SHAPE Real Estate: 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.
SHAPE Real Estate
Largest movements
- Stocks and contracts +€3.8m
up €3.8m (+43.8%), from €8.7m to €12.4m
- Cash +€618,455
up €618,455 (+410%), from €150,806 to €769,262
mainly Trade debts (+€1.1m) and Advances received (+€666,308)
- Tangible fixed assets -€241,202
down €241,202 (-100%), from €241,202 to €0
- Receivables within one year +€153,662
up €153,662 (+5,742%), from €2,676 to €156,338
of which Trade receivables: +€156,338
- Trade debts +€1.1m
up €1.1m (+362,173%), from €312 to €1.1m
- Contributions +€1.0m
up €1.0m (+148%), from €677,000 to €1.7m
- Advances received +€666,308
new in 2025: €666,308
- Debts after one year +€557,677
up €557,677 (+2,490%), from €22,400 to €580,077
- Other debts +€462,378
up €462,378 (+17.2%), from €2.7m to €3.1m
- Gross operating margin +€729,459
up €729,459 (+574%), from €127,182 to €856,641
- Taxes +€197,824
up €197,824 (+720%), from €27,487 to €225,311
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 | €9,071,488 | €13,417,403 | +€4.3m | +47.9% |
| Fixed assets | 21/28 | €241,202 | €0 | -€241,202 | -100% |
| Tangible fixed assets | 22/27 | €241,202 | €0 | -€241,202 | -100% |
| Land and buildings | 22 | €241,202 | €0 | -€241,202 | -100% |
| Current assets | 29/58 | €8,830,287 | €13,417,403 | +€4.6m | +51.9% |
| Stocks and contracts in progress | 3 | €8,652,576 | €12,446,449 | +€3.8m | +43.8% |
| Stocks | 30/36 | €8,652,576 | €12,446,449 | +€3.8m | +43.8% |
| Amounts receivable within one year | 40/41 | €2,676 | €156,338 | +€153,662 | +5,742% |
| Trade receivables | 40 | - | €156,338 | +€156,338 | |
| Other amounts receivable | 41 | €2,676 | €0 | -€2,676 | -100% |
| Cash at bank and in hand | 54/58 | €150,806 | €769,262 | +€618,455 | +410% |
| Deferred charges and accrued income | 490/1 | €24,228 | €45,354 | +€21,126 | +87.2% |
| Total equity and liabilities | 10/49 | €9,071,488 | €13,417,403 | +€4.3m | +47.9% |
| Equity | 10/15 | €679,829 | €1,683,775 | +€1.0m | +148% |
| Contributions | 10/11 | €677,000 | €1,677,000 | +€1.0m | +148% |
| Profit (loss) carried forward | 14 | €2,829 | €6,775 | +€3,946 | +139% |
| Amounts payable | 17/49 | €8,391,659 | €11,733,628 | +€3.3m | +39.8% |
| Amounts payable after more than one year | 17 | €22,400 | €580,077 | +€557,677 | +2,490% |
| Financial debts | 170/4 | €22,400 | €580,077 | +€557,677 | +2,490% |
| Amounts payable within one year | 42/48 | €8,188,346 | €10,960,141 | +€2.8m | +33.9% |
| Current portion of amounts payable after more than one year | 42 | - | €31,268 | +€31,268 | |
| Financial debts | 43 | €5,477,763 | €5,506,672 | +€28,909 | +0.5% |
| Credit institutions | 430/8 | €5,477,763 | €5,506,672 | +€28,909 | +0.5% |
| Trade debts | 44 | €312 | €1,130,727 | +€1.1m | +362,173% |
| Suppliers | 440/4 | €312 | €1,130,727 | +€1.1m | +362,173% |
| Advances received on contracts in progress | 46 | - | €666,308 | +€666,308 | |
| Taxes, remuneration and social security | 45 | €27,537 | €480,053 | +€452,516 | +1,643% |
| Taxes | 450/3 | €27,537 | €480,053 | +€452,516 | +1,643% |
| Other amounts payable | 47/48 | €2,682,735 | €3,145,112 | +€462,378 | +17.2% |
| Accrued charges and deferred income | 492/3 | €180,913 | €193,410 | +€12,497 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,866 | €0 | -€5,866 | -100% |
| Other operating charges | 640/8 | €1,505 | €1,648 | +€143 | +9.5% |
| Gross operating margin | 9900 | €127,182 | €856,641 | +€729,459 | +574% |
| Operating profit (loss) | 9901 | €119,811 | €854,993 | +€735,182 | +614% |
| Financial income | 75/76B | €0 | €6 | +€6 | +31,350% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +31,350% |
| Financial charges | 65/66B | €9,865 | €10,742 | +€877 | +8.9% |
| Recurring financial charges | 65 | €9,865 | €10,742 | +€877 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €109,947 | €844,257 | +€734,311 | +668% |
| Income taxes | 67/77 | €27,487 | €225,311 | +€197,824 | +720% |
| Profit (loss) for the period | 9904 | €82,460 | €618,946 | +€536,486 | +651% |
| Profit (loss) for the period to be appropriated | 9905 | €82,460 | €618,946 | +€536,486 | +651% |
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 25 October 2026 via checked.be.