Shelter: 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.
What changed
Shelter
NACE 46.341, Wholesale of wines and spirits
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€68,523
2024 · -€139,468+€70,945
Equity
-€105,712
2024 · -€34,755-€70,957
Cash
€7,114
2024 · €39,122-€32,007
Balance sheet total
€2.1m
2024 · €2.2m-€94,152
Largest movements
Assets
- Tangible fixed assets -€38,983
down €38,983 (-2.1%), from €1.8m to €1.8m
of which Plant, machinery and equipment: -€30,271
- Cash -€32,007
down €32,007 (-81.8%), from €39,122 to €7,114
mainly Net result for the year (-€68,523) and Other debts (-€54,216)
- Stocks and contracts -€31,283
down €31,283 (-19.8%), from €158,232 to €126,949
- Receivables after one year +€23,886
new in 2025: €23,886
Equity and liabilities
- Profit (loss) carried forward -€68,523
down €68,523 (-18.7%), from -€366,341 to -€434,865
- Other debts -€54,216
down €54,216 (-2.5%), from €2.2m to €2.1m
- Accrued charges and deferred income +€51,547
new in 2025: €51,547
Income statement
- Depreciation +€73,684
up €73,684 (+450%), from €16,369 to €90,053
- Gross operating margin +€40,245
up €40,245, from -€12,461 to €27,784
- Other operating charges +€3,781
up €3,781 (+115%), from €3,288 to €7,068
- Financial income +€3,164
up €3,164 (+27,018%), from €12 to €3,175
- Financial charges -€551
down €551 (-24.1%), from €2,287 to €1,736
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.
Result 2024
-€139,468
Gross operating margin
+€40,245
Depreciation
-€73,684
Write-downs
-€165
Other operating charges
-€3,781
Other operating items
+€104,253
Financial income
+€3,164
Financial charges
+€551
Taxes
+€361
Result 2025
-€68,523
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€31,954
Investment
-€51,070
Financing
-€12,892
Cash 2024
€39,122
From operations (derived)
+€31,954
Net result for the year
-€68,523
Depreciation
+€90,053
Receivables after one year
-€23,886
Stocks and contracts
+€31,283
Receivables within one year
+€17,159
Deferred charges and accrued income
-€1,395
Trade debts
-€7,731
Tax, wage and social debts
-€2,096
Advances received
-€241
Other debts
-€54,216
Accrued charges and deferred income
+€51,547
Investment (derived)
-€51,070
Investment in fixed assets (net)
-€51,070
Financing
-€12,892
Debts after one year
-€4,514
Current portion of long-term debt
-€5,945
Contributions, distributions and other
-€2,433
Cash 2025
€7,114
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,233,774 | €2,139,622 | -€94,152 | -4.2% |
| Fixed assets | 21/28 | €1,815,475 | €1,776,492 | -€38,983 | -2.1% |
| Tangible fixed assets | 22/27 | €1,814,475 | €1,775,492 | -€38,983 | -2.1% |
| Land and buildings | 22 | €1,372,249 | €1,376,513 | +€4,263 | +0.3% |
| Plant, machinery and equipment | 23 | €408,164 | €377,893 | -€30,271 | -7.4% |
| Furniture and vehicles | 24 | €34,061 | €21,086 | -€12,975 | -38.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €418,300 | €363,131 | -€55,169 | -13.2% |
| Amounts receivable after more than one year | 29 | - | €23,886 | +€23,886 | |
| Other amounts receivable | 291 | - | €23,886 | +€23,886 | |
| Stocks and contracts in progress | 3 | €158,232 | €126,949 | -€31,283 | -19.8% |
| Stocks | 30/36 | €158,232 | €126,949 | -€31,283 | -19.8% |
| Amounts receivable within one year | 40/41 | €215,894 | €198,735 | -€17,159 | -7.9% |
| Trade receivables | 40 | €215,064 | €187,618 | -€27,446 | -12.8% |
| Other amounts receivable | 41 | €830 | €11,117 | +€10,287 | +1,239% |
| Cash at bank and in hand | 54/58 | €39,122 | €7,114 | -€32,007 | -81.8% |
| Deferred charges and accrued income | 490/1 | €5,052 | €6,446 | +€1,395 | +27.6% |
| Total equity and liabilities | 10/49 | €2,233,774 | €2,139,622 | -€94,152 | -4.2% |
| Equity | 10/15 | -€34,755 | -€105,712 | -€70,957 | -204% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€366,341 | -€434,865 | -€68,523 | -18.7% |
| Investment grants | 15 | €106,586 | €104,152 | -€2,433 | -2.3% |
| Amounts payable | 17/49 | €2,268,530 | €2,245,335 | -€23,195 | -1.0% |
| Amounts payable after more than one year | 17 | €4,514 | €0 | -€4,514 | -100% |
| Financial debts | 170/4 | €4,514 | €0 | -€4,514 | -100% |
| Amounts payable within one year | 42/48 | €2,264,016 | €2,193,788 | -€70,228 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €10,458 | €4,514 | -€5,945 | -56.8% |
| Trade debts | 44 | €51,364 | €43,633 | -€7,731 | -15.1% |
| Suppliers | 440/4 | €51,364 | €43,633 | -€7,731 | -15.1% |
| Advances received on contracts in progress | 46 | €241 | €0 | -€241 | -100% |
| Taxes, remuneration and social security | 45 | €3,079 | €983 | -€2,096 | -68.1% |
| Taxes | 450/3 | €3,079 | €983 | -€2,096 | -68.1% |
| Other amounts payable | 47/48 | €2,198,874 | €2,144,658 | -€54,216 | -2.5% |
| Accrued charges and deferred income | 492/3 | - | €51,547 | +€51,547 | |
| Non-recurring operating income | 76A | €7,057 | €0 | -€7,057 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,369 | €90,053 | +€73,684 | +450% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €165 | +€165 | |
| Other operating charges | 640/8 | €3,288 | €7,068 | +€3,781 | +115% |
| Non-recurring operating charges | 66A | €104,423 | €170 | -€104,253 | -99.8% |
| Gross operating margin | 9900 | -€12,461 | €27,784 | +€40,245 | |
| Operating profit (loss) | 9901 | -€136,541 | -€69,672 | +€66,869 | +49.0% |
| Financial income | 75/76B | €12 | €3,175 | +€3,164 | +27,018% |
| Recurring financial income | 75 | €12 | €3,175 | +€3,164 | +27,018% |
| Financial charges | 65/66B | €2,287 | €1,736 | -€551 | -24.1% |
| Recurring financial charges | 65 | €2,287 | €1,736 | -€551 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€138,816 | -€68,232 | +€70,584 | +50.8% |
| Income taxes | 67/77 | €652 | €291 | -€361 | -55.4% |
| Profit (loss) for the period | 9904 | -€139,468 | -€68,523 | +€70,945 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,468 | -€68,523 | +€70,945 | +50.9% |
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 31 October 2026 via checked.be.