SHETLAND: 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.
SHETLAND
Largest movements
- Cash +€89,422
up €89,422 (+505%), from €17,720 to €107,142
mainly Other debts (+€84,156) and Net result for the year (+€65,551)
- Current investments +€53,638
up €53,638 (+6.3%), from €852,840 to €906,478
- Other debts +€84,156
up €84,156 (+358%), from €23,529 to €107,685
- Reserves +€65,551
up €65,551 (+7.8%), from €845,801 to €911,351
of which Distributable reserves: +€65,551
- Gross operating margin -€41,804
down €41,804 (-18.5%), from €226,208 to €184,405
- Financial income +€38,129
up €38,129 (+71.5%), from €53,324 to €91,453
- Financial charges +€27,309
up €27,309 (+18.9%), from €144,265 to €171,574
- Taxes -€2,484
down €2,484 (-6.5%), from €38,376 to €35,892
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 | €881,883 | €1,031,537 | +€149,654 | +17.0% |
| Fixed assets | 21/28 | €3,930 | €2,382 | -€1,548 | -39.4% |
| Tangible fixed assets | 22/27 | €3,930 | €2,382 | -€1,548 | -39.4% |
| Furniture and vehicles | 24 | €3,390 | €2,100 | -€1,290 | -38.1% |
| Other tangible fixed assets | 26 | €540 | €282 | -€258 | -47.7% |
| Current assets | 29/58 | €877,954 | €1,029,155 | +€151,201 | +17.2% |
| Amounts receivable within one year | 40/41 | €6,751 | €14,391 | +€7,639 | +113% |
| Other amounts receivable | 41 | €6,751 | €14,391 | +€7,639 | +113% |
| Current investments | 50/53 | €852,840 | €906,478 | +€53,638 | +6.3% |
| Cash at bank and in hand | 54/58 | €17,720 | €107,142 | +€89,422 | +505% |
| Deferred charges and accrued income | 490/1 | €641 | €1,144 | +€502 | +78.3% |
| Total equity and liabilities | 10/49 | €881,883 | €1,031,537 | +€149,654 | +17.0% |
| Equity | 10/15 | €858,201 | €923,751 | +€65,551 | +7.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €845,801 | €911,351 | +€65,551 | +7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €843,941 | €909,491 | +€65,551 | +7.8% |
| Amounts payable | 17/49 | €23,683 | €107,786 | +€84,103 | +355% |
| Amounts payable within one year | 42/48 | €23,683 | €107,786 | +€84,103 | +355% |
| Trade debts | 44 | €154 | €101 | -€53 | -34.6% |
| Suppliers | 440/4 | €154 | €101 | -€53 | -34.6% |
| Other amounts payable | 47/48 | €23,529 | €107,685 | +€84,156 | +358% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €883 | €1,548 | +€665 | +75.3% |
| Other operating charges | 640/8 | €1,253 | €1,293 | +€41 | +3.2% |
| Gross operating margin | 9900 | €226,208 | €184,405 | -€41,804 | -18.5% |
| Operating profit (loss) | 9901 | €224,073 | €181,564 | -€42,509 | -19.0% |
| Financial income | 75/76B | €53,324 | €91,453 | +€38,129 | +71.5% |
| Recurring financial income | 75 | €53,324 | €91,453 | +€38,129 | +71.5% |
| Financial charges | 65/66B | €144,265 | €171,574 | +€27,309 | +18.9% |
| Recurring financial charges | 65 | €144,265 | €171,574 | +€27,309 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €133,132 | €101,443 | -€31,689 | -23.8% |
| Income taxes | 67/77 | €38,376 | €35,892 | -€2,484 | -6.5% |
| Profit (loss) for the period | 9904 | €94,756 | €65,551 | -€29,205 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,756 | €65,551 | -€29,205 | -30.8% |
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 27 October 2026 via checked.be.