SHUTTR: 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.
SHUTTR
Largest movements
- Cash -€42,002
down €42,002 (-44.6%), from €94,105 to €52,103
mainly Receivables within one year (-€34,949) and Accrued charges and deferred income (-€25,000)
- Receivables within one year +€34,949
up €34,949 (+26.2%), from €133,403 to €168,352
of which Other amounts receivable: +€106,958
- Accrued charges and deferred income -€25,000
down €25,000 (-31.3%), from €80,000 to €55,000
- Reserves +€23,900
up €23,900 (+20.9%), from €114,160 to €138,060
of which Distributable reserves: +€23,900
- Tax, wage and social debts -€5,215
no longer reported in 2025 (was €5,215)
- Gross operating margin -€11,990
down €11,990 (-19.8%), from €60,570 to €48,580
- Taxes -€3,624
down €3,624 (-26.8%), from €13,520 to €9,896
- Depreciation +€3,043
up €3,043 (+25.3%), from €12,048 to €15,091
- Financial income +€2,002
up €2,002 (+6672633.3%), from €0 to €2,002
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 | €256,711 | €250,488 | -€6,223 | -2.4% |
| Fixed assets | 21/28 | €29,202 | €30,033 | +€830 | +2.8% |
| Tangible fixed assets | 22/27 | €29,202 | €30,033 | +€830 | +2.8% |
| Plant, machinery and equipment | 23 | €24,251 | €14,901 | -€9,350 | -38.6% |
| Furniture and vehicles | 24 | €4,952 | €15,131 | +€10,180 | +205.6% |
| Current assets | 29/58 | €227,508 | €220,455 | -€7,053 | -3.1% |
| Amounts receivable within one year | 40/41 | €133,403 | €168,352 | +€34,949 | +26.2% |
| Trade receivables | 40 | €106,177 | €34,168 | -€72,009 | -67.8% |
| Other amounts receivable | 41 | €27,226 | €134,184 | +€106,958 | +392.9% |
| Cash at bank and in hand | 54/58 | €94,105 | €52,103 | -€42,002 | -44.6% |
| Total equity and liabilities | 10/49 | €256,711 | €250,488 | -€6,223 | -2.4% |
| Equity | 10/15 | €168,296 | €192,288 | +€23,992 | +14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €114,160 | €138,060 | +€23,900 | +20.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €112,300 | €136,200 | +€23,900 | +21.3% |
| Profit (loss) carried forward | 14 | €47,936 | €48,028 | +€92 | +0.2% |
| Amounts payable | 17/49 | €88,415 | €58,200 | -€30,215 | -34.2% |
| Amounts payable within one year | 42/48 | €8,415 | €3,200 | -€5,215 | -62.0% |
| Taxes, remuneration and social security | 45 | €5,215 | - | -€5,215 | |
| Taxes | 450/3 | €5,215 | - | -€5,215 | |
| Other amounts payable | 47/48 | €3,200 | €3,200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €80,000 | €55,000 | -€25,000 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,048 | €15,091 | +€3,043 | +25.3% |
| Other operating charges | 640/8 | €629 | €203 | -€427 | -67.8% |
| Gross operating margin | 9900 | €60,570 | €48,580 | -€11,990 | -19.8% |
| Operating profit (loss) | 9901 | €47,892 | €33,286 | -€14,606 | -30.5% |
| Financial income | 75/76B | €0 | €2,002 | +€2,002 | +6672633.3% |
| Recurring financial income | 75 | €0 | €2,002 | +€2,002 | +6672633.3% |
| Financial charges | 65/66B | €1,580 | €1,400 | -€180 | -11.4% |
| Recurring financial charges | 65 | €1,580 | €1,400 | -€180 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €46,312 | €33,888 | -€12,424 | -26.8% |
| Income taxes | 67/77 | €13,520 | €9,896 | -€3,624 | -26.8% |
| Profit (loss) for the period | 9904 | €32,792 | €23,992 | -€8,801 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,792 | €23,992 | -€8,801 | -26.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.