Shearwater: 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.
Shearwater
Largest movements
- Cash +€24,290
up €24,290 (+21.9%), from €110,732 to €135,022
mainly Net result for the year (+€21,452) and Trade debts (+€12,662)
- Receivables within one year +€17,572
up €17,572 (+66.6%), from €26,386 to €43,958
of which Trade receivables: +€14,790
- Tangible fixed assets +€3,815
up €3,815 (+86.7%), from €4,399 to €8,214
of which Other tangible fixed assets: +€3,967
- Reserves +€21,452
up €21,452 (+17.5%), from €122,915 to €144,367
- Trade debts +€12,662
up €12,662 (+708.7%), from €1,787 to €14,448
- Accrued charges and deferred income +€5,000
new in 2025: €5,000
- Tax, wage and social debts +€4,786
up €4,786 (+75.1%), from €6,377 to €11,163
- Write-downs +€11,891
new in 2025: €11,891
- Gross operating margin +€1,737
up €1,737 (+3.9%), from €44,720 to €46,457
- Other operating charges +€1,406
up €1,406 (+104.3%), from €1,348 to €2,754
- Taxes -€738
down €738 (-8.2%), from €8,985 to €8,247
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 | €142,934 | €188,579 | +€45,646 | +31.9% |
| Fixed assets | 21/28 | €4,399 | €8,214 | +€3,815 | +86.7% |
| Tangible fixed assets | 22/27 | €4,399 | €8,214 | +€3,815 | +86.7% |
| Plant, machinery and equipment | 23 | €1,248 | €351 | -€897 | -71.9% |
| Furniture and vehicles | 24 | €3,151 | €3,896 | +€745 | +23.6% |
| Other tangible fixed assets | 26 | - | €3,967 | +€3,967 | |
| Current assets | 29/58 | €138,535 | €180,365 | +€41,830 | +30.2% |
| Amounts receivable within one year | 40/41 | €26,386 | €43,958 | +€17,572 | +66.6% |
| Trade receivables | 40 | €19,218 | €34,008 | +€14,790 | +77.0% |
| Other amounts receivable | 41 | €7,168 | €9,950 | +€2,782 | +38.8% |
| Cash at bank and in hand | 54/58 | €110,732 | €135,022 | +€24,290 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,416 | €1,385 | -€31 | -2.2% |
| Total equity and liabilities | 10/49 | €142,934 | €188,579 | +€45,646 | +31.9% |
| Equity | 10/15 | €124,895 | €146,347 | +€21,452 | +17.2% |
| Contributions | 10/11 | €1,980 | €1,980 | = | 0.0% |
| Reserves | 13 | €122,915 | €144,367 | +€21,452 | +17.5% |
| Distributable reserves | 133 | €122,915 | €144,367 | +€21,452 | +17.5% |
| Amounts payable | 17/49 | €18,039 | €42,233 | +€24,193 | +134.1% |
| Amounts payable within one year | 42/48 | €18,039 | €37,233 | +€19,193 | +106.4% |
| Trade debts | 44 | €1,787 | €14,448 | +€12,662 | +708.7% |
| Suppliers | 440/4 | €1,787 | €14,448 | +€12,662 | +708.7% |
| Taxes, remuneration and social security | 45 | €6,377 | €11,163 | +€4,786 | +75.1% |
| Taxes | 450/3 | €6,377 | €11,163 | +€4,786 | +75.1% |
| Other amounts payable | 47/48 | €9,876 | €11,622 | +€1,746 | +17.7% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,735 | €1,639 | -€96 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,891 | +€11,891 | |
| Other operating charges | 640/8 | €1,348 | €2,754 | +€1,406 | +104.3% |
| Gross operating margin | 9900 | €44,720 | €46,457 | +€1,737 | +3.9% |
| Operating profit (loss) | 9901 | €41,637 | €30,173 | -€11,463 | -27.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -80.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -80.0% |
| Financial charges | 65/66B | €176 | €474 | +€298 | +168.7% |
| Recurring financial charges | 65 | €176 | €474 | +€298 | +168.7% |
| Profit (loss) for the period before taxes | 9903 | €41,460 | €29,699 | -€11,761 | -28.4% |
| Income taxes | 67/77 | €8,985 | €8,247 | -€738 | -8.2% |
| Profit (loss) for the period | 9904 | €32,475 | €21,452 | -€11,023 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,475 | €21,452 | -€11,023 | -33.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.