SHERPAS: 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.
SHERPAS
Largest movements
- Receivables within one year +€21,239
up €21,239 (+1040.3%), from €2,042 to €23,280
of which Trade receivables: +€22,168
- Tangible fixed assets -€11,040
down €11,040 (-37.1%), from €29,789 to €18,749
of which Leasing and similar rights: -€12,060
- Cash -€3,823
down €3,823 (-11.7%), from €32,778 to €28,956
mainly Receivables within one year (-€21,239) and Debts after one year (-€9,760)
- Profit (loss) carried forward +€16,138
up €16,138 (+279.8%), from €5,768 to €21,907
- Debts after one year -€9,760
no longer reported in 2025 (was €9,760)
- Current portion of long-term debt -€4,493
down €4,493 (-31.5%), from €14,253 to €9,760
- Tax, wage and social debts +€2,052
up €2,052 (+38.3%), from €5,359 to €7,411
of which Taxes: +€4,552
- Trade debts +€1,650
up €1,650 (+57.4%), from €2,876 to €4,527
- Gross operating margin +€18,903
up €18,903 (+99.1%), from €19,076 to €37,979
- Taxes +€4,225
up €4,225 (+265.2%), from €1,593 to €5,818
- Other operating charges +€1,345
up €1,345 (+94.5%), from €1,423 to €2,769
- Depreciation -€742
down €742 (-5.7%), from €13,020 to €12,278
- Financial charges -€415
down €415 (-29.9%), from €1,391 to €975
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 | €64,799 | €71,359 | +€6,560 | +10.1% |
| Fixed assets | 21/28 | €29,789 | €18,749 | -€11,040 | -37.1% |
| Tangible fixed assets | 22/27 | €29,789 | €18,749 | -€11,040 | -37.1% |
| Plant, machinery and equipment | 23 | €183 | €1,204 | +€1,021 | +558.0% |
| Leasing and similar rights | 25 | €29,606 | €17,546 | -€12,060 | -40.7% |
| Current assets | 29/58 | €35,010 | €52,610 | +€17,600 | +50.3% |
| Amounts receivable within one year | 40/41 | €2,042 | €23,280 | +€21,239 | +1040.3% |
| Trade receivables | 40 | €1,106 | €23,274 | +€22,168 | +2005.0% |
| Other amounts receivable | 41 | €936 | €6 | -€930 | -99.3% |
| Cash at bank and in hand | 54/58 | €32,778 | €28,956 | -€3,823 | -11.7% |
| Deferred charges and accrued income | 490/1 | €190 | €374 | +€184 | +96.5% |
| Total equity and liabilities | 10/49 | €64,799 | €71,359 | +€6,560 | +10.1% |
| Equity | 10/15 | €29,995 | €46,133 | +€16,138 | +53.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €21,726 | €21,726 | = | 0.0% |
| Distributable reserves | 133 | €21,726 | €21,726 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,768 | €21,907 | +€16,138 | +279.8% |
| Amounts payable | 17/49 | €34,804 | €25,226 | -€9,578 | -27.5% |
| Amounts payable after more than one year | 17 | €9,760 | - | -€9,760 | |
| Financial debts | 170/4 | €9,760 | - | -€9,760 | |
| Amounts payable within one year | 42/48 | €25,045 | €25,226 | +€181 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €14,253 | €9,760 | -€4,493 | -31.5% |
| Trade debts | 44 | €2,876 | €4,527 | +€1,650 | +57.4% |
| Suppliers | 440/4 | €2,876 | €4,527 | +€1,650 | +57.4% |
| Taxes, remuneration and social security | 45 | €5,359 | €7,411 | +€2,052 | +38.3% |
| Taxes | 450/3 | €2,859 | €7,411 | +€4,552 | +159.2% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €2,556 | €3,529 | +€972 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,020 | €12,278 | -€742 | -5.7% |
| Other operating charges | 640/8 | €1,423 | €2,769 | +€1,345 | +94.5% |
| Gross operating margin | 9900 | €19,076 | €37,979 | +€18,903 | +99.1% |
| Operating profit (loss) | 9901 | €4,632 | €22,932 | +€18,300 | +395.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +366.7% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +366.7% |
| Financial charges | 65/66B | €1,391 | €975 | -€415 | -29.9% |
| Recurring financial charges | 65 | €1,391 | €975 | -€415 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €3,242 | €21,956 | +€18,715 | +577.4% |
| Income taxes | 67/77 | €1,593 | €5,818 | +€4,225 | +265.2% |
| Profit (loss) for the period | 9904 | €1,648 | €16,138 | +€14,490 | +879.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,648 | €16,138 | +€14,490 | +879.1% |
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 8 October 2026 via checked.be.