SHANTIJN: 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.
SHANTIJN
Largest movements
- Tangible fixed assets +€381,038
up €381,038 (+642%), from €59,392 to €440,430
of which Land and buildings: +€410,737
- Cash -€7,372
down €7,372 (-47.2%), from €15,603 to €8,231
mainly Investment in fixed assets (net) (-€423,473) and Other debts (-€10,472)
- Debts after one year +€368,821
up €368,821 (+1,252%), from €29,457 to €398,277
- Current portion of long-term debt +€16,637
up €16,637 (+114%), from €14,542 to €31,179
- Other debts -€10,472
down €10,472 (-96.0%), from €10,912 to €440
- Profit (loss) carried forward -€5,627
down €5,627 (-20.3%), from -€27,699 to -€33,327
- Trade debts +€5,428
up €5,428 (+45.9%), from €11,833 to €17,261
- Depreciation +€9,232
up €9,232 (+27.8%), from €33,203 to €42,435
- Gross operating margin -€2,402
down €2,402 (-3.3%), from €72,817 to €70,415
- Staff costs +€2,328
up €2,328 (+9.2%), from €25,308 to €27,637
- Other operating charges +€1,252
up €1,252 (+48.7%), from €2,569 to €3,821
- Taxes -€1,055
down €1,055 (-88.9%), from €1,187 to €132
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 | €88,939 | €463,119 | +€374,180 | +421% |
| Fixed assets | 21/28 | €59,392 | €440,430 | +€381,038 | +642% |
| Tangible fixed assets | 22/27 | €59,392 | €440,430 | +€381,038 | +642% |
| Land and buildings | 22 | - | €410,737 | +€410,737 | |
| Plant, machinery and equipment | 23 | €2,336 | €1,452 | -€884 | -37.8% |
| Furniture and vehicles | 24 | €57,055 | €28,240 | -€28,815 | -50.5% |
| Current assets | 29/58 | €29,547 | €22,689 | -€6,858 | -23.2% |
| Stocks and contracts in progress | 3 | €2,326 | €1,635 | -€691 | -29.7% |
| Stocks | 30/36 | €2,326 | €1,635 | -€691 | -29.7% |
| Amounts receivable within one year | 40/41 | €9,096 | €8,738 | -€359 | -3.9% |
| Trade receivables | 40 | €1,353 | €3,494 | +€2,141 | +158% |
| Other amounts receivable | 41 | €7,743 | €5,244 | -€2,500 | -32.3% |
| Cash at bank and in hand | 54/58 | €15,603 | €8,231 | -€7,372 | -47.2% |
| Deferred charges and accrued income | 490/1 | €2,522 | €4,086 | +€1,563 | +62.0% |
| Total equity and liabilities | 10/49 | €88,939 | €463,119 | +€374,180 | +421% |
| Equity | 10/15 | €17,262 | €11,634 | -€5,627 | -32.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,361 | €26,361 | = | 0.0% |
| Distributable reserves | 133 | €26,361 | €26,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,699 | -€33,327 | -€5,627 | -20.3% |
| Amounts payable | 17/49 | €71,677 | €451,484 | +€379,807 | +530% |
| Amounts payable after more than one year | 17 | €29,457 | €398,277 | +€368,821 | +1,252% |
| Financial debts | 170/4 | €29,457 | €398,277 | +€368,821 | +1,252% |
| Amounts payable within one year | 42/48 | €42,221 | €53,207 | +€10,986 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €14,542 | €31,179 | +€16,637 | +114% |
| Trade debts | 44 | €11,833 | €17,261 | +€5,428 | +45.9% |
| Suppliers | 440/4 | €11,833 | €17,261 | +€5,428 | +45.9% |
| Taxes, remuneration and social security | 45 | €4,933 | €4,327 | -€606 | -12.3% |
| Taxes | 450/3 | €2,972 | €2,591 | -€381 | -12.8% |
| Remuneration and social security | 454/9 | €1,961 | €1,736 | -€225 | -11.5% |
| Other amounts payable | 47/48 | €10,912 | €440 | -€10,472 | -96.0% |
| Remuneration, social security and pensions | 62 | €25,308 | €27,637 | +€2,328 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,203 | €42,435 | +€9,232 | +27.8% |
| Other operating charges | 640/8 | €2,569 | €3,821 | +€1,252 | +48.7% |
| Gross operating margin | 9900 | €72,817 | €70,415 | -€2,402 | -3.3% |
| Operating profit (loss) | 9901 | €11,738 | -€3,477 | -€15,215 | |
| Financial income | 75/76B | €1,130 | €1,184 | +€54 | +4.8% |
| Recurring financial income | 75 | €1,130 | €1,184 | +€54 | +4.8% |
| Financial charges | 65/66B | €2,714 | €3,202 | +€488 | +18.0% |
| Recurring financial charges | 65 | €2,714 | €3,202 | +€488 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €10,154 | -€5,495 | -€15,649 | |
| Income taxes | 67/77 | €1,187 | €132 | -€1,055 | -88.9% |
| Profit (loss) for the period | 9904 | €8,967 | -€5,627 | -€14,594 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,967 | -€5,627 | -€14,594 |
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.