SHEGEL: 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.
SHEGEL
Largest movements
- Deferred charges and accrued income -€36,442
down €36,442 (-47.2%), from €77,171 to €40,729
- Tangible fixed assets -€23,301
down €23,301 (-7.5%), from €311,141 to €287,839
of which Land and buildings: -€39,919
- Other debts -€38,965
down €38,965 (-39.5%), from €98,554 to €59,589
- Reserves +€38,190
up €38,190 (+11.6%), from €330,220 to €368,410
of which Distributable reserves: +€38,190
- Debts after one year -€21,483
down €21,483 (-30.9%), from €69,450 to €47,967
- Tax, wage and social debts -€21,032
down €21,032 (-36.1%), from €58,191 to €37,159
of which Taxes: -€21,032
- Current portion of long-term debt -€17,189
down €17,189 (-44.4%), from €38,672 to €21,483
- Gross operating margin -€53,302
down €53,302 (-29.8%), from €178,568 to €125,265
- Taxes -€13,744
down €13,744 (-32.6%), from €42,205 to €28,461
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €659,787 | €604,935 | -€54,852 | -8.3% |
| Fixed assets | 21/28 | €317,341 | €294,039 | -€23,301 | -7.3% |
| Tangible fixed assets | 22/27 | €311,141 | €287,839 | -€23,301 | -7.5% |
| Land and buildings | 22 | €268,936 | €229,017 | -€39,919 | -14.8% |
| Plant, machinery and equipment | 23 | €8,919 | €6,894 | -€2,025 | -22.7% |
| Furniture and vehicles | 24 | €15,286 | €10,229 | -€5,057 | -33.1% |
| Other tangible fixed assets | 26 | €18,000 | €41,700 | +€23,700 | +131.7% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €342,446 | €310,896 | -€31,550 | -9.2% |
| Amounts receivable within one year | 40/41 | €262,349 | €266,736 | +€4,386 | +1.7% |
| Trade receivables | 40 | €134,898 | €129,757 | -€5,141 | -3.8% |
| Other amounts receivable | 41 | €127,452 | €136,979 | +€9,527 | +7.5% |
| Cash at bank and in hand | 54/58 | €2,926 | €3,431 | +€505 | +17.3% |
| Deferred charges and accrued income | 490/1 | €77,171 | €40,729 | -€36,442 | -47.2% |
| Total equity and liabilities | 10/49 | €659,787 | €604,935 | -€54,852 | -8.3% |
| Equity | 10/15 | €336,420 | €374,610 | +€38,190 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €330,220 | €368,410 | +€38,190 | +11.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €330,220 | €368,410 | +€38,190 | +11.6% |
| Amounts payable | 17/49 | €323,367 | €230,325 | -€93,042 | -28.8% |
| Amounts payable after more than one year | 17 | €69,450 | €47,967 | -€21,483 | -30.9% |
| Financial debts | 170/4 | €69,450 | €47,967 | -€21,483 | -30.9% |
| Amounts payable within one year | 42/48 | €253,917 | €182,359 | -€71,559 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €38,672 | €21,483 | -€17,189 | -44.4% |
| Financial debts | 43 | €8,875 | €10,279 | +€1,404 | +15.8% |
| Credit institutions | 430/8 | €8,875 | €10,279 | +€1,404 | +15.8% |
| Trade debts | 44 | €49,626 | €53,849 | +€4,223 | +8.5% |
| Suppliers | 440/4 | €49,626 | €53,849 | +€4,223 | +8.5% |
| Taxes, remuneration and social security | 45 | €58,191 | €37,159 | -€21,032 | -36.1% |
| Taxes | 450/3 | €53,991 | €32,959 | -€21,032 | -39.0% |
| Remuneration and social security | 454/9 | €4,200 | €4,200 | = | 0.0% |
| Other amounts payable | 47/48 | €98,554 | €59,589 | -€38,965 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,902 | €47,001 | +€99 | +0.2% |
| Other operating charges | 640/8 | €4,856 | €4,940 | +€84 | +1.7% |
| Gross operating margin | 9900 | €178,568 | €125,265 | -€53,302 | -29.8% |
| Operating profit (loss) | 9901 | €126,809 | €73,324 | -€53,485 | -42.2% |
| Financial income | 75/76B | €113 | €2 | -€111 | -98.3% |
| Recurring financial income | 75 | €113 | €2 | -€111 | -98.3% |
| Financial charges | 65/66B | €7,679 | €6,674 | -€1,004 | -13.1% |
| Recurring financial charges | 65 | €7,679 | €6,674 | -€1,004 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €119,243 | €66,651 | -€52,592 | -44.1% |
| Income taxes | 67/77 | €42,205 | €28,461 | -€13,744 | -32.6% |
| Profit (loss) for the period | 9904 | €77,038 | €38,190 | -€38,848 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,038 | €38,190 | -€38,848 | -50.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.