SHANDIZ: 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.
SHANDIZ
Largest movements
- Stocks and contracts +€29,350
up €29,350 (+110%), from €26,572 to €55,922
- Receivables within one year +€8,209
new in 2025: €8,209
of which Other amounts receivable: +€6,276
- Cash -€7,564
down €7,564 (-28.0%), from €26,973 to €19,408
mainly Stocks and contracts (-€29,350) and Receivables within one year (-€8,209)
- Deferred charges and accrued income -€4,057
no longer reported in 2025 (was €4,057)
- Trade debts +€30,504
new in 2025: €30,504
- Accrued charges and deferred income -€7,459
no longer reported in 2025 (was €7,459)
- Profit (loss) carried forward +€3,804
up €3,804 (+10.8%), from €35,127 to €38,930
- Tax, wage and social debts -€2,828
no longer reported in 2025 (was €2,828)
of which Remuneration and social security: -€1,596
- Other debts +€1,916
up €1,916 (+35.0%), from €5,469 to €7,385
- Gross operating margin -€25,082
down €25,082 (-64.9%), from €38,655 to €13,573
- Other operating charges -€6,092
down €6,092 (-72.6%), from €8,392 to €2,299
- Staff costs -€2,475
down €2,475 (-26.5%), from €9,329 to €6,854
- Taxes -€1,232
no longer reported in 2025 (was €1,232)
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 | €57,601 | €83,539 | +€25,937 | +45.0% |
| Current assets | 29/58 | €57,601 | €83,539 | +€25,937 | +45.0% |
| Stocks and contracts in progress | 3 | €26,572 | €55,922 | +€29,350 | +110% |
| Stocks | 30/36 | €26,572 | €55,922 | +€29,350 | +110% |
| Amounts receivable within one year | 40/41 | - | €8,209 | +€8,209 | |
| Trade receivables | 40 | - | €1,932 | +€1,932 | |
| Other amounts receivable | 41 | - | €6,276 | +€6,276 | |
| Cash at bank and in hand | 54/58 | €26,973 | €19,408 | -€7,564 | -28.0% |
| Deferred charges and accrued income | 490/1 | €4,057 | - | -€4,057 | |
| Total equity and liabilities | 10/49 | €57,601 | €83,539 | +€25,937 | +45.0% |
| Equity | 10/15 | €41,845 | €45,649 | +€3,804 | +9.1% |
| 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 | €519 | €519 | = | 0.0% |
| Non-distributable reserves | 130/1 | €519 | €519 | = | 0.0% |
| Legal reserve | 130 | €519 | €519 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,127 | €38,930 | +€3,804 | +10.8% |
| Amounts payable | 17/49 | €15,756 | €37,890 | +€22,134 | +140% |
| Amounts payable within one year | 42/48 | €8,297 | €37,890 | +€29,593 | +357% |
| Trade debts | 44 | - | €30,504 | +€30,504 | |
| Suppliers | 440/4 | - | €30,504 | +€30,504 | |
| Taxes, remuneration and social security | 45 | €2,828 | - | -€2,828 | |
| Taxes | 450/3 | €1,232 | - | -€1,232 | |
| Remuneration and social security | 454/9 | €1,596 | - | -€1,596 | |
| Other amounts payable | 47/48 | €5,469 | €7,385 | +€1,916 | +35.0% |
| Accrued charges and deferred income | 492/3 | €7,459 | - | -€7,459 | |
| Remuneration, social security and pensions | 62 | €9,329 | €6,854 | -€2,475 | -26.5% |
| Other operating charges | 640/8 | €8,392 | €2,299 | -€6,092 | -72.6% |
| Gross operating margin | 9900 | €38,655 | €13,573 | -€25,082 | -64.9% |
| Operating profit (loss) | 9901 | €20,934 | €4,420 | -€16,514 | -78.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €440 | €616 | +€176 | +40.1% |
| Recurring financial charges | 65 | €440 | €616 | +€176 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €20,494 | €3,804 | -€16,690 | -81.4% |
| Income taxes | 67/77 | €1,232 | - | -€1,232 | |
| Profit (loss) for the period | 9904 | €19,262 | €3,804 | -€15,458 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,262 | €3,804 | -€15,458 | -80.3% |
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 17 October 2026 via checked.be.