Shells&Skins: 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.
Shells&Skins
Largest movements
- Receivables within one year +€26,209
up €26,209 (+77.9%), from €33,639 to €59,848
- Cash +€18,012
up €18,012 (+37.5%), from €48,003 to €66,015
mainly Net result for the year (+€29,502) and Other debts (+€12,693)
- Tangible fixed assets -€9,143
down €9,143 (-53.6%), from €17,065 to €7,922
of which Furniture and vehicles: -€7,125
- Reserves +€21,100
up €21,100 (+33.7%), from €62,560 to €83,660
of which Distributable reserves: +€21,100
- Other debts +€12,693
up €12,693 (+75.0%), from €16,926 to €29,619
- Tax, wage and social debts +€2,901
up €2,901 (+17.3%), from €16,794 to €19,695
- Current portion of long-term debt -€1,720
no longer reported in 2025 (was €1,720)
- Gross operating margin +€12,272
up €12,272 (+29.0%), from €42,308 to €54,580
- Taxes +€7,582
up €7,582 (+287.8%), from €2,634 to €10,216
- Financial charges -€2,549
down €2,549 (-60.6%), from €4,210 to €1,661
- Depreciation +€1,011
up €1,011 (+8.9%), from €11,339 to €12,350
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 | €112,487 | €147,565 | +€35,078 | +31.2% |
| Fixed assets | 21/28 | €17,065 | €7,922 | -€9,143 | -53.6% |
| Tangible fixed assets | 22/27 | €17,065 | €7,922 | -€9,143 | -53.6% |
| Plant, machinery and equipment | 23 | €5,794 | €3,776 | -€2,018 | -34.8% |
| Furniture and vehicles | 24 | €11,270 | €4,146 | -€7,125 | -63.2% |
| Current assets | 29/58 | €95,422 | €139,644 | +€44,221 | +46.3% |
| Stocks and contracts in progress | 3 | €13,781 | €13,781 | = | 0.0% |
| Stocks | 30/36 | €13,781 | €13,781 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,639 | €59,848 | +€26,209 | +77.9% |
| Trade receivables | 40 | €33,639 | €59,848 | +€26,209 | +77.9% |
| Cash at bank and in hand | 54/58 | €48,003 | €66,015 | +€18,012 | +37.5% |
| Total equity and liabilities | 10/49 | €112,487 | €147,565 | +€35,078 | +31.2% |
| Equity | 10/15 | €68,804 | €89,906 | +€21,102 | +30.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,560 | €83,660 | +€21,100 | +33.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,700 | €81,800 | +€21,100 | +34.8% |
| Profit (loss) carried forward | 14 | €44 | €46 | +€2 | +4.4% |
| Amounts payable | 17/49 | €43,684 | €57,660 | +€13,976 | +32.0% |
| Amounts payable within one year | 42/48 | €36,301 | €49,819 | +€13,518 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €1,720 | - | -€1,720 | |
| Trade debts | 44 | €861 | €506 | -€355 | -41.3% |
| Suppliers | 440/4 | €861 | €506 | -€355 | -41.3% |
| Taxes, remuneration and social security | 45 | €16,794 | €19,695 | +€2,901 | +17.3% |
| Taxes | 450/3 | €16,794 | €19,695 | +€2,901 | +17.3% |
| Other amounts payable | 47/48 | €16,926 | €29,619 | +€12,693 | +75.0% |
| Accrued charges and deferred income | 492/3 | €7,382 | €7,840 | +€458 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,339 | €12,350 | +€1,011 | +8.9% |
| Other operating charges | 640/8 | €707 | €852 | +€145 | +20.5% |
| Gross operating margin | 9900 | €42,308 | €54,580 | +€12,272 | +29.0% |
| Operating profit (loss) | 9901 | €30,262 | €41,379 | +€11,117 | +36.7% |
| Financial charges | 65/66B | €4,210 | €1,661 | -€2,549 | -60.6% |
| Recurring financial charges | 65 | €4,210 | €1,661 | -€2,549 | -60.6% |
| Profit (loss) for the period before taxes | 9903 | €26,052 | €39,718 | +€13,666 | +52.5% |
| Income taxes | 67/77 | €2,634 | €10,216 | +€7,582 | +287.8% |
| Profit (loss) for the period | 9904 | €23,418 | €29,502 | +€6,084 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,418 | €29,502 | +€6,084 | +26.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.