SHIELD: 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.
SHIELD
Largest movements
- Receivables within one year +€14,107
up €14,107 (+6.7%), from €209,632 to €223,739
of which Other amounts receivable: +€15,057
- Tangible fixed assets -€2,780
down €2,780 (-53.9%), from €5,156 to €2,376
- Reserves +€12,470
up €12,470 (+27.3%), from €45,760 to €58,230
- Other debts -€5,149
down €5,149 (-35.5%), from €14,509 to €9,360
- Tax, wage and social debts +€2,822
up €2,822 (+199.5%), from €1,415 to €4,237
- Gross operating margin +€14,638
up €14,638 (+114.2%), from €12,817 to €27,454
- Taxes +€5,228
up €5,228 (+104.5%), from €5,004 to €10,233
- Financial income -€602
down €602 (-6.5%), from €9,264 to €8,662
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 | €215,974 | €226,757 | +€10,783 | +5.0% |
| Fixed assets | 21/28 | €5,156 | €2,376 | -€2,780 | -53.9% |
| Tangible fixed assets | 22/27 | €5,156 | €2,376 | -€2,780 | -53.9% |
| Plant, machinery and equipment | 23 | €5,156 | €2,376 | -€2,780 | -53.9% |
| Current assets | 29/58 | €210,817 | €224,381 | +€13,563 | +6.4% |
| Amounts receivable within one year | 40/41 | €209,632 | €223,739 | +€14,107 | +6.7% |
| Trade receivables | 40 | €41,553 | €40,603 | -€950 | -2.3% |
| Other amounts receivable | 41 | €168,078 | €183,136 | +€15,057 | +9.0% |
| Cash at bank and in hand | 54/58 | €893 | €49 | -€845 | -94.5% |
| Deferred charges and accrued income | 490/1 | €293 | €593 | +€300 | +102.7% |
| Total equity and liabilities | 10/49 | €215,974 | €226,757 | +€10,783 | +5.0% |
| Equity | 10/15 | €129,481 | €141,962 | +€12,481 | +9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €45,760 | €58,230 | +€12,470 | +27.3% |
| Distributable reserves | 133 | €45,760 | €58,230 | +€12,470 | +27.3% |
| Profit (loss) carried forward | 14 | €71,321 | €71,332 | +€11 | 0.0% |
| Amounts payable | 17/49 | €86,493 | €84,795 | -€1,697 | -2.0% |
| Amounts payable within one year | 42/48 | €84,993 | €83,295 | -€1,697 | -2.0% |
| Trade debts | 44 | €69,069 | €69,698 | +€629 | +0.9% |
| Suppliers | 440/4 | €69,069 | €69,698 | +€629 | +0.9% |
| Taxes, remuneration and social security | 45 | €1,415 | €4,237 | +€2,822 | +199.5% |
| Taxes | 450/3 | €1,415 | €4,237 | +€2,822 | +199.5% |
| Other amounts payable | 47/48 | €14,509 | €9,360 | -€5,149 | -35.5% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €1,092 | €0 | -€1,092 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,780 | €2,780 | = | 0.0% |
| Other operating charges | 640/8 | €678 | €744 | +€66 | +9.7% |
| Gross operating margin | 9900 | €12,817 | €27,454 | +€14,638 | +114.2% |
| Operating profit (loss) | 9901 | €9,359 | €23,930 | +€14,572 | +155.7% |
| Financial income | 75/76B | €9,264 | €8,662 | -€602 | -6.5% |
| Recurring financial income | 75 | €9,264 | €8,662 | -€602 | -6.5% |
| Financial charges | 65/66B | €251 | €519 | +€268 | +106.7% |
| Recurring financial charges | 65 | €251 | €519 | +€268 | +106.7% |
| Profit (loss) for the period before taxes | 9903 | €18,372 | €32,073 | +€13,701 | +74.6% |
| Income taxes | 67/77 | €5,004 | €10,233 | +€5,228 | +104.5% |
| Profit (loss) for the period | 9904 | €13,368 | €21,841 | +€8,473 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,368 | €21,841 | +€8,473 | +63.4% |
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 28 September 2026 via checked.be.