SHEPHERD LAW: 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 LAW
Largest movements
- Cash -€76,615
down €76,615 (-62.1%), from €123,404 to €46,789
mainly Other debts (-€130,597) and Deferred charges and accrued income (-€43,899)
- Deferred charges and accrued income +€43,899
up €43,899 (+3,534%), from €1,242 to €45,141
- Intangible fixed assets -€18,750
down €18,750 (-13.6%), from €137,875 to €119,125
- Other debts -€130,597
down €130,597 (-80.7%), from €161,732 to €31,136
- Profit (loss) carried forward +€82,228
up €82,228 (+113%), from €72,517 to €154,745
- Gross operating margin +€35,900
up €35,900 (+34.0%), from €105,624 to €141,525
- Depreciation +€6,800
up €6,800 (+55.0%), from €12,367 to €19,167
- Taxes +€3,256
up €3,256 (+17.6%), from €18,482 to €21,738
- Other operating charges +€1,534
up €1,534 (+243%), from €632 to €2,167
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 | €269,078 | €218,970 | -€50,108 | -18.6% |
| Fixed assets | 21/28 | €138,883 | €119,716 | -€19,167 | -13.8% |
| Intangible fixed assets | 21 | €137,875 | €119,125 | -€18,750 | -13.6% |
| Tangible fixed assets | 22/27 | €1,008 | €591 | -€417 | -41.4% |
| Furniture and vehicles | 24 | €1,008 | €591 | -€417 | -41.4% |
| Current assets | 29/58 | €130,195 | €99,254 | -€30,941 | -23.8% |
| Amounts receivable within one year | 40/41 | €5,549 | €7,323 | +€1,774 | +32.0% |
| Trade receivables | 40 | €5,549 | €7,323 | +€1,774 | +32.0% |
| Cash at bank and in hand | 54/58 | €123,404 | €46,789 | -€76,615 | -62.1% |
| Deferred charges and accrued income | 490/1 | €1,242 | €45,141 | +€43,899 | +3,534% |
| Total equity and liabilities | 10/49 | €269,078 | €218,970 | -€50,108 | -18.6% |
| Equity | 10/15 | €75,517 | €157,745 | +€82,228 | +109% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,517 | €154,745 | +€82,228 | +113% |
| Amounts payable | 17/49 | €193,560 | €61,225 | -€132,335 | -68.4% |
| Amounts payable within one year | 42/48 | €193,100 | €61,047 | -€132,054 | -68.4% |
| Trade debts | 44 | €6,022 | €5,765 | -€257 | -4.3% |
| Suppliers | 440/4 | €6,022 | €5,765 | -€257 | -4.3% |
| Taxes, remuneration and social security | 45 | €25,346 | €24,146 | -€1,200 | -4.7% |
| Taxes | 450/3 | €25,346 | €24,146 | -€1,200 | -4.7% |
| Other amounts payable | 47/48 | €161,732 | €31,136 | -€130,597 | -80.7% |
| Accrued charges and deferred income | 492/3 | €460 | €178 | -€282 | -61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,367 | €19,167 | +€6,800 | +55.0% |
| Other operating charges | 640/8 | €632 | €2,167 | +€1,534 | +243% |
| Gross operating margin | 9900 | €105,624 | €141,525 | +€35,900 | +34.0% |
| Operating profit (loss) | 9901 | €92,625 | €120,191 | +€27,566 | +29.8% |
| Financial income | 75/76B | €2 | €2 | +€1 | +45.7% |
| Recurring financial income | 75 | €2 | €2 | +€1 | +45.7% |
| Financial charges | 65/66B | €1,627 | €1,228 | -€400 | -24.5% |
| Recurring financial charges | 65 | €1,627 | €1,228 | -€400 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €90,999 | €118,966 | +€27,966 | +30.7% |
| Income taxes | 67/77 | €18,482 | €21,738 | +€3,256 | +17.6% |
| Profit (loss) for the period | 9904 | €72,517 | €97,228 | +€24,710 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,517 | €97,228 | +€24,710 | +34.1% |
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 13 October 2026 via checked.be.