SUNSHINE 88: 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.
SUNSHINE 88
Largest movements
- Receivables within one year -€126,340
down €126,340 (-13.5%), from €936,622 to €810,282
of which Trade receivables: -€129,453
- Other debts -€318,770
down €318,770 (-42.0%), from €758,786 to €440,016
- Reserves +€158,440
up €158,440 (+10.9%), from €1.5m to €1.6m
- Tax, wage and social debts +€37,874
up €37,874 (+94.9%), from €39,923 to €77,796
- Debts after one year -€37,244
down €37,244 (-12.5%), from €297,333 to €260,089
- Gross operating margin +€118,300
up €118,300 (+37.2%), from €317,812 to €436,111
- Taxes +€39,733
up €39,733 (+119.0%), from €33,392 to €73,125
- Financial charges -€7,643
down €7,643 (-23.4%), from €32,614 to €24,971
- Depreciation +€6,642
up €6,642 (+4.1%), from €163,168 to €169,810
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 | €2,922,247 | €2,770,236 | -€152,012 | -5.2% |
| Fixed assets | 21/28 | €1,949,742 | €1,931,054 | -€18,688 | -1.0% |
| Intangible fixed assets | 21 | €420 | €750 | +€330 | +78.5% |
| Tangible fixed assets | 22/27 | €1,948,322 | €1,930,304 | -€18,018 | -0.9% |
| Land and buildings | 22 | €1,864,327 | €1,844,948 | -€19,379 | -1.0% |
| Furniture and vehicles | 24 | €80,915 | €82,276 | +€1,361 | +1.7% |
| Other tangible fixed assets | 26 | €3,080 | €3,080 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | - | -€1,000 | |
| Current assets | 29/58 | €972,505 | €839,182 | -€133,323 | -13.7% |
| Amounts receivable within one year | 40/41 | €936,622 | €810,282 | -€126,340 | -13.5% |
| Trade receivables | 40 | €936,622 | €807,169 | -€129,453 | -13.8% |
| Other amounts receivable | 41 | - | €3,113 | +€3,113 | |
| Cash at bank and in hand | 54/58 | €35,533 | €24,754 | -€10,779 | -30.3% |
| Deferred charges and accrued income | 490/1 | €351 | €4,146 | +€3,795 | +1081.8% |
| Total equity and liabilities | 10/49 | €2,922,247 | €2,770,236 | -€152,012 | -5.2% |
| Equity | 10/15 | €1,722,553 | €1,880,993 | +€158,440 | +9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,452,084 | €1,610,524 | +€158,440 | +10.9% |
| Distributable reserves | 133 | €1,452,084 | €1,610,524 | +€158,440 | +10.9% |
| Profit (loss) carried forward | 14 | €264,269 | €264,269 | = | 0.0% |
| Amounts payable | 17/49 | €1,199,694 | €889,242 | -€310,452 | -25.9% |
| Amounts payable after more than one year | 17 | €297,333 | €260,089 | -€37,244 | -12.5% |
| Financial debts | 170/4 | €297,333 | €260,089 | -€37,244 | -12.5% |
| Amounts payable within one year | 42/48 | €837,281 | €557,855 | -€279,426 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €35,690 | €37,244 | +€1,554 | +4.4% |
| Trade debts | 44 | €2,881 | €2,799 | -€83 | -2.9% |
| Suppliers | 440/4 | €2,881 | €2,799 | -€83 | -2.9% |
| Taxes, remuneration and social security | 45 | €39,923 | €77,796 | +€37,874 | +94.9% |
| Taxes | 450/3 | €39,923 | €77,796 | +€37,874 | +94.9% |
| Other amounts payable | 47/48 | €758,786 | €440,016 | -€318,770 | -42.0% |
| Accrued charges and deferred income | 492/3 | €65,080 | €71,298 | +€6,218 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,168 | €169,810 | +€6,642 | +4.1% |
| Other operating charges | 640/8 | €10,291 | €10,030 | -€261 | -2.5% |
| Gross operating margin | 9900 | €317,812 | €436,111 | +€118,300 | +37.2% |
| Operating profit (loss) | 9901 | €144,353 | €256,271 | +€111,919 | +77.5% |
| Financial income | 75/76B | €112 | €265 | +€152 | +135.8% |
| Recurring financial income | 75 | €112 | €265 | +€152 | +135.8% |
| Financial charges | 65/66B | €32,614 | €24,971 | -€7,643 | -23.4% |
| Recurring financial charges | 65 | €32,614 | €24,971 | -€7,643 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €111,851 | €231,565 | +€119,714 | +107.0% |
| Income taxes | 67/77 | €33,392 | €73,125 | +€39,733 | +119.0% |
| Profit (loss) for the period | 9904 | €78,459 | €158,440 | +€79,981 | +101.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,459 | €158,440 | +€79,981 | +101.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.