Shinwari: 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.
Shinwari
Largest movements
- Receivables within one year -€27,271
no longer reported in 2025 (was €27,271)
- Cash -€16,397
down €16,397 (-55.5%), from €29,523 to €13,125
mainly Trade debts (-€30,615) and Other debts (-€6,669)
- Financial fixed assets +€4,350
up €4,350 (+242%), from €1,800 to €6,150
- Trade debts -€30,615
down €30,615 (-49.9%), from €61,339 to €30,724
- Other debts -€6,669
down €6,669 (-59.3%), from €11,250 to €4,580
- Tax, wage and social debts -€2,942
down €2,942 (-15.8%), from €18,676 to €15,734
of which Remuneration and social security: -€4,670
- Staff costs +€9,646
up €9,646 (+27.7%), from €34,877 to €44,524
- Other operating charges +€3,424
up €3,424 (+179%), from €1,908 to €5,332
- Gross operating margin -€1,688
down €1,688 (-2.5%), from €68,118 to €66,430
- Taxes -€1,404
down €1,404 (-28.3%), from €4,969 to €3,565
- Financial charges +€822
up €822 (+29.2%), from €2,818 to €3,640
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 | €139,760 | €99,950 | -€39,810 | -28.5% |
| Fixed assets | 21/28 | €5,321 | €8,871 | +€3,550 | +66.7% |
| Tangible fixed assets | 22/27 | €3,521 | €2,721 | -€800 | -22.7% |
| Plant, machinery and equipment | 23 | €3,521 | €2,721 | -€800 | -22.7% |
| Financial fixed assets | 28 | €1,800 | €6,150 | +€4,350 | +242% |
| Current assets | 29/58 | €134,439 | €91,079 | -€43,360 | -32.3% |
| Stocks and contracts in progress | 3 | €77,645 | €77,954 | +€309 | +0.4% |
| Stocks | 30/36 | €77,645 | €77,954 | +€309 | +0.4% |
| Amounts receivable within one year | 40/41 | €27,271 | - | -€27,271 | |
| Trade receivables | 40 | €27,271 | - | -€27,271 | |
| Cash at bank and in hand | 54/58 | €29,523 | €13,125 | -€16,397 | -55.5% |
| Total equity and liabilities | 10/49 | €139,760 | €99,950 | -€39,810 | -28.5% |
| Equity | 10/15 | €48,495 | €48,912 | +€417 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,035 | €28,452 | +€417 | +1.5% |
| Amounts payable | 17/49 | €91,265 | €51,038 | -€40,227 | -44.1% |
| Amounts payable within one year | 42/48 | €91,265 | €51,038 | -€40,227 | -44.1% |
| Trade debts | 44 | €61,339 | €30,724 | -€30,615 | -49.9% |
| Suppliers | 440/4 | €61,339 | €30,724 | -€30,615 | -49.9% |
| Taxes, remuneration and social security | 45 | €18,676 | €15,734 | -€2,942 | -15.8% |
| Taxes | 450/3 | €14,006 | €15,734 | +€1,728 | +12.3% |
| Remuneration and social security | 454/9 | €4,670 | - | -€4,670 | |
| Other amounts payable | 47/48 | €11,250 | €4,580 | -€6,669 | -59.3% |
| Remuneration, social security and pensions | 62 | €34,877 | €44,524 | +€9,646 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479 | €800 | +€321 | +67.1% |
| Other operating charges | 640/8 | €1,908 | €5,332 | +€3,424 | +179% |
| Non-recurring operating charges | 66A | - | €8,153 | +€8,153 | |
| Gross operating margin | 9900 | €68,118 | €66,430 | -€1,688 | -2.5% |
| Operating profit (loss) | 9901 | €30,854 | €7,621 | -€23,233 | -75.3% |
| Financial charges | 65/66B | €2,818 | €3,640 | +€822 | +29.2% |
| Recurring financial charges | 65 | €2,818 | €3,640 | +€822 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €28,037 | €3,981 | -€24,055 | -85.8% |
| Income taxes | 67/77 | €4,969 | €3,565 | -€1,404 | -28.3% |
| Profit (loss) for the period | 9904 | €23,068 | €417 | -€22,651 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,068 | €417 | -€22,651 | -98.2% |
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 30 October 2026 via checked.be.