Sheltr: 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.
Sheltr
Largest movements
- Cash +€103,433
up €103,433 (+307.7%), from €33,612 to €137,045
mainly Debts after one year (+€120,827) and Other debts (+€57,990)
- Tangible fixed assets +€59,009
up €59,009 (+1971.6%), from €2,993 to €62,002
- Stocks and contracts +€15,406
up €15,406 (+3.6%), from €422,241 to €437,647
- Debts after one year +€120,827
new in 2025: €120,827
- Other debts +€57,990
up €57,990 (+17.8%), from €325,816 to €383,806
- Tax, wage and social debts -€28,737
no longer reported in 2025 (was €28,737)
of which Remuneration and social security: -€16,152
- Reserves +€24,048
up €24,048 (+29.2%), from €82,466 to €106,514
- Current portion of long-term debt +€9,780
new in 2025: €9,780
- Gross operating margin -€50,241
down €50,241 (-55.7%), from €90,122 to €39,881
- Other operating charges -€15,487
down €15,487 (-90.1%), from €17,195 to €1,708
- Taxes -€12,376
down €12,376 (-59.2%), from €20,914 to €8,538
- Depreciation +€3,683
up €3,683 (+329.2%), from €1,119 to €4,802
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 | €459,259 | €641,859 | +€182,600 | +39.8% |
| Fixed assets | 21/28 | €2,993 | €62,002 | +€59,009 | +1971.6% |
| Tangible fixed assets | 22/27 | €2,993 | €62,002 | +€59,009 | +1971.6% |
| Furniture and vehicles | 24 | €2,993 | €62,002 | +€59,009 | +1971.6% |
| Current assets | 29/58 | €456,266 | €579,856 | +€123,591 | +27.1% |
| Stocks and contracts in progress | 3 | €422,241 | €437,647 | +€15,406 | +3.6% |
| Stocks | 30/36 | €422,241 | €437,647 | +€15,406 | +3.6% |
| Amounts receivable within one year | 40/41 | €125 | €4,872 | +€4,747 | +3797.6% |
| Trade receivables | 40 | €125 | €4,075 | +€3,950 | +3160.0% |
| Other amounts receivable | 41 | - | €797 | +€797 | |
| Cash at bank and in hand | 54/58 | €33,612 | €137,045 | +€103,433 | +307.7% |
| Deferred charges and accrued income | 490/1 | €288 | €293 | +€5 | +1.6% |
| Total equity and liabilities | 10/49 | €459,259 | €641,859 | +€182,600 | +39.8% |
| Equity | 10/15 | €101,066 | €125,114 | +€24,048 | +23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,466 | €106,514 | +€24,048 | +29.2% |
| Distributable reserves | 133 | €82,466 | €106,514 | +€24,048 | +29.2% |
| Amounts payable | 17/49 | €358,193 | €516,745 | +€158,552 | +44.3% |
| Amounts payable after more than one year | 17 | - | €120,827 | +€120,827 | |
| Financial debts | 170/4 | - | €120,827 | +€120,827 | |
| Amounts payable within one year | 42/48 | €358,193 | €395,918 | +€37,725 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | - | €9,780 | +€9,780 | |
| Trade debts | 44 | €3,640 | €2,331 | -€1,309 | -36.0% |
| Suppliers | 440/4 | €3,640 | €2,331 | -€1,309 | -36.0% |
| Taxes, remuneration and social security | 45 | €28,737 | - | -€28,737 | |
| Taxes | 450/3 | €12,585 | - | -€12,585 | |
| Remuneration and social security | 454/9 | €16,152 | - | -€16,152 | |
| Other amounts payable | 47/48 | €325,816 | €383,806 | +€57,990 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | €4,802 | +€3,683 | +329.2% |
| Other operating charges | 640/8 | €17,195 | €1,708 | -€15,487 | -90.1% |
| Gross operating margin | 9900 | €90,122 | €39,881 | -€50,241 | -55.7% |
| Operating profit (loss) | 9901 | €71,808 | €33,371 | -€38,438 | -53.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €98 | €785 | +€687 | +701.7% |
| Recurring financial charges | 65 | €98 | €785 | +€687 | +701.7% |
| Profit (loss) for the period before taxes | 9903 | €71,711 | €32,586 | -€39,125 | -54.6% |
| Income taxes | 67/77 | €20,914 | €8,538 | -€12,376 | -59.2% |
| Profit (loss) for the period | 9904 | €50,797 | €24,048 | -€26,749 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,797 | €24,048 | -€26,749 | -52.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.