SHAKE HANDS: 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 HANDS
Largest movements
- Tangible fixed assets +€504,761
up €504,761 (+1276.9%), from €39,529 to €544,290
of which Other tangible fixed assets: +€412,734
- Cash -€42,412
down €42,412 (-74.9%), from €56,637 to €14,225
mainly Investment in fixed assets (net) (-€529,977) and Receivables within one year (-€42,127)
- Receivables within one year +€42,127
up €42,127 (+16.9%), from €248,916 to €291,043
of which Trade receivables: +€115,809
- Other debts +€214,724
up €214,724 (+155.8%), from €137,822 to €352,546
- Debts after one year +€150,582
up €150,582 (+124.4%), from €121,066 to €271,648
of which Financial debts: +€205,735
- Trade debts +€86,318
up €86,318 (+255.3%), from €33,804 to €120,122
- Current portion of long-term debt +€44,265
new in 2025: €44,265
- Gross operating margin +€53,184
up €53,184 (+1258.2%), from €4,227 to €57,411
- Write-downs +€51,067
up €51,067, from -€44,000 to €7,067
- Depreciation +€20,369
up €20,369 (+420.2%), from €4,847 to €25,216
- Financial charges +€2,352
up €2,352 (+17.0%), from €13,867 to €16,219
of which Financial charges: +€7,740
- Other operating charges +€1,729
up €1,729 (+187.3%), from €923 to €2,652
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 | €405,652 | €903,029 | +€497,377 | +122.6% |
| Fixed assets | 21/28 | €62,099 | €566,860 | +€504,761 | +812.8% |
| Intangible fixed assets | 21 | €7,000 | €7,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €39,529 | €544,290 | +€504,761 | +1276.9% |
| Plant, machinery and equipment | 23 | - | €23,208 | +€23,208 | |
| Furniture and vehicles | 24 | €1,537 | €70,356 | +€68,819 | +4477.5% |
| Other tangible fixed assets | 26 | €37,992 | €450,726 | +€412,734 | +1086.4% |
| Financial fixed assets | 28 | €15,570 | €15,570 | -€0 | 0.0% |
| Current assets | 29/58 | €343,553 | €336,169 | -€7,384 | -2.1% |
| Amounts receivable within one year | 40/41 | €248,916 | €291,043 | +€42,127 | +16.9% |
| Trade receivables | 40 | €110,268 | €226,077 | +€115,809 | +105.0% |
| Other amounts receivable | 41 | €138,648 | €64,966 | -€73,682 | -53.1% |
| Current investments | 50/53 | €35,335 | €28,268 | -€7,067 | -20.0% |
| Cash at bank and in hand | 54/58 | €56,637 | €14,225 | -€42,412 | -74.9% |
| Deferred charges and accrued income | 490/1 | €2,665 | €2,632 | -€33 | -1.2% |
| Total equity and liabilities | 10/49 | €405,652 | €903,029 | +€497,377 | +122.6% |
| Equity | 10/15 | €110,310 | €109,997 | -€313 | -0.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €8,513 | €8,513 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,313 | €2,313 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €39,797 | €39,484 | -€313 | -0.8% |
| Amounts payable | 17/49 | €295,342 | €793,031 | +€497,689 | +168.5% |
| Amounts payable after more than one year | 17 | €121,066 | €271,648 | +€150,582 | +124.4% |
| Financial debts | 170/4 | - | €205,735 | +€205,735 | |
| Other amounts payable | 178/9 | €121,066 | €65,913 | -€55,153 | -45.6% |
| Amounts payable within one year | 42/48 | €171,626 | €516,933 | +€345,307 | +201.2% |
| Current portion of amounts payable after more than one year | 42 | - | €44,265 | +€44,265 | |
| Trade debts | 44 | €33,804 | €120,122 | +€86,318 | +255.3% |
| Suppliers | 440/4 | €33,804 | €120,122 | +€86,318 | +255.3% |
| Other amounts payable | 47/48 | €137,822 | €352,546 | +€214,724 | +155.8% |
| Accrued charges and deferred income | 492/3 | €2,650 | €4,450 | +€1,800 | +67.9% |
| Non-recurring operating income | 76A | €6,495 | €1 | -€6,494 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,847 | €25,216 | +€20,369 | +420.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€44,000 | €7,067 | +€51,067 | |
| Other operating charges | 640/8 | €923 | €2,652 | +€1,729 | +187.3% |
| Non-recurring operating charges | 66A | €90,606 | €6,570 | -€84,036 | -92.7% |
| Gross operating margin | 9900 | €4,227 | €57,411 | +€53,184 | +1258.2% |
| Operating profit (loss) | 9901 | -€48,149 | €15,906 | +€64,055 | |
| Financial charges | 65/66B | €13,867 | €16,219 | +€2,352 | +17.0% |
| Recurring financial charges | 65 | €1,129 | €8,869 | +€7,740 | +685.5% |
| Non-recurring financial charges | 66B | €12,738 | €7,350 | -€5,388 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | -€62,016 | -€313 | +€61,703 | +99.5% |
| Income taxes | 67/77 | €175 | - | -€175 | |
| Profit (loss) for the period | 9904 | -€62,191 | -€313 | +€61,878 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,191 | -€313 | +€61,878 | +99.5% |
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.