SHELLTERWOOD: 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.
SHELLTERWOOD
Largest movements
- Cash -€43,515
down €43,515 (-87.3%), from €49,867 to €6,351
mainly Net result for the year (-€58,132) and Other debts (-€2,342)
- Receivables within one year -€5,337
down €5,337 (-4.8%), from €110,710 to €105,373
of which Other amounts receivable: -€6,187
- Tangible fixed assets -€5,104
down €5,104 (-40.5%), from €12,591 to €7,488
- Reserves -€58,132
down €58,132 (-39.3%), from €147,871 to €89,739
- Trade debts +€8,522
up €8,522 (+97.1%), from €8,775 to €17,297
- Other debts -€2,342
down €2,342 (-55.4%), from €4,228 to €1,885
- Tax, wage and social debts -€1,917
down €1,917 (-100%), from €1,917 to €0
- Gross operating margin -€54,999
down €54,999, from €3,965 to -€51,034
- Other operating charges -€1,816
down €1,816 (-54.8%), from €3,314 to €1,498
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 | €182,790 | €128,921 | -€53,869 | -29.5% |
| Fixed assets | 21/28 | €19,341 | €14,238 | -€5,104 | -26.4% |
| Tangible fixed assets | 22/27 | €12,591 | €7,488 | -€5,104 | -40.5% |
| Plant, machinery and equipment | 23 | €12,591 | €7,488 | -€5,104 | -40.5% |
| Financial fixed assets | 28 | €6,750 | €6,750 | = | 0.0% |
| Current assets | 29/58 | €163,449 | €114,683 | -€48,765 | -29.8% |
| Amounts receivable within one year | 40/41 | €110,710 | €105,373 | -€5,337 | -4.8% |
| Trade receivables | 40 | €80,990 | €81,839 | +€850 | +1.0% |
| Other amounts receivable | 41 | €29,720 | €23,533 | -€6,187 | -20.8% |
| Cash at bank and in hand | 54/58 | €49,867 | €6,351 | -€43,515 | -87.3% |
| Deferred charges and accrued income | 490/1 | €2,872 | €2,959 | +€87 | +3.0% |
| Total equity and liabilities | 10/49 | €182,790 | €128,921 | -€53,869 | -29.5% |
| Equity | 10/15 | €167,871 | €109,739 | -€58,132 | -34.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €147,871 | €89,739 | -€58,132 | -39.3% |
| Distributable reserves | 133 | €147,871 | €89,739 | -€58,132 | -39.3% |
| Amounts payable | 17/49 | €14,919 | €19,182 | +€4,263 | +28.6% |
| Amounts payable within one year | 42/48 | €14,919 | €19,182 | +€4,263 | +28.6% |
| Trade debts | 44 | €8,775 | €17,297 | +€8,522 | +97.1% |
| Suppliers | 440/4 | €8,775 | €17,297 | +€8,522 | +97.1% |
| Taxes, remuneration and social security | 45 | €1,917 | €0 | -€1,917 | -100% |
| Taxes | 450/3 | €1,917 | €0 | -€1,917 | -100% |
| Other amounts payable | 47/48 | €4,228 | €1,885 | -€2,342 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,488 | €5,104 | -€385 | -7.0% |
| Other operating charges | 640/8 | €3,314 | €1,498 | -€1,816 | -54.8% |
| Gross operating margin | 9900 | €3,965 | -€51,034 | -€54,999 | |
| Operating profit (loss) | 9901 | -€4,837 | -€57,635 | -€52,798 | -1,092% |
| Financial income | 75/76B | €153 | €1 | -€152 | -99.4% |
| Recurring financial income | 75 | €153 | €1 | -€152 | -99.4% |
| Financial charges | 65/66B | €335 | €498 | +€163 | +48.6% |
| Recurring financial charges | 65 | €335 | €498 | +€163 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,019 | -€58,132 | -€53,113 | -1,058% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€5,019 | -€58,132 | -€53,113 | -1,058% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,019 | -€58,132 | -€53,113 | -1,058% |
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 16 October 2026 via checked.be.