Shenandoah: 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.
Shenandoah
Largest movements
- Cash +€45,842
up €45,842 (+82.4%), from €55,641 to €101,483
mainly Net result for the year (+€52,251) and Tax, wage and social debts (+€3,348)
- Receivables within one year +€8,740
up €8,740 (+77.6%), from €11,260 to €20,000
of which Trade receivables: +€8,740
- Profit (loss) carried forward +€52,251
up €52,251 (+110%), from €47,639 to €99,890
- Tax, wage and social debts +€3,348
up €3,348 (+22.7%), from €14,719 to €18,066
- Gross operating margin +€15,071
up €15,071 (+29.6%), from €50,859 to €65,930
- Taxes +€3,041
up €3,041 (+29.9%), from €10,167 to €13,207
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 | €66,901 | €121,483 | +€54,582 | +81.6% |
| Current assets | 29/58 | €66,901 | €121,483 | +€54,582 | +81.6% |
| Amounts receivable within one year | 40/41 | €11,260 | €20,000 | +€8,740 | +77.6% |
| Trade receivables | 40 | €11,260 | €20,000 | +€8,740 | +77.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €55,641 | €101,483 | +€45,842 | +82.4% |
| Total equity and liabilities | 10/49 | €66,901 | €121,483 | +€54,582 | +81.6% |
| Equity | 10/15 | €50,639 | €102,890 | +€52,251 | +103% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,639 | €99,890 | +€52,251 | +110% |
| Amounts payable | 17/49 | €16,263 | €18,594 | +€2,331 | +14.3% |
| Amounts payable within one year | 42/48 | €16,263 | €18,594 | +€2,331 | +14.3% |
| Trade debts | 44 | €529 | €516 | -€13 | -2.5% |
| Suppliers | 440/4 | €529 | €516 | -€13 | -2.5% |
| Taxes, remuneration and social security | 45 | €14,719 | €18,066 | +€3,348 | +22.7% |
| Taxes | 450/3 | €14,719 | €18,066 | +€3,348 | +22.7% |
| Other amounts payable | 47/48 | €1,015 | €11 | -€1,004 | -98.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €50,859 | €65,930 | +€15,071 | +29.6% |
| Operating profit (loss) | 9901 | €50,472 | €65,531 | +€15,059 | +29.8% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €61 | €72 | +€11 | +18.3% |
| Recurring financial charges | 65 | €61 | €72 | +€11 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €50,413 | €65,458 | +€15,046 | +29.8% |
| Income taxes | 67/77 | €10,167 | €13,207 | +€3,041 | +29.9% |
| Profit (loss) for the period | 9904 | €40,246 | €52,251 | +€12,005 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,246 | €52,251 | +€12,005 | +29.8% |
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 14 October 2026 via checked.be.