SHIELD & CO: 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 & CO
Largest movements
- Tangible fixed assets -€44,461
down €44,461 (-19.5%), from €228,225 to €183,764
- Intangible fixed assets -€24,448
down €24,448 (-42.7%), from €57,209 to €32,761
- Cash +€23,946
up €23,946 (+19.5%), from €122,561 to €146,507
mainly Depreciation (+€85,944) and Net result for the year (+€51,691)
- Receivables within one year -€10,397
down €10,397 (-81.0%), from €12,833 to €2,436
- Debts after one year -€96,951
down €96,951 (-38.3%), from €252,911 to €155,960
- Profit (loss) carried forward +€51,691
up €51,691 (+4096.0%), from €1,262 to €52,953
- Short-term financial debts -€7,399
down €7,399 (-9.2%), from €80,066 to €72,667
- Trade debts -€4,931
down €4,931 (-12.9%), from €38,170 to €33,239
- Staff costs +€68,539
up €68,539 (+14.4%), from €476,432 to €544,971
- Gross operating margin +€58,802
up €58,802 (+9.2%), from €642,539 to €701,341
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 | €426,673 | €371,313 | -€55,360 | -13.0% |
| Fixed assets | 21/28 | €285,434 | €216,525 | -€68,909 | -24.1% |
| Intangible fixed assets | 21 | €57,209 | €32,761 | -€24,448 | -42.7% |
| Tangible fixed assets | 22/27 | €228,225 | €183,764 | -€44,461 | -19.5% |
| Furniture and vehicles | 24 | €228,225 | €183,764 | -€44,461 | -19.5% |
| Current assets | 29/58 | €141,239 | €154,788 | +€13,549 | +9.6% |
| Amounts receivable after more than one year | 29 | €5,845 | €5,845 | = | 0.0% |
| Trade receivables | 290 | €5,845 | €5,845 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,833 | €2,436 | -€10,397 | -81.0% |
| Other amounts receivable | 41 | €12,833 | €2,436 | -€10,397 | -81.0% |
| Cash at bank and in hand | 54/58 | €122,561 | €146,507 | +€23,946 | +19.5% |
| Total equity and liabilities | 10/49 | €426,673 | €371,313 | -€55,360 | -13.0% |
| Equity | 10/15 | €21,722 | €73,413 | +€51,691 | +238.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,262 | €52,953 | +€51,691 | +4096.0% |
| Amounts payable | 17/49 | €404,951 | €297,900 | -€107,051 | -26.4% |
| Amounts payable after more than one year | 17 | €252,911 | €155,960 | -€96,951 | -38.3% |
| Financial debts | 170/4 | €252,911 | €155,960 | -€96,951 | -38.3% |
| Amounts payable within one year | 42/48 | €152,040 | €141,940 | -€10,100 | -6.6% |
| Financial debts | 43 | €80,066 | €72,667 | -€7,399 | -9.2% |
| Credit institutions | 430/8 | €80,066 | €72,667 | -€7,399 | -9.2% |
| Trade debts | 44 | €38,170 | €33,239 | -€4,931 | -12.9% |
| Suppliers | 440/4 | €38,170 | €33,239 | -€4,931 | -12.9% |
| Taxes, remuneration and social security | 45 | €33,804 | €36,034 | +€2,230 | +6.6% |
| Taxes | 450/3 | €29,803 | €33,241 | +€3,438 | +11.5% |
| Remuneration and social security | 454/9 | €4,001 | €2,793 | -€1,208 | -30.2% |
| Remuneration, social security and pensions | 62 | €476,432 | €544,971 | +€68,539 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,007 | €85,944 | -€2,063 | -2.3% |
| Other operating charges | 640/8 | €1,267 | €1,408 | +€141 | +11.1% |
| Gross operating margin | 9900 | €642,539 | €701,341 | +€58,802 | +9.2% |
| Operating profit (loss) | 9901 | €76,833 | €69,018 | -€7,815 | -10.2% |
| Financial charges | 65/66B | €21,038 | €17,327 | -€3,711 | -17.6% |
| Recurring financial charges | 65 | €21,038 | €17,327 | -€3,711 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €55,795 | €51,691 | -€4,104 | -7.4% |
| Profit (loss) for the period | 9904 | €55,795 | €51,691 | -€4,104 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,795 | €51,691 | -€4,104 | -7.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.