&Shine: 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.
&Shine
Largest movements
- Cash +€23,320
up €23,320 (+12.2%), from €190,434 to €213,754
mainly Other debts (+€92,577) and Net result for the year (+€39,477)
- Receivables within one year +€8,032
up €8,032 (+64.5%), from €12,451 to €20,483
- Tangible fixed assets +€4,621
up €4,621 (+65.7%), from €7,037 to €11,658
of which Other tangible fixed assets: +€4,724
- Other debts +€92,577
up €92,577 (+357.5%), from €25,898 to €118,475
- Reserves -€59,537
down €59,537 (-26.5%), from €224,347 to €164,810
- Gross operating margin +€5,209
up €5,209 (+9.7%), from €53,486 to €58,695
- Depreciation -€2,489
down €2,489 (-57.3%), from €4,343 to €1,854
- Taxes +€2,273
up €2,273 (+15.9%), from €14,317 to €16,590
- Financial charges +€683
up €683 (+1263.5%), from €54 to €737
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 | €261,071 | €296,329 | +€35,258 | +13.5% |
| Fixed assets | 21/28 | €7,037 | €11,658 | +€4,621 | +65.7% |
| Tangible fixed assets | 22/27 | €7,037 | €11,658 | +€4,621 | +65.7% |
| Furniture and vehicles | 24 | €1,968 | €1,865 | -€103 | -5.2% |
| Other tangible fixed assets | 26 | €5,069 | €9,793 | +€4,724 | +93.2% |
| Current assets | 29/58 | €254,034 | €284,671 | +€30,637 | +12.1% |
| Amounts receivable within one year | 40/41 | €12,451 | €20,483 | +€8,032 | +64.5% |
| Trade receivables | 40 | €12,451 | €20,483 | +€8,032 | +64.5% |
| Current investments | 50/53 | €50,490 | €49,755 | -€735 | -1.5% |
| Cash at bank and in hand | 54/58 | €190,434 | €213,754 | +€23,320 | +12.2% |
| Deferred charges and accrued income | 490/1 | €659 | €680 | +€20 | +3.1% |
| Total equity and liabilities | 10/49 | €261,071 | €296,329 | +€35,258 | +13.5% |
| Equity | 10/15 | €226,847 | €167,310 | -€59,537 | -26.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €224,347 | €164,810 | -€59,537 | -26.5% |
| Distributable reserves | 133 | €224,347 | €164,810 | -€59,537 | -26.5% |
| Amounts payable | 17/49 | €34,224 | €129,019 | +€94,795 | +277.0% |
| Amounts payable within one year | 42/48 | €34,224 | €128,599 | +€94,375 | +275.8% |
| Trade debts | 44 | €379 | €532 | +€153 | +40.4% |
| Suppliers | 440/4 | €379 | €532 | +€153 | +40.4% |
| Taxes, remuneration and social security | 45 | €7,947 | €9,592 | +€1,645 | +20.7% |
| Taxes | 450/3 | €7,947 | €9,592 | +€1,645 | +20.7% |
| Other amounts payable | 47/48 | €25,898 | €118,475 | +€92,577 | +357.5% |
| Accrued charges and deferred income | 492/3 | - | €420 | +€420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,343 | €1,854 | -€2,489 | -57.3% |
| Other operating charges | 640/8 | €577 | €590 | +€13 | +2.3% |
| Gross operating margin | 9900 | €53,486 | €58,695 | +€5,209 | +9.7% |
| Operating profit (loss) | 9901 | €48,567 | €56,251 | +€7,684 | +15.8% |
| Financial income | 75/76B | - | €553 | +€553 | |
| Recurring financial income | 75 | - | €553 | +€553 | |
| Financial charges | 65/66B | €54 | €737 | +€683 | +1263.5% |
| Recurring financial charges | 65 | €54 | €737 | +€683 | +1263.5% |
| Profit (loss) for the period before taxes | 9903 | €48,513 | €56,067 | +€7,554 | +15.6% |
| Income taxes | 67/77 | €14,317 | €16,590 | +€2,273 | +15.9% |
| Profit (loss) for the period | 9904 | €34,196 | €39,477 | +€5,281 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,196 | €39,477 | +€5,281 | +15.4% |
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 8 October 2026 via checked.be.