SHAHINYAN GROUP: 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.
SHAHINYAN GROUP
Largest movements
- Receivables within one year +€13,404
up €13,404 (+118%), from €11,379 to €24,783
of which Other amounts receivable: +€13,846
- Cash -€2,422
down €2,422 (-58.3%), from €4,156 to €1,734
mainly Receivables within one year (-€13,404) and Stocks and contracts (-€1,445)
- Tangible fixed assets -€1,497
down €1,497 (-46.9%), from €3,190 to €1,693
- Stocks and contracts +€1,445
up €1,445 (+10.3%), from €14,000 to €15,445
- Reserves +€5,339
up €5,339 (+22.2%), from €24,069 to €29,409
- Tax, wage and social debts +€2,774
up €2,774 (+44.5%), from €6,229 to €9,003
- Trade debts +€2,595
up €2,595 (+239%), from €1,085 to €3,680
- Taxes +€4,585
new in 2025: €4,585
- Gross operating margin -€3,484
down €3,484 (-20.4%), from €17,088 to €13,603
- Depreciation +€379
up €379 (+34.0%), from €1,117 to €1,497
- Financial charges +€342
up €342 (+26.7%), from €1,282 to €1,625
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 | €33,384 | €44,092 | +€10,708 | +32.1% |
| Fixed assets | 21/28 | €3,190 | €1,693 | -€1,497 | -46.9% |
| Tangible fixed assets | 22/27 | €3,190 | €1,693 | -€1,497 | -46.9% |
| Furniture and vehicles | 24 | €3,190 | €1,693 | -€1,497 | -46.9% |
| Current assets | 29/58 | €30,194 | €42,399 | +€12,205 | +40.4% |
| Stocks and contracts in progress | 3 | €14,000 | €15,445 | +€1,445 | +10.3% |
| Stocks | 30/36 | €14,000 | €15,445 | +€1,445 | +10.3% |
| Amounts receivable within one year | 40/41 | €11,379 | €24,783 | +€13,404 | +118% |
| Trade receivables | 40 | €8,325 | €7,883 | -€442 | -5.3% |
| Other amounts receivable | 41 | €3,054 | €16,900 | +€13,846 | +453% |
| Cash at bank and in hand | 54/58 | €4,156 | €1,734 | -€2,422 | -58.3% |
| Deferred charges and accrued income | 490/1 | €659 | €437 | -€222 | -33.7% |
| Total equity and liabilities | 10/49 | €33,384 | €44,092 | +€10,708 | +32.1% |
| Equity | 10/15 | €26,069 | €31,409 | +€5,339 | +20.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €24,069 | €29,409 | +€5,339 | +22.2% |
| Distributable reserves | 133 | €24,069 | €29,409 | +€5,339 | +22.2% |
| Amounts payable | 17/49 | €7,314 | €12,683 | +€5,369 | +73.4% |
| Amounts payable within one year | 42/48 | €7,314 | €12,683 | +€5,369 | +73.4% |
| Trade debts | 44 | €1,085 | €3,680 | +€2,595 | +239% |
| Suppliers | 440/4 | €1,085 | €3,680 | +€2,595 | +239% |
| Taxes, remuneration and social security | 45 | €6,229 | €9,003 | +€2,774 | +44.5% |
| Taxes | 450/3 | €6,229 | €9,003 | +€2,774 | +44.5% |
| Remuneration, social security and pensions | 62 | €125 | €96 | -€30 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,117 | €1,497 | +€379 | +34.0% |
| Other operating charges | 640/8 | €534 | €464 | -€70 | -13.1% |
| Gross operating margin | 9900 | €17,088 | €13,603 | -€3,484 | -20.4% |
| Operating profit (loss) | 9901 | €15,312 | €11,547 | -€3,764 | -24.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,282 | €1,625 | +€342 | +26.7% |
| Recurring financial charges | 65 | €1,282 | €1,625 | +€342 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €14,029 | €9,924 | -€4,106 | -29.3% |
| Income taxes | 67/77 | - | €4,585 | +€4,585 | |
| Profit (loss) for the period | 9904 | €14,029 | €5,339 | -€8,690 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,029 | €5,339 | -€8,690 | -61.9% |
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 14 October 2026 via checked.be.