SHERPA: 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.
SHERPA
Largest movements
- Tangible fixed assets -€8,034
down €8,034 (-24.0%), from €33,406 to €25,373
of which Leasing and similar rights: -€6,168
- Stocks and contracts +€2,548
up €2,548 (+4.8%), from €53,327 to €55,875
- Receivables within one year -€2,068
down €2,068 (-53.5%), from €3,863 to €1,795
- Cash +€1,958
up €1,958 (+2.1%), from €94,542 to €96,500
mainly Net result for the year (+€15,152) and Depreciation (+€8,034)
- Reserves +€10,000
up €10,000 (+19.0%), from €52,720 to €62,720
of which Distributable reserves: +€10,000
- Profit (loss) carried forward -€9,135
down €9,135 (-27.3%), from €33,436 to €24,300
- Other debts -€7,998
down €7,998 (-35.9%), from €22,286 to €14,288
- Tax, wage and social debts +€4,741
up €4,741 (+47.2%), from €10,041 to €14,782
of which Taxes: +€4,569
- Debts after one year -€4,355
down €4,355 (-22.5%), from €19,341 to €14,987
- Gross operating margin +€12,360
up €12,360 (+27.0%), from €45,805 to €58,165
- Financial income -€6,941
down €6,941 (-93.9%), from €7,392 to €451
- Taxes +€1,482
up €1,482 (+23.9%), from €6,205 to €7,687
- Staff costs -€1,403
down €1,403 (-6.3%), from €22,197 to €20,794
- Financial charges +€628
up €628 (+24.8%), from €2,532 to €3,160
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 | €185,915 | €180,319 | -€5,596 | -3.0% |
| Fixed assets | 21/28 | €34,182 | €26,148 | -€8,034 | -23.5% |
| Tangible fixed assets | 22/27 | €33,406 | €25,373 | -€8,034 | -24.0% |
| Land and buildings | 22 | €3,160 | €2,275 | -€885 | -28.0% |
| Plant, machinery and equipment | 23 | €1,282 | €641 | -€641 | -50.0% |
| Furniture and vehicles | 24 | €1,032 | €692 | -€340 | -32.9% |
| Leasing and similar rights | 25 | €27,933 | €21,765 | -€6,168 | -22.1% |
| Financial fixed assets | 28 | €776 | €776 | = | 0.0% |
| Current assets | 29/58 | €151,733 | €154,170 | +€2,438 | +1.6% |
| Stocks and contracts in progress | 3 | €53,327 | €55,875 | +€2,548 | +4.8% |
| Stocks | 30/36 | €53,327 | €55,875 | +€2,548 | +4.8% |
| Amounts receivable within one year | 40/41 | €3,863 | €1,795 | -€2,068 | -53.5% |
| Other amounts receivable | 41 | €3,863 | €1,795 | -€2,068 | -53.5% |
| Cash at bank and in hand | 54/58 | €94,542 | €96,500 | +€1,958 | +2.1% |
| Total equity and liabilities | 10/49 | €185,915 | €180,319 | -€5,596 | -3.0% |
| Equity | 10/15 | €123,356 | €124,220 | +€865 | +0.7% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €52,720 | €62,720 | +€10,000 | +19.0% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €49,000 | €59,000 | +€10,000 | +20.4% |
| Profit (loss) carried forward | 14 | €33,436 | €24,300 | -€9,135 | -27.3% |
| Amounts payable | 17/49 | €62,559 | €56,098 | -€6,461 | -10.3% |
| Amounts payable after more than one year | 17 | €19,341 | €14,987 | -€4,355 | -22.5% |
| Financial debts | 170/4 | €19,341 | €14,987 | -€4,355 | -22.5% |
| Amounts payable within one year | 42/48 | €43,218 | €41,111 | -€2,106 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €4,108 | €4,355 | +€246 | +6.0% |
| Trade debts | 44 | €6,782 | €7,687 | +€905 | +13.3% |
| Suppliers | 440/4 | €6,782 | €7,687 | +€905 | +13.3% |
| Taxes, remuneration and social security | 45 | €10,041 | €14,782 | +€4,741 | +47.2% |
| Taxes | 450/3 | €7,068 | €11,638 | +€4,569 | +64.6% |
| Remuneration and social security | 454/9 | €2,973 | €3,145 | +€171 | +5.8% |
| Other amounts payable | 47/48 | €22,286 | €14,288 | -€7,998 | -35.9% |
| Remuneration, social security and pensions | 62 | €22,197 | €20,794 | -€1,403 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,034 | €8,034 | = | 0.0% |
| Other operating charges | 640/8 | €3,252 | €3,675 | +€423 | +13.0% |
| Non-recurring operating charges | 66A | - | €114 | +€114 | |
| Gross operating margin | 9900 | €45,805 | €58,165 | +€12,360 | +27.0% |
| Operating profit (loss) | 9901 | €12,322 | €25,548 | +€13,226 | +107% |
| Financial income | 75/76B | €7,392 | €451 | -€6,941 | -93.9% |
| Recurring financial income | 75 | €7,392 | €451 | -€6,941 | -93.9% |
| Financial charges | 65/66B | €2,532 | €3,160 | +€628 | +24.8% |
| Recurring financial charges | 65 | €2,532 | €3,160 | +€628 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €17,183 | €22,839 | +€5,657 | +32.9% |
| Income taxes | 67/77 | €6,205 | €7,687 | +€1,482 | +23.9% |
| Profit (loss) for the period | 9904 | €10,978 | €15,152 | +€4,174 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,978 | €15,152 | +€4,174 | +38.0% |
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 24 October 2026 via checked.be.