SHIRINE: 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.
SHIRINE
Largest movements
- Tangible fixed assets -€28,797
down €28,797 (-20.8%), from €138,352 to €109,554
of which Plant, machinery and equipment: -€25,823
- Cash +€13,140
up €13,140 (+57.8%), from €22,727 to €35,867
mainly Net result for the year (+€39,037) and Depreciation (+€28,797)
- Receivables within one year -€5,682
down €5,682 (-17.0%), from €33,485 to €27,803
of which Trade receivables: -€3,013
- Stocks and contracts -€4,820
down €4,820 (-49.6%), from €9,718 to €4,899
- Debts after one year -€45,473
down €45,473 (-69.7%), from €65,223 to €19,750
- Profit (loss) carried forward +€39,037
up €39,037, from -€29,730 to €9,307
- Trade debts -€20,414
down €20,414 (-33.8%), from €60,314 to €39,900
- Gross operating margin +€58,517
up €58,517 (+46.8%), from €124,907 to €183,424
- Depreciation -€3,337
down €3,337 (-10.4%), from €32,134 to €28,797
- Other operating charges +€3,328
up €3,328 (+98.5%), from €3,378 to €6,706
- Staff costs +€2,429
up €2,429 (+2.4%), from €102,672 to €105,101
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 | €212,266 | €186,108 | -€26,158 | -12.3% |
| Fixed assets | 21/28 | €146,337 | €117,539 | -€28,797 | -19.7% |
| Tangible fixed assets | 22/27 | €138,352 | €109,554 | -€28,797 | -20.8% |
| Plant, machinery and equipment | 23 | €124,560 | €98,737 | -€25,823 | -20.7% |
| Furniture and vehicles | 24 | €13,792 | €10,818 | -€2,974 | -21.6% |
| Financial fixed assets | 28 | €7,985 | €7,985 | = | 0.0% |
| Current assets | 29/58 | €65,930 | €68,568 | +€2,639 | +4.0% |
| Stocks and contracts in progress | 3 | €9,718 | €4,899 | -€4,820 | -49.6% |
| Stocks | 30/36 | €9,718 | €4,899 | -€4,820 | -49.6% |
| Amounts receivable within one year | 40/41 | €33,485 | €27,803 | -€5,682 | -17.0% |
| Trade receivables | 40 | €23,615 | €20,601 | -€3,013 | -12.8% |
| Other amounts receivable | 41 | €9,870 | €7,201 | -€2,669 | -27.0% |
| Cash at bank and in hand | 54/58 | €22,727 | €35,867 | +€13,140 | +57.8% |
| Total equity and liabilities | 10/49 | €212,266 | €186,108 | -€26,158 | -12.3% |
| Equity | 10/15 | €41,851 | €80,888 | +€39,037 | +93.3% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,581 | €1,581 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,581 | €1,581 | = | 0.0% |
| Other | 1319 | €1,581 | €1,581 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,730 | €9,307 | +€39,037 | |
| Amounts payable | 17/49 | €170,416 | €105,220 | -€65,196 | -38.3% |
| Amounts payable after more than one year | 17 | €65,223 | €19,750 | -€45,473 | -69.7% |
| Financial debts | 170/4 | €65,223 | €19,750 | -€45,473 | -69.7% |
| Amounts payable within one year | 42/48 | €105,193 | €85,470 | -€19,722 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €36,132 | €37,218 | +€1,086 | +3.0% |
| Trade debts | 44 | €60,314 | €39,900 | -€20,414 | -33.8% |
| Suppliers | 440/4 | €60,314 | €39,900 | -€20,414 | -33.8% |
| Taxes, remuneration and social security | 45 | €8,747 | €8,353 | -€394 | -4.5% |
| Taxes | 450/3 | €2,732 | €1,260 | -€1,471 | -53.9% |
| Remuneration and social security | 454/9 | €6,015 | €7,093 | +€1,077 | +17.9% |
| Remuneration, social security and pensions | 62 | €102,672 | €105,101 | +€2,429 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,134 | €28,797 | -€3,337 | -10.4% |
| Other operating charges | 640/8 | €3,378 | €6,706 | +€3,328 | +98.5% |
| Gross operating margin | 9900 | €124,907 | €183,424 | +€58,517 | +46.8% |
| Operating profit (loss) | 9901 | -€13,277 | €42,820 | +€56,097 | |
| Financial charges | 65/66B | €5,062 | €3,569 | -€1,492 | -29.5% |
| Recurring financial charges | 65 | €5,062 | €3,569 | -€1,492 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,339 | €39,250 | +€57,589 | |
| Income taxes | 67/77 | €447 | €213 | -€233 | -52.3% |
| Profit (loss) for the period | 9904 | -€18,785 | €39,037 | +€57,822 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,785 | €39,037 | +€57,822 |
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 19 October 2026 via checked.be.