SHD WORKS: 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.
SHD WORKS
Largest movements
- Receivables within one year -€12,509
down €12,509 (-80.6%), from €15,528 to €3,019
of which Trade receivables: -€12,498
- Cash -€3,038
down €3,038 (-44.3%), from €6,862 to €3,823
mainly Other debts (-€15,004) and Net result for the year (-€10,326)
- Stocks and contracts -€2,328
down €2,328 (-34.2%), from €6,810 to €4,482
- Intangible fixed assets -€389
down €389 (-50.0%), from €777 to €389
- Other debts -€15,004
down €15,004 (-78.8%), from €19,035 to €4,031
- Profit (loss) carried forward -€2,326
down €2,326 (-64.0%), from -€3,633 to -€5,959
- Trade debts -€522
down €522 (-20.1%), from €2,592 to €2,071
- Gross operating margin +€2,502
up €2,502 (+26.5%), from -€9,437 to -€6,935
- Depreciation +€675
up €675 (+37.3%), from €1,811 to €2,486
- Other operating charges -€479
down €479 (-54.5%), from €879 to €400
- Financial charges +€454
up €454 (+874%), from €52 to €506
of which Non-recurring financial charges: +€400
- Taxes -€227
no longer reported in 2025 (was €227)
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 | €33,221 | €15,143 | -€18,078 | -54.4% |
| Fixed assets | 21/28 | €3,621 | €3,438 | -€184 | -5.1% |
| Intangible fixed assets | 21 | €777 | €389 | -€389 | -50.0% |
| Tangible fixed assets | 22/27 | €2,844 | €3,049 | +€205 | +7.2% |
| Plant, machinery and equipment | 23 | €2,844 | €3,049 | +€205 | +7.2% |
| Current assets | 29/58 | €29,600 | €11,705 | -€17,895 | -60.5% |
| Stocks and contracts in progress | 3 | €6,810 | €4,482 | -€2,328 | -34.2% |
| Stocks | 30/36 | €6,810 | €4,482 | -€2,328 | -34.2% |
| Amounts receivable within one year | 40/41 | €15,528 | €3,019 | -€12,509 | -80.6% |
| Trade receivables | 40 | €14,775 | €2,277 | -€12,498 | -84.6% |
| Other amounts receivable | 41 | €753 | €743 | -€11 | -1.4% |
| Cash at bank and in hand | 54/58 | €6,862 | €3,823 | -€3,038 | -44.3% |
| Deferred charges and accrued income | 490/1 | €400 | €381 | -€20 | -4.9% |
| Total equity and liabilities | 10/49 | €33,221 | €15,143 | -€18,078 | -54.4% |
| Equity | 10/15 | €11,367 | €9,041 | -€2,326 | -20.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,633 | -€5,959 | -€2,326 | -64.0% |
| Amounts payable | 17/49 | €21,854 | €6,102 | -€15,752 | -72.1% |
| Amounts payable within one year | 42/48 | €21,854 | €6,102 | -€15,752 | -72.1% |
| Trade debts | 44 | €2,592 | €2,071 | -€522 | -20.1% |
| Suppliers | 440/4 | €2,592 | €2,071 | -€522 | -20.1% |
| Taxes, remuneration and social security | 45 | €227 | - | -€227 | |
| Taxes | 450/3 | €227 | - | -€227 | |
| Other amounts payable | 47/48 | €19,035 | €4,031 | -€15,004 | -78.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,811 | €2,486 | +€675 | +37.3% |
| Other operating charges | 640/8 | €879 | €400 | -€479 | -54.5% |
| Non-recurring operating charges | 66A | €1,000 | - | -€1,000 | |
| Gross operating margin | 9900 | -€9,437 | -€6,935 | +€2,502 | +26.5% |
| Operating profit (loss) | 9901 | -€13,126 | -€9,821 | +€3,306 | +25.2% |
| Financial charges | 65/66B | €52 | €506 | +€454 | +874% |
| Recurring financial charges | 65 | €52 | €106 | +€54 | +103% |
| Non-recurring financial charges | 66B | - | €400 | +€400 | |
| Profit (loss) for the period before taxes | 9903 | -€13,178 | -€10,326 | +€2,852 | +21.6% |
| Income taxes | 67/77 | €227 | - | -€227 | |
| Profit (loss) for the period | 9904 | -€13,405 | -€10,326 | +€3,079 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,405 | -€10,326 | +€3,079 | +23.0% |
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 24 October 2026 via checked.be.