SHATZ: 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.
SHATZ
Largest movements
- Stocks and contracts -€115,793
down €115,793 (-22.0%), from €525,903 to €410,110
- Receivables within one year -€37,600
down €37,600 (-32.6%), from €115,226 to €77,626
of which Trade receivables: -€37,600
- Tangible fixed assets -€27,200
down €27,200 (-1.8%), from €1.5m to €1.5m
of which Land and buildings: -€23,750
- Trade debts -€170,458
down €170,458 (-33.3%), from €511,784 to €341,326
- Debts after one year -€62,807
down €62,807 (-6.7%), from €933,383 to €870,576
- Profit (loss) carried forward +€49,812
up €49,812 (+12.8%), from €387,864 to €437,676
- Other debts -€46,350
down €46,350 (-19.4%), from €239,080 to €192,730
- Advances received +€35,000
new in 2025: €35,000
- Gross operating margin -€44,209
down €44,209 (-30.7%), from €144,015 to €99,806
- Financial income +€43,117
up €43,117 (+1673.1%), from €2,577 to €45,694
- Financial charges -€28,438
down €28,438 (-37.4%), from €76,029 to €47,592
- Taxes +€11,622
up €11,622 (+7697.4%), from €151 to €11,773
- Other operating charges -€7,085
down €7,085 (-76.1%), from €9,316 to €2,230
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 | €2,186,349 | €1,998,779 | -€187,569 | -8.6% |
| Fixed assets | 21/28 | €1,517,793 | €1,490,592 | -€27,200 | -1.8% |
| Tangible fixed assets | 22/27 | €1,516,263 | €1,489,062 | -€27,200 | -1.8% |
| Land and buildings | 22 | €1,469,767 | €1,446,017 | -€23,750 | -1.6% |
| Plant, machinery and equipment | 23 | €17,472 | €20,139 | +€2,667 | +15.3% |
| Furniture and vehicles | 24 | €24,524 | €19,906 | -€4,617 | -18.8% |
| Other tangible fixed assets | 26 | €4,500 | €3,000 | -€1,500 | -33.3% |
| Financial fixed assets | 28 | €1,530 | €1,530 | = | 0.0% |
| Current assets | 29/58 | €668,556 | €508,187 | -€160,369 | -24.0% |
| Stocks and contracts in progress | 3 | €525,903 | €410,110 | -€115,793 | -22.0% |
| Stocks | 30/36 | €525,903 | €410,110 | -€115,793 | -22.0% |
| Amounts receivable within one year | 40/41 | €115,226 | €77,626 | -€37,600 | -32.6% |
| Trade receivables | 40 | €54,675 | €17,075 | -€37,600 | -68.8% |
| Other amounts receivable | 41 | €60,551 | €60,551 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,907 | €20,451 | -€3,456 | -14.5% |
| Deferred charges and accrued income | 490/1 | €3,520 | - | -€3,520 | |
| Total equity and liabilities | 10/49 | €2,186,349 | €1,998,779 | -€187,569 | -8.6% |
| Equity | 10/15 | €408,550 | €458,362 | +€49,812 | +12.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,094 | €2,094 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,094 | €2,094 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,094 | €2,094 | = | 0.0% |
| Profit (loss) carried forward | 14 | €387,864 | €437,676 | +€49,812 | +12.8% |
| Amounts payable | 17/49 | €1,777,799 | €1,540,417 | -€237,381 | -13.4% |
| Amounts payable after more than one year | 17 | €933,383 | €870,576 | -€62,807 | -6.7% |
| Financial debts | 170/4 | €933,383 | €870,576 | -€62,807 | -6.7% |
| Amounts payable within one year | 42/48 | €841,916 | €669,842 | -€172,074 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €60,676 | €62,807 | +€2,131 | +3.5% |
| Trade debts | 44 | €511,784 | €341,326 | -€170,458 | -33.3% |
| Suppliers | 440/4 | €511,784 | €341,326 | -€170,458 | -33.3% |
| Advances received on contracts in progress | 46 | - | €35,000 | +€35,000 | |
| Taxes, remuneration and social security | 45 | €30,376 | €37,979 | +€7,602 | +25.0% |
| Taxes | 450/3 | €28,579 | €36,181 | +€7,602 | +26.6% |
| Remuneration and social security | 454/9 | €1,797 | €1,797 | = | 0.0% |
| Other amounts payable | 47/48 | €239,080 | €192,730 | -€46,350 | -19.4% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Non-recurring operating income | 76A | - | €8,410 | +€8,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,998 | €33,978 | +€2,980 | +9.6% |
| Other operating charges | 640/8 | €9,316 | €2,230 | -€7,085 | -76.1% |
| Non-recurring operating charges | 66A | €2,227 | €115 | -€2,112 | -94.8% |
| Gross operating margin | 9900 | €144,015 | €99,806 | -€44,209 | -30.7% |
| Operating profit (loss) | 9901 | €101,474 | €63,482 | -€37,992 | -37.4% |
| Financial income | 75/76B | €2,577 | €45,694 | +€43,117 | +1673.1% |
| Recurring financial income | 75 | €2,577 | €45,694 | +€43,117 | +1673.1% |
| Financial charges | 65/66B | €76,029 | €47,592 | -€28,438 | -37.4% |
| Recurring financial charges | 65 | €76,029 | €47,592 | -€28,438 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €28,022 | €61,585 | +€33,562 | +119.8% |
| Income taxes | 67/77 | €151 | €11,773 | +€11,622 | +7697.4% |
| Profit (loss) for the period | 9904 | €27,871 | €49,812 | +€21,941 | +78.7% |
| Transfer from tax-exempt reserves | 789 | €9,528 | - | -€9,528 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,399 | €49,812 | +€12,413 | +33.2% |
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 10 October 2026 via checked.be.