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.
SHELTER
Largest movements
- Cash -€263,253
down €263,253 (-96.9%), from €271,635 to €8,382
mainly Trade debts (-€366,991) and Net result for the year (-€37,322)
- Receivables within one year -€176,304
down €176,304 (-67.3%), from €261,774 to €85,470
of which Other amounts receivable: -€110,471
- Tangible fixed assets -€10,920
down €10,920 (-37.0%), from €29,533 to €18,613
of which Plant, machinery and equipment: -€5,584
- Trade debts -€366,991
down €366,991 (-79.6%), from €460,784 to €93,793
- Profit (loss) carried forward -€37,322
down €37,322 (-57.1%), from -€65,388 to -€102,710
- Tax, wage and social debts -€36,550
down €36,550 (-100%), from €36,550 to €0
- Short-term financial debts -€13,523
down €13,523 (-100%), from €13,523 to €0
- Staff costs -€139,751
down €139,751 (-51.6%), from €270,713 to €130,962
- Gross operating margin -€127,245
down €127,245 (-52.7%), from €241,549 to €114,304
- Financial charges -€8,026
down €8,026 (-49.4%), from €16,262 to €8,236
- Depreciation -€5,720
down €5,720 (-31.7%), from €18,027 to €12,307
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 | €576,853 | €123,343 | -€453,510 | -78.6% |
| Fixed assets | 21/28 | €41,798 | €29,492 | -€12,307 | -29.4% |
| Intangible fixed assets | 21 | €5,305 | €3,919 | -€1,387 | -26.1% |
| Tangible fixed assets | 22/27 | €29,533 | €18,613 | -€10,920 | -37.0% |
| Plant, machinery and equipment | 23 | €11,683 | €6,099 | -€5,584 | -47.8% |
| Furniture and vehicles | 24 | €17,850 | €12,514 | -€5,336 | -29.9% |
| Financial fixed assets | 28 | €6,960 | €6,960 | = | 0.0% |
| Current assets | 29/58 | €535,055 | €93,852 | -€441,203 | -82.5% |
| Amounts receivable within one year | 40/41 | €261,774 | €85,470 | -€176,304 | -67.3% |
| Trade receivables | 40 | €148,508 | €82,675 | -€65,833 | -44.3% |
| Other amounts receivable | 41 | €113,267 | €2,795 | -€110,471 | -97.5% |
| Cash at bank and in hand | 54/58 | €271,635 | €8,382 | -€263,253 | -96.9% |
| Deferred charges and accrued income | 490/1 | €1,646 | €0 | -€1,646 | -100% |
| Total equity and liabilities | 10/49 | €576,853 | €123,343 | -€453,510 | -78.6% |
| Equity | 10/15 | -€65,387 | -€102,709 | -€37,322 | -57.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,388 | -€102,710 | -€37,322 | -57.1% |
| Amounts payable | 17/49 | €642,240 | €226,052 | -€416,188 | -64.8% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €510,858 | €94,670 | -€416,188 | -81.5% |
| Financial debts | 43 | €13,523 | €0 | -€13,523 | -100% |
| Credit institutions | 430/8 | €13,523 | €0 | -€13,523 | -100% |
| Trade debts | 44 | €460,784 | €93,793 | -€366,991 | -79.6% |
| Suppliers | 440/4 | €460,784 | €93,793 | -€366,991 | -79.6% |
| Advances received on contracts in progress | 46 | - | €731 | +€731 | |
| Taxes, remuneration and social security | 45 | €36,550 | €0 | -€36,550 | -100% |
| Remuneration and social security | 454/9 | €36,550 | €0 | -€36,550 | -100% |
| Other amounts payable | 47/48 | €1 | €146 | +€145 | +14,500% |
| Accrued charges and deferred income | 492/3 | €6,381 | €6,381 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €270,713 | €130,962 | -€139,751 | -51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,027 | €12,307 | -€5,720 | -31.7% |
| Other operating charges | 640/8 | €1,753 | €706 | -€1,047 | -59.7% |
| Non-recurring operating charges | 66A | €185 | €0 | -€185 | -100% |
| Gross operating margin | 9900 | €241,549 | €114,304 | -€127,245 | -52.7% |
| Operating profit (loss) | 9901 | -€49,130 | -€29,670 | +€19,459 | +39.6% |
| Financial income | 75/76B | €4 | €584 | +€580 | +15,768% |
| Recurring financial income | 75 | €4 | €584 | +€580 | +15,768% |
| Financial charges | 65/66B | €16,262 | €8,236 | -€8,026 | -49.4% |
| Recurring financial charges | 65 | €16,262 | €8,236 | -€8,026 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,388 | -€37,322 | +€28,066 | +42.9% |
| Profit (loss) for the period | 9904 | -€65,388 | -€37,322 | +€28,066 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,388 | -€37,322 | +€28,066 | +42.9% |
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 30 October 2026 via checked.be.