SHEBO: 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.
SHEBO
Largest movements
- Receivables within one year +€10,999
up €10,999 (+358%), from €3,071 to €14,070
of which Trade receivables: +€11,882
- Cash +€6,537
up €6,537 (+157%), from €4,169 to €10,707
mainly Net result for the year (+€16,377) and Tax, wage and social debts (+€3,057)
- Intangible fixed assets -€1,111
down €1,111 (-11.3%), from €9,836 to €8,725
- Stocks and contracts -€979
down €979 (-55.4%), from €1,768 to €789
- Deferred charges and accrued income +€420
new in 2025: €420
- Profit (loss) carried forward +€16,377
up €16,377, from -€11,834 to €4,543
- Other debts -€3,128
down €3,128 (-11.2%), from €27,900 to €24,772
- Tax, wage and social debts +€3,057
new in 2025: €3,057
- Trade debts -€440
down €440 (-15.8%), from €2,778 to €2,338
- Gross operating margin +€33,334
up €33,334, from -€11,186 to €22,148
- Financial charges +€2,301
up €2,301 (+2,805%), from €82 to €2,383
- Taxes +€1,241
new in 2025: €1,241
- Depreciation +€947
up €947 (+578%), from €164 to €1,111
- Other operating charges +€649
up €649 (+162%), from €402 to €1,051
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 | €18,844 | €34,710 | +€15,866 | +84.2% |
| Fixed assets | 21/28 | €9,836 | €8,725 | -€1,111 | -11.3% |
| Intangible fixed assets | 21 | €9,836 | €8,725 | -€1,111 | -11.3% |
| Current assets | 29/58 | €9,008 | €25,985 | +€16,977 | +188% |
| Stocks and contracts in progress | 3 | €1,768 | €789 | -€979 | -55.4% |
| Stocks | 30/36 | €1,768 | €789 | -€979 | -55.4% |
| Amounts receivable within one year | 40/41 | €3,071 | €14,070 | +€10,999 | +358% |
| Trade receivables | 40 | €2,188 | €14,070 | +€11,882 | +543% |
| Other amounts receivable | 41 | €883 | - | -€883 | |
| Cash at bank and in hand | 54/58 | €4,169 | €10,707 | +€6,537 | +157% |
| Deferred charges and accrued income | 490/1 | - | €420 | +€420 | |
| Total equity and liabilities | 10/49 | €18,844 | €34,710 | +€15,866 | +84.2% |
| Equity | 10/15 | -€11,834 | €4,543 | +€16,377 | |
| Profit (loss) carried forward | 14 | -€11,834 | €4,543 | +€16,377 | |
| Amounts payable | 17/49 | €30,678 | €30,167 | -€511 | -1.7% |
| Amounts payable within one year | 42/48 | €30,678 | €30,167 | -€511 | -1.7% |
| Trade debts | 44 | €2,778 | €2,338 | -€440 | -15.8% |
| Suppliers | 440/4 | €2,778 | €2,338 | -€440 | -15.8% |
| Taxes, remuneration and social security | 45 | - | €3,057 | +€3,057 | |
| Taxes | 450/3 | - | €3,057 | +€3,057 | |
| Other amounts payable | 47/48 | €27,900 | €24,772 | -€3,128 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164 | €1,111 | +€947 | +578% |
| Other operating charges | 640/8 | €402 | €1,051 | +€649 | +162% |
| Gross operating margin | 9900 | -€11,186 | €22,148 | +€33,334 | |
| Operating profit (loss) | 9901 | -€11,752 | €19,986 | +€31,738 | |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €82 | €2,383 | +€2,301 | +2,805% |
| Recurring financial charges | 65 | €82 | €2,383 | +€2,301 | +2,805% |
| Profit (loss) for the period before taxes | 9903 | -€11,834 | €17,618 | +€29,452 | |
| Income taxes | 67/77 | - | €1,241 | +€1,241 | |
| Profit (loss) for the period | 9904 | -€11,834 | €16,377 | +€28,211 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,834 | €16,377 | +€28,211 |
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 31 October 2026 via checked.be.