SHAZAIN: 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.
SHAZAIN
Largest movements
- Stocks and contracts -€5,201
down €5,201 (-15.5%), from €33,612 to €28,412
- Tangible fixed assets -€3,719
no longer reported in 2025 (was €3,719)
- Cash -€797
down €797 (-31.2%), from €2,549 to €1,753
mainly Net result for the year (-€15,614) and Trade debts (-€5,368)
- Other debts +€16,403
up €16,403 (+228%), from €7,195 to €23,598
- Profit (loss) carried forward -€15,614
down €15,614 (-203%), from -€7,678 to -€23,293
- Trade debts -€5,368
down €5,368 (-72.1%), from €7,442 to €2,074
- Debts after one year -€4,043
down €4,043 (-58.8%), from €6,872 to €2,830
- Tax, wage and social debts -€1,095
down €1,095 (-14.7%), from €7,449 to €6,355
of which Remuneration and social security: -€1,192
- Gross operating margin -€6,155
down €6,155 (-25.2%), from €24,456 to €18,300
- Staff costs +€3,115
up €3,115 (+12.6%), from €24,664 to €27,779
- Depreciation -€980
down €980 (-20.9%), from €4,699 to €3,719
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 | €39,881 | €30,164 | -€9,716 | -24.4% |
| Fixed assets | 21/28 | €3,719 | - | -€3,719 | |
| Tangible fixed assets | 22/27 | €3,719 | - | -€3,719 | |
| Furniture and vehicles | 24 | €3,719 | - | -€3,719 | |
| Current assets | 29/58 | €36,162 | €30,164 | -€5,997 | -16.6% |
| Stocks and contracts in progress | 3 | €33,612 | €28,412 | -€5,201 | -15.5% |
| Stocks | 30/36 | €33,612 | €28,412 | -€5,201 | -15.5% |
| Cash at bank and in hand | 54/58 | €2,549 | €1,753 | -€797 | -31.2% |
| Total equity and liabilities | 10/49 | €39,881 | €30,164 | -€9,716 | -24.4% |
| Equity | 10/15 | €10,922 | -€4,693 | -€15,614 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,678 | -€23,293 | -€15,614 | -203% |
| Amounts payable | 17/49 | €28,959 | €34,857 | +€5,898 | +20.4% |
| Amounts payable after more than one year | 17 | €6,872 | €2,830 | -€4,043 | -58.8% |
| Financial debts | 170/4 | €6,872 | €2,830 | -€4,043 | -58.8% |
| Amounts payable within one year | 42/48 | €22,087 | €32,027 | +€9,941 | +45.0% |
| Trade debts | 44 | €7,442 | €2,074 | -€5,368 | -72.1% |
| Suppliers | 440/4 | €7,442 | €2,074 | -€5,368 | -72.1% |
| Taxes, remuneration and social security | 45 | €7,449 | €6,355 | -€1,095 | -14.7% |
| Taxes | 450/3 | €2,058 | €2,156 | +€97 | +4.7% |
| Remuneration and social security | 454/9 | €5,391 | €4,199 | -€1,192 | -22.1% |
| Other amounts payable | 47/48 | €7,195 | €23,598 | +€16,403 | +228% |
| Remuneration, social security and pensions | 62 | €24,664 | €27,779 | +€3,115 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,699 | €3,719 | -€980 | -20.9% |
| Other operating charges | 640/8 | €2,294 | €2,371 | +€77 | +3.4% |
| Gross operating margin | 9900 | €24,456 | €18,300 | -€6,155 | -25.2% |
| Operating profit (loss) | 9901 | -€7,202 | -€15,569 | -€8,367 | -116% |
| Financial charges | 65/66B | €49 | €45 | -€4 | -7.5% |
| Recurring financial charges | 65 | €49 | €45 | -€4 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | -€15,614 | -€8,364 | -115% |
| Profit (loss) for the period | 9904 | -€7,251 | -€15,614 | -€8,364 | -115% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,251 | -€15,614 | -€8,364 | -115% |
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 18 October 2026 via checked.be.