SHIFTERS: 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.
SHIFTERS
Largest movements
- Tangible fixed assets +€77,028
up €77,028 (+38.2%), from €201,876 to €278,904
of which Furniture and vehicles: +€84,214
- Cash +€7,052
up €7,052 (+19.1%), from €37,011 to €44,063
mainly Debts after one year (+€46,911) and Depreciation (+€18,633)
- Receivables within one year -€5,499
down €5,499 (-45.1%), from €12,189 to €6,691
of which Other amounts receivable: -€5,499
- Stocks and contracts -€5,000
down €5,000 (-66.7%), from €7,500 to €2,500
- Debts after one year +€46,911
up €46,911 (+25.3%), from €185,386 to €232,296
- Reserves +€8,387
up €8,387 (+70.4%), from €11,918 to €20,306
- Current portion of long-term debt +€8,307
up €8,307 (+47.5%), from €17,484 to €25,792
- Tax, wage and social debts +€7,267
up €7,267 (+355.9%), from €2,042 to €9,309
- Other debts +€3,829
up €3,829 (+30.9%), from €12,380 to €16,209
- Gross operating margin +€7,085
up €7,085 (+15.6%), from €45,462 to €52,547
- Depreciation +€6,204
up €6,204 (+49.9%), from €12,430 to €18,633
- Financial charges +€5,302
up €5,302 (+43.2%), from €12,286 to €17,588
- Taxes +€2,100
up €2,100 (+74.7%), from €2,811 to €4,911
- Financial income -€764
down €764 (-58.3%), from €1,311 to €547
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 | €258,942 | €333,179 | +€74,237 | +28.7% |
| Fixed assets | 21/28 | €201,876 | €278,904 | +€77,028 | +38.2% |
| Tangible fixed assets | 22/27 | €201,876 | €278,904 | +€77,028 | +38.2% |
| Land and buildings | 22 | €182,069 | €177,430 | -€4,639 | -2.5% |
| Plant, machinery and equipment | 23 | €3,314 | €767 | -€2,547 | -76.9% |
| Furniture and vehicles | 24 | €16,493 | €100,707 | +€84,214 | +510.6% |
| Current assets | 29/58 | €57,066 | €54,275 | -€2,791 | -4.9% |
| Stocks and contracts in progress | 3 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Stocks | 30/36 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Amounts receivable within one year | 40/41 | €12,189 | €6,691 | -€5,499 | -45.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €12,189 | €6,691 | -€5,499 | -45.1% |
| Cash at bank and in hand | 54/58 | €37,011 | €44,063 | +€7,052 | +19.1% |
| Deferred charges and accrued income | 490/1 | €365 | €1,021 | +€656 | +179.4% |
| Total equity and liabilities | 10/49 | €258,942 | €333,179 | +€74,237 | +28.7% |
| Equity | 10/15 | €30,518 | €38,906 | +€8,387 | +27.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,918 | €20,306 | +€8,387 | +70.4% |
| Distributable reserves | 133 | €11,918 | €20,306 | +€8,387 | +70.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €228,423 | €294,273 | +€65,850 | +28.8% |
| Amounts payable after more than one year | 17 | €185,386 | €232,296 | +€46,911 | +25.3% |
| Financial debts | 170/4 | €185,386 | €232,296 | +€46,911 | +25.3% |
| Amounts payable within one year | 42/48 | €40,938 | €61,977 | +€21,039 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €17,484 | €25,792 | +€8,307 | +47.5% |
| Trade debts | 44 | €9,032 | €10,668 | +€1,636 | +18.1% |
| Suppliers | 440/4 | €9,032 | €10,668 | +€1,636 | +18.1% |
| Taxes, remuneration and social security | 45 | €2,042 | €9,309 | +€7,267 | +355.9% |
| Taxes | 450/3 | €2,042 | €9,309 | +€7,267 | +355.9% |
| Other amounts payable | 47/48 | €12,380 | €16,209 | +€3,829 | +30.9% |
| Accrued charges and deferred income | 492/3 | €2,100 | €0 | -€2,100 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €393 | €0 | -€393 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,430 | €18,633 | +€6,204 | +49.9% |
| Other operating charges | 640/8 | €3,110 | €3,575 | +€464 | +14.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €45,462 | €52,547 | +€7,085 | +15.6% |
| Operating profit (loss) | 9901 | €29,528 | €30,339 | +€810 | +2.7% |
| Financial income | 75/76B | €1,311 | €547 | -€764 | -58.3% |
| Recurring financial income | 75 | €1,311 | €547 | -€764 | -58.3% |
| Financial charges | 65/66B | €12,286 | €17,588 | +€5,302 | +43.2% |
| Recurring financial charges | 65 | €12,286 | €17,588 | +€5,302 | +43.2% |
| Profit (loss) for the period before taxes | 9903 | €18,554 | €13,298 | -€5,255 | -28.3% |
| Income taxes | 67/77 | €2,811 | €4,911 | +€2,100 | +74.7% |
| Profit (loss) for the period | 9904 | €15,743 | €8,387 | -€7,356 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,743 | €8,387 | -€7,356 | -46.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.