SHAPE: 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.
SHAPE
Largest movements
- Receivables within one year -€94,122
down €94,122 (-57.6%), from €163,320 to €69,198
of which Other amounts receivable: -€74,639
- Stocks and contracts +€21,385
new in 2025: €21,385
- Trade debts -€80,027
down €80,027 (-68.6%), from €116,601 to €36,575
- Short-term financial debts +€48,680
new in 2025: €48,680
- Debts after one year -€37,356
down €37,356 (-17.2%), from €217,485 to €180,129
of which Financial debts: -€37,356
- Advances received +€16,849
new in 2025: €16,849
- Tax, wage and social debts -€12,152
down €12,152 (-31.9%), from €38,102 to €25,950
of which Taxes: -€15,550
- Gross operating margin -€50,514
down €50,514 (-36.1%), from €139,799 to €89,285
- Taxes -€20,871
down €20,871 (-70.9%), from €29,433 to €8,562
- Staff costs +€15,445
up €15,445 (+27.5%), from €56,074 to €71,519
- Depreciation -€12,202
down €12,202 (-70.8%), from €17,246 to €5,044
- Financial charges -€5,687
down €5,687 (-43.7%), from €13,026 to €7,338
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 | €695,484 | €616,041 | -€79,443 | -11.4% |
| Fixed assets | 21/28 | €527,736 | €522,692 | -€5,044 | -1.0% |
| Tangible fixed assets | 22/27 | €527,736 | €522,692 | -€5,044 | -1.0% |
| Land and buildings | 22 | €515,486 | €515,486 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,121 | €6,489 | -€4,632 | -41.6% |
| Furniture and vehicles | 24 | €1,129 | €717 | -€412 | -36.5% |
| Current assets | 29/58 | €167,748 | €93,349 | -€74,399 | -44.4% |
| Stocks and contracts in progress | 3 | - | €21,385 | +€21,385 | |
| Stocks | 30/36 | - | €21,385 | +€21,385 | |
| Amounts receivable within one year | 40/41 | €163,320 | €69,198 | -€94,122 | -57.6% |
| Trade receivables | 40 | €35,209 | €15,726 | -€19,483 | -55.3% |
| Other amounts receivable | 41 | €128,112 | €53,473 | -€74,639 | -58.3% |
| Cash at bank and in hand | 54/58 | €4,428 | €1,171 | -€3,257 | -73.6% |
| Deferred charges and accrued income | 490/1 | - | €1,595 | +€1,595 | |
| Total equity and liabilities | 10/49 | €695,484 | €616,041 | -€79,443 | -11.4% |
| Equity | 10/15 | €255,812 | €253,621 | -€2,191 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €342,842 | €342,842 | = | 0.0% |
| 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 | €340,982 | €340,982 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,630 | -€107,821 | -€2,191 | -2.1% |
| Amounts payable | 17/49 | €439,672 | €362,420 | -€77,252 | -17.6% |
| Amounts payable after more than one year | 17 | €217,485 | €180,129 | -€37,356 | -17.2% |
| Financial debts | 170/4 | €207,485 | €170,129 | -€37,356 | -18.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €222,187 | €182,291 | -€39,896 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €45,484 | €39,738 | -€5,746 | -12.6% |
| Financial debts | 43 | - | €48,680 | +€48,680 | |
| Credit institutions | 430/8 | - | €48,680 | +€48,680 | |
| Trade debts | 44 | €116,601 | €36,575 | -€80,027 | -68.6% |
| Suppliers | 440/4 | €116,601 | €36,575 | -€80,027 | -68.6% |
| Advances received on contracts in progress | 46 | - | €16,849 | +€16,849 | |
| Taxes, remuneration and social security | 45 | €38,102 | €25,950 | -€12,152 | -31.9% |
| Taxes | 450/3 | €31,042 | €15,493 | -€15,550 | -50.1% |
| Remuneration and social security | 454/9 | €7,059 | €10,457 | +€3,398 | +48.1% |
| Other amounts payable | 47/48 | €22,000 | €14,500 | -€7,500 | -34.1% |
| Remuneration, social security and pensions | 62 | €56,074 | €71,519 | +€15,445 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,246 | €5,044 | -€12,202 | -70.8% |
| Other operating charges | 640/8 | €1,308 | €3,822 | +€2,513 | +192.1% |
| Non-recurring operating charges | 66A | €138,835 | - | -€138,835 | |
| Gross operating margin | 9900 | €139,799 | €89,285 | -€50,514 | -36.1% |
| Operating profit (loss) | 9901 | -€73,664 | €8,900 | +€82,564 | |
| Financial income | 75/76B | €10,492 | €4,809 | -€5,683 | -54.2% |
| Recurring financial income | 75 | €10,492 | €4,809 | -€5,683 | -54.2% |
| Financial charges | 65/66B | €13,026 | €7,338 | -€5,687 | -43.7% |
| Recurring financial charges | 65 | €13,026 | €7,338 | -€5,687 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | -€76,197 | €6,371 | +€82,568 | |
| Income taxes | 67/77 | €29,433 | €8,562 | -€20,871 | -70.9% |
| Profit (loss) for the period | 9904 | -€105,630 | -€2,191 | +€103,440 | +97.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€105,630 | -€2,191 | +€103,440 | +97.9% |
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.