SHLAW: 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.
SHLAW
Largest movements
- Cash +€113,741
up €113,741 (+106%), from €106,906 to €220,647
mainly Other debts (+€333,313) and Net result for the year (+€97,977)
- Tangible fixed assets -€36,563
down €36,563 (-5.2%), from €696,648 to €660,084
of which Land and buildings: -€36,110
- Receivables within one year -€22,230
down €22,230 (-69.2%), from €32,117 to €9,887
of which Other amounts receivable: -€11,939
- Other debts +€333,313
up €333,313 (+37,203%), from €896 to €334,209
- Profit (loss) carried forward -€321,524
down €321,524 (-99.1%), from €324,567 to €3,043
- Tax, wage and social debts +€72,817
up €72,817 (+706%), from €10,319 to €83,136
- Debts after one year -€28,488
down €28,488 (-6.5%), from €437,175 to €408,687
- Gross operating margin +€66,863
up €66,863 (+58.6%), from €114,153 to €181,016
- Taxes +€16,862
up €16,862 (+95.1%), from €17,739 to €34,601
- Other operating charges +€1,977
up €1,977 (+101%), from €1,949 to €3,926
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 | €837,539 | €892,556 | +€55,017 | +6.6% |
| Fixed assets | 21/28 | €696,848 | €660,284 | -€36,563 | -5.2% |
| Tangible fixed assets | 22/27 | €696,648 | €660,084 | -€36,563 | -5.2% |
| Land and buildings | 22 | €694,976 | €658,866 | -€36,110 | -5.2% |
| Furniture and vehicles | 24 | €1,672 | €1,219 | -€453 | -27.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €140,691 | €232,271 | +€91,580 | +65.1% |
| Amounts receivable within one year | 40/41 | €32,117 | €9,887 | -€22,230 | -69.2% |
| Trade receivables | 40 | €17,956 | €7,665 | -€10,291 | -57.3% |
| Other amounts receivable | 41 | €14,161 | €2,222 | -€11,939 | -84.3% |
| Cash at bank and in hand | 54/58 | €106,906 | €220,647 | +€113,741 | +106% |
| Deferred charges and accrued income | 490/1 | €1,669 | €1,737 | +€69 | +4.1% |
| Total equity and liabilities | 10/49 | €837,539 | €892,556 | +€55,017 | +6.6% |
| Equity | 10/15 | €345,123 | €23,600 | -€321,524 | -93.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,957 | €1,957 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €97 | €97 | = | 0.0% |
| Profit (loss) carried forward | 14 | €324,567 | €3,043 | -€321,524 | -99.1% |
| Amounts payable | 17/49 | €492,416 | €868,956 | +€376,540 | +76.5% |
| Amounts payable after more than one year | 17 | €437,175 | €408,687 | -€28,488 | -6.5% |
| Financial debts | 170/4 | €437,175 | €408,687 | -€28,488 | -6.5% |
| Amounts payable within one year | 42/48 | €55,241 | €460,269 | +€405,029 | +733% |
| Current portion of amounts payable after more than one year | 42 | €28,095 | €28,488 | +€393 | +1.4% |
| Trade debts | 44 | €15,930 | €14,436 | -€1,495 | -9.4% |
| Suppliers | 440/4 | €15,930 | €14,436 | -€1,495 | -9.4% |
| Taxes, remuneration and social security | 45 | €10,319 | €83,136 | +€72,817 | +706% |
| Taxes | 450/3 | €10,319 | €83,136 | +€72,817 | +706% |
| Other amounts payable | 47/48 | €896 | €334,209 | +€333,313 | +37,203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,276 | €37,813 | +€537 | +1.4% |
| Other operating charges | 640/8 | €1,949 | €3,926 | +€1,977 | +101% |
| Gross operating margin | 9900 | €114,153 | €181,016 | +€66,863 | +58.6% |
| Operating profit (loss) | 9901 | €74,928 | €139,277 | +€64,349 | +85.9% |
| Financial income | 75/76B | €4 | €1 | -€4 | -87.6% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -87.6% |
| Financial charges | 65/66B | €6,904 | €6,699 | -€205 | -3.0% |
| Recurring financial charges | 65 | €6,904 | €6,699 | -€205 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €68,028 | €132,579 | +€64,550 | +94.9% |
| Income taxes | 67/77 | €17,739 | €34,601 | +€16,862 | +95.1% |
| Profit (loss) for the period | 9904 | €50,289 | €97,977 | +€47,688 | +94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,289 | €97,977 | +€47,688 | +94.8% |
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 14 October 2026 via checked.be.