SHALA: 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.
SHALA
Largest movements
- Tangible fixed assets -€95,957
down €95,957 (-5.1%), from €1.9m to €1.8m
of which Land and buildings: -€79,064
- Receivables within one year +€38,155
up €38,155 (+75.2%), from €50,753 to €88,908
of which Trade receivables: +€23,543
- Cash +€26,271
up €26,271 (+44.3%), from €59,351 to €85,622
mainly Depreciation (+€124,220) and Stocks and contracts (+€23,495)
- Stocks and contracts -€23,495
down €23,495 (-8.7%), from €271,390 to €247,895
- Debts after one year -€53,774
down €53,774 (-3.4%), from €1.6m to €1.5m
of which Financial debts: -€49,274
- Trade debts -€24,547
down €24,547 (-17.0%), from €144,195 to €119,648
- Staff costs +€38,585
up €38,585 (+12.3%), from €314,008 to €352,593
- Gross operating margin -€10,605
down €10,605 (-1.8%), from €585,142 to €574,537
- Financial charges -€8,726
down €8,726 (-12.1%), from €72,152 to €63,427
- Depreciation +€7,550
up €7,550 (+6.5%), from €116,671 to €124,220
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 | €2,289,493 | €2,235,903 | -€53,589 | -2.3% |
| Fixed assets | 21/28 | €1,903,453 | €1,807,996 | -€95,457 | -5.0% |
| Tangible fixed assets | 22/27 | €1,894,396 | €1,798,439 | -€95,957 | -5.1% |
| Land and buildings | 22 | €1,746,316 | €1,667,251 | -€79,064 | -4.5% |
| Plant, machinery and equipment | 23 | €117,969 | €105,539 | -€12,430 | -10.5% |
| Furniture and vehicles | 24 | €4,467 | €4,501 | +€33 | +0.7% |
| Other tangible fixed assets | 26 | €25,644 | €21,148 | -€4,496 | -17.5% |
| Financial fixed assets | 28 | €9,057 | €9,557 | +€500 | +5.5% |
| Current assets | 29/58 | €386,040 | €427,908 | +€41,867 | +10.8% |
| Stocks and contracts in progress | 3 | €271,390 | €247,895 | -€23,495 | -8.7% |
| Stocks | 30/36 | €271,390 | €247,895 | -€23,495 | -8.7% |
| Amounts receivable within one year | 40/41 | €50,753 | €88,908 | +€38,155 | +75.2% |
| Trade receivables | 40 | €47,619 | €71,162 | +€23,543 | +49.4% |
| Other amounts receivable | 41 | €3,134 | €17,746 | +€14,612 | +466% |
| Cash at bank and in hand | 54/58 | €59,351 | €85,622 | +€26,271 | +44.3% |
| Deferred charges and accrued income | 490/1 | €4,547 | €5,482 | +€936 | +20.6% |
| Total equity and liabilities | 10/49 | €2,289,493 | €2,235,903 | -€53,589 | -2.3% |
| Equity | 10/15 | €139,263 | €146,236 | +€6,974 | +5.0% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €144,660 | €144,660 | = | 0.0% |
| Distributable reserves | 133 | €144,660 | €144,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,398 | -€43,424 | +€6,974 | +13.8% |
| Amounts payable | 17/49 | €2,150,230 | €2,089,667 | -€60,563 | -2.8% |
| Amounts payable after more than one year | 17 | €1,570,610 | €1,516,836 | -€53,774 | -3.4% |
| Financial debts | 170/4 | €1,561,610 | €1,512,336 | -€49,274 | -3.2% |
| Trade debts | 175 | €9,000 | €4,500 | -€4,500 | -50.0% |
| Amounts payable within one year | 42/48 | €579,620 | €572,832 | -€6,789 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €259,010 | €278,598 | +€19,588 | +7.6% |
| Trade debts | 44 | €144,195 | €119,648 | -€24,547 | -17.0% |
| Suppliers | 440/4 | €144,195 | €119,648 | -€24,547 | -17.0% |
| Taxes, remuneration and social security | 45 | €62,121 | €66,714 | +€4,593 | +7.4% |
| Taxes | 450/3 | €11,405 | €9,308 | -€2,097 | -18.4% |
| Remuneration and social security | 454/9 | €50,716 | €57,406 | +€6,690 | +13.2% |
| Other amounts payable | 47/48 | €114,294 | €107,872 | -€6,423 | -5.6% |
| Remuneration, social security and pensions | 62 | €314,008 | €352,593 | +€38,585 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,671 | €124,220 | +€7,550 | +6.5% |
| Other operating charges | 640/8 | €24,861 | €24,572 | -€289 | -1.2% |
| Gross operating margin | 9900 | €585,142 | €574,537 | -€10,605 | -1.8% |
| Operating profit (loss) | 9901 | €129,602 | €73,152 | -€56,450 | -43.6% |
| Financial income | 75/76B | €1,747 | €200 | -€1,547 | -88.5% |
| Recurring financial income | 75 | €1,747 | €200 | -€1,547 | -88.5% |
| Financial charges | 65/66B | €72,152 | €63,427 | -€8,726 | -12.1% |
| Recurring financial charges | 65 | €72,152 | €63,427 | -€8,726 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €59,197 | €9,926 | -€49,271 | -83.2% |
| Income taxes | 67/77 | €262 | €2,952 | +€2,691 | +1,029% |
| Profit (loss) for the period | 9904 | €58,936 | €6,974 | -€51,962 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,936 | €6,974 | -€51,962 | -88.2% |
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 22 October 2026 via checked.be.