SHERPAL: what changed
Two fiscal 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.
SHERPAL
Largest movements
- Cash +€100,453
up €100,453 (+178.5%), from €56,267 to €156,720
mainly Other debts (+€224,874) and Receivables within one year (+€89,611)
- Receivables within one year -€89,611
down €89,611 (-49.9%), from €179,617 to €90,006
of which Other amounts receivable: -€113,009
- Other debts +€224,874
new in 2025: €224,874
- Reserves -€202,492
down €202,492 (-100.0%), from €202,492 to €0
- Tax, wage and social debts -€11,000
down €11,000 (-39.9%), from €27,592 to €16,592
of which Taxes: -€13,994
- Gross operating margin +€45,480
up €45,480, from -€23,310 to €22,171
- Taxes +€4,369
up €4,369 (+792.2%), from €552 to €4,921
- Financial income -€3,709
down €3,709 (-35.9%), from €10,329 to €6,620
- Financial charges -€411
down €411 (-45.4%), from €905 to €494
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 | €237,571 | €247,873 | +€10,302 | +4.3% |
| Current assets | 29/58 | €237,571 | €247,873 | +€10,302 | +4.3% |
| Amounts receivable within one year | 40/41 | €179,617 | €90,006 | -€89,611 | -49.9% |
| Trade receivables | 40 | €665 | €24,063 | +€23,399 | +3520.8% |
| Other amounts receivable | 41 | €178,952 | €65,942 | -€113,009 | -63.2% |
| Cash at bank and in hand | 54/58 | €56,267 | €156,720 | +€100,453 | +178.5% |
| Deferred charges and accrued income | 490/1 | €1,687 | €1,147 | -€540 | -32.0% |
| Total equity and liabilities | 10/49 | €237,571 | €247,873 | +€10,302 | +4.3% |
| Equity | 10/15 | €205,992 | €3,500 | -€202,492 | -98.3% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €202,492 | €0 | -€202,492 | -100.0% |
| Distributable reserves | 133 | €202,492 | €0 | -€202,492 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,579 | €244,373 | +€212,794 | +673.9% |
| Amounts payable within one year | 42/48 | €31,579 | €244,373 | +€212,794 | +673.9% |
| Financial debts | 43 | €404 | €80 | -€324 | -80.2% |
| Other loans | 439 | €404 | €80 | -€324 | -80.2% |
| Trade debts | 44 | €3,583 | €2,828 | -€756 | -21.1% |
| Suppliers | 440/4 | €3,583 | €2,828 | -€756 | -21.1% |
| Taxes, remuneration and social security | 45 | €27,592 | €16,592 | -€11,000 | -39.9% |
| Taxes | 450/3 | €27,592 | €13,598 | -€13,994 | -50.7% |
| Remuneration and social security | 454/9 | - | €2,994 | +€2,994 | |
| Other amounts payable | 47/48 | - | €224,874 | +€224,874 | |
| Non-recurring operating income | 76A | €360 | €0 | -€360 | -100.0% |
| Other operating charges | 640/8 | €962 | €995 | +€33 | +3.4% |
| Gross operating margin | 9900 | -€23,310 | €22,171 | +€45,480 | |
| Operating profit (loss) | 9901 | -€24,271 | €21,176 | +€45,447 | |
| Financial income | 75/76B | €10,329 | €6,620 | -€3,709 | -35.9% |
| Recurring financial income | 75 | €10,329 | €6,620 | -€3,709 | -35.9% |
| Financial charges | 65/66B | €905 | €494 | -€411 | -45.4% |
| Recurring financial charges | 65 | €905 | €494 | -€411 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | -€14,847 | €27,302 | +€42,150 | |
| Income taxes | 67/77 | €552 | €4,921 | +€4,369 | +792.2% |
| Profit (loss) for the period | 9904 | -€15,399 | €22,381 | +€37,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,399 | €22,381 | +€37,780 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.