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
- Tangible fixed assets +€254,436
up €254,436 (+346.8%), from €73,359 to €327,795
of which Land and buildings: +€269,433
- Receivables within one year +€59,635
up €59,635 (+1589.0%), from €3,753 to €63,388
of which Other amounts receivable: +€58,354
- Cash -€10,038
down €10,038 (-49.6%), from €20,240 to €10,202
mainly Investment in fixed assets (net) (-€274,754) and Receivables within one year (-€59,635)
- Debts after one year +€262,652
new in 2025: €262,652
- Short-term financial debts +€57,000
new in 2025: €57,000
- Other debts -€25,638
down €25,638 (-46.2%), from €55,527 to €29,889
- Current portion of long-term debt +€15,328
new in 2025: €15,328
- Trade debts -€8,097
down €8,097 (-91.6%), from €8,842 to €745
- Gross operating margin +€9,252
up €9,252 (+40.4%), from €22,905 to €32,157
- Depreciation +€3,838
up €3,838 (+22.6%), from €17,011 to €20,849
- Other operating charges +€1,580
up €1,580 (+152.7%), from €1,034 to €2,614
- Financial charges -€659
down €659 (-14.4%), from €4,585 to €3,925
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 | €99,660 | €403,337 | +€303,677 | +304.7% |
| Fixed assets | 21/28 | €74,474 | €328,379 | +€253,905 | +340.9% |
| Intangible fixed assets | 21 | €1,115 | €584 | -€531 | -47.6% |
| Tangible fixed assets | 22/27 | €73,359 | €327,795 | +€254,436 | +346.8% |
| Land and buildings | 22 | - | €269,433 | +€269,433 | |
| Plant, machinery and equipment | 23 | €6,953 | €9,523 | +€2,570 | +37.0% |
| Furniture and vehicles | 24 | €66,406 | €48,839 | -€17,567 | -26.5% |
| Current assets | 29/58 | €25,186 | €74,958 | +€49,772 | +197.6% |
| Amounts receivable within one year | 40/41 | €3,753 | €63,388 | +€59,635 | +1589.0% |
| Trade receivables | 40 | €312 | €1,593 | +€1,281 | +410.4% |
| Other amounts receivable | 41 | €3,441 | €61,795 | +€58,354 | +1695.9% |
| Cash at bank and in hand | 54/58 | €20,240 | €10,202 | -€10,038 | -49.6% |
| Deferred charges and accrued income | 490/1 | €1,193 | €1,369 | +€176 | +14.8% |
| Total equity and liabilities | 10/49 | €99,660 | €403,337 | +€303,677 | +304.7% |
| Equity | 10/15 | €28,634 | €33,551 | +€4,917 | +17.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,634 | €23,551 | +€4,917 | +26.4% |
| Distributable reserves | 133 | €18,634 | €23,551 | +€4,917 | +26.4% |
| Amounts payable | 17/49 | €71,026 | €369,786 | +€298,760 | +420.6% |
| Amounts payable after more than one year | 17 | - | €262,652 | +€262,652 | |
| Financial debts | 170/4 | - | €262,652 | +€262,652 | |
| Amounts payable within one year | 42/48 | €64,370 | €102,962 | +€38,592 | +60.0% |
| Current portion of amounts payable after more than one year | 42 | - | €15,328 | +€15,328 | |
| Financial debts | 43 | - | €57,000 | +€57,000 | |
| Credit institutions | 430/8 | - | €57,000 | +€57,000 | |
| Trade debts | 44 | €8,842 | €745 | -€8,097 | -91.6% |
| Suppliers | 440/4 | €8,842 | €745 | -€8,097 | -91.6% |
| Other amounts payable | 47/48 | €55,527 | €29,889 | -€25,638 | -46.2% |
| Accrued charges and deferred income | 492/3 | €6,656 | €4,172 | -€2,484 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,011 | €20,849 | +€3,838 | +22.6% |
| Other operating charges | 640/8 | €1,034 | €2,614 | +€1,580 | +152.7% |
| Gross operating margin | 9900 | €22,905 | €32,157 | +€9,252 | +40.4% |
| Operating profit (loss) | 9901 | €4,861 | €8,694 | +€3,834 | +78.9% |
| Financial income | 75/76B | €280 | €149 | -€131 | -46.8% |
| Recurring financial income | 75 | €280 | €149 | -€131 | -46.8% |
| Financial charges | 65/66B | €4,585 | €3,925 | -€659 | -14.4% |
| Recurring financial charges | 65 | €4,585 | €3,925 | -€659 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €555 | €4,917 | +€4,362 | +785.5% |
| Profit (loss) for the period | 9904 | €555 | €4,917 | +€4,362 | +785.5% |
| Profit (loss) for the period to be appropriated | 9905 | €555 | €4,917 | +€4,362 | +785.5% |
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 10 October 2026 via checked.be.