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 +€4.9m
up €4.9m (+15.0%), from €32.4m to €37.3m
of which Land and buildings: +€4.8m
- Cash -€993,994
down €993,994 (-54.0%), from €1.8m to €847,959
mainly Investment in fixed assets (net) (-€5.7m) and Trade debts (-€582,761)
- Debts after one year +€2.7m
up €2.7m (+10.4%), from €25.4m to €28.1m
- Current portion of long-term debt +€1.8m
new in 2025: €1.8m
- Trade debts -€582,761
down €582,761 (-35.7%), from €1.6m to €1.1m
- Gross operating margin +€447,591
up €447,591 (+61.4%), from €729,188 to €1.2m
- Depreciation +€426,920
up €426,920 (+109%), from €392,803 to €819,722
- Other operating charges +€116,939
up €116,939 (+5,773%), from €2,026 to €118,964
- Financial charges +€47,450
up €47,450 (+14.4%), from €329,100 to €376,550
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 | €34,509,486 | €38,424,854 | +€3.9m | +11.3% |
| Fixed assets | 21/28 | €32,415,354 | €37,274,302 | +€4.9m | +15.0% |
| Tangible fixed assets | 22/27 | €32,415,354 | €37,274,302 | +€4.9m | +15.0% |
| Land and buildings | 22 | €32,334,580 | €37,095,333 | +€4.8m | +14.7% |
| Plant, machinery and equipment | 23 | €80,774 | €178,969 | +€98,195 | +122% |
| Current assets | 29/58 | €2,094,132 | €1,150,552 | -€943,580 | -45.1% |
| Amounts receivable within one year | 40/41 | €233,263 | €292,390 | +€59,127 | +25.3% |
| Trade receivables | 40 | €102,412 | €105,475 | +€3,063 | +3.0% |
| Other amounts receivable | 41 | €130,851 | €186,915 | +€56,064 | +42.8% |
| Cash at bank and in hand | 54/58 | €1,841,952 | €847,959 | -€993,994 | -54.0% |
| Deferred charges and accrued income | 490/1 | €18,917 | €10,203 | -€8,714 | -46.1% |
| Total equity and liabilities | 10/49 | €34,509,486 | €38,424,854 | +€3.9m | +11.3% |
| Equity | 10/15 | €7,437,641 | €7,308,476 | -€129,166 | -1.7% |
| Contributions | 10/11 | €1,526,343 | €1,526,343 | = | 0.0% |
| Capital | 10 | €1,526,343 | €1,526,343 | = | 0.0% |
| Issued capital | 100 | €1,526,343 | €1,526,343 | = | 0.0% |
| Reserves | 13 | €5,911,299 | €5,782,133 | -€129,166 | -2.2% |
| Non-distributable reserves | 130/1 | €152,634 | €152,634 | = | 0.0% |
| Legal reserve | 130 | €152,634 | €152,634 | = | 0.0% |
| Distributable reserves | 133 | €5,758,664 | €5,629,499 | -€129,166 | -2.2% |
| Amounts payable | 17/49 | €27,071,845 | €31,116,378 | +€4.0m | +14.9% |
| Amounts payable after more than one year | 17 | €25,437,963 | €28,095,477 | +€2.7m | +10.4% |
| Financial debts | 170/4 | €25,437,963 | €28,095,477 | +€2.7m | +10.4% |
| Amounts payable within one year | 42/48 | €1,633,882 | €2,890,406 | +€1.3m | +76.9% |
| Current portion of amounts payable after more than one year | 42 | - | €1,839,286 | +€1.8m | |
| Trade debts | 44 | €1,633,882 | €1,051,121 | -€582,761 | -35.7% |
| Suppliers | 440/4 | €1,633,882 | €1,051,121 | -€582,761 | -35.7% |
| Accrued charges and deferred income | 492/3 | - | €130,495 | +€130,495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €392,803 | €819,722 | +€426,920 | +109% |
| Other operating charges | 640/8 | €2,026 | €118,964 | +€116,939 | +5,773% |
| Gross operating margin | 9900 | €729,188 | €1,176,778 | +€447,591 | +61.4% |
| Operating profit (loss) | 9901 | €334,359 | €238,092 | -€96,268 | -28.8% |
| Financial income | 75/76B | €16 | €9,292 | +€9,276 | +57,976% |
| Recurring financial income | 75 | €16 | €9,292 | +€9,276 | +57,976% |
| Financial charges | 65/66B | €329,100 | €376,550 | +€47,450 | +14.4% |
| Recurring financial charges | 65 | €329,100 | €376,550 | +€47,450 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €5,275 | -€129,166 | -€134,441 | |
| Income taxes | 67/77 | -€4,807 | - | +€4,807 | |
| Profit (loss) for the period | 9904 | €10,082 | -€129,166 | -€139,248 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,082 | -€129,166 | -€139,248 |
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.