SHANA RAES: what changed
SHANA RAES
Largest movements
- Cash +€18,806
up €18,806 (+224%), from €8,391 to €27,196
mainly Net result for the year (+€14,108) and Depreciation (+€4,495)
- Tangible fixed assets -€4,395
down €4,395 (-37.6%), from €11,697 to €7,301
of which Furniture and vehicles: -€2,508
- Receivables within one year +€1,212
new in 2025: €1,212
- Reserves +€14,108
up €14,108 (+161%), from €8,765 to €22,874
- Trade debts +€4,096
up €4,096 (+1,244%), from €329 to €4,425
- Other debts -€1,564
no longer reported in 2025 (was €1,564)
- Tax, wage and social debts -€1,190
down €1,190 (-6.9%), from €17,242 to €16,052
of which Remuneration and social security: -€2,441
- Staff costs -€6,922
down €6,922 (-12.6%), from €54,732 to €47,810
- Gross operating margin +€2,752
up €2,752 (+3.8%), from €71,678 to €74,430
- Taxes +€1,418
up €1,418 (+33.8%), from €4,199 to €5,617
- Financial charges +€1,209
up €1,209 (+167%), from €725 to €1,934
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,901 | €53,351 | +€15,450 | +40.8% |
| Fixed assets | 21/28 | €12,455 | €7,960 | -€4,495 | -36.1% |
| Intangible fixed assets | 21 | €758 | €658 | -€100 | -13.2% |
| Tangible fixed assets | 22/27 | €11,697 | €7,301 | -€4,395 | -37.6% |
| Plant, machinery and equipment | 23 | €2,300 | €1,436 | -€864 | -37.6% |
| Furniture and vehicles | 24 | €4,201 | €1,692 | -€2,508 | -59.7% |
| Other tangible fixed assets | 26 | €5,196 | €4,173 | -€1,023 | -19.7% |
| Current assets | 29/58 | €25,446 | €45,392 | +€19,946 | +78.4% |
| Stocks and contracts in progress | 3 | €15,935 | €15,953 | +€18 | +0.1% |
| Stocks | 30/36 | €15,935 | €15,953 | +€18 | +0.1% |
| Amounts receivable within one year | 40/41 | - | €1,212 | +€1,212 | |
| Other amounts receivable | 41 | - | €1,212 | +€1,212 | |
| Cash at bank and in hand | 54/58 | €8,391 | €27,196 | +€18,806 | +224% |
| Deferred charges and accrued income | 490/1 | €1,120 | €1,030 | -€90 | -8.0% |
| Total equity and liabilities | 10/49 | €37,901 | €53,351 | +€15,450 | +40.8% |
| Equity | 10/15 | €18,765 | €32,874 | +€14,108 | +75.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €8,765 | €22,874 | +€14,108 | +161% |
| Distributable reserves | 133 | €8,765 | €22,874 | +€14,108 | +161% |
| Amounts payable | 17/49 | €19,136 | €20,478 | +€1,342 | +7.0% |
| Amounts payable within one year | 42/48 | €19,136 | €20,478 | +€1,342 | +7.0% |
| Trade debts | 44 | €329 | €4,425 | +€4,096 | +1,244% |
| Suppliers | 440/4 | €329 | €4,425 | +€4,096 | +1,244% |
| Taxes, remuneration and social security | 45 | €17,242 | €16,052 | -€1,190 | -6.9% |
| Taxes | 450/3 | €9,693 | €10,945 | +€1,252 | +12.9% |
| Remuneration and social security | 454/9 | €7,549 | €5,107 | -€2,441 | -32.3% |
| Other amounts payable | 47/48 | €1,564 | - | -€1,564 | |
| Remuneration, social security and pensions | 62 | €54,732 | €47,810 | -€6,922 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,238 | €4,495 | +€257 | +6.1% |
| Other operating charges | 640/8 | €647 | €498 | -€149 | -23.0% |
| Gross operating margin | 9900 | €71,678 | €74,430 | +€2,752 | +3.8% |
| Operating profit (loss) | 9901 | €12,060 | €21,626 | +€9,566 | +79.3% |
| Financial income | 75/76B | €17 | €34 | +€17 | +102% |
| Recurring financial income | 75 | €17 | €34 | +€17 | +102% |
| Financial charges | 65/66B | €725 | €1,934 | +€1,209 | +167% |
| Recurring financial charges | 65 | €725 | €1,934 | +€1,209 | +167% |
| Profit (loss) for the period before taxes | 9903 | €11,352 | €19,726 | +€8,373 | +73.8% |
| Income taxes | 67/77 | €4,199 | €5,617 | +€1,418 | +33.8% |
| Profit (loss) for the period | 9904 | €7,153 | €14,108 | +€6,955 | +97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,153 | €14,108 | +€6,955 | +97.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.