SHINEX: 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.
SHINEX
Largest movements
- Receivables within one year -€67,154
down €67,154 (-99.1%), from €67,774 to €620
of which Trade receivables: -€66,661
- Tangible fixed assets -€37,223
down €37,223 (-12.2%), from €304,272 to €267,049
of which Land and buildings: -€25,347
- Cash +€30,882
up €30,882 (+257%), from €12,015 to €42,897
mainly Receivables within one year (+€67,154) and Depreciation (+€37,223)
- Trade debts -€68,947
down €68,947 (-99.8%), from €69,072 to €125
- Revaluation surpluses -€25,000
down €25,000 (-20.0%), from €125,000 to €100,000
- Reserves +€25,000
up €25,000 (+5.9%), from €424,579 to €449,579
of which Distributable reserves: +€25,000
- Write-downs -€121,775
no longer reported in 2025 (was €121,775)
- Depreciation +€6,003
up €6,003 (+19.2%), from €31,220 to €37,223
- Other operating charges +€756
up €756 (+10.3%), from €7,356 to €8,112
- Financial charges -€609
down €609 (-91.9%), from €663 to €54
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.
Derived cash bridge
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 | €387,117 | €315,765 | -€71,352 | -18.4% |
| Fixed assets | 21/28 | €304,272 | €267,049 | -€37,223 | -12.2% |
| Tangible fixed assets | 22/27 | €304,272 | €267,049 | -€37,223 | -12.2% |
| Land and buildings | 22 | €250,765 | €225,418 | -€25,347 | -10.1% |
| Furniture and vehicles | 24 | €53,507 | €41,631 | -€11,876 | -22.2% |
| Current assets | 29/58 | €82,845 | €48,716 | -€34,129 | -41.2% |
| Amounts receivable within one year | 40/41 | €67,774 | €620 | -€67,154 | -99.1% |
| Trade receivables | 40 | €66,661 | - | -€66,661 | |
| Other amounts receivable | 41 | €1,113 | €620 | -€493 | -44.3% |
| Cash at bank and in hand | 54/58 | €12,015 | €42,897 | +€30,882 | +257% |
| Deferred charges and accrued income | 490/1 | €3,056 | €5,199 | +€2,143 | +70.1% |
| Total equity and liabilities | 10/49 | €387,117 | €315,765 | -€71,352 | -18.4% |
| Equity | 10/15 | -€190,388 | -€189,206 | +€1,182 | +0.6% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Revaluation surpluses | 12 | €125,000 | €100,000 | -€25,000 | -20.0% |
| Reserves | 13 | €424,579 | €449,579 | +€25,000 | +5.9% |
| Non-distributable reserves | 130/1 | €49,579 | €49,579 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,579 | €49,579 | = | 0.0% |
| Distributable reserves | 133 | €375,000 | €400,000 | +€25,000 | +6.7% |
| Profit (loss) carried forward | 14 | -€1,235,754 | -€1,234,572 | +€1,182 | +0.1% |
| Amounts payable | 17/49 | €577,506 | €504,971 | -€72,534 | -12.6% |
| Amounts payable within one year | 42/48 | €577,506 | €504,971 | -€72,534 | -12.6% |
| Trade debts | 44 | €69,072 | €125 | -€68,947 | -99.8% |
| Suppliers | 440/4 | €69,072 | €125 | -€68,947 | -99.8% |
| Taxes, remuneration and social security | 45 | €81 | €250 | +€169 | +208% |
| Taxes | 450/3 | €81 | €250 | +€169 | +208% |
| Other amounts payable | 47/48 | €508,353 | €504,597 | -€3,756 | -0.7% |
| Remuneration, social security and pensions | 62 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,220 | €37,223 | +€6,003 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €121,775 | - | -€121,775 | |
| Other operating charges | 640/8 | €7,356 | €8,112 | +€756 | +10.3% |
| Gross operating margin | 9900 | €47,070 | €46,739 | -€331 | -0.7% |
| Operating profit (loss) | 9901 | -€113,668 | €1,405 | +€115,073 | |
| Financial charges | 65/66B | €663 | €54 | -€609 | -91.9% |
| Recurring financial charges | 65 | €663 | €54 | -€609 | -91.9% |
| Profit (loss) for the period before taxes | 9903 | -€114,331 | €1,351 | +€115,682 | |
| Income taxes | 67/77 | €81 | €169 | +€88 | +108% |
| Profit (loss) for the period | 9904 | -€114,412 | €1,182 | +€115,595 | |
| Profit (loss) for the period to be appropriated | 9905 | -€114,412 | €1,182 | +€115,595 |
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 27 October 2026 via checked.be.