SHONA: 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.
SHONA
Largest movements
- Tangible fixed assets +€298,360
up €298,360 (+1683.2%), from €17,725 to €316,086
of which Land and buildings: +€301,637
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€7,497
up €7,497 (+44.0%), from €17,048 to €24,545
of which Other amounts receivable: +€4,689
- Cash -€3,698
down €3,698 (-16.2%), from €22,896 to €19,198
mainly Investment in fixed assets (net) (-€302,028) and Contributions, distributions and other (-€10,000)
- Debts after one year +€249,000
new in 2025: €249,000
- Gross operating margin -€19,286
down €19,286 (-54.4%), from €35,441 to €16,155
- Taxes -€3,829
down €3,829 (-56.7%), from €6,753 to €2,925
- Other operating charges -€1,555
down €1,555 (-65.5%), from €2,375 to €820
- Financial charges -€1,003
down €1,003 (-44.8%), from €2,239 to €1,236
- Financial income +€584
new in 2025: €584
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 | €110,807 | €365,871 | +€255,064 | +230.2% |
| Fixed assets | 21/28 | €17,725 | €316,086 | +€298,360 | +1683.2% |
| Tangible fixed assets | 22/27 | €17,725 | €316,086 | +€298,360 | +1683.2% |
| Land and buildings | 22 | - | €301,637 | +€301,637 | |
| Furniture and vehicles | 24 | €2,720 | €1,916 | -€803 | -29.5% |
| Other tangible fixed assets | 26 | €15,006 | €12,532 | -€2,473 | -16.5% |
| Current assets | 29/58 | €93,082 | €49,786 | -€43,296 | -46.5% |
| Amounts receivable within one year | 40/41 | €17,048 | €24,545 | +€7,497 | +44.0% |
| Trade receivables | 40 | €15,000 | €17,808 | +€2,808 | +18.7% |
| Other amounts receivable | 41 | €2,048 | €6,737 | +€4,689 | +229.0% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €22,896 | €19,198 | -€3,698 | -16.2% |
| Deferred charges and accrued income | 490/1 | €3,138 | €6,042 | +€2,904 | +92.6% |
| Total equity and liabilities | 10/49 | €110,807 | €365,871 | +€255,064 | +230.2% |
| Equity | 10/15 | €109,292 | €107,383 | -€1,910 | -1.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €108,292 | €106,383 | -€1,910 | -1.8% |
| Distributable reserves | 133 | €108,292 | €106,383 | -€1,910 | -1.8% |
| Amounts payable | 17/49 | €1,515 | €258,489 | +€256,974 | +16965.2% |
| Amounts payable after more than one year | 17 | - | €249,000 | +€249,000 | |
| Financial debts | 170/4 | - | €249,000 | +€249,000 | |
| Amounts payable within one year | 42/48 | €1,515 | €9,434 | +€7,919 | +522.8% |
| Trade debts | 44 | €143 | €2,121 | +€1,978 | +1387.0% |
| Suppliers | 440/4 | €143 | €2,121 | +€1,978 | +1387.0% |
| Taxes, remuneration and social security | 45 | €208 | €3,780 | +€3,572 | +1720.4% |
| Taxes | 450/3 | €208 | €3,780 | +€3,572 | +1720.4% |
| Other amounts payable | 47/48 | €1,164 | €3,533 | +€2,369 | +203.4% |
| Accrued charges and deferred income | 492/3 | - | €55 | +€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,352 | €3,668 | +€316 | +9.4% |
| Other operating charges | 640/8 | €2,375 | €820 | -€1,555 | -65.5% |
| Gross operating margin | 9900 | €35,441 | €16,155 | -€19,286 | -54.4% |
| Operating profit (loss) | 9901 | €29,715 | €11,667 | -€18,048 | -60.7% |
| Financial income | 75/76B | - | €584 | +€584 | |
| Recurring financial income | 75 | - | €584 | +€584 | |
| Financial charges | 65/66B | €2,239 | €1,236 | -€1,003 | -44.8% |
| Recurring financial charges | 65 | €2,239 | €1,236 | -€1,003 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €27,476 | €11,015 | -€16,461 | -59.9% |
| Income taxes | 67/77 | €6,753 | €2,925 | -€3,829 | -56.7% |
| Profit (loss) for the period | 9904 | €20,722 | €8,090 | -€12,632 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,722 | €8,090 | -€12,632 | -61.0% |
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 12 October 2026 via checked.be.