SheEO: 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.
SheEO
Largest movements
- Cash +€56,273
up €56,273 (+24.4%), from €230,597 to €286,871
mainly Other debts (+€186,964) and Net result for the year (+€71,510)
- Tangible fixed assets -€4,795
down €4,795 (-23.3%), from €20,576 to €15,780
of which Furniture and vehicles: -€4,736
- Receivables within one year +€4,342
up €4,342 (+13.2%), from €32,919 to €37,261
of which Trade receivables: +€14,253
- Other debts +€186,964
new in 2025: €186,964
- Reserves -€164,583
down €164,583 (-69.7%), from €236,093 to €71,510
- Tax, wage and social debts +€25,258
up €25,258 (+63.6%), from €39,697 to €64,955
- Gross operating margin +€50,988
up €50,988 (+97.4%), from €52,326 to €103,314
- Taxes +€10,320
up €10,320 (+109.6%), from €9,417 to €19,737
- Depreciation +€1,476
up €1,476 (+21.4%), from €6,907 to €8,384
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 | €294,762 | €345,725 | +€50,963 | +17.3% |
| Fixed assets | 21/28 | €25,903 | €19,285 | -€6,618 | -25.5% |
| Intangible fixed assets | 21 | €2,327 | €504 | -€1,822 | -78.3% |
| Tangible fixed assets | 22/27 | €20,576 | €15,780 | -€4,795 | -23.3% |
| Plant, machinery and equipment | 23 | €1,145 | €874 | -€271 | -23.6% |
| Furniture and vehicles | 24 | €14,146 | €9,411 | -€4,736 | -33.5% |
| Other tangible fixed assets | 26 | €5,285 | €5,496 | +€211 | +4.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €268,859 | €326,440 | +€57,581 | +21.4% |
| Amounts receivable within one year | 40/41 | €32,919 | €37,261 | +€4,342 | +13.2% |
| Trade receivables | 40 | €23,008 | €37,261 | +€14,253 | +61.9% |
| Other amounts receivable | 41 | €9,911 | €0 | -€9,911 | -100.0% |
| Cash at bank and in hand | 54/58 | €230,597 | €286,871 | +€56,273 | +24.4% |
| Deferred charges and accrued income | 490/1 | €5,343 | €2,308 | -€3,035 | -56.8% |
| Total equity and liabilities | 10/49 | €294,762 | €345,725 | +€50,963 | +17.3% |
| Equity | 10/15 | €241,093 | €76,510 | -€164,583 | -68.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €236,093 | €71,510 | -€164,583 | -69.7% |
| Distributable reserves | 133 | €236,093 | €71,510 | -€164,583 | -69.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €53,669 | €269,215 | +€215,546 | +401.6% |
| Amounts payable within one year | 42/48 | €53,669 | €269,215 | +€215,546 | +401.6% |
| Financial debts | 43 | €40 | €734 | +€694 | +1751.0% |
| Credit institutions | 430/8 | €40 | €734 | +€694 | +1751.0% |
| Trade debts | 44 | €13,932 | €16,563 | +€2,631 | +18.9% |
| Suppliers | 440/4 | €13,932 | €16,563 | +€2,631 | +18.9% |
| Taxes, remuneration and social security | 45 | €39,697 | €64,955 | +€25,258 | +63.6% |
| Taxes | 450/3 | €39,697 | €64,955 | +€25,258 | +63.6% |
| Other amounts payable | 47/48 | - | €186,964 | +€186,964 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,907 | €8,384 | +€1,476 | +21.4% |
| Other operating charges | 640/8 | €1,307 | €1,114 | -€194 | -14.8% |
| Gross operating margin | 9900 | €52,326 | €103,314 | +€50,988 | +97.4% |
| Operating profit (loss) | 9901 | €44,112 | €93,817 | +€49,705 | +112.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,019 | €2,569 | -€449 | -14.9% |
| Recurring financial charges | 65 | €3,019 | €2,569 | -€449 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €41,093 | €91,247 | +€50,154 | +122.0% |
| Income taxes | 67/77 | €9,417 | €19,737 | +€10,320 | +109.6% |
| Profit (loss) for the period | 9904 | €31,676 | €71,510 | +€39,834 | +125.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,676 | €71,510 | +€39,834 | +125.8% |
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 12 October 2026 via checked.be.