SHEFA Real Estate: 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.
SHEFA Real Estate
Largest movements
- Tangible fixed assets +€284,097
up €284,097 (+3,327%), from €8,539 to €292,636
of which Land and buildings: +€211,931
- Receivables within one year +€66,211
up €66,211 (+34.6%), from €191,180 to €257,391
of which Trade receivables: +€69,310
- Cash +€17,989
up €17,989 (+84.3%), from €21,345 to €39,334
mainly Contributions, distributions and other (+€195,000) and Other debts (+€88,701)
- Financial fixed assets +€9,000
up €9,000 (+58.4%), from €15,420 to €24,420
- Contributions +€195,000
new in 2025: €195,000
- Other debts +€88,701
up €88,701 (+278%), from €31,937 to €120,638
- Reserves +€49,436
up €49,436 (+33.7%), from €146,608 to €196,044
- Trade debts +€24,475
up €24,475 (+202%), from €12,104 to €36,579
- Tax, wage and social debts +€16,487
up €16,487 (+35.6%), from €46,347 to €62,834
of which Remuneration and social security: +€13,042
- Gross operating margin -€23,153
down €23,153 (-9.6%), from €239,990 to €216,837
- Taxes -€16,370
down €16,370 (-48.2%), from €33,960 to €17,590
- Staff costs +€12,433
up €12,433 (+10.4%), from €119,484 to €131,917
- Depreciation +€12,000
up €12,000 (+225%), from €5,324 to €17,323
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 | €236,996 | €618,095 | +€381,100 | +161% |
| Fixed assets | 21/28 | €23,959 | €317,056 | +€293,097 | +1,223% |
| Tangible fixed assets | 22/27 | €8,539 | €292,636 | +€284,097 | +3,327% |
| Land and buildings | 22 | - | €211,931 | +€211,931 | |
| Plant, machinery and equipment | 23 | €8,539 | €2,895 | -€5,644 | -66.1% |
| Other tangible fixed assets | 26 | - | €77,809 | +€77,809 | |
| Financial fixed assets | 28 | €15,420 | €24,420 | +€9,000 | +58.4% |
| Current assets | 29/58 | €213,037 | €301,039 | +€88,002 | +41.3% |
| Amounts receivable within one year | 40/41 | €191,180 | €257,391 | +€66,211 | +34.6% |
| Trade receivables | 40 | €132,460 | €201,770 | +€69,310 | +52.3% |
| Other amounts receivable | 41 | €58,720 | €55,621 | -€3,099 | -5.3% |
| Cash at bank and in hand | 54/58 | €21,345 | €39,334 | +€17,989 | +84.3% |
| Deferred charges and accrued income | 490/1 | €513 | €4,315 | +€3,803 | +742% |
| Total equity and liabilities | 10/49 | €236,996 | €618,095 | +€381,100 | +161% |
| Equity | 10/15 | €146,608 | €391,044 | +€244,436 | +167% |
| Contributions | 10/11 | - | €195,000 | +€195,000 | |
| Reserves | 13 | €146,608 | €196,044 | +€49,436 | +33.7% |
| Distributable reserves | 133 | €146,608 | €196,044 | +€49,436 | +33.7% |
| Amounts payable | 17/49 | €90,388 | €227,051 | +€136,663 | +151% |
| Amounts payable within one year | 42/48 | €90,388 | €220,051 | +€129,663 | +143% |
| Trade debts | 44 | €12,104 | €36,579 | +€24,475 | +202% |
| Suppliers | 440/4 | €12,104 | €36,579 | +€24,475 | +202% |
| Taxes, remuneration and social security | 45 | €46,347 | €62,834 | +€16,487 | +35.6% |
| Taxes | 450/3 | €41,704 | €45,149 | +€3,445 | +8.3% |
| Remuneration and social security | 454/9 | €4,643 | €17,685 | +€13,042 | +281% |
| Other amounts payable | 47/48 | €31,937 | €120,638 | +€88,701 | +278% |
| Accrued charges and deferred income | 492/3 | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €119,484 | €131,917 | +€12,433 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,324 | €17,323 | +€12,000 | +225% |
| Other operating charges | 640/8 | €1,672 | €1,770 | +€98 | +5.8% |
| Gross operating margin | 9900 | €239,990 | €216,837 | -€23,153 | -9.6% |
| Operating profit (loss) | 9901 | €113,510 | €65,827 | -€47,683 | -42.0% |
| Financial income | 75/76B | €1,951 | €2,217 | +€266 | +13.6% |
| Recurring financial income | 75 | €1,951 | €2,217 | +€266 | +13.6% |
| Financial charges | 65/66B | €1,270 | €1,016 | -€254 | -20.0% |
| Recurring financial charges | 65 | €1,270 | €1,016 | -€254 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €114,191 | €67,027 | -€47,164 | -41.3% |
| Income taxes | 67/77 | €33,960 | €17,590 | -€16,370 | -48.2% |
| Profit (loss) for the period | 9904 | €80,231 | €49,436 | -€30,794 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,231 | €49,436 | -€30,794 | -38.4% |
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 29 October 2026 via checked.be.