Sho: 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.
Sho
Largest movements
- Cash +€33,590
up €33,590 (+78.2%), from €42,968 to €76,558
mainly Current investments (+€25,000) and Net result for the year (+€22,981)
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Tangible fixed assets -€10,033
down €10,033 (-57.0%), from €17,611 to €7,579
of which Furniture and vehicles: -€9,132
- Receivables after one year -€3,964
down €3,964 (-30.8%), from €12,876 to €8,912
- Receivables within one year +€3,034
up €3,034 (+16.7%), from €18,146 to €21,179
of which Trade receivables: +€3,034
- Profit (loss) carried forward +€5,331
up €5,331 (+8.1%), from €66,120 to €71,452
- Debts after one year -€4,612
no longer reported in 2025 (was €4,612)
- Current portion of long-term debt -€4,461
down €4,461 (-49.2%), from €9,073 to €4,612
- Tax, wage and social debts +€3,886
up €3,886 (+17.2%), from €22,609 to €26,495
of which Remuneration and social security: +€3,500
- Gross operating margin +€9,523
up €9,523 (+29.8%), from €31,985 to €41,508
- Taxes +€1,787
up €1,787 (+29.1%), from €6,135 to €7,922
- Depreciation +€636
up €636 (+6.8%), from €9,397 to €10,033
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 | €117,899 | €115,357 | -€2,542 | -2.2% |
| Fixed assets | 21/28 | €17,611 | €7,579 | -€10,033 | -57.0% |
| Tangible fixed assets | 22/27 | €17,611 | €7,579 | -€10,033 | -57.0% |
| Plant, machinery and equipment | 23 | €2,437 | €1,537 | -€901 | -37.0% |
| Furniture and vehicles | 24 | €15,174 | €6,042 | -€9,132 | -60.2% |
| Current assets | 29/58 | €100,287 | €107,778 | +€7,491 | +7.5% |
| Amounts receivable after more than one year | 29 | €12,876 | €8,912 | -€3,964 | -30.8% |
| Other amounts receivable | 291 | €12,876 | €8,912 | -€3,964 | -30.8% |
| Amounts receivable within one year | 40/41 | €18,146 | €21,179 | +€3,034 | +16.7% |
| Trade receivables | 40 | €14,182 | €17,215 | +€3,034 | +21.4% |
| Other amounts receivable | 41 | €3,964 | €3,964 | = | 0.0% |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €42,968 | €76,558 | +€33,590 | +78.2% |
| Deferred charges and accrued income | 490/1 | €1,297 | €1,129 | -€169 | -13.0% |
| Total equity and liabilities | 10/49 | €117,899 | €115,357 | -€2,542 | -2.2% |
| Equity | 10/15 | €72,620 | €77,952 | +€5,331 | +7.3% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,120 | €71,452 | +€5,331 | +8.1% |
| Amounts payable | 17/49 | €45,278 | €37,405 | -€7,873 | -17.4% |
| Amounts payable after more than one year | 17 | €4,612 | - | -€4,612 | |
| Financial debts | 170/4 | €4,612 | - | -€4,612 | |
| Amounts payable within one year | 42/48 | €38,694 | €36,223 | -€2,471 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €9,073 | €4,612 | -€4,461 | -49.2% |
| Trade debts | 44 | €3,641 | €2,841 | -€800 | -22.0% |
| Suppliers | 440/4 | €3,641 | €2,841 | -€800 | -22.0% |
| Taxes, remuneration and social security | 45 | €22,609 | €26,495 | +€3,886 | +17.2% |
| Taxes | 450/3 | €22,609 | €22,995 | +€386 | +1.7% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €3,370 | €2,274 | -€1,096 | -32.5% |
| Accrued charges and deferred income | 492/3 | €1,972 | €1,182 | -€790 | -40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,397 | €10,033 | +€636 | +6.8% |
| Other operating charges | 640/8 | €773 | €834 | +€61 | +7.9% |
| Gross operating margin | 9900 | €31,985 | €41,508 | +€9,523 | +29.8% |
| Operating profit (loss) | 9901 | €21,815 | €30,642 | +€8,827 | +40.5% |
| Financial income | 75/76B | €1,192 | €790 | -€402 | -33.8% |
| Recurring financial income | 75 | €1,192 | €790 | -€402 | -33.8% |
| Financial charges | 65/66B | €719 | €529 | -€191 | -26.5% |
| Recurring financial charges | 65 | €719 | €529 | -€191 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €22,288 | €30,903 | +€8,615 | +38.7% |
| Income taxes | 67/77 | €6,135 | €7,922 | +€1,787 | +29.1% |
| Profit (loss) for the period | 9904 | €16,153 | €22,981 | +€6,828 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,153 | €22,981 | +€6,828 | +42.3% |
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 7 October 2026 via checked.be.