SHOE CHOU: 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.
SHOE CHOU
Largest movements
- Stocks and contracts +€58,104
up €58,104 (+20.2%), from €287,157 to €345,261
- Tangible fixed assets -€26,094
down €26,094 (-19.6%), from €132,909 to €106,815
of which Other tangible fixed assets: -€25,786
- Cash -€14,260
down €14,260 (-31.9%), from €44,692 to €30,432
mainly Stocks and contracts (-€58,104) and Debts after one year (-€23,861)
- Profit (loss) carried forward +€43,328
up €43,328 (+31.4%), from €137,857 to €181,185
- Current portion of long-term debt +€26,164
up €26,164 (+112%), from €23,264 to €49,427
- Debts after one year -€23,861
down €23,861 (-29.4%), from €81,139 to €57,279
- Tax, wage and social debts -€20,250
down €20,250 (-42.2%), from €48,009 to €27,760
of which Taxes: -€23,014
- Other debts -€6,780
down €6,780 (-4.3%), from €158,912 to €152,132
- Staff costs +€24,226
up €24,226 (+113%), from €21,461 to €45,687
- Gross operating margin -€12,788
down €12,788 (-8.8%), from €145,954 to €133,166
- Taxes -€7,181
down €7,181 (-36.6%), from €19,630 to €12,449
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 | €468,433 | €485,345 | +€16,913 | +3.6% |
| Fixed assets | 21/28 | €132,909 | €106,815 | -€26,094 | -19.6% |
| Tangible fixed assets | 22/27 | €132,909 | €106,815 | -€26,094 | -19.6% |
| Plant, machinery and equipment | 23 | €887 | €587 | -€300 | -33.8% |
| Furniture and vehicles | 24 | €8 | - | -€8 | |
| Other tangible fixed assets | 26 | €132,014 | €106,229 | -€25,786 | -19.5% |
| Current assets | 29/58 | €335,523 | €378,530 | +€43,006 | +12.8% |
| Stocks and contracts in progress | 3 | €287,157 | €345,261 | +€58,104 | +20.2% |
| Stocks | 30/36 | €287,157 | €345,261 | +€58,104 | +20.2% |
| Amounts receivable within one year | 40/41 | €2,794 | €1,784 | -€1,011 | -36.2% |
| Trade receivables | 40 | €2,794 | €1,784 | -€1,011 | -36.2% |
| Cash at bank and in hand | 54/58 | €44,692 | €30,432 | -€14,260 | -31.9% |
| Deferred charges and accrued income | 490/1 | €880 | €1,053 | +€173 | +19.7% |
| Total equity and liabilities | 10/49 | €468,433 | €485,345 | +€16,913 | +3.6% |
| Equity | 10/15 | €140,357 | €183,685 | +€43,328 | +30.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,857 | €181,185 | +€43,328 | +31.4% |
| Amounts payable | 17/49 | €328,076 | €301,661 | -€26,415 | -8.1% |
| Amounts payable after more than one year | 17 | €81,139 | €57,279 | -€23,861 | -29.4% |
| Financial debts | 170/4 | €81,139 | €57,279 | -€23,861 | -29.4% |
| Amounts payable within one year | 42/48 | €246,937 | €244,382 | -€2,555 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €23,264 | €49,427 | +€26,164 | +112% |
| Trade debts | 44 | €16,752 | €15,063 | -€1,688 | -10.1% |
| Suppliers | 440/4 | €16,752 | €15,063 | -€1,688 | -10.1% |
| Taxes, remuneration and social security | 45 | €48,009 | €27,760 | -€20,250 | -42.2% |
| Taxes | 450/3 | €45,860 | €22,846 | -€23,014 | -50.2% |
| Remuneration and social security | 454/9 | €2,150 | €4,914 | +€2,764 | +129% |
| Other amounts payable | 47/48 | €158,912 | €152,132 | -€6,780 | -4.3% |
| Remuneration, social security and pensions | 62 | €21,461 | €45,687 | +€24,226 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,601 | €26,094 | +€493 | +1.9% |
| Other operating charges | 640/8 | €808 | €439 | -€369 | -45.7% |
| Gross operating margin | 9900 | €145,954 | €133,166 | -€12,788 | -8.8% |
| Operating profit (loss) | 9901 | €98,084 | €60,946 | -€37,138 | -37.9% |
| Financial income | 75/76B | €1,148 | €389 | -€759 | -66.1% |
| Recurring financial income | 75 | €1,148 | €389 | -€759 | -66.1% |
| Financial charges | 65/66B | €5,231 | €5,557 | +€326 | +6.2% |
| Recurring financial charges | 65 | €5,231 | €5,557 | +€326 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €94,000 | €55,777 | -€38,223 | -40.7% |
| Income taxes | 67/77 | €19,630 | €12,449 | -€7,181 | -36.6% |
| Profit (loss) for the period | 9904 | €74,370 | €43,328 | -€31,042 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,370 | €43,328 | -€31,042 | -41.7% |
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 26 October 2026 via checked.be.