SHEQ Solutions: 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.
SHEQ Solutions
Largest movements
- Cash -€71,239
down €71,239 (-37.5%), from €190,208 to €118,969
mainly Contributions, distributions and other (-€152,000) and Tax, wage and social debts (-€68,357)
- Receivables within one year -€17,576
down €17,576 (-55.8%), from €31,508 to €13,932
of which Trade receivables: -€13,434
- Other debts +€96,445
up €96,445 (+1654.0%), from €5,831 to €102,276
- Reserves -€91,440
down €91,440 (-82.9%), from €110,258 to €18,818
- Tax, wage and social debts -€68,357
down €68,357 (-85.9%), from €79,616 to €11,259
of which Taxes: -€66,444
- Trade debts -€21,822
down €21,822 (-96.6%), from €22,582 to €761
- Accrued charges and deferred income -€3,738
down €3,738 (-100.0%), from €3,738 to €0
- Gross operating margin -€80,936
down €80,936 (-48.0%), from €168,682 to €87,746
- Staff costs -€34,611
down €34,611 (-100.0%), from €34,611 to €0
- Taxes -€9,841
down €9,841 (-33.9%), from €29,035 to €19,194
- Depreciation -€3,335
down €3,335 (-84.2%), from €3,959 to €625
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 | €224,129 | €135,113 | -€89,015 | -39.7% |
| Fixed assets | 21/28 | €1,353 | €728 | -€625 | -46.2% |
| Tangible fixed assets | 22/27 | €1,353 | €728 | -€625 | -46.2% |
| Furniture and vehicles | 24 | €1,353 | €728 | -€625 | -46.2% |
| Current assets | 29/58 | €222,776 | €134,386 | -€88,391 | -39.7% |
| Amounts receivable within one year | 40/41 | €31,508 | €13,932 | -€17,576 | -55.8% |
| Trade receivables | 40 | €26,601 | €13,167 | -€13,434 | -50.5% |
| Other amounts receivable | 41 | €4,907 | €765 | -€4,142 | -84.4% |
| Cash at bank and in hand | 54/58 | €190,208 | €118,969 | -€71,239 | -37.5% |
| Deferred charges and accrued income | 490/1 | €1,061 | €1,485 | +€425 | +40.0% |
| Total equity and liabilities | 10/49 | €224,129 | €135,113 | -€89,015 | -39.7% |
| Equity | 10/15 | €112,258 | €20,818 | -€91,440 | -81.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €110,258 | €18,818 | -€91,440 | -82.9% |
| Distributable reserves | 133 | €110,258 | €18,818 | -€91,440 | -82.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €111,871 | €114,296 | +€2,425 | +2.2% |
| Amounts payable within one year | 42/48 | €108,132 | €114,296 | +€6,163 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €103 | €0 | -€103 | -100.0% |
| Credit institutions | 430/8 | €103 | €0 | -€103 | -100.0% |
| Trade debts | 44 | €22,582 | €761 | -€21,822 | -96.6% |
| Suppliers | 440/4 | €22,582 | €761 | -€21,822 | -96.6% |
| Taxes, remuneration and social security | 45 | €79,616 | €11,259 | -€68,357 | -85.9% |
| Taxes | 450/3 | €77,703 | €11,259 | -€66,444 | -85.5% |
| Remuneration and social security | 454/9 | €1,913 | €0 | -€1,913 | -100.0% |
| Other amounts payable | 47/48 | €5,831 | €102,276 | +€96,445 | +1654.0% |
| Accrued charges and deferred income | 492/3 | €3,738 | €0 | -€3,738 | -100.0% |
| Remuneration, social security and pensions | 62 | €34,611 | €0 | -€34,611 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,959 | €625 | -€3,335 | -84.2% |
| Other operating charges | 640/8 | €5,897 | €5,666 | -€231 | -3.9% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €168,682 | €87,746 | -€80,936 | -48.0% |
| Operating profit (loss) | 9901 | €124,215 | €81,405 | -€42,810 | -34.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €1,885 | €1,651 | -€234 | -12.4% |
| Recurring financial charges | 65 | €1,885 | €1,651 | -€234 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €122,330 | €79,753 | -€42,577 | -34.8% |
| Income taxes | 67/77 | €29,035 | €19,194 | -€9,841 | -33.9% |
| Profit (loss) for the period | 9904 | €93,295 | €60,560 | -€32,736 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,295 | €60,560 | -€32,736 | -35.1% |
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.