SHIFA: 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.
SHIFA
Largest movements
- Receivables within one year -€23,426
down €23,426 (-90.5%), from €25,876 to €2,450
of which Trade receivables: -€15,822
- Current portion of long-term debt -€106,155
down €106,155 (-88.9%), from €119,471 to €13,316
- Reserves +€98,700
up €98,700 (+11.3%), from €873,005 to €971,705
- Financial income +€13,582
up €13,582 (+1480.6%), from €917 to €14,499
- Financial charges -€5,681
down €5,681 (-41.6%), from €13,667 to €7,986
- Taxes +€5,060
up €5,060 (+15.6%), from €32,431 to €37,491
- Gross operating margin +€2,678
up €2,678 (+1.9%), from €142,208 to €144,886
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 | €1,583,406 | €1,553,571 | -€29,835 | -1.9% |
| Fixed assets | 21/28 | €1,492,926 | €1,479,590 | -€13,336 | -0.9% |
| Tangible fixed assets | 22/27 | €52,468 | €39,132 | -€13,336 | -25.4% |
| Leasing and similar rights | 25 | €52,468 | €39,132 | -€13,336 | -25.4% |
| Financial fixed assets | 28 | €1,440,458 | €1,440,458 | = | 0.0% |
| Current assets | 29/58 | €90,480 | €73,981 | -€16,499 | -18.2% |
| Amounts receivable within one year | 40/41 | €25,876 | €2,450 | -€23,426 | -90.5% |
| Trade receivables | 40 | €16,624 | €802 | -€15,822 | -95.2% |
| Other amounts receivable | 41 | €9,251 | €1,648 | -€7,604 | -82.2% |
| Cash at bank and in hand | 54/58 | €5,204 | €1,012 | -€4,193 | -80.6% |
| Deferred charges and accrued income | 490/1 | €59,400 | €70,520 | +€11,120 | +18.7% |
| Total equity and liabilities | 10/49 | €1,583,406 | €1,553,571 | -€29,835 | -1.9% |
| Equity | 10/15 | €891,605 | €990,305 | +€98,700 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €873,005 | €971,705 | +€98,700 | +11.3% |
| Distributable reserves | 133 | €873,005 | €971,705 | +€98,700 | +11.3% |
| Amounts payable | 17/49 | €691,801 | €563,266 | -€128,535 | -18.6% |
| Amounts payable after more than one year | 17 | €40,073 | €26,757 | -€13,316 | -33.2% |
| Financial debts | 170/4 | €40,073 | €26,757 | -€13,316 | -33.2% |
| Amounts payable within one year | 42/48 | €639,077 | €526,531 | -€112,545 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €119,471 | €13,316 | -€106,155 | -88.9% |
| Financial debts | 43 | €12,878 | €11,804 | -€1,074 | -8.3% |
| Credit institutions | 430/8 | €12,878 | €11,804 | -€1,074 | -8.3% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €562 | €3,002 | +€2,440 | +434.5% |
| Taxes | 450/3 | €562 | €3,002 | +€2,440 | +434.5% |
| Other amounts payable | 47/48 | €506,167 | €498,410 | -€7,757 | -1.5% |
| Accrued charges and deferred income | 492/3 | €12,651 | €9,977 | -€2,674 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,336 | €13,336 | = | 0.0% |
| Other operating charges | 640/8 | €1,747 | €1,872 | +€125 | +7.2% |
| Gross operating margin | 9900 | €142,208 | €144,886 | +€2,678 | +1.9% |
| Operating profit (loss) | 9901 | €127,125 | €129,677 | +€2,552 | +2.0% |
| Financial income | 75/76B | €917 | €14,499 | +€13,582 | +1480.6% |
| Recurring financial income | 75 | €917 | €14,499 | +€13,582 | +1480.6% |
| Financial charges | 65/66B | €13,667 | €7,986 | -€5,681 | -41.6% |
| Recurring financial charges | 65 | €13,667 | €7,986 | -€5,681 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €114,375 | €136,191 | +€21,816 | +19.1% |
| Income taxes | 67/77 | €32,431 | €37,491 | +€5,060 | +15.6% |
| Profit (loss) for the period | 9904 | €81,945 | €98,700 | +€16,755 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €81,945 | €98,700 | +€16,755 | +20.4% |
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 1 October 2026 via checked.be.