one year -€8,728
down €8,728 (-21.3%), from €41,062 to €32,334
- Profit (loss) carried forward +€8,254
up €8,254 (+16.5%), from €50,068 to €58,323
- Tax, wage and social debts +€6,179
new in 2025: €6,179
- Other debts +€1,723
up €1,723 (+117.1%), from €1,472 to €3,195
- Purchases and services -€45,429
down €45,429 (-20.4%), from €222,389 to €176,960
- Turnover -€37,617
down €37,617 (-15.6%), from €241,734 to €204,118
- Gross operating margin +€4,739
up €4,739 (+18.1%), from €26,164 to €30,904
- Depreciation +€3,777
up €3,777 (+28.0%), from €13,506 to €17,283
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 | €132,287 | €120,265 | -€12,022 | -9.1% |
| Fixed assets | 21/28 | €71,921 | €56,639 | -€15,283 | -21.2% |
| Intangible fixed assets | 21 | €24,000 | €18,000 | -€6,000 | -25.0% |
| Tangible fixed assets | 22/27 | €47,677 | €38,395 | -€9,283 | -19.5% |
| Plant, machinery and equipment | 23 | - | €1,626 | +€1,626 | |
| Furniture and vehicles | 24 | €45,843 | €35,376 | -€10,467 | -22.8% |
| Other tangible fixed assets | 26 | €1,834 | €1,392 | -€441 | -24.1% |
| Financial fixed assets | 28 | €244 | €244 | = | 0.0% |
| Current assets | 29/58 | €60,366 | €63,627 | +€3,260 | +5.4% |
| Stocks and contracts in progress | 3 | €7,663 | €4,913 | -€2,750 | -35.9% |
| Stocks | 30/36 | €7,663 | €4,913 | -€2,750 | -35.9% |
| Amounts receivable within one year | 40/41 | €11,294 | €24,764 | +€13,470 | +119.3% |
| Trade receivables | 40 | €7,612 | €21,082 | +€13,470 | +177.0% |
| Other amounts receivable | 41 | €3,683 | €3,683 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,908 | €33,610 | -€5,298 | -13.6% |
| Deferred charges and accrued income | 490/1 | €2,501 | €340 | -€2,161 | -86.4% |
| Total equity and liabilities | 10/49 | €132,287 | €120,265 | -€12,022 | -9.1% |
| Equity | 10/15 | €70,302 | €78,557 | +€8,254 | +11.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,642 | €1,642 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,642 | €1,642 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,642 | €1,642 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,068 | €58,323 | +€8,254 | +16.5% |
| Amounts payable | 17/49 | €61,985 | €41,708 | -€20,277 | -32.7% |
| Amounts payable after more than one year | 17 | €41,062 | €32,334 | -€8,728 | -21.3% |
| Financial debts | 170/4 | €41,062 | €32,334 | -€8,728 | -21.3% |
| Amounts payable within one year | 42/48 | €20,923 | €9,374 | -€11,549 | -55.2% |
| Trade debts | 44 | €19,452 | - | -€19,452 | |
| Suppliers | 440/4 | €19,452 | - | -€19,452 | |
| Taxes, remuneration and social security | 45 | - | €6,179 | +€6,179 | |
| Taxes | 450/3 | - | €6,179 | +€6,179 | |
| Other amounts payable | 47/48 | €1,472 | €3,195 | +€1,723 | +117.1% |
| Turnover | 70 | €241,734 | €204,118 | -€37,617 | -15.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €222,389 | €176,960 | -€45,429 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,506 | €17,283 | +€3,777 | +28.0% |
| Other operating charges | 640/8 | €3,536 | €2,095 | -€1,441 | -40.8% |
| Gross operating margin | 9900 | €26,164 | €30,904 | +€4,739 | +18.1% |
| Operating profit (loss) | 9901 | €9,123 | €11,526 | +€2,403 | +26.3% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €1,516 | €2,009 | +€492 | +32.5% |
| Recurring financial charges | 65 | €1,516 | €2,009 | +€492 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €7,607 | €9,536 | +€1,929 | +25.4% |
| Income taxes | 67/77 | €769 | €1,281 | +€513 | +66.7% |
| Profit (loss) for the period | 9904 | €6,838 | €8,254 | +€1,416 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,838 | €8,254 | +€1,416 | +20.7% |
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.