SHEY: 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.
SHEY
Largest movements
- Cash +€2,846
up €2,846 (+15.5%), from €18,345 to €21,190
mainly Net result for the year (+€4,200) and Depreciation (+€1,840)
- Tangible fixed assets -€1,840
down €1,840 (-31.0%), from €5,939 to €4,099
of which Plant, machinery and equipment: -€1,520
- Receivables within one year -€1,361
down €1,361 (-44.3%), from €3,074 to €1,713
of which Trade receivables: -€1,396
- Stocks and contracts -€1,243
down €1,243 (-51.3%), from €2,424 to €1,181
- Other debts -€7,215
down €7,215 (-30.0%), from €24,083 to €16,868
- Profit (loss) carried forward +€4,200
up €4,200 (+1441.9%), from €291 to €4,491
- Tax, wage and social debts +€1,332
up €1,332 (+34.5%), from €3,865 to €5,197
- Trade debts +€603
up €603 (+67.6%), from €891 to €1,494
- Debts after one year -€469
no longer reported in 2025 (was €469)
- Gross operating margin +€4,444
up €4,444 (+77.4%), from €5,742 to €10,186
- Other operating charges -€2,594
down €2,594 (-78.4%), from €3,308 to €715
- Taxes +€1,630
up €1,630 (+194.3%), from €839 to €2,470
- Depreciation -€619
down €619 (-25.2%), from €2,458 to €1,840
- Financial charges +€169
up €169 (+21.3%), from €793 to €962
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 | €30,600 | €29,051 | -€1,549 | -5.1% |
| Fixed assets | 21/28 | €5,939 | €4,099 | -€1,840 | -31.0% |
| Tangible fixed assets | 22/27 | €5,939 | €4,099 | -€1,840 | -31.0% |
| Plant, machinery and equipment | 23 | €5,619 | €4,099 | -€1,520 | -27.0% |
| Furniture and vehicles | 24 | €320 | - | -€320 | |
| Current assets | 29/58 | €24,662 | €24,952 | +€290 | +1.2% |
| Stocks and contracts in progress | 3 | €2,424 | €1,181 | -€1,243 | -51.3% |
| Stocks | 30/36 | €2,424 | €1,181 | -€1,243 | -51.3% |
| Amounts receivable within one year | 40/41 | €3,074 | €1,713 | -€1,361 | -44.3% |
| Trade receivables | 40 | €3,074 | €1,679 | -€1,396 | -45.4% |
| Other amounts receivable | 41 | - | €35 | +€35 | |
| Cash at bank and in hand | 54/58 | €18,345 | €21,190 | +€2,846 | +15.5% |
| Deferred charges and accrued income | 490/1 | €819 | €867 | +€49 | +5.9% |
| Total equity and liabilities | 10/49 | €30,600 | €29,051 | -€1,549 | -5.1% |
| Equity | 10/15 | €1,291 | €5,491 | +€4,200 | +325.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291 | €4,491 | +€4,200 | +1441.9% |
| Amounts payable | 17/49 | €29,309 | €23,560 | -€5,749 | -19.6% |
| Amounts payable after more than one year | 17 | €469 | - | -€469 | |
| Financial debts | 170/4 | €469 | - | -€469 | |
| Amounts payable within one year | 42/48 | €28,840 | €23,560 | -€5,280 | -18.3% |
| Trade debts | 44 | €891 | €1,494 | +€603 | +67.6% |
| Suppliers | 440/4 | €891 | €1,494 | +€603 | +67.6% |
| Taxes, remuneration and social security | 45 | €3,865 | €5,197 | +€1,332 | +34.5% |
| Taxes | 450/3 | €3,865 | €5,197 | +€1,332 | +34.5% |
| Other amounts payable | 47/48 | €24,083 | €16,868 | -€7,215 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,458 | €1,840 | -€619 | -25.2% |
| Other operating charges | 640/8 | €3,308 | €715 | -€2,594 | -78.4% |
| Gross operating margin | 9900 | €5,742 | €10,186 | +€4,444 | +77.4% |
| Operating profit (loss) | 9901 | -€24 | €7,632 | +€7,656 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €793 | €962 | +€169 | +21.3% |
| Recurring financial charges | 65 | €793 | €962 | +€169 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€818 | €6,670 | +€7,487 | |
| Income taxes | 67/77 | €839 | €2,470 | +€1,630 | +194.3% |
| Profit (loss) for the period | 9904 | -€1,657 | €4,200 | +€5,857 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,657 | €4,200 | +€5,857 |
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 29 September 2026 via checked.be.