SHAKE: 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.
SHAKE
Largest movements
- Intangible fixed assets -€47,717
no longer reported in 2025 (was €47,717)
- Tangible fixed assets -€28,615
down €28,615 (-27.6%), from €103,706 to €75,091
of which Plant, machinery and equipment: -€18,962
- Deferred charges and accrued income +€5,994
up €5,994 (+259.0%), from €2,314 to €8,308
- Stocks and contracts +€5,265
up €5,265 (+72.6%), from €7,255 to €12,520
- Receivables within one year +€4,714
up €4,714 (+200.0%), from €2,357 to €7,071
- Current portion of long-term debt -€31,046
down €31,046 (-64.9%), from €47,802 to €16,757
- Profit (loss) carried forward -€22,520
down €22,520 (-89.2%), from €25,233 to €2,713
- Debts after one year -€16,757
down €16,757 (-70.9%), from €23,631 to €6,874
- Accrued charges and deferred income +€9,223
new in 2025: €9,223
- Short-term financial debts +€4,589
new in 2025: €4,589
- Gross operating margin -€19,952
down €19,952 (-11.3%), from €176,125 to €156,173
- Depreciation +€12,001
up €12,001 (+12.5%), from €96,242 to €108,242
- Taxes -€5,624
down €5,624 (-86.7%), from €6,484 to €859
- Staff costs -€3,381
down €3,381 (-7.5%), from €45,249 to €41,867
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 | €217,094 | €154,374 | -€62,719 | -28.9% |
| Fixed assets | 21/28 | €151,423 | €75,091 | -€76,332 | -50.4% |
| Intangible fixed assets | 21 | €47,717 | - | -€47,717 | |
| Tangible fixed assets | 22/27 | €103,706 | €75,091 | -€28,615 | -27.6% |
| Plant, machinery and equipment | 23 | €51,885 | €32,923 | -€18,962 | -36.5% |
| Furniture and vehicles | 24 | €51,821 | €42,168 | -€9,653 | -18.6% |
| Current assets | 29/58 | €65,671 | €79,283 | +€13,613 | +20.7% |
| Stocks and contracts in progress | 3 | €7,255 | €12,520 | +€5,265 | +72.6% |
| Stocks | 30/36 | €7,255 | €12,520 | +€5,265 | +72.6% |
| Amounts receivable within one year | 40/41 | €2,357 | €7,071 | +€4,714 | +200.0% |
| Other amounts receivable | 41 | €2,357 | €7,071 | +€4,714 | +200.0% |
| Cash at bank and in hand | 54/58 | €53,745 | €51,384 | -€2,360 | -4.4% |
| Deferred charges and accrued income | 490/1 | €2,314 | €8,308 | +€5,994 | +259.0% |
| Total equity and liabilities | 10/49 | €217,094 | €154,374 | -€62,719 | -28.9% |
| Equity | 10/15 | €45,944 | €23,424 | -€22,520 | -49.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €711 | €711 | = | 0.0% |
| Tax-exempt reserves | 132 | €711 | €711 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,233 | €2,713 | -€22,520 | -89.2% |
| Amounts payable | 17/49 | €171,150 | €130,951 | -€40,199 | -23.5% |
| Amounts payable after more than one year | 17 | €23,631 | €6,874 | -€16,757 | -70.9% |
| Financial debts | 170/4 | €23,631 | €6,874 | -€16,757 | -70.9% |
| Amounts payable within one year | 42/48 | €147,519 | €114,853 | -€32,666 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €47,802 | €16,757 | -€31,046 | -64.9% |
| Financial debts | 43 | - | €4,589 | +€4,589 | |
| Other loans | 439 | - | €4,589 | +€4,589 | |
| Trade debts | 44 | €30,917 | €28,405 | -€2,511 | -8.1% |
| Suppliers | 440/4 | €30,917 | €28,405 | -€2,511 | -8.1% |
| Taxes, remuneration and social security | 45 | €19,507 | €19,915 | +€408 | +2.1% |
| Taxes | 450/3 | €12,841 | €10,771 | -€2,070 | -16.1% |
| Remuneration and social security | 454/9 | €6,666 | €9,144 | +€2,478 | +37.2% |
| Other amounts payable | 47/48 | €49,293 | €45,187 | -€4,106 | -8.3% |
| Accrued charges and deferred income | 492/3 | - | €9,223 | +€9,223 | |
| Remuneration, social security and pensions | 62 | €45,249 | €41,867 | -€3,381 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,242 | €108,242 | +€12,001 | +12.5% |
| Other operating charges | 640/8 | €388 | €398 | +€10 | +2.6% |
| Gross operating margin | 9900 | €176,125 | €156,173 | -€19,952 | -11.3% |
| Operating profit (loss) | 9901 | €34,247 | €5,665 | -€28,582 | -83.5% |
| Financial income | 75/76B | €16 | €0 | -€15 | -98.1% |
| Recurring financial income | 75 | €16 | €0 | -€15 | -98.1% |
| Financial charges | 65/66B | €3,232 | €2,326 | -€906 | -28.0% |
| Recurring financial charges | 65 | €3,232 | €2,326 | -€906 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €31,030 | €3,339 | -€27,691 | -89.2% |
| Income taxes | 67/77 | €6,484 | €859 | -€5,624 | -86.7% |
| Profit (loss) for the period | 9904 | €24,546 | €2,480 | -€22,066 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,546 | €2,480 | -€22,066 | -89.9% |
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.