SHOE EN KEY SERVICES: what changed
What changed
SHOE EN KEY SERVICES
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
-€76,212
2024 · -€21,741-€54,471
Equity
€115,421
2024 · €191,633-€76,212
Cash
€3,092
2024 · €2,926+€166
Balance sheet total
€1.1m
2024 · €1.2m-€56,307
Largest movements
Assets
- Tangible fixed assets -€46,560
down €46,560 (-4.1%), from €1.1m to €1.1m
of which Land and buildings: -€56,721
Equity and liabilities
- Profit (loss) carried forward -€59,598
down €59,598 (-41.8%), from -€142,614 to -€202,212
- Debts after one year +€20,050
up €20,050 (+2.2%), from €918,171 to €938,221
of which Other amounts payable: +€53,800
- Other debts -€16,655
down €16,655 (-93.0%), from €17,904 to €1,248
- Reserves -€16,614
down €16,614 (-6.1%), from €272,246 to €255,632
of which Tax-exempt reserves: -€16,614
- Trade debts +€15,424
up €15,424 (+1,351%), from €1,141 to €16,566
Income statement
- Financial charges +€27,427
up €27,427 (+231%), from €11,862 to €39,289
- Gross operating margin -€16,072
down €16,072 (-20.8%), from €77,353 to €61,281
- Depreciation +€13,255
up €13,255 (+24.4%), from €54,264 to €67,518
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€21,741
Gross operating margin
-€16,072
Depreciation
-€13,255
Other operating charges
+€665
Other operating items
+€1,603
Financial charges
-€27,427
Taxes
+€15
Result 2025
-€76,212
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€6,059
Investment
-€13,479
Financing
+€19,704
Cash 2024
€2,926
From operations (derived)
-€6,059
Net result for the year
-€76,212
Depreciation
+€67,518
Deferred charges and accrued income
+€2,434
Trade debts
+€15,424
Tax, wage and social debts
+€8,829
Other debts
-€16,655
Accrued charges and deferred income
-€7,397
Investment (derived)
-€13,479
Investment in fixed assets (net)
-€13,479
Financing
+€19,704
Debts after one year
+€20,050
Current portion of long-term debt
+€0
Short-term financial debts
-€346
Cash 2025
€3,092
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,174,295 | €1,117,987 | -€56,307 | -4.8% |
| Fixed assets | 21/28 | €1,162,405 | €1,108,366 | -€54,040 | -4.6% |
| Intangible fixed assets | 21 | €13,089 | €5,609 | -€7,479 | -57.1% |
| Tangible fixed assets | 22/27 | €1,149,317 | €1,102,756 | -€46,560 | -4.1% |
| Land and buildings | 22 | €1,141,950 | €1,085,229 | -€56,721 | -5.0% |
| Plant, machinery and equipment | 23 | €4,869 | €13,340 | +€8,470 | +174% |
| Furniture and vehicles | 24 | €2,498 | €4,187 | +€1,690 | +67.7% |
| Current assets | 29/58 | €11,889 | €9,622 | -€2,267 | -19.1% |
| Cash at bank and in hand | 54/58 | €2,926 | €3,092 | +€166 | +5.7% |
| Deferred charges and accrued income | 490/1 | €8,963 | €6,529 | -€2,434 | -27.2% |
| Total equity and liabilities | 10/49 | €1,174,295 | €1,117,987 | -€56,307 | -4.8% |
| Equity | 10/15 | €191,633 | €115,421 | -€76,212 | -39.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €272,246 | €255,632 | -€16,614 | -6.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €260,679 | €244,066 | -€16,614 | -6.4% |
| Distributable reserves | 133 | €5,367 | €5,367 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,614 | -€202,212 | -€59,598 | -41.8% |
| Amounts payable | 17/49 | €982,662 | €1,002,567 | +€19,905 | +2.0% |
| Amounts payable after more than one year | 17 | €918,171 | €938,221 | +€20,050 | +2.2% |
| Financial debts | 170/4 | €185,271 | €151,521 | -€33,750 | -18.2% |
| Other amounts payable | 178/9 | €732,900 | €786,700 | +€53,800 | +7.3% |
| Amounts payable within one year | 42/48 | €53,449 | €60,701 | +€7,252 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €33,750 | €33,750 | +€0 | 0.0% |
| Financial debts | 43 | €346 | - | -€346 | |
| Credit institutions | 430/8 | €346 | - | -€346 | |
| Trade debts | 44 | €1,141 | €16,566 | +€15,424 | +1,351% |
| Suppliers | 440/4 | €1,141 | €16,566 | +€15,424 | +1,351% |
| Taxes, remuneration and social security | 45 | €308 | €9,137 | +€8,829 | +2,869% |
| Taxes | 450/3 | €308 | €9,137 | +€8,829 | +2,869% |
| Other amounts payable | 47/48 | €17,904 | €1,248 | -€16,655 | -93.0% |
| Accrued charges and deferred income | 492/3 | €11,042 | €3,645 | -€7,397 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,264 | €67,518 | +€13,255 | +24.4% |
| Other operating charges | 640/8 | €31,058 | €30,392 | -€665 | -2.1% |
| Non-recurring operating charges | 66A | €1,603 | - | -€1,603 | |
| Gross operating margin | 9900 | €77,353 | €61,281 | -€16,072 | -20.8% |
| Operating profit (loss) | 9901 | -€9,571 | -€36,630 | -€27,058 | -283% |
| Financial charges | 65/66B | €11,862 | €39,289 | +€27,427 | +231% |
| Recurring financial charges | 65 | €11,862 | €39,289 | +€27,427 | +231% |
| Profit (loss) for the period before taxes | 9903 | -€21,433 | -€75,919 | -€54,485 | -254% |
| Income taxes | 67/77 | €308 | €293 | -€15 | -4.7% |
| Profit (loss) for the period | 9904 | -€21,741 | -€76,212 | -€54,471 | -251% |
| Transfer from tax-exempt reserves | 789 | €16,614 | €16,614 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,127 | -€59,598 | -€54,471 | -1,062% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.