Shelinvest: 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.
Shelinvest
Largest movements
- Cash +€100,980
up €100,980 (+181.9%), from €55,517 to €156,497
mainly Other debts (+€113,726) and Current investments (+€100,000)
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year +€16,941
up €16,941 (+56.9%), from €29,758 to €46,700
of which Other amounts receivable: +€19,108
- Other debts +€113,726
up €113,726 (+12961.7%), from €877 to €114,604
- Reserves -€96,200
down €96,200 (-63.2%), from €152,186 to €55,986
- Gross operating margin +€5,182
up €5,182 (+12.2%), from €42,546 to €47,728
- Taxes +€4,558
up €4,558 (+46.8%), from €9,744 to €14,302
- Financial income +€2,751
up €2,751 (+277.2%), from €992 to €3,743
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 | €191,658 | €210,254 | +€18,597 | +9.7% |
| Current assets | 29/58 | €191,658 | €210,254 | +€18,597 | +9.7% |
| Amounts receivable within one year | 40/41 | €29,758 | €46,700 | +€16,941 | +56.9% |
| Trade receivables | 40 | €12,483 | €10,317 | -€2,167 | -17.4% |
| Other amounts receivable | 41 | €17,275 | €36,383 | +€19,108 | +110.6% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €55,517 | €156,497 | +€100,980 | +181.9% |
| Deferred charges and accrued income | 490/1 | €6,383 | €7,057 | +€675 | +10.6% |
| Total equity and liabilities | 10/49 | €191,658 | €210,254 | +€18,597 | +9.7% |
| Equity | 10/15 | €157,186 | €60,986 | -€96,200 | -61.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €152,186 | €55,986 | -€96,200 | -63.2% |
| Distributable reserves | 133 | €152,186 | €55,986 | -€96,200 | -63.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €34,471 | €149,268 | +€114,797 | +333.0% |
| Amounts payable within one year | 42/48 | €33,845 | €148,968 | +€115,123 | +340.1% |
| Trade debts | 44 | €3,374 | €4,670 | +€1,297 | +38.4% |
| Suppliers | 440/4 | €3,374 | €4,670 | +€1,297 | +38.4% |
| Taxes, remuneration and social security | 45 | €29,594 | €29,694 | +€100 | +0.3% |
| Taxes | 450/3 | €28,594 | €28,694 | +€100 | +0.4% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €877 | €114,604 | +€113,726 | +12961.7% |
| Accrued charges and deferred income | 492/3 | €626 | €300 | -€326 | -52.1% |
| Other operating charges | 640/8 | €2,702 | €2,724 | +€22 | +0.8% |
| Gross operating margin | 9900 | €42,546 | €47,728 | +€5,182 | +12.2% |
| Operating profit (loss) | 9901 | €39,844 | €45,004 | +€5,160 | +13.0% |
| Financial income | 75/76B | €992 | €3,743 | +€2,751 | +277.2% |
| Recurring financial income | 75 | €992 | €3,743 | +€2,751 | +277.2% |
| Financial charges | 65/66B | €2,892 | €2,618 | -€274 | -9.5% |
| Recurring financial charges | 65 | €2,892 | €2,618 | -€274 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €37,944 | €46,129 | +€8,185 | +21.6% |
| Income taxes | 67/77 | €9,744 | €14,302 | +€4,558 | +46.8% |
| Profit (loss) for the period | 9904 | €28,200 | €31,827 | +€3,627 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,200 | €31,827 | +€3,627 | +12.9% |
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.