SHAYP: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
SHAYP
Largest movements
- Cash +€164,043
up €164,043 (+124%), from €132,497 to €296,541
mainly Depreciation (+€417,492) and Accrued charges and deferred income (+€354,296)
- Tangible fixed assets +€126,265
up €126,265 (+23.9%), from €528,449 to €654,714
of which Plant, machinery and equipment: +€127,620
- Intangible fixed assets -€94,683
down €94,683 (-12.1%), from €779,469 to €684,786
- Stocks and contracts -€91,461
down €91,461 (-74.1%), from €123,418 to €31,957
- Receivables within one year +€50,855
up €50,855 (+16.5%), from €308,412 to €359,267
of which Trade receivables: +€41,256
- Accrued charges and deferred income +€354,296
up €354,296 (+53.8%), from €657,958 to €1.0m
- Profit (loss) carried forward -€167,972
down €167,972 (-83.3%), from -€201,674 to -€369,646
- Short-term financial debts +€125,000
up €125,000 (+100%), from €125,000 to €250,000
- Trade debts -€86,426
down €86,426 (-39.2%), from €220,470 to €134,044
- Investment grants -€70,809
down €70,809 (-38.3%), from €184,817 to €114,008
- Gross operating margin -€204,268
down €204,268 (-26.2%), from €778,583 to €574,315
- Staff costs +€106,849
up €106,849 (+41.8%), from €255,404 to €362,253
- Taxes -€58,453
down €58,453, from €36,096 to -€22,358
- Other operating charges -€15,537
down €15,537 (-99.4%), from €15,629 to €92
- Depreciation -€9,866
down €9,866 (-2.3%), from €427,357 to €417,492
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,924,991 | €2,055,171 | +€130,180 | +6.8% |
| Fixed assets | 21/28 | €1,344,664 | €1,367,406 | +€22,743 | +1.7% |
| Intangible fixed assets | 21 | €779,469 | €684,786 | -€94,683 | -12.1% |
| Tangible fixed assets | 22/27 | €528,449 | €654,714 | +€126,265 | +23.9% |
| Plant, machinery and equipment | 23 | €526,097 | €653,717 | +€127,620 | +24.3% |
| Furniture and vehicles | 24 | €2,353 | €997 | -€1,355 | -57.6% |
| Financial fixed assets | 28 | €36,745 | €27,906 | -€8,839 | -24.1% |
| Current assets | 29/58 | €580,327 | €687,765 | +€107,438 | +18.5% |
| Stocks and contracts in progress | 3 | €123,418 | €31,957 | -€91,461 | -74.1% |
| Stocks | 30/36 | €123,418 | €31,957 | -€91,461 | -74.1% |
| Amounts receivable within one year | 40/41 | €308,412 | €359,267 | +€50,855 | +16.5% |
| Trade receivables | 40 | €308,412 | €349,668 | +€41,256 | +13.4% |
| Other amounts receivable | 41 | €0 | €9,599 | +€9,599 | |
| Cash at bank and in hand | 54/58 | €132,497 | €296,541 | +€164,043 | +124% |
| Deferred charges and accrued income | 490/1 | €16,000 | €0 | -€16,000 | -100% |
| Total equity and liabilities | 10/49 | €1,924,991 | €2,055,171 | +€130,180 | +6.8% |
| Equity | 10/15 | €402,315 | €175,685 | -€226,630 | -56.3% |
| Contributions | 10/11 | €419,171 | €431,323 | +€12,152 | +2.9% |
| Capital | 10 | €419,171 | €431,323 | +€12,152 | +2.9% |
| Issued capital | 100 | €431,571 | €431,571 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €248 | -€12,152 | -98.0% |
| Profit (loss) carried forward | 14 | -€201,674 | -€369,646 | -€167,972 | -83.3% |
| Investment grants | 15 | €184,817 | €114,008 | -€70,809 | -38.3% |
| Amounts payable | 17/49 | €1,522,676 | €1,879,486 | +€356,810 | +23.4% |
| Amounts payable after more than one year | 17 | €429,684 | €416,059 | -€13,625 | -3.2% |
| Financial debts | 170/4 | €429,684 | €416,059 | -€13,625 | -3.2% |
| Amounts payable within one year | 42/48 | €435,034 | €451,173 | +€16,139 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €125,000 | €250,000 | +€125,000 | +100% |
| Credit institutions | 430/8 | €125,000 | €250,000 | +€125,000 | +100% |
| Trade debts | 44 | €220,470 | €134,044 | -€86,426 | -39.2% |
| Suppliers | 440/4 | €220,470 | €134,044 | -€86,426 | -39.2% |
| Taxes, remuneration and social security | 45 | €64,926 | €54,474 | -€10,453 | -16.1% |
| Taxes | 450/3 | €26,131 | €2,778 | -€23,354 | -89.4% |
| Remuneration and social security | 454/9 | €38,795 | €51,696 | +€12,901 | +33.3% |
| Other amounts payable | 47/48 | €24,637 | €12,655 | -€11,982 | -48.6% |
| Accrued charges and deferred income | 492/3 | €657,958 | €1,012,254 | +€354,296 | +53.8% |
| Non-recurring operating income | 76A | - | €77,739 | +€77,739 | |
| Remuneration, social security and pensions | 62 | €255,404 | €362,253 | +€106,849 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427,357 | €417,492 | -€9,866 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,629 | €92 | -€15,537 | -99.4% |
| Non-recurring operating charges | 66A | €74,208 | €10,238 | -€63,970 | -86.2% |
| Gross operating margin | 9900 | €778,583 | €574,315 | -€204,268 | -26.2% |
| Operating profit (loss) | 9901 | €5,985 | -€215,760 | -€221,745 | |
| Financial income | 75/76B | €72,604 | €75,917 | +€3,312 | +4.6% |
| Recurring financial income | 75 | €72,604 | €75,917 | +€3,312 | +4.6% |
| Financial charges | 65/66B | €57,102 | €50,487 | -€6,616 | -11.6% |
| Recurring financial charges | 65 | €57,102 | €50,487 | -€6,616 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €21,487 | -€190,330 | -€211,817 | |
| Income taxes | 67/77 | €36,096 | -€22,358 | -€58,453 | |
| Profit (loss) for the period | 9904 | -€14,608 | -€167,972 | -€153,364 | -1,050% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,608 | -€167,972 | -€153,364 | -1,050% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.