SHESAB: 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.
SHESAB
Largest movements
- Cash -€15,945
down €15,945 (-35.7%), from €44,712 to €28,767
mainly Investment in fixed assets (net) (-€9,050) and Receivables within one year (-€8,456)
- Receivables within one year +€8,456
up €8,456 (+22.4%), from €37,828 to €46,283
of which Trade receivables: +€9,613
- Stocks and contracts +€4,220
up €4,220 (+287.1%), from €1,470 to €5,690
- Tangible fixed assets +€4,129
up €4,129 (+24.9%), from €16,604 to €20,733
of which Plant, machinery and equipment: +€5,280
- Deferred charges and accrued income +€1,203
new in 2025: €1,203
- Profit (loss) carried forward +€1,678
up €1,678 (+2.8%), from €60,159 to €61,837
- Staff costs +€14,114
up €14,114 (+46.8%), from €30,189 to €44,303
- Gross operating margin -€6,566
down €6,566 (-11.7%), from €56,031 to €49,466
- Depreciation +€4,169
up €4,169 (+554.5%), from €752 to €4,921
- Taxes +€2,744
up €2,744, from -€2,595 to €149
- Financial income +€1,740
up €1,740 (+2518.7%), from €69 to €1,809
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 | €101,015 | €103,076 | +€2,062 | +2.0% |
| Fixed assets | 21/28 | €17,004 | €21,133 | +€4,129 | +24.3% |
| Tangible fixed assets | 22/27 | €16,604 | €20,733 | +€4,129 | +24.9% |
| Plant, machinery and equipment | 23 | €13,813 | €19,093 | +€5,280 | +38.2% |
| Furniture and vehicles | 24 | €2,791 | €1,640 | -€1,152 | -41.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €84,010 | €81,943 | -€2,067 | -2.5% |
| Stocks and contracts in progress | 3 | €1,470 | €5,690 | +€4,220 | +287.1% |
| Stocks | 30/36 | €1,470 | €5,690 | +€4,220 | +287.1% |
| Amounts receivable within one year | 40/41 | €37,828 | €46,283 | +€8,456 | +22.4% |
| Trade receivables | 40 | €14,924 | €24,537 | +€9,613 | +64.4% |
| Other amounts receivable | 41 | €22,904 | €21,747 | -€1,158 | -5.1% |
| Cash at bank and in hand | 54/58 | €44,712 | €28,767 | -€15,945 | -35.7% |
| Deferred charges and accrued income | 490/1 | - | €1,203 | +€1,203 | |
| Total equity and liabilities | 10/49 | €101,015 | €103,076 | +€2,062 | +2.0% |
| Equity | 10/15 | €78,259 | €79,937 | +€1,678 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,900 | €11,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,159 | €61,837 | +€1,678 | +2.8% |
| Amounts payable | 17/49 | €22,755 | €23,139 | +€384 | +1.7% |
| Amounts payable within one year | 42/48 | €22,755 | €23,139 | +€384 | +1.7% |
| Trade debts | 44 | €4,560 | €5,097 | +€537 | +11.8% |
| Suppliers | 440/4 | €4,560 | €5,097 | +€537 | +11.8% |
| Taxes, remuneration and social security | 45 | €18,195 | €18,042 | -€153 | -0.8% |
| Taxes | 450/3 | €18,195 | €18,042 | -€153 | -0.8% |
| Remuneration, social security and pensions | 62 | €30,189 | €44,303 | +€14,114 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €752 | €4,921 | +€4,169 | +554.5% |
| Other operating charges | 640/8 | €846 | - | -€846 | |
| Gross operating margin | 9900 | €56,031 | €49,466 | -€6,566 | -11.7% |
| Operating profit (loss) | 9901 | €24,244 | €241 | -€24,003 | -99.0% |
| Financial income | 75/76B | €69 | €1,809 | +€1,740 | +2518.7% |
| Recurring financial income | 75 | €69 | €1,809 | +€1,740 | +2518.7% |
| Financial charges | 65/66B | €154 | €223 | +€69 | +44.8% |
| Recurring financial charges | 65 | €154 | €223 | +€69 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €24,159 | €1,827 | -€22,332 | -92.4% |
| Income taxes | 67/77 | -€2,595 | €149 | +€2,744 | |
| Profit (loss) for the period | 9904 | €26,754 | €1,678 | -€25,076 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,754 | €1,678 | -€25,076 | -93.7% |
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 12 October 2026 via checked.be.