SHARK: 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.
SHARK
Largest movements
- Tangible fixed assets +€248,239
up €248,239 (+47.0%), from €528,235 to €776,474
of which Land and buildings: +€244,713
- Deferred charges and accrued income +€11,551
up €11,551 (+1045.7%), from €1,105 to €12,656
- Debts after one year +€161,936
up €161,936 (+70.6%), from €229,306 to €391,242
- Trade debts +€152,571
up €152,571 (+1209.8%), from €12,611 to €165,182
- Reserves -€31,413
down €31,413 (-7.8%), from €405,036 to €373,623
of which Tax-exempt reserves: -€31,413
- Profit (loss) carried forward +€12,627
up €12,627 (+75.2%), from -€16,783 to -€4,155
- Gross operating margin -€18,683
down €18,683 (-37.1%), from €50,295 to €31,611
- Financial income +€10,051
up €10,051 (+984.4%), from €1,021 to €11,072
- Other operating charges +€7,664
up €7,664 (+308.2%), from €2,487 to €10,151
- Financial charges +€7,656
up €7,656 (+58.7%), from €13,040 to €20,696
- Depreciation +€5,384
up €5,384 (+16.4%), from €32,777 to €38,161
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 | €833,657 | €1,104,876 | +€271,219 | +32.5% |
| Fixed assets | 21/28 | €528,235 | €776,474 | +€248,239 | +47.0% |
| Tangible fixed assets | 22/27 | €528,235 | €776,474 | +€248,239 | +47.0% |
| Land and buildings | 22 | €519,380 | €764,093 | +€244,713 | +47.1% |
| Plant, machinery and equipment | 23 | €3,769 | €5,282 | +€1,513 | +40.1% |
| Furniture and vehicles | 24 | €5,086 | €7,098 | +€2,013 | +39.6% |
| Current assets | 29/58 | €305,422 | €328,402 | +€22,979 | +7.5% |
| Stocks and contracts in progress | 3 | €32,634 | €39,774 | +€7,139 | +21.9% |
| Stocks | 30/36 | €32,634 | €39,774 | +€7,139 | +21.9% |
| Amounts receivable within one year | 40/41 | €264,577 | €268,461 | +€3,883 | +1.5% |
| Trade receivables | 40 | €23,042 | €7,459 | -€15,583 | -67.6% |
| Other amounts receivable | 41 | €241,535 | €261,001 | +€19,466 | +8.1% |
| Cash at bank and in hand | 54/58 | €7,106 | €7,512 | +€406 | +5.7% |
| Deferred charges and accrued income | 490/1 | €1,105 | €12,656 | +€11,551 | +1045.7% |
| Total equity and liabilities | 10/49 | €833,657 | €1,104,876 | +€271,219 | +32.5% |
| Equity | 10/15 | €425,438 | €406,652 | -€18,786 | -4.4% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €405,036 | €373,623 | -€31,413 | -7.8% |
| Tax-exempt reserves | 132 | €388,923 | €357,510 | -€31,413 | -8.1% |
| Distributable reserves | 133 | €16,113 | €16,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,783 | -€4,155 | +€12,627 | +75.2% |
| Provisions and deferred taxes | 16 | €120,871 | €113,053 | -€7,819 | -6.5% |
| Deferred taxes | 168 | €120,871 | €113,053 | -€7,819 | -6.5% |
| Amounts payable | 17/49 | €287,348 | €585,172 | +€297,823 | +103.6% |
| Amounts payable after more than one year | 17 | €229,306 | €391,242 | +€161,936 | +70.6% |
| Financial debts | 170/4 | €229,306 | €391,242 | +€161,936 | +70.6% |
| Amounts payable within one year | 42/48 | €58,042 | €193,929 | +€135,887 | +234.1% |
| Current portion of amounts payable after more than one year | 42 | €24,350 | €20,333 | -€4,017 | -16.5% |
| Financial debts | 43 | €10,927 | €8,139 | -€2,788 | -25.5% |
| Credit institutions | 430/8 | €10,927 | €8,139 | -€2,788 | -25.5% |
| Trade debts | 44 | €12,611 | €165,182 | +€152,571 | +1209.8% |
| Suppliers | 440/4 | €12,611 | €165,182 | +€152,571 | +1209.8% |
| Advances received on contracts in progress | 46 | €6,961 | - | -€6,961 | |
| Taxes, remuneration and social security | 45 | €3,193 | €276 | -€2,918 | -91.4% |
| Taxes | 450/3 | €2,902 | €276 | -€2,627 | -90.5% |
| Remuneration and social security | 454/9 | €291 | - | -€291 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,777 | €38,161 | +€5,384 | +16.4% |
| Other operating charges | 640/8 | €2,487 | €10,151 | +€7,664 | +308.2% |
| Gross operating margin | 9900 | €50,295 | €31,611 | -€18,683 | -37.1% |
| Operating profit (loss) | 9901 | €15,031 | -€16,701 | -€31,732 | |
| Financial income | 75/76B | €1,021 | €11,072 | +€10,051 | +984.4% |
| Recurring financial income | 75 | €1,021 | €11,072 | +€10,051 | +984.4% |
| Financial charges | 65/66B | €13,040 | €20,696 | +€7,656 | +58.7% |
| Recurring financial charges | 65 | €13,040 | €20,696 | +€7,656 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €3,012 | -€26,324 | -€29,337 | |
| Transfer from deferred taxes | 780 | €638 | €7,819 | +€7,181 | +1125.8% |
| Income taxes | 67/77 | €45 | €280 | +€235 | +516.7% |
| Profit (loss) for the period | 9904 | €3,605 | -€18,786 | -€22,391 | |
| Transfer from tax-exempt reserves | 789 | €1,541 | €31,413 | +€29,872 | +1937.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,146 | €12,627 | +€7,481 | +145.4% |
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 28 September 2026 via checked.be.