Sheholli Projects: 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.
Sheholli Projects
Largest movements
- Receivables within one year +€40,971
up €40,971 (+107%), from €38,146 to €79,116
of which Trade receivables: +€30,484
- Cash -€17,964
down €17,964 (-55.0%), from €32,640 to €14,676
mainly Receivables within one year (-€40,971) and Investment in fixed assets (net) (-€28,620)
- Tangible fixed assets +€7,870
up €7,870 (+4.9%), from €161,764 to €169,634
of which Land and buildings: +€21,787
- Reserves +€33,769
up €33,769 (+21.3%), from €158,377 to €192,146
- Trade debts +€8,651
up €8,651 (+87.6%), from €9,875 to €18,526
- Debts after one year -€6,800
down €6,800 (-59.5%), from €11,420 to €4,620
- Tax, wage and social debts -€6,004
down €6,004 (-13.9%), from €43,085 to €37,081
- Gross operating margin -€9,066
down €9,066 (-11.8%), from €77,028 to €67,962
- Depreciation -€4,597
down €4,597 (-18.1%), from €25,347 to €20,750
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 | €234,403 | €264,172 | +€29,769 | +12.7% |
| Fixed assets | 21/28 | €161,764 | €169,634 | +€7,870 | +4.9% |
| Tangible fixed assets | 22/27 | €161,764 | €169,634 | +€7,870 | +4.9% |
| Land and buildings | 22 | €147,170 | €168,957 | +€21,787 | +14.8% |
| Plant, machinery and equipment | 23 | €1,051 | €677 | -€373 | -35.5% |
| Furniture and vehicles | 24 | €13,544 | - | -€13,544 | |
| Current assets | 29/58 | €72,639 | €94,538 | +€21,899 | +30.1% |
| Amounts receivable within one year | 40/41 | €38,146 | €79,116 | +€40,971 | +107% |
| Trade receivables | 40 | €12,497 | €42,981 | +€30,484 | +244% |
| Other amounts receivable | 41 | €25,648 | €36,136 | +€10,487 | +40.9% |
| Cash at bank and in hand | 54/58 | €32,640 | €14,676 | -€17,964 | -55.0% |
| Deferred charges and accrued income | 490/1 | €1,853 | €746 | -€1,108 | -59.8% |
| Total equity and liabilities | 10/49 | €234,403 | €264,172 | +€29,769 | +12.7% |
| Equity | 10/15 | €163,377 | €197,146 | +€33,769 | +20.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €158,377 | €192,146 | +€33,769 | +21.3% |
| Distributable reserves | 133 | €158,377 | €192,146 | +€33,769 | +21.3% |
| Amounts payable | 17/49 | €71,026 | €67,027 | -€4,000 | -5.6% |
| Amounts payable after more than one year | 17 | €11,420 | €4,620 | -€6,800 | -59.5% |
| Financial debts | 170/4 | €11,420 | €4,620 | -€6,800 | -59.5% |
| Amounts payable within one year | 42/48 | €59,606 | €62,407 | +€2,800 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €6,647 | €6,800 | +€153 | +2.3% |
| Trade debts | 44 | €9,875 | €18,526 | +€8,651 | +87.6% |
| Suppliers | 440/4 | €9,875 | €18,526 | +€8,651 | +87.6% |
| Taxes, remuneration and social security | 45 | €43,085 | €37,081 | -€6,004 | -13.9% |
| Taxes | 450/3 | €43,085 | €37,081 | -€6,004 | -13.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,347 | €20,750 | -€4,597 | -18.1% |
| Other operating charges | 640/8 | €1,760 | €1,635 | -€125 | -7.1% |
| Gross operating margin | 9900 | €77,028 | €67,962 | -€9,066 | -11.8% |
| Operating profit (loss) | 9901 | €49,922 | €45,577 | -€4,344 | -8.7% |
| Financial income | 75/76B | €1,292 | €1,724 | +€432 | +33.5% |
| Recurring financial income | 75 | €1,292 | €1,724 | +€432 | +33.5% |
| Financial charges | 65/66B | €798 | €743 | -€55 | -6.8% |
| Recurring financial charges | 65 | €798 | €743 | -€55 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €50,416 | €46,558 | -€3,858 | -7.7% |
| Income taxes | 67/77 | €12,906 | €12,789 | -€117 | -0.9% |
| Profit (loss) for the period | 9904 | €37,510 | €33,769 | -€3,741 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,510 | €33,769 | -€3,741 | -10.0% |
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 28 October 2026 via checked.be.