SHAPE Development: 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 Development
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+661.9%), from €247,888 to €1.9m
of which Trade receivables: +€1.9m
- Stocks and contracts +€984,481
up €984,481 (+143.5%), from €686,150 to €1.7m
- Cash -€474,342
down €474,342 (-76.9%), from €616,513 to €142,171
mainly Receivables within one year (-€1.6m) and Stocks and contracts (-€984,481)
- Other debts +€1.4m
up €1.4m, from €0 to €1.4m
- Advances received +€691,957
up €691,957, from €0 to €691,957
- Gross operating margin -€408,972
down €408,972 (-68.0%), from €601,512 to €192,540
- Financial charges +€103,936
up €103,936 (+283.5%), from €36,666 to €140,602
- Staff costs +€32,997
up €32,997 (+316.3%), from €10,433 to €43,430
- Provisions +€10,600
up €10,600, from -€10,600 to €0
- Financial income -€7,326
down €7,326 (-99.8%), from €7,342 to €16
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 | €1,569,061 | €3,717,826 | +€2.1m | +136.9% |
| Fixed assets | 21/28 | €17,832 | €16,122 | -€1,709 | -9.6% |
| Tangible fixed assets | 22/27 | €4,832 | €3,122 | -€1,709 | -35.4% |
| Furniture and vehicles | 24 | €3,898 | €2,436 | -€1,462 | -37.5% |
| Other tangible fixed assets | 26 | €934 | €686 | -€248 | -26.5% |
| Financial fixed assets | 28 | €13,000 | €13,000 | = | 0.0% |
| Current assets | 29/58 | €1,551,229 | €3,701,704 | +€2.2m | +138.6% |
| Stocks and contracts in progress | 3 | €686,150 | €1,670,631 | +€984,481 | +143.5% |
| Stocks | 30/36 | €686,150 | €1,670,631 | +€984,481 | +143.5% |
| Amounts receivable within one year | 40/41 | €247,888 | €1,888,712 | +€1.6m | +661.9% |
| Trade receivables | 40 | €7,180 | €1,877,444 | +€1.9m | +26049.8% |
| Other amounts receivable | 41 | €240,708 | €11,268 | -€229,440 | -95.3% |
| Cash at bank and in hand | 54/58 | €616,513 | €142,171 | -€474,342 | -76.9% |
| Deferred charges and accrued income | 490/1 | €678 | €190 | -€487 | -71.9% |
| Total equity and liabilities | 10/49 | €1,569,061 | €3,717,826 | +€2.1m | +136.9% |
| Equity | 10/15 | €299,446 | €300,163 | +€717 | +0.2% |
| Contributions | 10/11 | €258,000 | €258,000 | = | 0.0% |
| Capital | 10 | €258,000 | €258,000 | = | 0.0% |
| Issued capital | 100 | €258,000 | €258,000 | = | 0.0% |
| Reserves | 13 | €25,800 | €25,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,800 | €25,800 | = | 0.0% |
| Legal reserve | 130 | €25,800 | €25,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,646 | €16,363 | +€717 | +4.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €1,269,615 | €3,417,664 | +€2.1m | +169.2% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial debts | 170/4 | €1,200,000 | €1,200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,615 | €2,152,762 | +€2.1m | +6304.2% |
| Trade debts | 44 | €28,566 | €57,492 | +€28,926 | +101.3% |
| Suppliers | 440/4 | €28,566 | €57,492 | +€28,926 | +101.3% |
| Advances received on contracts in progress | 46 | €0 | €691,957 | +€691,957 | |
| Taxes, remuneration and social security | 45 | €5,049 | €9,940 | +€4,890 | +96.8% |
| Taxes | 450/3 | €370 | €2,456 | +€2,086 | +563.5% |
| Remuneration and social security | 454/9 | €4,679 | €7,484 | +€2,804 | +59.9% |
| Other amounts payable | 47/48 | €0 | €1,393,375 | +€1.4m | |
| Accrued charges and deferred income | 492/3 | €36,000 | €64,901 | +€28,901 | +80.3% |
| Remuneration, social security and pensions | 62 | €10,433 | €43,430 | +€32,997 | +316.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,119 | €3,173 | +€53 | +1.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,600 | €0 | +€10,600 | |
| Other operating charges | 640/8 | €2,906 | €3,987 | +€1,080 | +37.2% |
| Gross operating margin | 9900 | €601,512 | €192,540 | -€408,972 | -68.0% |
| Operating profit (loss) | 9901 | €595,654 | €141,951 | -€453,703 | -76.2% |
| Financial income | 75/76B | €7,342 | €16 | -€7,326 | -99.8% |
| Recurring financial income | 75 | €7,342 | €16 | -€7,326 | -99.8% |
| Financial charges | 65/66B | €36,666 | €140,602 | +€103,936 | +283.5% |
| Recurring financial charges | 65 | €36,666 | €140,602 | +€103,936 | +283.5% |
| Profit (loss) for the period before taxes | 9903 | €566,330 | €1,365 | -€564,965 | -99.8% |
| Income taxes | 67/77 | - | €648 | +€648 | |
| Profit (loss) for the period | 9904 | €566,330 | €717 | -€565,613 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €566,330 | €717 | -€565,613 | -99.9% |
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.