SHINING: 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.
SHINING
Largest movements
- Cash +€33,572
up €33,572 (+34.8%), from €96,423 to €129,996
mainly Net result for the year (+€46,876) and Tax, wage and social debts (+€15,145)
- Receivables within one year -€13,796
down €13,796 (-41.4%), from €33,304 to €19,508
of which Trade receivables: -€11,425
- Current investments +€12,000
up €12,000 (+31.6%), from €38,000 to €50,000
- Reserves +€24,771
up €24,771 (+14.0%), from €176,678 to €201,449
of which Distributable reserves: +€24,771
- Tax, wage and social debts +€15,145
up €15,145 (+5611.7%), from €270 to €15,415
- Other debts -€5,218
no longer reported in 2025 (was €5,218)
- Trade debts -€5,071
down €5,071 (-47.2%), from €10,733 to €5,662
- Gross operating margin +€38,613
up €38,613 (+84.3%), from €45,825 to €84,438
- Taxes +€14,066
up €14,066 (+115.4%), from €12,192 to €26,259
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 | €207,451 | €239,631 | +€32,180 | +15.5% |
| Fixed assets | 21/28 | €39,190 | €39,351 | +€161 | +0.4% |
| Tangible fixed assets | 22/27 | €39,135 | €39,296 | +€161 | +0.4% |
| Plant, machinery and equipment | 23 | €816 | €705 | -€111 | -13.6% |
| Furniture and vehicles | 24 | €5,849 | €9,041 | +€3,192 | +54.6% |
| Other tangible fixed assets | 26 | €32,470 | €29,550 | -€2,920 | -9.0% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €168,260 | €200,280 | +€32,020 | +19.0% |
| Amounts receivable within one year | 40/41 | €33,304 | €19,508 | -€13,796 | -41.4% |
| Trade receivables | 40 | €29,683 | €18,258 | -€11,425 | -38.5% |
| Other amounts receivable | 41 | €3,622 | €1,250 | -€2,372 | -65.5% |
| Current investments | 50/53 | €38,000 | €50,000 | +€12,000 | +31.6% |
| Cash at bank and in hand | 54/58 | €96,423 | €129,996 | +€33,572 | +34.8% |
| Deferred charges and accrued income | 490/1 | €532 | €776 | +€244 | +45.8% |
| Total equity and liabilities | 10/49 | €207,451 | €239,631 | +€32,180 | +15.5% |
| Equity | 10/15 | €177,678 | €202,449 | +€24,771 | +13.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €176,678 | €201,449 | +€24,771 | +14.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €176,578 | €201,349 | +€24,771 | +14.0% |
| Amounts payable | 17/49 | €29,772 | €37,182 | +€7,410 | +24.9% |
| Amounts payable within one year | 42/48 | €29,772 | €37,182 | +€7,410 | +24.9% |
| Financial debts | 43 | €13,551 | €15,000 | +€1,449 | +10.7% |
| Credit institutions | 430/8 | €13,551 | €15,000 | +€1,449 | +10.7% |
| Trade debts | 44 | €10,733 | €5,662 | -€5,071 | -47.2% |
| Suppliers | 440/4 | €10,733 | €5,662 | -€5,071 | -47.2% |
| Advances received on contracts in progress | 46 | - | €1,105 | +€1,105 | |
| Taxes, remuneration and social security | 45 | €270 | €15,415 | +€15,145 | +5611.7% |
| Taxes | 450/3 | €270 | €15,415 | +€15,145 | +5611.7% |
| Other amounts payable | 47/48 | €5,218 | - | -€5,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,146 | €9,923 | +€777 | +8.5% |
| Other operating charges | 640/8 | €387 | €387 | +€1 | +0.2% |
| Gross operating margin | 9900 | €45,825 | €84,438 | +€38,613 | +84.3% |
| Operating profit (loss) | 9901 | €36,293 | €74,128 | +€37,836 | +104.3% |
| Financial income | 75/76B | €8 | €6 | -€2 | -24.6% |
| Recurring financial income | 75 | €8 | €6 | -€2 | -24.6% |
| Financial charges | 65/66B | €1,260 | €1,000 | -€261 | -20.7% |
| Recurring financial charges | 65 | €1,260 | €1,000 | -€261 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €35,040 | €73,135 | +€38,094 | +108.7% |
| Income taxes | 67/77 | €12,192 | €26,259 | +€14,066 | +115.4% |
| Profit (loss) for the period | 9904 | €22,848 | €46,876 | +€24,028 | +105.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,848 | €46,876 | +€24,028 | +105.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.