SHEZAN: 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.
SHEZAN
Largest movements
- Tangible fixed assets -€32,765
down €32,765 (-9.8%), from €332,966 to €300,202
of which Plant, machinery and equipment: -€20,366
- Receivables within one year +€5,847
up €5,847 (+1,119%), from €522 to €6,369
- Cash -€3,777
down €3,777 (-12.1%), from €31,095 to €27,317
mainly Debts after one year (-€30,496) and Tax, wage and social debts (-€6,256)
- Debts after one year -€30,496
down €30,496 (-48.7%), from €62,628 to €32,132
- Tax, wage and social debts -€6,256
down €6,256 (-25.2%), from €24,845 to €18,589
of which Taxes: -€3,417
- Turnover -€72,673
down €72,673 (-19.1%), from €380,131 to €307,457
- Gross operating margin -€63,184
down €63,184 (-32.9%), from €192,277 to €129,093
- Taxes -€16,650
down €16,650 (-93.8%), from €17,744 to €1,094
- Staff costs +€7,913
up €7,913 (+11.4%), from €69,228 to €77,141
- Depreciation +€5,766
up €5,766 (+18.4%), from €31,335 to €37,101
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 | €370,791 | €339,258 | -€31,533 | -8.5% |
| Fixed assets | 21/28 | €334,347 | €301,582 | -€32,765 | -9.8% |
| Tangible fixed assets | 22/27 | €332,966 | €300,202 | -€32,765 | -9.8% |
| Plant, machinery and equipment | 23 | €278,766 | €258,400 | -€20,366 | -7.3% |
| Furniture and vehicles | 24 | €54,200 | €41,802 | -€12,398 | -22.9% |
| Financial fixed assets | 28 | €1,381 | €1,381 | = | 0.0% |
| Current assets | 29/58 | €36,444 | €37,676 | +€1,232 | +3.4% |
| Stocks and contracts in progress | 3 | €3,989 | €3,989 | = | 0.0% |
| Stocks | 30/36 | €3,989 | €3,989 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €522 | €6,369 | +€5,847 | +1,119% |
| Trade receivables | 40 | €522 | €6,369 | +€5,847 | +1,119% |
| Cash at bank and in hand | 54/58 | €31,095 | €27,317 | -€3,777 | -12.1% |
| Deferred charges and accrued income | 490/1 | €838 | - | -€838 | |
| Total equity and liabilities | 10/49 | €370,791 | €339,258 | -€31,533 | -8.5% |
| Equity | 10/15 | €231,733 | €232,594 | +€861 | +0.4% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €20,075 | €20,075 | = | 0.0% |
| Distributable reserves | 133 | €20,075 | €20,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,348 | €190,208 | +€861 | +0.5% |
| Amounts payable | 17/49 | €139,058 | €106,665 | -€32,393 | -23.3% |
| Amounts payable after more than one year | 17 | €62,628 | €32,132 | -€30,496 | -48.7% |
| Financial debts | 170/4 | €62,628 | €32,132 | -€30,496 | -48.7% |
| Amounts payable within one year | 42/48 | €76,429 | €74,532 | -€1,897 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €14,522 | €15,013 | +€490 | +3.4% |
| Trade debts | 44 | €16,376 | €19,291 | +€2,915 | +17.8% |
| Suppliers | 440/4 | €16,376 | €19,291 | +€2,915 | +17.8% |
| Advances received on contracts in progress | 46 | - | €1,300 | +€1,300 | |
| Taxes, remuneration and social security | 45 | €24,845 | €18,589 | -€6,256 | -25.2% |
| Taxes | 450/3 | €16,409 | €12,992 | -€3,417 | -20.8% |
| Remuneration and social security | 454/9 | €8,436 | €5,596 | -€2,839 | -33.7% |
| Other amounts payable | 47/48 | €20,686 | €20,340 | -€346 | -1.7% |
| Turnover | 70 | €380,131 | €307,457 | -€72,673 | -19.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €187,854 | €192,051 | +€4,197 | +2.2% |
| Remuneration, social security and pensions | 62 | €69,228 | €77,141 | +€7,913 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,335 | €37,101 | +€5,766 | +18.4% |
| Other operating charges | 640/8 | €7,067 | €4,238 | -€2,829 | -40.0% |
| Gross operating margin | 9900 | €192,277 | €129,093 | -€63,184 | -32.9% |
| Operating profit (loss) | 9901 | €84,648 | €10,613 | -€74,035 | -87.5% |
| Financial income | 75/76B | €118 | €128 | +€10 | +8.2% |
| Recurring financial income | 75 | €118 | €128 | +€10 | +8.2% |
| Financial charges | 65/66B | €4,776 | €8,786 | +€4,010 | +84.0% |
| Recurring financial charges | 65 | €4,776 | €8,786 | +€4,010 | +84.0% |
| Profit (loss) for the period before taxes | 9903 | €79,990 | €1,955 | -€78,036 | -97.6% |
| Income taxes | 67/77 | €17,744 | €1,094 | -€16,650 | -93.8% |
| Profit (loss) for the period | 9904 | €62,246 | €861 | -€61,386 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,246 | €861 | -€61,386 | -98.6% |
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 14 October 2026 via checked.be.