Sherwood: 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.
Sherwood
Largest movements
- Receivables within one year +€415,944
up €415,944 (+247%), from €168,232 to €584,175
of which Trade receivables: +€415,946
- Cash -€58,289
down €58,289 (-62.6%), from €93,125 to €34,836
mainly Contributions, distributions and other (-€695,691) and Receivables within one year (-€415,944)
- Other debts +€693,981
up €693,981 (+40,584%), from €1,710 to €695,691
- Reserves -€386,482
no longer reported in 2025 (was €386,482)
- Debts after one year -€74,934
down €74,934 (-34.3%), from €218,468 to €143,534
- Trade debts +€64,332
up €64,332 (+103%), from €62,597 to €126,929
- Tax, wage and social debts +€60,337
up €60,337 (+310%), from €19,461 to €79,798
- Gross operating margin +€154,704
up €154,704 (+58.2%), from €265,918 to €420,622
- Taxes +€57,580
up €57,580 (+104%), from €55,351 to €112,931
- Write-downs -€50,457
down €50,457, from €49,086 to -€1,371
- Financial income +€7,049
up €7,049 (+214%), from €3,300 to €10,349
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 | €776,363 | €1,129,789 | +€353,425 | +45.5% |
| Fixed assets | 21/28 | €511,957 | €506,525 | -€5,431 | -1.1% |
| Tangible fixed assets | 22/27 | €11,957 | €6,525 | -€5,431 | -45.4% |
| Plant, machinery and equipment | 23 | €2,331 | €480 | -€1,851 | -79.4% |
| Furniture and vehicles | 24 | €9,625 | €6,045 | -€3,580 | -37.2% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €264,407 | €623,263 | +€358,857 | +136% |
| Amounts receivable within one year | 40/41 | €168,232 | €584,175 | +€415,944 | +247% |
| Trade receivables | 40 | €168,230 | €584,175 | +€415,946 | +247% |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Cash at bank and in hand | 54/58 | €93,125 | €34,836 | -€58,289 | -62.6% |
| Deferred charges and accrued income | 490/1 | €3,050 | €4,253 | +€1,202 | +39.4% |
| Total equity and liabilities | 10/49 | €776,363 | €1,129,789 | +€353,425 | +45.5% |
| Equity | 10/15 | €388,482 | €2,000 | -€386,482 | -99.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €386,482 | - | -€386,482 | |
| Distributable reserves | 133 | €386,482 | - | -€386,482 | |
| Amounts payable | 17/49 | €387,881 | €1,127,789 | +€739,907 | +191% |
| Amounts payable after more than one year | 17 | €218,468 | €143,534 | -€74,934 | -34.3% |
| Financial debts | 170/4 | €218,468 | €143,534 | -€74,934 | -34.3% |
| Amounts payable within one year | 42/48 | €162,520 | €977,352 | +€814,832 | +501% |
| Current portion of amounts payable after more than one year | 42 | €78,752 | €74,934 | -€3,818 | -4.8% |
| Trade debts | 44 | €62,597 | €126,929 | +€64,332 | +103% |
| Suppliers | 440/4 | €62,597 | €126,929 | +€64,332 | +103% |
| Taxes, remuneration and social security | 45 | €19,461 | €79,798 | +€60,337 | +310% |
| Taxes | 450/3 | €19,461 | €79,798 | +€60,337 | +310% |
| Other amounts payable | 47/48 | €1,710 | €695,691 | +€693,981 | +40,584% |
| Accrued charges and deferred income | 492/3 | €6,893 | €6,903 | +€9 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,431 | €5,431 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,086 | -€1,371 | -€50,457 | |
| Other operating charges | 640/8 | €1,661 | €1,568 | -€93 | -5.6% |
| Gross operating margin | 9900 | €265,918 | €420,622 | +€154,704 | +58.2% |
| Operating profit (loss) | 9901 | €209,740 | €414,994 | +€205,254 | +97.9% |
| Financial income | 75/76B | €3,300 | €10,349 | +€7,049 | +214% |
| Recurring financial income | 75 | €3,300 | €10,349 | +€7,049 | +214% |
| Financial charges | 65/66B | €4,127 | €3,204 | -€924 | -22.4% |
| Recurring financial charges | 65 | €4,127 | €3,204 | -€924 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €208,913 | €422,140 | +€213,227 | +102% |
| Income taxes | 67/77 | €55,351 | €112,931 | +€57,580 | +104% |
| Profit (loss) for the period | 9904 | €153,562 | €309,209 | +€155,647 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €153,562 | €309,209 | +€155,647 | +101% |
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 17 October 2026 via checked.be.