SHYFTER: 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.
SHYFTER
Largest movements
- Cash +€458,446
up €458,446 (+167%), from €273,875 to €732,321
mainly Contributions, distributions and other (+€749,955) and Depreciation (+€274,828)
- Intangible fixed assets -€264,435
down €264,435 (-46.4%), from €569,335 to €304,900
- Tangible fixed assets +€14,625
up €14,625 (+82.6%), from €17,705 to €32,330
- Contributions +€749,955
up €749,955 (+151%), from €498,300 to €1.2m
- Profit (loss) carried forward -€649,574
down €649,574 (-996%), from -€65,197 to -€714,771
- Tax, wage and social debts +€120,430
up €120,430 (+87.5%), from €137,598 to €258,028
of which Remuneration and social security: +€70,526
- Debts after one year -€72,917
down €72,917 (-30.4%), from €239,584 to €166,667
- Current portion of long-term debt +€31,249
up €31,249 (+60.0%), from €52,084 to €83,333
- Staff costs +€440,653
up €440,653 (+67.7%), from €651,135 to €1.1m
- Gross operating margin -€65,996
down €65,996 (-8.2%), from €804,003 to €738,007
- Depreciation +€62,071
up €62,071 (+29.2%), from €212,757 to €274,828
- Financial charges +€14,311
up €14,311 (+81.6%), from €17,544 to €31,855
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 | €915,375 | €1,127,692 | +€212,317 | +23.2% |
| Fixed assets | 21/28 | €610,818 | €370,758 | -€240,060 | -39.3% |
| Intangible fixed assets | 21 | €569,335 | €304,900 | -€264,435 | -46.4% |
| Tangible fixed assets | 22/27 | €17,705 | €32,330 | +€14,625 | +82.6% |
| Furniture and vehicles | 24 | €17,705 | €32,330 | +€14,625 | +82.6% |
| Financial fixed assets | 28 | €23,778 | €33,528 | +€9,750 | +41.0% |
| Current assets | 29/58 | €304,557 | €756,934 | +€452,377 | +149% |
| Amounts receivable within one year | 40/41 | €30,682 | €24,613 | -€6,069 | -19.8% |
| Trade receivables | 40 | €30,682 | €24,613 | -€6,069 | -19.8% |
| Cash at bank and in hand | 54/58 | €273,875 | €732,321 | +€458,446 | +167% |
| Total equity and liabilities | 10/49 | €915,375 | €1,127,692 | +€212,317 | +23.2% |
| Equity | 10/15 | €433,103 | €533,484 | +€100,381 | +23.2% |
| Contributions | 10/11 | €498,300 | €1,248,255 | +€749,955 | +151% |
| Capital | 10 | €498,300 | €1,248,255 | +€749,955 | +151% |
| Issued capital | 100 | €510,700 | €1,260,655 | +€749,955 | +147% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,197 | -€714,771 | -€649,574 | -996% |
| Amounts payable | 17/49 | €482,272 | €594,208 | +€111,936 | +23.2% |
| Amounts payable after more than one year | 17 | €239,584 | €166,667 | -€72,917 | -30.4% |
| Financial debts | 170/4 | €239,584 | €166,667 | -€72,917 | -30.4% |
| Amounts payable within one year | 42/48 | €242,688 | €424,468 | +€181,780 | +74.9% |
| Current portion of amounts payable after more than one year | 42 | €52,084 | €83,333 | +€31,249 | +60.0% |
| Financial debts | 43 | - | €24,212 | +€24,212 | |
| Credit institutions | 430/8 | - | €24,212 | +€24,212 | |
| Trade debts | 44 | €53,006 | €58,895 | +€5,889 | +11.1% |
| Suppliers | 440/4 | €53,006 | €58,895 | +€5,889 | +11.1% |
| Taxes, remuneration and social security | 45 | €137,598 | €258,028 | +€120,430 | +87.5% |
| Taxes | 450/3 | €29,636 | €79,540 | +€49,904 | +168% |
| Remuneration and social security | 454/9 | €107,962 | €178,488 | +€70,526 | +65.3% |
| Accrued charges and deferred income | 492/3 | - | €3,073 | +€3,073 | |
| Remuneration, social security and pensions | 62 | €651,135 | €1,091,788 | +€440,653 | +67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,757 | €274,828 | +€62,071 | +29.2% |
| Other operating charges | 640/8 | €754 | €447 | -€307 | -40.7% |
| Gross operating margin | 9900 | €804,003 | €738,007 | -€65,996 | -8.2% |
| Operating profit (loss) | 9901 | -€60,643 | -€629,056 | -€568,413 | -937% |
| Financial income | 75/76B | €13,447 | €13,200 | -€247 | -1.8% |
| Recurring financial income | 75 | €13,447 | €13,200 | -€247 | -1.8% |
| Financial charges | 65/66B | €17,544 | €31,855 | +€14,311 | +81.6% |
| Recurring financial charges | 65 | €17,544 | €31,855 | +€14,311 | +81.6% |
| Profit (loss) for the period before taxes | 9903 | -€64,740 | -€647,711 | -€582,971 | -900% |
| Income taxes | 67/77 | €457 | €1,863 | +€1,406 | +308% |
| Profit (loss) for the period | 9904 | -€65,197 | -€649,574 | -€584,377 | -896% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,197 | -€649,574 | -€584,377 | -896% |
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 25 October 2026 via checked.be.