SHUNFA: 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.
SHUNFA
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€123,163
down €123,163 (-63.4%), from €194,372 to €71,210
mainly Current investments (-€200,000) and Debts after one year (-€62,663)
- Intangible fixed assets -€23,000
down €23,000 (-20.0%), from €115,000 to €92,000
- Tangible fixed assets -€20,890
down €20,890 (-6.8%), from €307,613 to €286,723
of which Leasing and similar rights: -€11,000
- Receivables within one year +€16,440
up €16,440 (+27.6%), from €59,514 to €75,954
- Reserves +€68,555
up €68,555 (+34.9%), from €196,198 to €264,754
- Debts after one year -€62,663
down €62,663 (-21.8%), from €287,535 to €224,872
of which Financial debts: -€62,663
- Tax, wage and social debts +€53,788
up €53,788 (+106.4%), from €50,561 to €104,348
of which Taxes: +€46,926
- Trade debts -€10,060
down €10,060 (-38.8%), from €25,953 to €15,894
- Staff costs +€9,470
up €9,470 (+70.5%), from €13,433 to €22,903
- Gross operating margin +€9,075
up €9,075 (+5.1%), from €178,862 to €187,937
- Depreciation -€6,745
down €6,745 (-12.9%), from €52,453 to €45,708
- Financial charges +€1,973
up €1,973 (+12.8%), from €15,369 to €17,342
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 | €689,101 | €736,130 | +€47,029 | +6.8% |
| Fixed assets | 21/28 | €427,391 | €383,500 | -€43,890 | -10.3% |
| Intangible fixed assets | 21 | €115,000 | €92,000 | -€23,000 | -20.0% |
| Tangible fixed assets | 22/27 | €307,613 | €286,723 | -€20,890 | -6.8% |
| Land and buildings | 22 | €260,580 | €254,214 | -€6,366 | -2.4% |
| Plant, machinery and equipment | 23 | €19,752 | €15,413 | -€4,339 | -22.0% |
| Furniture and vehicles | 24 | €1,665 | €2,903 | +€1,238 | +74.3% |
| Leasing and similar rights | 25 | €21,427 | €10,427 | -€11,000 | -51.3% |
| Other tangible fixed assets | 26 | €4,188 | €3,766 | -€423 | -10.1% |
| Financial fixed assets | 28 | €4,778 | €4,778 | = | 0.0% |
| Current assets | 29/58 | €261,710 | €352,630 | +€90,920 | +34.7% |
| Stocks and contracts in progress | 3 | €7,467 | €5,140 | -€2,328 | -31.2% |
| Stocks | 30/36 | €7,467 | €5,140 | -€2,328 | -31.2% |
| Amounts receivable within one year | 40/41 | €59,514 | €75,954 | +€16,440 | +27.6% |
| Other amounts receivable | 41 | €59,514 | €75,954 | +€16,440 | +27.6% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €194,372 | €71,210 | -€123,163 | -63.4% |
| Deferred charges and accrued income | 490/1 | €357 | €327 | -€30 | -8.4% |
| Total equity and liabilities | 10/49 | €689,101 | €736,130 | +€47,029 | +6.8% |
| Equity | 10/15 | €259,798 | €328,354 | +€68,555 | +26.4% |
| Contributions | 10/11 | €63,600 | €63,600 | = | 0.0% |
| Reserves | 13 | €196,198 | €264,754 | +€68,555 | +34.9% |
| Distributable reserves | 133 | €196,198 | €264,754 | +€68,555 | +34.9% |
| Amounts payable | 17/49 | €429,302 | €407,777 | -€21,526 | -5.0% |
| Amounts payable after more than one year | 17 | €287,535 | €224,872 | -€62,663 | -21.8% |
| Financial debts | 170/4 | €286,243 | €223,580 | -€62,663 | -21.9% |
| Other amounts payable | 178/9 | €1,291 | €1,291 | = | 0.0% |
| Amounts payable within one year | 42/48 | €141,768 | €182,905 | +€41,137 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €65,254 | €62,663 | -€2,591 | -4.0% |
| Trade debts | 44 | €25,953 | €15,894 | -€10,060 | -38.8% |
| Suppliers | 440/4 | €25,953 | €15,894 | -€10,060 | -38.8% |
| Taxes, remuneration and social security | 45 | €50,561 | €104,348 | +€53,788 | +106.4% |
| Taxes | 450/3 | €33,806 | €80,732 | +€46,926 | +138.8% |
| Remuneration and social security | 454/9 | €16,755 | €23,616 | +€6,861 | +41.0% |
| Remuneration, social security and pensions | 62 | €13,433 | €22,903 | +€9,470 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,453 | €45,708 | -€6,745 | -12.9% |
| Other operating charges | 640/8 | €2,560 | €3,158 | +€598 | +23.3% |
| Non-recurring operating charges | 66A | - | €522 | +€522 | |
| Gross operating margin | 9900 | €178,862 | €187,937 | +€9,075 | +5.1% |
| Operating profit (loss) | 9901 | €110,415 | €115,646 | +€5,231 | +4.7% |
| Financial income | 75/76B | €37 | €20 | -€17 | -46.4% |
| Recurring financial income | 75 | €37 | €20 | -€17 | -46.4% |
| Financial charges | 65/66B | €15,369 | €17,342 | +€1,973 | +12.8% |
| Recurring financial charges | 65 | €15,369 | €17,342 | +€1,973 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €95,083 | €98,323 | +€3,241 | +3.4% |
| Income taxes | 67/77 | €28,927 | €29,768 | +€841 | +2.9% |
| Profit (loss) for the period | 9904 | €66,156 | €68,555 | +€2,399 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,156 | €68,555 | +€2,399 | +3.6% |
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 9 October 2026 via checked.be.