SHELVIN: 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.
SHELVIN
Largest movements
- Cash -€27,916
down €27,916 (-65.9%), from €42,335 to €14,419
mainly Net result for the year (-€212,118) and Investment in fixed assets (net) (-€92,332)
- Receivables within one year -€12,095
down €12,095 (-30.2%), from €40,091 to €27,996
of which Trade receivables: -€14,618
- Profit (loss) carried forward -€212,118
down €212,118 (-135%), from -€157,530 to -€369,648
- Debts after one year +€165,000
up €165,000 (+33.3%), from €495,000 to €660,000
- Trade debts +€11,520
up €11,520 (+28.4%), from €40,633 to €52,153
- Tax, wage and social debts -€4,595
no longer reported in 2025 (was €4,595)
- Gross operating margin -€64,474
down €64,474 (-310%), from -€20,768 to -€85,242
- Depreciation +€42,073
up €42,073 (+83.6%), from €50,317 to €92,390
- Staff costs -€1,316
down €1,316 (-3.8%), from €35,065 to €33,749
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 | €402,698 | €362,505 | -€40,192 | -10.0% |
| Fixed assets | 21/28 | €319,537 | €319,479 | -€57 | 0.0% |
| Intangible fixed assets | 21 | €317,654 | €317,597 | -€57 | 0.0% |
| Financial fixed assets | 28 | €1,882 | €1,882 | = | 0.0% |
| Current assets | 29/58 | €83,161 | €43,026 | -€40,135 | -48.3% |
| Amounts receivable within one year | 40/41 | €40,091 | €27,996 | -€12,095 | -30.2% |
| Trade receivables | 40 | €39,369 | €24,751 | -€14,618 | -37.1% |
| Other amounts receivable | 41 | €721 | €3,245 | +€2,524 | +350% |
| Cash at bank and in hand | 54/58 | €42,335 | €14,419 | -€27,916 | -65.9% |
| Deferred charges and accrued income | 490/1 | €735 | €611 | -€124 | -16.9% |
| Total equity and liabilities | 10/49 | €402,698 | €362,505 | -€40,192 | -10.0% |
| Equity | 10/15 | -€137,530 | -€349,648 | -€212,118 | -154% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,530 | -€369,648 | -€212,118 | -135% |
| Amounts payable | 17/49 | €540,227 | €712,153 | +€171,926 | +31.8% |
| Amounts payable after more than one year | 17 | €495,000 | €660,000 | +€165,000 | +33.3% |
| Other amounts payable | 178/9 | €495,000 | €660,000 | +€165,000 | +33.3% |
| Amounts payable within one year | 42/48 | €45,227 | €52,153 | +€6,926 | +15.3% |
| Trade debts | 44 | €40,633 | €52,153 | +€11,520 | +28.4% |
| Suppliers | 440/4 | €40,633 | €52,153 | +€11,520 | +28.4% |
| Taxes, remuneration and social security | 45 | €4,595 | - | -€4,595 | |
| Remuneration and social security | 454/9 | €4,595 | - | -€4,595 | |
| Remuneration, social security and pensions | 62 | €35,065 | €33,749 | -€1,316 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,317 | €92,390 | +€42,073 | +83.6% |
| Other operating charges | 640/8 | €384 | €390 | +€6 | +1.5% |
| Gross operating margin | 9900 | -€20,768 | -€85,242 | -€64,474 | -310% |
| Operating profit (loss) | 9901 | -€106,534 | -€211,771 | -€105,237 | -98.8% |
| Financial income | 75/76B | €50 | - | -€50 | |
| Recurring financial income | 75 | €50 | - | -€50 | |
| Financial charges | 65/66B | €347 | €347 | +€0 | 0.0% |
| Recurring financial charges | 65 | €347 | €347 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€106,831 | -€212,118 | -€105,287 | -98.6% |
| Profit (loss) for the period | 9904 | -€106,831 | -€212,118 | -€105,287 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,831 | -€212,118 | -€105,287 | -98.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.