Skadhi: 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.
Skadhi
Largest movements
- Receivables within one year +€112,441
up €112,441 (+796.5%), from €14,117 to €126,558
of which Other amounts receivable: +€99,802
- Tangible fixed assets +€99,055
up €99,055 (+6704.3%), from €1,477 to €100,533
of which Land and buildings: +€100,000
- Cash -€66,956
down €66,956 (-60.6%), from €110,546 to €43,590
mainly Receivables within one year (-€112,441) and Investment in fixed assets (net) (-€100,000)
- Debts after one year +€89,190
new in 2025: €89,190
- Reserves +€42,873
up €42,873 (+47.5%), from €90,340 to €133,213
- Current portion of long-term debt +€8,681
new in 2025: €8,681
- Gross operating margin -€15,272
down €15,272 (-17.4%), from €87,964 to €72,692
- Other operating charges +€13,883
up €13,883 (+1196.1%), from €1,161 to €15,043
- Taxes -€6,346
down €6,346 (-35.2%), from €18,029 to €11,683
- Financial charges +€2,431
up €2,431 (+1543.7%), from €157 to €2,588
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 | €126,141 | €270,977 | +€144,836 | +114.8% |
| Fixed assets | 21/28 | €1,477 | €100,533 | +€99,055 | +6704.3% |
| Tangible fixed assets | 22/27 | €1,477 | €100,533 | +€99,055 | +6704.3% |
| Land and buildings | 22 | - | €100,000 | +€100,000 | |
| Furniture and vehicles | 24 | €1,477 | €533 | -€945 | -63.9% |
| Current assets | 29/58 | €124,663 | €170,444 | +€45,780 | +36.7% |
| Amounts receivable within one year | 40/41 | €14,117 | €126,558 | +€112,441 | +796.5% |
| Trade receivables | 40 | €13,911 | €26,550 | +€12,639 | +90.9% |
| Other amounts receivable | 41 | €206 | €100,008 | +€99,802 | +48530.1% |
| Cash at bank and in hand | 54/58 | €110,546 | €43,590 | -€66,956 | -60.6% |
| Deferred charges and accrued income | 490/1 | - | €295 | +€295 | |
| Total equity and liabilities | 10/49 | €126,141 | €270,977 | +€144,836 | +114.8% |
| Equity | 10/15 | €92,840 | €135,713 | +€42,873 | +46.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €90,340 | €133,213 | +€42,873 | +47.5% |
| Distributable reserves | 133 | €90,340 | €133,213 | +€42,873 | +47.5% |
| Amounts payable | 17/49 | €33,300 | €135,263 | +€101,963 | +306.2% |
| Amounts payable after more than one year | 17 | - | €89,190 | +€89,190 | |
| Financial debts | 170/4 | - | €89,190 | +€89,190 | |
| Amounts payable within one year | 42/48 | €33,300 | €46,073 | +€12,772 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | - | €8,681 | +€8,681 | |
| Trade debts | 44 | €382 | €1,592 | +€1,210 | +316.3% |
| Suppliers | 440/4 | €382 | €1,592 | +€1,210 | +316.3% |
| Taxes, remuneration and social security | 45 | €31,999 | €34,387 | +€2,388 | +7.5% |
| Taxes | 450/3 | €30,999 | €34,387 | +€3,388 | +10.9% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €919 | €1,412 | +€494 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,207 | €945 | -€263 | -21.8% |
| Other operating charges | 640/8 | €1,161 | €15,043 | +€13,883 | +1196.1% |
| Gross operating margin | 9900 | €87,964 | €72,692 | -€15,272 | -17.4% |
| Operating profit (loss) | 9901 | €85,596 | €56,704 | -€28,892 | -33.8% |
| Financial income | 75/76B | €162 | €440 | +€279 | +172.2% |
| Recurring financial income | 75 | €162 | €440 | +€279 | +172.2% |
| Financial charges | 65/66B | €157 | €2,588 | +€2,431 | +1543.7% |
| Recurring financial charges | 65 | €157 | €2,588 | +€2,431 | +1543.7% |
| Profit (loss) for the period before taxes | 9903 | €85,600 | €54,556 | -€31,045 | -36.3% |
| Income taxes | 67/77 | €18,029 | €11,683 | -€6,346 | -35.2% |
| Profit (loss) for the period | 9904 | €67,572 | €42,873 | -€24,699 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,572 | €42,873 | -€24,699 | -36.6% |
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 11 October 2026 via checked.be.