Shantam: what changed
Two fiscal 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.
Shantam
Largest movements
- Current investments +€192,141
new in 2025: €192,141
- Cash -€172,831
down €172,831 (-80.3%), from €215,345 to €42,514
mainly Current investments (-€192,141) and Receivables within one year (-€6,535)
- Receivables within one year +€6,535
up €6,535 (+73.1%), from €8,940 to €15,475
of which Other amounts receivable: +€6,584
- Reserves +€27,143
up €27,143 (+13.8%), from €196,143 to €223,285
of which Distributable reserves: +€27,143
- Gross operating margin +€17,434
up €17,434 (+71.7%), from €24,307 to €41,740
- Financial charges +€7,855
up €7,855 (+17456.6%), from €45 to €7,900
- Taxes +€3,968
up €3,968 (+44.4%), from €8,944 to €12,911
- Financial income +€3,130
up €3,130 (+58.9%), from €5,310 to €8,440
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 | €226,624 | €252,158 | +€25,534 | +11.3% |
| Fixed assets | 21/28 | €2,339 | €2,027 | -€312 | -13.3% |
| Tangible fixed assets | 22/27 | €2,339 | €2,027 | -€312 | -13.3% |
| Plant, machinery and equipment | 23 | €922 | €1,400 | +€478 | +51.8% |
| Furniture and vehicles | 24 | €1,417 | €627 | -€790 | -55.7% |
| Current assets | 29/58 | €224,285 | €250,131 | +€25,845 | +11.5% |
| Amounts receivable within one year | 40/41 | €8,940 | €15,475 | +€6,535 | +73.1% |
| Trade receivables | 40 | €6,373 | €6,324 | -€48 | -0.8% |
| Other amounts receivable | 41 | €2,567 | €9,151 | +€6,584 | +256.4% |
| Current investments | 50/53 | - | €192,141 | +€192,141 | |
| Cash at bank and in hand | 54/58 | €215,345 | €42,514 | -€172,831 | -80.3% |
| Total equity and liabilities | 10/49 | €226,624 | €252,158 | +€25,534 | +11.3% |
| Equity | 10/15 | €224,561 | €251,704 | +€27,143 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,143 | €223,285 | +€27,143 | +13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €194,283 | €221,425 | +€27,143 | +14.0% |
| Profit (loss) carried forward | 14 | €9,818 | €9,818 | = | 0.0% |
| Amounts payable | 17/49 | €2,063 | €454 | -€1,609 | -78.0% |
| Amounts payable within one year | 42/48 | €1,813 | €204 | -€1,609 | -88.7% |
| Trade debts | 44 | €426 | €91 | -€335 | -78.7% |
| Suppliers | 440/4 | €426 | €91 | -€335 | -78.7% |
| Taxes, remuneration and social security | 45 | €1,058 | - | -€1,058 | |
| Taxes | 450/3 | €1,058 | - | -€1,058 | |
| Other amounts payable | 47/48 | €329 | €113 | -€216 | -65.6% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,424 | €1,513 | +€89 | +6.2% |
| Other operating charges | 640/8 | €631 | €713 | +€82 | +12.9% |
| Gross operating margin | 9900 | €24,307 | €41,740 | +€17,434 | +71.7% |
| Operating profit (loss) | 9901 | €22,252 | €39,515 | +€17,263 | +77.6% |
| Financial income | 75/76B | €5,310 | €8,440 | +€3,130 | +58.9% |
| Recurring financial income | 75 | €5,310 | €8,440 | +€3,130 | +58.9% |
| Financial charges | 65/66B | €45 | €7,900 | +€7,855 | +17456.6% |
| Recurring financial charges | 65 | €45 | €7,900 | +€7,855 | +17456.6% |
| Profit (loss) for the period before taxes | 9903 | €27,517 | €40,054 | +€12,538 | +45.6% |
| Income taxes | 67/77 | €8,944 | €12,911 | +€3,968 | +44.4% |
| Profit (loss) for the period | 9904 | €18,573 | €27,143 | +€8,570 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,573 | €27,143 | +€8,570 | +46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.