SHAPES IMMO: 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.
What changed
SHAPES IMMO
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€472,149
2024 · €156,181+€315,968
Equity
€5.2m
2024 · €8.4m-€3.2m
Cash
€32,585
2024 · €301,580-€268,995
Balance sheet total
€11.8m
2024 · €22.0m-€10.3m
Largest movements
Assets
- Financial fixed assets -€8.5m
down €8.5m (-100%), from €8.5m to €0
of which Affiliated companies: -€8.5m
- Tangible fixed assets +€6.0m
up €6.0m (+109%), from €5.5m to €11.6m
of which Land and buildings: +€7.8m
- Stocks and contracts -€4.3m
down €4.3m (-100%), from €4.3m to €0
of which Stocks: -€2.3m
- Receivables after one year -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Receivables within one year -€1.1m
down €1.1m (-88.2%), from €1.2m to €144,246
of which Trade receivables: -€835,951
Equity and liabilities
- Debts after one year -€4.4m
down €4.4m (-45.9%), from €9.6m to €5.2m
- Reserves -€4.2m
down €4.2m (-77.5%), from €5.4m to €1.2m
of which Distributable reserves: -€3.9m
- Revaluation surpluses +€3.6m
new in 2025: €3.6m
- Contributions -€2.6m
down €2.6m (-86.3%), from €3.1m to €416,515
- Trade debts -€809,293
down €809,293 (-82.2%), from €985,026 to €175,732
Income statement
- Turnover -€17.8m
down €17.8m (-93.7%), from €19.0m to €1.2m
- Goods and materials -€7.8m
down €7.8m (-100%), from €7.8m to €0
of which Purchases: -€7.9m
- Staff costs -€5.4m
down €5.4m (-100%), from €5.4m to €0
- Services and other goods -€4.0m
down €4.0m (-95.8%), from €4.1m to €171,436
- Financial charges -€480,072
down €480,072 (-68.6%), from €700,092 to €220,020
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.
Result 2024
€156,181
Turnover
-€17.8m
Other operating income
-€157,577
Goods and materials
+€7.8m
Services and other goods
+€4.0m
Staff costs
+€5.4m
Depreciation
+€433,386
Write-downs
+€23,486
Other operating charges
+€105,406
Other operating items
+€143,555
Financial income
-€20,394
Financial charges
+€480,072
Taxes
-€75,727
Result 2025
€472,149
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.5m
Investment
+€2.4m
Financing
-€9.2m
Cash 2024
€301,580
From operations (derived)
+€6.5m
Net result for the year
+€472,149
Depreciation
+€251,468
Receivables after one year
+€1.5m
Stocks and contracts
+€4.3m
Receivables within one year
+€1.1m
Deferred charges and accrued income
+€438,510
Trade debts
-€809,293
Tax, wage and social debts
-€667,752
Accrued charges and deferred income
-€116,100
Investment (derived)
+€2.4m
Investment in fixed assets (net)
+€2.4m
Financing
-€9.2m
Debts after one year
-€4.4m
Current portion of long-term debt
-€713,150
Short-term financial debts
-€340,418
Contributions, distributions and other
-€3.7m
Cash 2025
€32,585
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,038,521 | €11,764,383 | -€10.3m | -46.6% |
| Fixed assets | 21/28 | €14,272,346 | €11,587,552 | -€2.7m | -18.8% |
| Intangible fixed assets | 21 | €184,148 | €0 | -€184,148 | -100% |
| Tangible fixed assets | 22/27 | €5,542,705 | €11,587,552 | +€6.0m | +109% |
| Land and buildings | 22 | €2,591,979 | €10,392,883 | +€7.8m | +301% |
| Plant, machinery and equipment | 23 | €934,922 | €512,128 | -€422,794 | -45.2% |
| Furniture and vehicles | 24 | €59,066 | €0 | -€59,066 | -100% |
| Leasing and similar rights | 25 | €1,893,672 | €625,723 | -€1.3m | -67.0% |
| Other tangible fixed assets | 26 | €63,066 | €56,819 | -€6,246 | -9.9% |
| Financial fixed assets | 28 | €8,545,493 | €0 | -€8.5m | -100% |
| Affiliated companies | 280/1 | €8,531,903 | €0 | -€8.5m | -100% |
| Participating interests | 280 | €8,406,903 | €0 | -€8.4m | -100% |
| Amounts receivable | 281 | €125,000 | €0 | -€125,000 | -100% |
| Other financial fixed assets | 284/8 | €13,590 | €0 | -€13,590 | -100% |
| Amounts receivable and cash guarantees | 285/8 | €13,590 | €0 | -€13,590 | -100% |
| Current assets | 29/58 | €7,766,175 | €176,831 | -€7.6m | -97.7% |
| Amounts receivable after more than one year | 29 | €1,523,010 | €0 | -€1.5m | -100% |
| Other amounts receivable | 291 | €1,523,010 | €0 | -€1.5m | -100% |
| Stocks and contracts in progress | 3 | €4,275,715 | €0 | -€4.3m | -100% |
| Stocks | 30/36 | €2,305,617 | €0 | -€2.3m | -100% |
| Raw materials and consumables | 30/31 | €2,287,315 | €0 | -€2.3m | -100% |
| Goods purchased for resale | 34 | €18,302 | €0 | -€18,302 | -100% |
| Contracts in progress | 37 | €1,970,098 | €0 | -€2.0m | -100% |
| Amounts receivable within one year | 40/41 | €1,227,360 | €144,246 | -€1.1m | -88.2% |
| Trade receivables | 40 | €936,127 | €100,176 | -€835,951 | -89.3% |
| Other amounts receivable | 41 | €291,233 | €44,070 | -€247,163 | -84.9% |
| Cash at bank and in hand | 54/58 | €301,580 | €32,585 | -€268,995 | -89.2% |
| Deferred charges and accrued income | 490/1 | €438,510 | €0 | -€438,510 | -100% |
| Total equity and liabilities | 10/49 | €22,038,521 | €11,764,383 | -€10.3m | -46.6% |
| Equity | 10/15 | €8,416,839 | €5,203,454 | -€3.2m | -38.2% |
| Contributions | 10/11 | €3,050,000 | €416,515 | -€2.6m | -86.3% |
| Capital | 10 | €3,050,000 | €416,515 | -€2.6m | -86.3% |
| Issued capital | 100 | €3,050,000 | €416,515 | -€2.6m | -86.3% |
| Revaluation surpluses | 12 | - | €3,581,883 | +€3.6m | |
| Reserves | 13 | €5,366,839 | €1,205,057 | -€4.2m | -77.5% |
| Non-distributable reserves | 130/1 | €240,928 | €41,683 | -€199,246 | -82.7% |
| Legal reserve | 130 | €240,700 | €41,651 | -€199,049 | -82.7% |
| Reserves not available under the articles | 1311 | €228 | €31 | -€197 | -86.3% |
| Tax-exempt reserves | 132 | €66,701 | €9,109 | -€57,592 | -86.3% |
| Distributable reserves | 133 | €5,059,209 | €1,154,265 | -€3.9m | -77.2% |
| Amounts payable | 17/49 | €13,621,682 | €6,560,929 | -€7.1m | -51.8% |
| Amounts payable after more than one year | 17 | €9,615,876 | €5,201,836 | -€4.4m | -45.9% |
| Financial debts | 170/4 | €9,615,876 | €5,201,836 | -€4.4m | -45.9% |
| Leasing and similar obligations | 172 | €1,564,856 | €362,204 | -€1.2m | -76.9% |
| Credit institutions | 173 | €6,251,020 | €4,839,632 | -€1.4m | -22.6% |
| Other loans | 174 | €1,800,000 | €0 | -€1.8m | -100% |
| Amounts payable within one year | 42/48 | €3,889,706 | €1,359,093 | -€2.5m | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €1,592,858 | €879,707 | -€713,150 | -44.8% |
| Financial debts | 43 | €634,401 | €293,983 | -€340,418 | -53.7% |
| Credit institutions | 430/8 | €634,401 | €293,983 | -€340,418 | -53.7% |
| Trade debts | 44 | €985,026 | €175,732 | -€809,293 | -82.2% |
| Suppliers | 440/4 | €985,026 | €175,732 | -€809,293 | -82.2% |
| Taxes, remuneration and social security | 45 | €677,422 | €9,670 | -€667,752 | -98.6% |
| Taxes | 450/3 | €98,481 | €9,670 | -€88,810 | -90.2% |
| Remuneration and social security | 454/9 | €578,942 | €0 | -€578,942 | -100% |
| Accrued charges and deferred income | 492/3 | €116,100 | €0 | -€116,100 | -100% |
| Operating income | 70/76A | €19,043,927 | €1,277,384 | -€17.8m | -93.3% |
| Turnover | 70 | €18,950,700 | €1,198,179 | -€17.8m | -93.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€143,555 | €0 | +€143,555 | |
| Other operating income | 74 | €236,781 | €79,205 | -€157,577 | -66.5% |
| Operating charges | 60/66A | €18,124,555 | €425,995 | -€17.7m | -97.6% |
| Goods for resale, raw materials and consumables | 60 | €7,829,751 | €0 | -€7.8m | -100% |
| Purchases | 600/8 | €7,945,339 | €0 | -€7.9m | -100% |
| Change in stocks: decrease (increase) | 609 | -€115,589 | €0 | +€115,589 | |
| Services and other goods | 61 | €4,125,856 | €171,436 | -€4.0m | -95.8% |
| Remuneration, social security and pensions | 62 | €5,352,111 | €0 | -€5.4m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €684,854 | €251,468 | -€433,386 | -63.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,486 | €0 | -€23,486 | -100% |
| Other operating charges | 640/8 | €108,497 | €3,091 | -€105,406 | -97.2% |
| Operating profit (loss) | 9901 | €919,372 | €851,389 | -€67,983 | -7.4% |
| Financial income | 75/76B | €25,030 | €4,636 | -€20,394 | -81.5% |
| Recurring financial income | 75 | €25,030 | €4,636 | -€20,394 | -81.5% |
| Income from financial fixed assets | 750 | €25,030 | €4,609 | -€20,421 | -81.6% |
| Other financial income | 752/9 | - | €27 | +€27 | |
| Financial charges | 65/66B | €700,092 | €220,020 | -€480,072 | -68.6% |
| Recurring financial charges | 65 | €700,092 | €220,020 | -€480,072 | -68.6% |
| Debt charges | 650 | €651,235 | €219,130 | -€432,105 | -66.4% |
| Other financial charges | 652/9 | €48,856 | €890 | -€47,966 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €244,310 | €636,005 | +€391,695 | +160% |
| Income taxes | 67/77 | €88,129 | €163,856 | +€75,727 | +85.9% |
| Taxes | 670/3 | €88,129 | €163,856 | +€75,727 | +85.9% |
| Profit (loss) for the period | 9904 | €156,181 | €472,149 | +€315,968 | +202% |
| Profit (loss) for the period to be appropriated | 9905 | €156,181 | €472,149 | +€315,968 | +202% |
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 15 October 2026 via checked.be.