SHALVA OPERATIONS: 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.
SHALVA OPERATIONS
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+3294.0%), from €31,500 to €1.1m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets +€476,287
up €476,287 (+66718.0%), from €714 to €477,001
of which Land and buildings: +€476,832
- Stocks and contracts +€427,902
up €427,902 (+47.6%), from €898,933 to €1.3m
- Cash -€34,023
down €34,023 (-56.8%), from €59,938 to €25,915
mainly Receivables within one year (-€1.0m) and Short-term financial debts (-€516,612)
- Debts after one year +€1.3m
up €1.3m (+325.1%), from €395,500 to €1.7m
- Other debts +€1.1m
up €1.1m (+3480.0%), from €31,500 to €1.1m
- Short-term financial debts -€516,612
down €516,612 (-99.9%), from €517,007 to €395
- Financial income +€83,326
up €83,326 (+716476.4%), from €12 to €83,338
- Gross operating margin -€55,863
down €55,863 (-88.9%), from €62,850 to €6,987
- Depreciation +€12,175
up €12,175 (+2233.4%), from €545 to €12,720
- Financial charges -€4,425
down €4,425 (-25.1%), from €17,597 to €13,172
- Other operating charges +€3,009
up €3,009 (+509.6%), from €590 to €3,599
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 | €991,085 | €2,899,660 | +€1.9m | +192.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €714 | €477,001 | +€476,287 | +66718.0% |
| Tangible fixed assets | 22/27 | €714 | €477,001 | +€476,287 | +66718.0% |
| Land and buildings | 22 | - | €476,832 | +€476,832 | |
| Plant, machinery and equipment | 23 | €714 | €169 | -€545 | -76.4% |
| Current assets | 29/58 | €990,371 | €2,422,660 | +€1.4m | +144.6% |
| Stocks and contracts in progress | 3 | €898,933 | €1,326,835 | +€427,902 | +47.6% |
| Stocks | 30/36 | €898,933 | €1,326,835 | +€427,902 | +47.6% |
| Amounts receivable within one year | 40/41 | €31,500 | €1,069,099 | +€1.0m | +3294.0% |
| Trade receivables | 40 | €31,500 | €29,750 | -€1,750 | -5.6% |
| Other amounts receivable | 41 | - | €1,039,349 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €59,938 | €25,915 | -€34,023 | -56.8% |
| Deferred charges and accrued income | 490/1 | - | €811 | +€811 | |
| Total equity and liabilities | 10/49 | €991,085 | €2,899,660 | +€1.9m | +192.6% |
| Equity | 10/15 | €34,058 | €59,058 | +€25,000 | +73.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,058 | €34,058 | +€25,000 | +276.0% |
| Amounts payable | 17/49 | €957,027 | €2,840,602 | +€1.9m | +196.8% |
| Amounts payable after more than one year | 17 | €395,500 | €1,681,206 | +€1.3m | +325.1% |
| Financial debts | 170/4 | €395,500 | €1,681,206 | +€1.3m | +325.1% |
| Amounts payable within one year | 42/48 | €561,527 | €1,159,396 | +€597,869 | +106.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,904 | +€14,904 | |
| Financial debts | 43 | €517,007 | €395 | -€516,612 | -99.9% |
| Credit institutions | 430/8 | €517,007 | €395 | -€516,612 | -99.9% |
| Trade debts | 44 | €2,518 | €3,929 | +€1,411 | +56.0% |
| Suppliers | 440/4 | €2,518 | €3,929 | +€1,411 | +56.0% |
| Taxes, remuneration and social security | 45 | €10,502 | €12,468 | +€1,966 | +18.7% |
| Taxes | 450/3 | €2,779 | €3,140 | +€362 | +13.0% |
| Remuneration and social security | 454/9 | €7,723 | €9,327 | +€1,604 | +20.8% |
| Other amounts payable | 47/48 | €31,500 | €1,127,700 | +€1.1m | +3480.0% |
| Remuneration, social security and pensions | 62 | €34,430 | €35,471 | +€1,041 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545 | €12,720 | +€12,175 | +2233.4% |
| Other operating charges | 640/8 | €590 | €3,599 | +€3,009 | +509.6% |
| Gross operating margin | 9900 | €62,850 | €6,987 | -€55,863 | -88.9% |
| Operating profit (loss) | 9901 | €27,284 | -€44,804 | -€72,088 | |
| Financial income | 75/76B | €12 | €83,338 | +€83,326 | +716476.4% |
| Recurring financial income | 75 | €12 | €83,338 | +€83,326 | +716476.4% |
| Financial charges | 65/66B | €17,597 | €13,172 | -€4,425 | -25.1% |
| Recurring financial charges | 65 | €17,597 | €13,172 | -€4,425 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €9,699 | €25,362 | +€15,663 | +161.5% |
| Income taxes | 67/77 | €2,968 | €362 | -€2,606 | -87.8% |
| Profit (loss) for the period | 9904 | €6,731 | €25,000 | +€18,269 | +271.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,731 | €25,000 | +€18,269 | +271.4% |
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 12 October 2026 via checked.be.