SHAHZAD: 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.
SHAHZAD
Largest movements
- Cash +€36,586
up €36,586 (+74.4%), from €49,171 to €85,757
mainly Net result for the year (+€28,509) and Receivables within one year (+€13,913)
- Receivables within one year -€13,913
down €13,913 (-27.3%), from €50,872 to €36,959
of which Trade receivables: -€13,224
- Tangible fixed assets -€5,822
down €5,822 (-39.4%), from €14,790 to €8,968
- Intangible fixed assets -€5,000
down €5,000 (-11.1%), from €45,027 to €40,027
- Profit (loss) carried forward +€28,509
up €28,509 (+53.8%), from €52,944 to €81,454
- Other debts -€14,856
no longer reported in 2025 (was €14,856)
- Tax, wage and social debts +€4,427
up €4,427 (+12.7%), from €34,730 to €39,158
of which Taxes: +€5,255
- Short-term financial debts -€4,195
no longer reported in 2025 (was €4,195)
- Trade debts -€1,854
down €1,854 (-12.6%), from €14,712 to €12,858
- Gross operating margin +€80,718
up €80,718 (+71.8%), from €112,428 to €193,145
- Staff costs +€54,031
up €54,031 (+62.1%), from €87,030 to €141,061
- Taxes +€8,189
up €8,189 (+309%), from €2,651 to €10,840
- Other operating charges -€3,994
down €3,994 (-71.8%), from €5,566 to €1,572
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 | €159,938 | €171,970 | +€12,031 | +7.5% |
| Fixed assets | 21/28 | €59,895 | €49,253 | -€10,642 | -17.8% |
| Intangible fixed assets | 21 | €45,027 | €40,027 | -€5,000 | -11.1% |
| Tangible fixed assets | 22/27 | €14,790 | €8,968 | -€5,822 | -39.4% |
| Furniture and vehicles | 24 | €14,790 | €8,968 | -€5,822 | -39.4% |
| Financial fixed assets | 28 | €78 | €258 | +€180 | +231% |
| Current assets | 29/58 | €100,043 | €122,716 | +€22,673 | +22.7% |
| Amounts receivable within one year | 40/41 | €50,872 | €36,959 | -€13,913 | -27.3% |
| Trade receivables | 40 | €44,140 | €30,917 | -€13,224 | -30.0% |
| Other amounts receivable | 41 | €6,732 | €6,042 | -€689 | -10.2% |
| Cash at bank and in hand | 54/58 | €49,171 | €85,757 | +€36,586 | +74.4% |
| Total equity and liabilities | 10/49 | €159,938 | €171,970 | +€12,031 | +7.5% |
| Equity | 10/15 | €91,444 | €119,954 | +€28,509 | +31.2% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €3,500 | €3,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,944 | €81,454 | +€28,509 | +53.8% |
| Amounts payable | 17/49 | €68,494 | €52,016 | -€16,478 | -24.1% |
| Amounts payable within one year | 42/48 | €68,494 | €52,016 | -€16,478 | -24.1% |
| Financial debts | 43 | €4,195 | - | -€4,195 | |
| Credit institutions | 430/8 | €4,195 | - | -€4,195 | |
| Trade debts | 44 | €14,712 | €12,858 | -€1,854 | -12.6% |
| Suppliers | 440/4 | €14,712 | €12,858 | -€1,854 | -12.6% |
| Taxes, remuneration and social security | 45 | €34,730 | €39,158 | +€4,427 | +12.7% |
| Taxes | 450/3 | €19,581 | €24,837 | +€5,255 | +26.8% |
| Remuneration and social security | 454/9 | €15,149 | €14,321 | -€828 | -5.5% |
| Other amounts payable | 47/48 | €14,856 | - | -€14,856 | |
| Remuneration, social security and pensions | 62 | €87,030 | €141,061 | +€54,031 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,573 | €10,822 | +€249 | +2.4% |
| Other operating charges | 640/8 | €5,566 | €1,572 | -€3,994 | -71.8% |
| Gross operating margin | 9900 | €112,428 | €193,145 | +€80,718 | +71.8% |
| Operating profit (loss) | 9901 | €9,259 | €39,690 | +€30,431 | +329% |
| Financial income | 75/76B | €0 | €0 | +€0 | +2,300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2,300% |
| Financial charges | 65/66B | €590 | €341 | -€249 | -42.2% |
| Recurring financial charges | 65 | €590 | €341 | -€249 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €8,669 | €39,349 | +€30,680 | +354% |
| Income taxes | 67/77 | €2,651 | €10,840 | +€8,189 | +309% |
| Profit (loss) for the period | 9904 | €6,018 | €28,509 | +€22,491 | +374% |
| Profit (loss) for the period to be appropriated | 9905 | €6,018 | €28,509 | +€22,491 | +374% |
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 24 October 2026 via checked.be.