SHAZA: 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.
SHAZA
Largest movements
- Cash -€5,043
down €5,043 (-25.3%), from €19,919 to €14,876
mainly Trade debts (-€7,061) and Debts after one year (-€1,129)
- Tangible fixed assets -€2,221
down €2,221 (-20.8%), from €10,702 to €8,481
- Stocks and contracts -€559
down €559 (-21.8%), from €2,559 to €2,000
- Trade debts -€7,061
down €7,061 (-84.7%), from €8,340 to €1,279
- Tax, wage and social debts +€1,181
up €1,181 (+33.5%), from €3,528 to €4,709
- Debts after one year -€1,129
down €1,129 (-79.4%), from €1,422 to €293
- Profit (loss) carried forward -€880
down €880 (-5.1%), from €17,367 to €16,488
- Gross operating margin -€7,059
down €7,059 (-16.6%), from €42,503 to €35,445
- Staff costs +€5,872
up €5,872 (+24.2%), from €24,225 to €30,097
- Other operating charges -€1,548
down €1,548 (-39.4%), from €3,929 to €2,381
- Depreciation +€676
up €676 (+26.6%), from €2,544 to €3,221
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 | €39,780 | €31,957 | -€7,823 | -19.7% |
| Fixed assets | 21/28 | €17,302 | €15,081 | -€2,221 | -12.8% |
| Tangible fixed assets | 22/27 | €10,702 | €8,481 | -€2,221 | -20.8% |
| Plant, machinery and equipment | 23 | €10,702 | €8,481 | -€2,221 | -20.8% |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €22,478 | €16,876 | -€5,602 | -24.9% |
| Stocks and contracts in progress | 3 | €2,559 | €2,000 | -€559 | -21.8% |
| Stocks | 30/36 | €2,559 | €2,000 | -€559 | -21.8% |
| Cash at bank and in hand | 54/58 | €19,919 | €14,876 | -€5,043 | -25.3% |
| Total equity and liabilities | 10/49 | €39,780 | €31,957 | -€7,823 | -19.7% |
| Equity | 10/15 | €25,427 | €24,548 | -€880 | -3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,367 | €16,488 | -€880 | -5.1% |
| Amounts payable | 17/49 | €14,353 | €7,409 | -€6,943 | -48.4% |
| Amounts payable after more than one year | 17 | €1,422 | €293 | -€1,129 | -79.4% |
| Financial debts | 170/4 | €1,422 | €293 | -€1,129 | -79.4% |
| Amounts payable within one year | 42/48 | €12,931 | €7,116 | -€5,815 | -45.0% |
| Financial debts | 43 | €1,064 | €1,129 | +€65 | +6.1% |
| Credit institutions | 430/8 | €1,064 | €1,129 | +€65 | +6.1% |
| Trade debts | 44 | €8,340 | €1,279 | -€7,061 | -84.7% |
| Suppliers | 440/4 | €8,340 | €1,279 | -€7,061 | -84.7% |
| Taxes, remuneration and social security | 45 | €3,528 | €4,709 | +€1,181 | +33.5% |
| Taxes | 450/3 | €3,528 | €4,709 | +€1,181 | +33.5% |
| Remuneration, social security and pensions | 62 | €24,225 | €30,097 | +€5,872 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,544 | €3,221 | +€676 | +26.6% |
| Other operating charges | 640/8 | €3,929 | €2,381 | -€1,548 | -39.4% |
| Gross operating margin | 9900 | €42,503 | €35,445 | -€7,059 | -16.6% |
| Operating profit (loss) | 9901 | €11,804 | -€255 | -€12,059 | |
| Financial charges | 65/66B | €463 | €484 | +€21 | +4.5% |
| Recurring financial charges | 65 | €463 | €484 | +€21 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €11,341 | -€739 | -€12,080 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €11,202 | -€880 | -€12,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,202 | -€880 | -€12,081 |
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 27 October 2026 via checked.be.