Shield: 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.
Shield
Largest movements
- Receivables within one year +€3.1m
up €3.1m (+3740.9%), from €83,831 to €3.2m
of which Trade receivables: +€3.1m
- Cash +€1.5m
up €1.5m (+319.4%), from €468,027 to €2.0m
mainly Trade debts (+€3.2m) and Accrued charges and deferred income (+€1.3m)
- Trade debts +€3.2m
up €3.2m (+4931.4%), from €64,262 to €3.2m
- Accrued charges and deferred income +€1.3m
up €1.3m (+240.6%), from €525,469 to €1.8m
- Profit (loss) carried forward +€147,098
up €147,098, from -€21,066 to €126,031
- Tax, wage and social debts +€67,419
new in 2025: €67,419
of which Remuneration and social security: +€65,804
- Gross operating margin +€912,257
up €912,257 (+478.7%), from €190,577 to €1.1m
- Staff costs +€612,944
up €612,944 (+331.0%), from €185,182 to €798,126
- Other operating charges +€128,265
up €128,265 (+595.0%), from €21,557 to €149,822
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 | €568,665 | €5,216,296 | +€4.6m | +817.3% |
| Fixed assets | 21/28 | €13,834 | €19,734 | +€5,900 | +42.7% |
| Tangible fixed assets | 22/27 | €12,834 | €18,734 | +€5,900 | +46.0% |
| Furniture and vehicles | 24 | €12,834 | €18,734 | +€5,900 | +46.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €554,831 | €5,196,562 | +€4.6m | +836.6% |
| Amounts receivable within one year | 40/41 | €83,831 | €3,219,913 | +€3.1m | +3740.9% |
| Trade receivables | 40 | €80,889 | €3,162,590 | +€3.1m | +3809.8% |
| Other amounts receivable | 41 | €2,942 | €57,323 | +€54,380 | +1848.2% |
| Cash at bank and in hand | 54/58 | €468,027 | €1,963,016 | +€1.5m | +319.4% |
| Deferred charges and accrued income | 490/1 | €2,973 | €13,633 | +€10,660 | +358.6% |
| Total equity and liabilities | 10/49 | €568,665 | €5,216,296 | +€4.6m | +817.3% |
| Equity | 10/15 | -€21,066 | €126,031 | +€147,098 | |
| Profit (loss) carried forward | 14 | -€21,066 | €126,031 | +€147,098 | |
| Amounts payable | 17/49 | €589,731 | €5,090,264 | +€4.5m | +763.1% |
| Amounts payable within one year | 42/48 | €64,262 | €3,300,709 | +€3.2m | +5036.3% |
| Trade debts | 44 | €64,262 | €3,233,290 | +€3.2m | +4931.4% |
| Suppliers | 440/4 | €64,262 | €3,233,290 | +€3.2m | +4931.4% |
| Taxes, remuneration and social security | 45 | - | €67,419 | +€67,419 | |
| Taxes | 450/3 | - | €1,616 | +€1,616 | |
| Remuneration and social security | 454/9 | - | €65,804 | +€65,804 | |
| Accrued charges and deferred income | 492/3 | €525,469 | €1,789,555 | +€1.3m | +240.6% |
| Remuneration, social security and pensions | 62 | €185,182 | €798,126 | +€612,944 | +331.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,616 | €11,685 | +€10,069 | +623.1% |
| Other operating charges | 640/8 | €21,557 | €149,822 | +€128,265 | +595.0% |
| Gross operating margin | 9900 | €190,577 | €1,102,834 | +€912,257 | +478.7% |
| Operating profit (loss) | 9901 | -€17,778 | €143,202 | +€160,980 | |
| Financial income | 75/76B | €1,611 | €7,627 | +€6,016 | +373.5% |
| Recurring financial income | 75 | €1,611 | €7,627 | +€6,016 | +373.5% |
| Financial charges | 65/66B | €4,899 | €402 | -€4,497 | -91.8% |
| Recurring financial charges | 65 | €4,899 | €402 | -€4,497 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,066 | €150,426 | +€171,493 | |
| Income taxes | 67/77 | - | €3,329 | +€3,329 | |
| Profit (loss) for the period | 9904 | -€21,066 | €147,098 | +€168,164 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,066 | €147,098 | +€168,164 |
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 9 October 2026 via checked.be.