SHENOAH RANCH: 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.
SHENOAH RANCH
Largest movements
- Receivables within one year -€139,152
down €139,152 (-98.4%), from €141,441 to €2,290
of which Trade receivables: -€132,299
- Tangible fixed assets +€28,944
up €28,944 (+23.2%), from €124,807 to €153,751
of which Other tangible fixed assets: +€46,167
- Profit (loss) carried forward -€179,596
down €179,596 (-25.6%), from -€701,447 to -€881,043
- Other debts +€74,487
up €74,487 (+15.4%), from €484,034 to €558,521
- Trade debts -€5,136
down €5,136 (-16.3%), from €31,566 to €26,430
- Gross operating margin -€117,014
down €117,014 (-342%), from -€34,257 to -€151,271
- Depreciation +€13,659
up €13,659 (+104%), from €13,078 to €26,738
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 | €324,239 | €213,908 | -€110,330 | -34.0% |
| Fixed assets | 21/28 | €124,807 | €153,751 | +€28,944 | +23.2% |
| Tangible fixed assets | 22/27 | €124,807 | €153,751 | +€28,944 | +23.2% |
| Plant, machinery and equipment | 23 | €2,369 | €1,500 | -€870 | -36.7% |
| Furniture and vehicles | 24 | €122,437 | €106,085 | -€16,353 | -13.4% |
| Other tangible fixed assets | 26 | - | €46,167 | +€46,167 | |
| Current assets | 29/58 | €199,432 | €60,157 | -€139,275 | -69.8% |
| Stocks and contracts in progress | 3 | €56,860 | €56,860 | = | 0.0% |
| Stocks | 30/36 | €56,860 | €56,860 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €141,441 | €2,290 | -€139,152 | -98.4% |
| Trade receivables | 40 | €132,299 | €0 | -€132,299 | -100% |
| Other amounts receivable | 41 | €9,142 | €2,290 | -€6,852 | -75.0% |
| Cash at bank and in hand | 54/58 | €183 | €676 | +€493 | +269% |
| Deferred charges and accrued income | 490/1 | €947 | €331 | -€616 | -65.0% |
| Total equity and liabilities | 10/49 | €324,239 | €213,908 | -€110,330 | -34.0% |
| Equity | 10/15 | -€251,447 | -€431,043 | -€179,596 | -71.4% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€701,447 | -€881,043 | -€179,596 | -25.6% |
| Amounts payable | 17/49 | €575,685 | €644,951 | +€69,266 | +12.0% |
| Amounts payable after more than one year | 17 | €60,000 | €60,000 | = | 0.0% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €515,600 | €584,951 | +€69,351 | +13.5% |
| Trade debts | 44 | €31,566 | €26,430 | -€5,136 | -16.3% |
| Suppliers | 440/4 | €31,566 | €26,430 | -€5,136 | -16.3% |
| Other amounts payable | 47/48 | €484,034 | €558,521 | +€74,487 | +15.4% |
| Accrued charges and deferred income | 492/3 | €86 | €0 | -€86 | -100% |
| Non-recurring operating income | 76A | - | €1,662 | +€1,662 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,078 | €26,738 | +€13,659 | +104% |
| Other operating charges | 640/8 | €1,259 | €1,230 | -€29 | -2.3% |
| Gross operating margin | 9900 | -€34,257 | -€151,271 | -€117,014 | -342% |
| Operating profit (loss) | 9901 | -€48,594 | -€179,239 | -€130,644 | -269% |
| Financial income | 75/76B | €7 | €0 | -€7 | -100% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -100% |
| Financial charges | 65/66B | €483 | €358 | -€125 | -26.0% |
| Recurring financial charges | 65 | €483 | €358 | -€125 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€49,070 | -€179,596 | -€130,526 | -266% |
| Profit (loss) for the period | 9904 | -€49,070 | -€179,596 | -€130,526 | -266% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,070 | -€179,596 | -€130,526 | -266% |
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.