SHALCO: 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.
SHALCO
Largest movements
- Receivables within one year +€149,835
up €149,835 (+75.1%), from €199,474 to €349,309
of which Other amounts receivable: +€77,684
- Tangible fixed assets -€72,350
down €72,350 (-29.5%), from €244,884 to €172,534
of which Leasing and similar rights: -€62,136
- Debts after one year -€62,242
down €62,242 (-35.4%), from €176,042 to €113,800
- Reserves +€54,662
up €54,662 (+33.1%), from €165,146 to €219,808
of which Distributable reserves: +€54,662
- Trade debts +€46,870
up €46,870 (+195%), from €23,987 to €70,857
- Tax, wage and social debts +€31,930
up €31,930 (+152%), from €21,024 to €52,954
- Gross operating margin +€42,455
up €42,455 (+32.3%), from €131,375 to €173,830
- Taxes +€15,047
up €15,047 (+77.8%), from €19,335 to €34,382
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 | €452,355 | €525,860 | +€73,505 | +16.2% |
| Fixed assets | 21/28 | €244,909 | €172,559 | -€72,350 | -29.5% |
| Tangible fixed assets | 22/27 | €244,884 | €172,534 | -€72,350 | -29.5% |
| Plant, machinery and equipment | 23 | €16,184 | €9,438 | -€6,746 | -41.7% |
| Furniture and vehicles | 24 | €15,655 | €12,187 | -€3,468 | -22.2% |
| Leasing and similar rights | 25 | €213,046 | €150,909 | -€62,136 | -29.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €207,446 | €353,302 | +€145,855 | +70.3% |
| Amounts receivable within one year | 40/41 | €199,474 | €349,309 | +€149,835 | +75.1% |
| Trade receivables | 40 | €60,230 | €132,382 | +€72,151 | +120% |
| Other amounts receivable | 41 | €139,244 | €216,928 | +€77,684 | +55.8% |
| Cash at bank and in hand | 54/58 | €7,972 | €3,992 | -€3,980 | -49.9% |
| Total equity and liabilities | 10/49 | €452,355 | €525,860 | +€73,505 | +16.2% |
| Equity | 10/15 | €171,346 | €226,008 | +€54,662 | +31.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €165,146 | €219,808 | +€54,662 | +33.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,286 | €217,948 | +€54,662 | +33.5% |
| Amounts payable | 17/49 | €281,009 | €299,853 | +€18,843 | +6.7% |
| Amounts payable after more than one year | 17 | €176,042 | €113,800 | -€62,242 | -35.4% |
| Financial debts | 170/4 | €176,042 | €113,800 | -€62,242 | -35.4% |
| Amounts payable within one year | 42/48 | €104,967 | €186,053 | +€81,086 | +77.2% |
| Current portion of amounts payable after more than one year | 42 | €59,956 | €62,242 | +€2,286 | +3.8% |
| Trade debts | 44 | €23,987 | €70,857 | +€46,870 | +195% |
| Suppliers | 440/4 | €23,987 | €70,857 | +€46,870 | +195% |
| Taxes, remuneration and social security | 45 | €21,024 | €52,954 | +€31,930 | +152% |
| Taxes | 450/3 | €21,024 | €52,954 | +€31,930 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,967 | €72,350 | +€383 | +0.5% |
| Other operating charges | 640/8 | €4,291 | €2,943 | -€1,348 | -31.4% |
| Gross operating margin | 9900 | €131,375 | €173,830 | +€42,455 | +32.3% |
| Operating profit (loss) | 9901 | €55,117 | €98,537 | +€43,420 | +78.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €9,404 | €9,493 | +€89 | +0.9% |
| Recurring financial charges | 65 | €9,404 | €9,493 | +€89 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €45,713 | €89,044 | +€43,331 | +94.8% |
| Income taxes | 67/77 | €19,335 | €34,382 | +€15,047 | +77.8% |
| Profit (loss) for the period | 9904 | €26,378 | €54,662 | +€28,284 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €26,378 | €54,662 | +€28,284 | +107% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.