SHEPHERD: 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.
SHEPHERD
Largest movements
- Current investments +€183,000
up €183,000 (+33.9%), from €539,527 to €722,527
- Tangible fixed assets -€24,298
down €24,298 (-30.5%), from €79,723 to €55,425
of which Furniture and vehicles: -€22,104
- Cash +€20,317
up €20,317 (+761%), from €2,671 to €22,988
mainly Net result for the year (+€172,907) and Depreciation (+€24,298)
- Reserves +€172,907
up €172,907 (+28.9%), from €598,615 to €771,521
- Gross operating margin +€67,259
up €67,259 (+33.7%), from €199,351 to €266,609
- Taxes +€27,494
up €27,494 (+49.2%), from €55,935 to €83,429
- Financial income +€4,496
up €4,496 (+37.7%), from €11,928 to €16,423
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 | €661,575 | €837,413 | +€175,837 | +26.6% |
| Fixed assets | 21/28 | €79,723 | €55,425 | -€24,298 | -30.5% |
| Tangible fixed assets | 22/27 | €79,723 | €55,425 | -€24,298 | -30.5% |
| Plant, machinery and equipment | 23 | €1,989 | €1,591 | -€398 | -20.0% |
| Furniture and vehicles | 24 | €66,615 | €44,511 | -€22,104 | -33.2% |
| Other tangible fixed assets | 26 | €11,119 | €9,323 | -€1,796 | -16.1% |
| Current assets | 29/58 | €581,852 | €781,987 | +€200,135 | +34.4% |
| Amounts receivable within one year | 40/41 | €34,955 | €31,647 | -€3,308 | -9.5% |
| Trade receivables | 40 | €27,312 | €30,399 | +€3,087 | +11.3% |
| Other amounts receivable | 41 | €7,643 | €1,248 | -€6,395 | -83.7% |
| Current investments | 50/53 | €539,527 | €722,527 | +€183,000 | +33.9% |
| Cash at bank and in hand | 54/58 | €2,671 | €22,988 | +€20,317 | +761% |
| Deferred charges and accrued income | 490/1 | €4,698 | €4,825 | +€126 | +2.7% |
| Total equity and liabilities | 10/49 | €661,575 | €837,413 | +€175,837 | +26.6% |
| Equity | 10/15 | €617,215 | €790,121 | +€172,907 | +28.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €598,615 | €771,521 | +€172,907 | +28.9% |
| Distributable reserves | 133 | €598,615 | €771,521 | +€172,907 | +28.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €44,361 | €47,291 | +€2,931 | +6.6% |
| Amounts payable within one year | 42/48 | €42,623 | €45,292 | +€2,669 | +6.3% |
| Trade debts | 44 | €1,188 | €40 | -€1,148 | -96.7% |
| Suppliers | 440/4 | €1,188 | €40 | -€1,148 | -96.7% |
| Taxes, remuneration and social security | 45 | €16,010 | €15,314 | -€696 | -4.3% |
| Taxes | 450/3 | €14,270 | €15,314 | +€1,044 | +7.3% |
| Remuneration and social security | 454/9 | €1,740 | €0 | -€1,740 | -100% |
| Other amounts payable | 47/48 | €25,425 | €29,939 | +€4,513 | +17.8% |
| Accrued charges and deferred income | 492/3 | €1,738 | €2,000 | +€262 | +15.1% |
| Non-recurring operating income | 76A | €6,325 | €0 | -€6,325 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,852 | €24,298 | -€554 | -2.2% |
| Other operating charges | 640/8 | €383 | €315 | -€68 | -17.8% |
| Gross operating margin | 9900 | €199,351 | €266,609 | +€67,259 | +33.7% |
| Operating profit (loss) | 9901 | €174,116 | €241,997 | +€67,882 | +39.0% |
| Financial income | 75/76B | €11,928 | €16,423 | +€4,496 | +37.7% |
| Recurring financial income | 75 | €11,928 | €16,423 | +€4,496 | +37.7% |
| Financial charges | 65/66B | €1,804 | €2,085 | +€281 | +15.6% |
| Recurring financial charges | 65 | €1,804 | €2,085 | +€281 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €184,240 | €256,336 | +€72,096 | +39.1% |
| Income taxes | 67/77 | €55,935 | €83,429 | +€27,494 | +49.2% |
| Profit (loss) for the period | 9904 | €128,304 | €172,907 | +€44,602 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €128,304 | €172,907 | +€44,602 | +34.8% |
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 14 October 2026 via checked.be.