Shelby: 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.
Shelby
Largest movements
- Stocks and contracts -€502,465
down €502,465 (-37.6%), from €1.3m to €833,342
- Cash -€236,121
down €236,121 (-47.3%), from €499,628 to €263,507
mainly Other debts (-€450,004) and Current portion of long-term debt (-€407,375)
- Receivables within one year +€43,031
up €43,031 (+322.9%), from €13,327 to €56,357
of which Other amounts receivable: +€40,941
- Tangible fixed assets -€22,683
down €22,683 (-61.4%), from €36,963 to €14,280
of which Furniture and vehicles: -€22,263
- Other debts -€450,004
down €450,004 (-89.6%), from €502,413 to €52,409
- Current portion of long-term debt -€407,375
down €407,375 (-40.8%), from €999,485 to €592,110
- Profit (loss) carried forward +€142,031
up €142,031 (+43.9%), from €323,446 to €465,477
- Gross operating margin -€947,156
down €947,156 (-81.5%), from €1.2m to €215,440
- Taxes -€211,898
down €211,898 (-81.7%), from €259,303 to €47,405
- Financial charges -€42,456
down €42,456 (-79.3%), from €53,511 to €11,056
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 | €1,950,972 | €1,231,535 | -€719,436 | -36.9% |
| Fixed assets | 21/28 | €98,963 | €76,280 | -€22,683 | -22.9% |
| Tangible fixed assets | 22/27 | €36,963 | €14,280 | -€22,683 | -61.4% |
| Plant, machinery and equipment | 23 | €421 | €0 | -€421 | -100.0% |
| Furniture and vehicles | 24 | €36,542 | €14,280 | -€22,263 | -60.9% |
| Financial fixed assets | 28 | €62,000 | €62,000 | = | 0.0% |
| Current assets | 29/58 | €1,852,008 | €1,155,256 | -€696,753 | -37.6% |
| Stocks and contracts in progress | 3 | €1,335,807 | €833,342 | -€502,465 | -37.6% |
| Stocks | 30/36 | €1,335,807 | €833,342 | -€502,465 | -37.6% |
| Amounts receivable within one year | 40/41 | €13,327 | €56,357 | +€43,031 | +322.9% |
| Trade receivables | 40 | - | €2,090 | +€2,090 | |
| Other amounts receivable | 41 | €13,327 | €54,268 | +€40,941 | +307.2% |
| Cash at bank and in hand | 54/58 | €499,628 | €263,507 | -€236,121 | -47.3% |
| Deferred charges and accrued income | 490/1 | €3,247 | €2,049 | -€1,198 | -36.9% |
| Total equity and liabilities | 10/49 | €1,950,972 | €1,231,535 | -€719,436 | -36.9% |
| Equity | 10/15 | €391,646 | €533,677 | +€142,031 | +36.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €323,446 | €465,477 | +€142,031 | +43.9% |
| Amounts payable | 17/49 | €1,559,325 | €697,858 | -€861,467 | -55.2% |
| Amounts payable within one year | 42/48 | €1,558,482 | €697,858 | -€860,624 | -55.2% |
| Current portion of amounts payable after more than one year | 42 | €999,485 | €592,110 | -€407,375 | -40.8% |
| Trade debts | 44 | €1,096 | €7,011 | +€5,915 | +539.7% |
| Suppliers | 440/4 | €1,096 | €7,011 | +€5,915 | +539.7% |
| Advances received on contracts in progress | 46 | €8,860 | - | -€8,860 | |
| Taxes, remuneration and social security | 45 | €46,629 | €46,328 | -€300 | -0.6% |
| Taxes | 450/3 | €46,328 | €46,328 | = | 0.0% |
| Remuneration and social security | 454/9 | €300 | - | -€300 | |
| Other amounts payable | 47/48 | €502,413 | €52,409 | -€450,004 | -89.6% |
| Accrued charges and deferred income | 492/3 | €843 | - | -€843 | |
| Remuneration, social security and pensions | 62 | €3,127 | €4,168 | +€1,040 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,965 | €6,684 | -€8,281 | -55.3% |
| Other operating charges | 640/8 | €7,865 | €7,226 | -€639 | -8.1% |
| Gross operating margin | 9900 | €1,162,597 | €215,440 | -€947,156 | -81.5% |
| Operating profit (loss) | 9901 | €1,136,639 | €197,363 | -€939,276 | -82.6% |
| Financial income | 75/76B | €10,616 | €3,129 | -€7,487 | -70.5% |
| Recurring financial income | 75 | €10,616 | €3,129 | -€7,487 | -70.5% |
| Financial charges | 65/66B | €53,511 | €11,056 | -€42,456 | -79.3% |
| Recurring financial charges | 65 | €53,511 | €11,056 | -€42,456 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | €1,093,744 | €189,436 | -€904,308 | -82.7% |
| Income taxes | 67/77 | €259,303 | €47,405 | -€211,898 | -81.7% |
| Profit (loss) for the period | 9904 | €834,441 | €142,031 | -€692,410 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €834,441 | €142,031 | -€692,410 | -83.0% |
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 10 October 2026 via checked.be.