SHERGAR: 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.
SHERGAR
Largest movements
- Receivables within one year +€60,410
up €60,410 (+21.3%), from €283,984 to €344,393
of which Other amounts receivable: +€54,975
- Tangible fixed assets -€28,896
down €28,896 (-22.1%), from €130,779 to €101,884
of which Furniture and vehicles: -€28,471
- Profit (loss) carried forward +€59,344
up €59,344 (+23.2%), from €256,256 to €315,601
- Debts after one year -€29,284
down €29,284 (-28.8%), from €101,773 to €72,489
- Tax, wage and social debts -€14,791
down €14,791 (-37.3%), from €39,649 to €24,858
of which Taxes: -€17,691
- Other debts +€12,770
up €12,770 (+8.6%), from €147,751 to €160,521
- Gross operating margin +€33,157
up €33,157 (+36.0%), from €92,138 to €125,295
- Depreciation +€20,795
up €20,795 (+257%), from €8,100 to €28,896
- Other operating charges -€9,023
down €9,023 (-48.7%), from €18,535 to €9,513
- Financial charges +€4,106
up €4,106 (+302%), from €1,362 to €5,468
- Taxes +€3,945
up €3,945 (+22.6%), from €17,440 to €21,385
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 | €782,164 | €809,682 | +€27,518 | +3.5% |
| Fixed assets | 21/28 | €480,983 | €452,087 | -€28,896 | -6.0% |
| Tangible fixed assets | 22/27 | €130,779 | €101,884 | -€28,896 | -22.1% |
| Plant, machinery and equipment | 23 | €425 | - | -€425 | |
| Furniture and vehicles | 24 | €130,355 | €101,884 | -€28,471 | -21.8% |
| Financial fixed assets | 28 | €350,203 | €350,203 | = | 0.0% |
| Current assets | 29/58 | €301,181 | €357,595 | +€56,414 | +18.7% |
| Amounts receivable within one year | 40/41 | €283,984 | €344,393 | +€60,410 | +21.3% |
| Trade receivables | 40 | - | €5,434 | +€5,434 | |
| Other amounts receivable | 41 | €283,984 | €338,959 | +€54,975 | +19.4% |
| Cash at bank and in hand | 54/58 | €15,255 | €13,202 | -€2,053 | -13.5% |
| Deferred charges and accrued income | 490/1 | €1,942 | - | -€1,942 | |
| Total equity and liabilities | 10/49 | €782,164 | €809,682 | +€27,518 | +3.5% |
| Equity | 10/15 | €326,716 | €386,061 | +€59,344 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,256 | €315,601 | +€59,344 | +23.2% |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €395,448 | €363,621 | -€31,826 | -8.0% |
| Amounts payable after more than one year | 17 | €101,773 | €72,489 | -€29,284 | -28.8% |
| Financial debts | 170/4 | €101,773 | €72,489 | -€29,284 | -28.8% |
| Amounts payable within one year | 42/48 | €293,674 | €291,132 | -€2,542 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €27,591 | €29,284 | +€1,693 | +6.1% |
| Trade debts | 44 | €72,184 | €76,470 | +€4,286 | +5.9% |
| Suppliers | 440/4 | €72,184 | €76,470 | +€4,286 | +5.9% |
| Advances received on contracts in progress | 46 | €6,500 | - | -€6,500 | |
| Taxes, remuneration and social security | 45 | €39,649 | €24,858 | -€14,791 | -37.3% |
| Taxes | 450/3 | €39,649 | €21,958 | -€17,691 | -44.6% |
| Remuneration and social security | 454/9 | - | €2,900 | +€2,900 | |
| Other amounts payable | 47/48 | €147,751 | €160,521 | +€12,770 | +8.6% |
| Remuneration, social security and pensions | 62 | €573 | €690 | +€117 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,100 | €28,896 | +€20,795 | +257% |
| Other operating charges | 640/8 | €18,535 | €9,513 | -€9,023 | -48.7% |
| Gross operating margin | 9900 | €92,138 | €125,295 | +€33,157 | +36.0% |
| Operating profit (loss) | 9901 | €64,929 | €86,197 | +€21,268 | +32.8% |
| Financial charges | 65/66B | €1,362 | €5,468 | +€4,106 | +302% |
| Recurring financial charges | 65 | €1,362 | €5,468 | +€4,106 | +302% |
| Profit (loss) for the period before taxes | 9903 | €63,567 | €80,729 | +€17,162 | +27.0% |
| Income taxes | 67/77 | €17,440 | €21,385 | +€3,945 | +22.6% |
| Profit (loss) for the period | 9904 | €46,127 | €59,344 | +€13,217 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,127 | €59,344 | +€13,217 | +28.7% |
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 15 October 2026 via checked.be.