SHEFACO: what changed
Two fiscal 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.
SHEFACO
Largest movements
- Receivables within one year +€367,874
up €367,874 (+32.7%), from €1.1m to €1.5m
of which Trade receivables: +€270,597
- Cash +€31,230
up €31,230 (+80.7%), from €38,709 to €69,939
mainly Net result for the year (+€299,706) and Tax, wage and social debts (+€111,024)
- Tangible fixed assets -€21,248
down €21,248 (-7.8%), from €273,984 to €252,736
- Reserves +€299,706
up €299,706 (+34.3%), from €873,699 to €1.2m
of which Distributable reserves: +€299,706
- Tax, wage and social debts +€111,024
up €111,024 (+120.0%), from €92,531 to €203,555
of which Taxes: +€97,446
- Gross operating margin +€323,151
up €323,151 (+95.0%), from €340,097 to €663,249
- Taxes +€79,007
up €79,007 (+279.2%), from €28,296 to €107,304
- Staff costs +€23,122
up €23,122 (+11.9%), from €194,326 to €217,449
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 | €1,454,514 | €1,835,046 | +€380,532 | +26.2% |
| Fixed assets | 21/28 | €275,234 | €254,011 | -€21,223 | -7.7% |
| Tangible fixed assets | 22/27 | €273,984 | €252,736 | -€21,248 | -7.8% |
| Land and buildings | 22 | €192,257 | €184,722 | -€7,535 | -3.9% |
| Plant, machinery and equipment | 23 | €64,675 | €56,048 | -€8,627 | -13.3% |
| Furniture and vehicles | 24 | €17,053 | €11,967 | -€5,085 | -29.8% |
| Financial fixed assets | 28 | €1,250 | €1,274 | +€24 | +1.9% |
| Current assets | 29/58 | €1,179,280 | €1,581,035 | +€401,755 | +34.1% |
| Stocks and contracts in progress | 3 | €8,973 | €13,706 | +€4,733 | +52.7% |
| Stocks | 30/36 | €8,973 | €13,706 | +€4,733 | +52.7% |
| Amounts receivable within one year | 40/41 | €1,125,544 | €1,493,418 | +€367,874 | +32.7% |
| Trade receivables | 40 | €1,074,129 | €1,344,726 | +€270,597 | +25.2% |
| Other amounts receivable | 41 | €51,415 | €148,692 | +€97,277 | +189.2% |
| Cash at bank and in hand | 54/58 | €38,709 | €69,939 | +€31,230 | +80.7% |
| Deferred charges and accrued income | 490/1 | €6,055 | €3,973 | -€2,082 | -34.4% |
| Total equity and liabilities | 10/49 | €1,454,514 | €1,835,046 | +€380,532 | +26.2% |
| Equity | 10/15 | €892,299 | €1,192,005 | +€299,706 | +33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €873,699 | €1,173,405 | +€299,706 | +34.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €871,839 | €1,171,545 | +€299,706 | +34.4% |
| Amounts payable | 17/49 | €562,216 | €643,041 | +€80,825 | +14.4% |
| Amounts payable within one year | 42/48 | €558,154 | €643,041 | +€84,887 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €14,279 | - | -€14,279 | |
| Trade debts | 44 | €432,195 | €418,621 | -€13,574 | -3.1% |
| Suppliers | 440/4 | €432,195 | €418,621 | -€13,574 | -3.1% |
| Taxes, remuneration and social security | 45 | €92,531 | €203,555 | +€111,024 | +120.0% |
| Taxes | 450/3 | €83,719 | €181,165 | +€97,446 | +116.4% |
| Remuneration and social security | 454/9 | €8,812 | €22,390 | +€13,577 | +154.1% |
| Other amounts payable | 47/48 | €19,148 | €20,864 | +€1,716 | +9.0% |
| Accrued charges and deferred income | 492/3 | €4,062 | - | -€4,062 | |
| Remuneration, social security and pensions | 62 | €194,326 | €217,449 | +€23,122 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,858 | €22,234 | -€624 | -2.7% |
| Other operating charges | 640/8 | €14,437 | €15,169 | +€731 | +5.1% |
| Gross operating margin | 9900 | €340,097 | €663,249 | +€323,151 | +95.0% |
| Operating profit (loss) | 9901 | €108,475 | €408,397 | +€299,922 | +276.5% |
| Financial income | 75/76B | €1,326 | - | -€1,326 | |
| Recurring financial income | 75 | €1,326 | - | -€1,326 | |
| Financial charges | 65/66B | €2,070 | €1,387 | -€683 | -33.0% |
| Recurring financial charges | 65 | €2,070 | €1,387 | -€683 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €107,732 | €407,010 | +€299,278 | +277.8% |
| Income taxes | 67/77 | €28,296 | €107,304 | +€79,007 | +279.2% |
| Profit (loss) for the period | 9904 | €79,435 | €299,706 | +€220,271 | +277.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,435 | €299,706 | +€220,271 | +277.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.