SHAHINEZE: 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.
SHAHINEZE
Largest movements
- Receivables within one year -€13,083
down €13,083 (-58.0%), from €22,571 to €9,487
- Cash -€11,968
down €11,968 (-54.3%), from €22,026 to €10,059
mainly Investment in fixed assets (net) (-€26,630) and Other debts (-€9,039)
- Tangible fixed assets +€10,006
up €10,006 (+66.4%), from €15,072 to €25,078
- Stocks and contracts +€3,895
up €3,895 (+128%), from €3,046 to €6,941
- Other debts -€9,039
no longer reported in 2025 (was €9,039)
- Trade debts -€4,466
down €4,466 (-27.2%), from €16,421 to €11,956
- Tax, wage and social debts +€1,991
up €1,991 (+40.2%), from €4,956 to €6,948
of which Taxes: +€1,787
- Turnover -€205,539
no longer reported in 2025 (was €205,539)
- Purchases and services -€182,461
no longer reported in 2025 (was €182,461)
- Staff costs +€30,692
up €30,692 (+775%), from €3,959 to €34,651
- Gross operating margin +€20,617
up €20,617 (+58.7%), from €35,105 to €55,722
- Other operating charges +€3,502
up €3,502 (+729%), from €480 to €3,982
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 | €62,714 | €51,564 | -€11,150 | -17.8% |
| Fixed assets | 21/28 | €15,072 | €25,078 | +€10,006 | +66.4% |
| Tangible fixed assets | 22/27 | €15,072 | €25,078 | +€10,006 | +66.4% |
| Furniture and vehicles | 24 | €15,072 | €25,078 | +€10,006 | +66.4% |
| Current assets | 29/58 | €47,643 | €26,487 | -€21,156 | -44.4% |
| Stocks and contracts in progress | 3 | €3,046 | €6,941 | +€3,895 | +128% |
| Stocks | 30/36 | €3,046 | €6,941 | +€3,895 | +128% |
| Amounts receivable within one year | 40/41 | €22,571 | €9,487 | -€13,083 | -58.0% |
| Other amounts receivable | 41 | €22,571 | €9,487 | -€13,083 | -58.0% |
| Cash at bank and in hand | 54/58 | €22,026 | €10,059 | -€11,968 | -54.3% |
| Total equity and liabilities | 10/49 | €62,714 | €51,564 | -€11,150 | -17.8% |
| Equity | 10/15 | €32,297 | €32,661 | +€363 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,697 | €14,061 | +€363 | +2.7% |
| Amounts payable | 17/49 | €30,417 | €18,904 | -€11,513 | -37.9% |
| Amounts payable within one year | 42/48 | €30,417 | €18,904 | -€11,513 | -37.9% |
| Trade debts | 44 | €16,421 | €11,956 | -€4,466 | -27.2% |
| Suppliers | 440/4 | €16,421 | €11,956 | -€4,466 | -27.2% |
| Taxes, remuneration and social security | 45 | €4,956 | €6,948 | +€1,991 | +40.2% |
| Taxes | 450/3 | €2,526 | €4,312 | +€1,787 | +70.8% |
| Remuneration and social security | 454/9 | €2,431 | €2,635 | +€204 | +8.4% |
| Other amounts payable | 47/48 | €9,039 | - | -€9,039 | |
| Turnover | 70 | €205,539 | - | -€205,539 | |
| Goods, raw materials, services and sundry goods | 60/61 | €182,461 | - | -€182,461 | |
| Remuneration, social security and pensions | 62 | €3,959 | €34,651 | +€30,692 | +775% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,611 | €16,624 | +€3,012 | +22.1% |
| Other operating charges | 640/8 | €480 | €3,982 | +€3,502 | +729% |
| Gross operating margin | 9900 | €35,105 | €55,722 | +€20,617 | +58.7% |
| Operating profit (loss) | 9901 | €17,055 | €465 | -€16,589 | -97.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €104 | €102 | -€2 | -2.2% |
| Recurring financial charges | 65 | €104 | €102 | -€2 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €16,951 | €363 | -€16,587 | -97.9% |
| Profit (loss) for the period | 9904 | €16,951 | €363 | -€16,587 | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,951 | €363 | -€16,587 | -97.9% |
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 30 October 2026 via checked.be.