SHIRAMAS: 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.
SHIRAMAS
Largest movements
- Cash +€220,780
up €220,780 (+108.7%), from €203,134 to €423,915
mainly Net result for the year (+€195,631) and Receivables within one year (+€51,481)
- Receivables within one year -€51,481
down €51,481 (-98.1%), from €52,485 to €1,003
of which Trade receivables: -€48,600
- Current investments +€49,261
up €49,261 (+66.5%), from €74,074 to €123,335
- Tangible fixed assets -€9,930
down €9,930 (-34.3%), from €28,919 to €18,989
- Profit (loss) carried forward +€195,631
up €195,631 (+71.5%), from €273,519 to €469,151
- Debts after one year -€21,458
no longer reported in 2025 (was €21,458)
- Tax, wage and social debts +€16,588
up €16,588 (+36.6%), from €45,282 to €61,870
- Current portion of long-term debt +€10,912
new in 2025: €10,912
- Gross operating margin +€67,560
up €67,560 (+33.9%), from €199,023 to €266,583
- Taxes +€16,491
up €16,491 (+39.3%), from €41,938 to €58,429
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 | €377,572 | €584,995 | +€207,424 | +54.9% |
| Fixed assets | 21/28 | €28,919 | €18,989 | -€9,930 | -34.3% |
| Tangible fixed assets | 22/27 | €28,919 | €18,989 | -€9,930 | -34.3% |
| Furniture and vehicles | 24 | €28,919 | €18,989 | -€9,930 | -34.3% |
| Current assets | 29/58 | €348,653 | €566,006 | +€217,354 | +62.3% |
| Stocks and contracts in progress | 3 | €16,133 | €16,133 | = | 0.0% |
| Stocks | 30/36 | €16,133 | €16,133 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,485 | €1,003 | -€51,481 | -98.1% |
| Trade receivables | 40 | €48,600 | - | -€48,600 | |
| Other amounts receivable | 41 | €3,885 | €1,003 | -€2,882 | -74.2% |
| Current investments | 50/53 | €74,074 | €123,335 | +€49,261 | +66.5% |
| Cash at bank and in hand | 54/58 | €203,134 | €423,915 | +€220,780 | +108.7% |
| Deferred charges and accrued income | 490/1 | €2,827 | €1,621 | -€1,206 | -42.7% |
| Total equity and liabilities | 10/49 | €377,572 | €584,995 | +€207,424 | +54.9% |
| Equity | 10/15 | €276,519 | €472,151 | +€195,631 | +70.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,519 | €469,151 | +€195,631 | +71.5% |
| Amounts payable | 17/49 | €101,052 | €112,845 | +€11,792 | +11.7% |
| Amounts payable after more than one year | 17 | €21,458 | - | -€21,458 | |
| Financial debts | 170/4 | €21,458 | - | -€21,458 | |
| Amounts payable within one year | 42/48 | €79,595 | €112,845 | +€33,250 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,912 | +€10,912 | |
| Trade debts | 44 | €2,643 | €2,766 | +€123 | +4.6% |
| Suppliers | 440/4 | €2,643 | €2,766 | +€123 | +4.6% |
| Taxes, remuneration and social security | 45 | €45,282 | €61,870 | +€16,588 | +36.6% |
| Taxes | 450/3 | €45,282 | €61,870 | +€16,588 | +36.6% |
| Other amounts payable | 47/48 | €31,669 | €37,297 | +€5,627 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,570 | €9,930 | +€360 | +3.8% |
| Other operating charges | 640/8 | €654 | €724 | +€70 | +10.6% |
| Gross operating margin | 9900 | €199,023 | €266,583 | +€67,560 | +33.9% |
| Operating profit (loss) | 9901 | €188,799 | €255,929 | +€67,130 | +35.6% |
| Financial income | 75/76B | €994 | €1,913 | +€920 | +92.5% |
| Recurring financial income | 75 | €994 | €1,913 | +€920 | +92.5% |
| Financial charges | 65/66B | €3,904 | €3,782 | -€122 | -3.1% |
| Recurring financial charges | 65 | €3,904 | €3,782 | -€122 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €185,889 | €254,061 | +€68,172 | +36.7% |
| Income taxes | 67/77 | €41,938 | €58,429 | +€16,491 | +39.3% |
| Profit (loss) for the period | 9904 | €143,950 | €195,631 | +€51,681 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,950 | €195,631 | +€51,681 | +35.9% |
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 4 October 2026 via checked.be.