SHEFEDU: 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.
SHEFEDU
Largest movements
- Tangible fixed assets +€32,260
up €32,260 (+13.5%), from €239,308 to €271,568
of which Furniture and vehicles: +€43,822
- Cash +€12,183
up €12,183 (+11.0%), from €111,040 to €123,223
mainly Net result for the year (+€55,031) and Other debts (+€31,867)
- Receivables within one year -€8,300
down €8,300 (-74.1%), from €11,208 to €2,907
- Other debts +€31,867
up €31,867 (+1447.0%), from €2,202 to €34,069
- Debts after one year -€25,880
down €25,880 (-13.4%), from €193,084 to €167,204
- Tax, wage and social debts +€25,584
up €25,584 (+632.1%), from €4,047 to €29,631
- Reserves +€15,031
up €15,031 (+15.1%), from €99,585 to €114,616
of which Distributable reserves: +€15,031
- Advances received -€14,028
down €14,028 (-100.0%), from €14,028 to €0
- Taxes +€19,972
up €19,972 (+545.7%), from €3,660 to €23,631
- Gross operating margin +€19,508
up €19,508 (+20.4%), from €95,578 to €115,086
- Depreciation +€5,363
up €5,363 (+24.7%), from €21,749 to €27,112
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 | €363,890 | €400,262 | +€36,372 | +10.0% |
| Fixed assets | 21/28 | €240,988 | €273,248 | +€32,260 | +13.4% |
| Tangible fixed assets | 22/27 | €239,308 | €271,568 | +€32,260 | +13.5% |
| Plant, machinery and equipment | 23 | €2,214 | €1,913 | -€301 | -13.6% |
| Furniture and vehicles | 24 | €1,236 | €45,058 | +€43,822 | +3544.1% |
| Other tangible fixed assets | 26 | €235,858 | €224,597 | -€11,261 | -4.8% |
| Financial fixed assets | 28 | €1,680 | €1,680 | = | 0.0% |
| Current assets | 29/58 | €122,902 | €127,014 | +€4,112 | +3.3% |
| Amounts receivable within one year | 40/41 | €11,208 | €2,907 | -€8,300 | -74.1% |
| Trade receivables | 40 | €11,208 | €2,907 | -€8,300 | -74.1% |
| Cash at bank and in hand | 54/58 | €111,040 | €123,223 | +€12,183 | +11.0% |
| Deferred charges and accrued income | 490/1 | €654 | €884 | +€230 | +35.1% |
| Total equity and liabilities | 10/49 | €363,890 | €400,262 | +€36,372 | +10.0% |
| Equity | 10/15 | €118,185 | €133,216 | +€15,031 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,585 | €114,616 | +€15,031 | +15.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €99,585 | €114,616 | +€15,031 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €245,704 | €267,046 | +€21,341 | +8.7% |
| Amounts payable after more than one year | 17 | €193,084 | €167,204 | -€25,880 | -13.4% |
| Financial debts | 170/4 | €193,084 | €167,204 | -€25,880 | -13.4% |
| Amounts payable within one year | 42/48 | €49,914 | €97,047 | +€47,134 | +94.4% |
| Current portion of amounts payable after more than one year | 42 | €25,237 | €28,418 | +€3,181 | +12.6% |
| Trade debts | 44 | €4,399 | €4,929 | +€530 | +12.1% |
| Suppliers | 440/4 | €4,399 | €4,929 | +€530 | +12.1% |
| Advances received on contracts in progress | 46 | €14,028 | €0 | -€14,028 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,047 | €29,631 | +€25,584 | +632.1% |
| Taxes | 450/3 | €4,047 | €29,631 | +€25,584 | +632.1% |
| Other amounts payable | 47/48 | €2,202 | €34,069 | +€31,867 | +1447.0% |
| Accrued charges and deferred income | 492/3 | €2,707 | €2,795 | +€88 | +3.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,749 | €27,112 | +€5,363 | +24.7% |
| Other operating charges | 640/8 | €3,713 | €4,000 | +€288 | +7.8% |
| Gross operating margin | 9900 | €95,578 | €115,086 | +€19,508 | +20.4% |
| Operating profit (loss) | 9901 | €70,116 | €83,974 | +€13,858 | +19.8% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €5,990 | €5,311 | -€679 | -11.3% |
| Recurring financial charges | 65 | €5,990 | €5,311 | -€679 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €64,130 | €78,662 | +€14,533 | +22.7% |
| Income taxes | 67/77 | €3,660 | €23,631 | +€19,972 | +545.7% |
| Profit (loss) for the period | 9904 | €60,470 | €55,031 | -€5,439 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,470 | €55,031 | -€5,439 | -9.0% |
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 11 October 2026 via checked.be.