THE SHAMROCK: 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.
THE SHAMROCK
Largest movements
- Tangible fixed assets +€304,905
up €304,905 (+4,922%), from €6,195 to €311,100
of which Land and buildings: +€301,576
- Stocks and contracts +€168,807
up €168,807 (+49.0%), from €344,224 to €513,031
- Cash +€98,465
up €98,465 (+65.7%), from €149,771 to €248,236
mainly Debts after one year (+€265,751) and Trade debts (+€227,482)
- Receivables within one year +€75,125
up €75,125 (+260%), from €28,880 to €104,005
of which Trade receivables: +€70,223
- Debts after one year +€265,751
new in 2025: €265,751
- Trade debts +€227,482
up €227,482 (+151%), from €150,241 to €377,723
- Profit (loss) carried forward +€115,471
up €115,471 (+39.1%), from €295,071 to €410,542
- Current portion of long-term debt +€20,826
new in 2025: €20,826
- Gross operating margin +€80,122
up €80,122 (+45.8%), from €175,098 to €255,220
- Depreciation +€29,444
up €29,444 (+2,462%), from €1,196 to €30,641
- Staff costs +€16,617
up €16,617 (+39.5%), from €42,088 to €58,705
- Financial income -€5,117
down €5,117 (-97.7%), from €5,238 to €121
- Taxes +€4,294
up €4,294 (+13.6%), from €31,550 to €35,845
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 | €529,542 | €1,177,108 | +€647,566 | +122% |
| Fixed assets | 21/28 | €6,195 | €311,100 | +€304,905 | +4,922% |
| Tangible fixed assets | 22/27 | €6,195 | €311,100 | +€304,905 | +4,922% |
| Land and buildings | 22 | - | €301,576 | +€301,576 | |
| Plant, machinery and equipment | 23 | €2,305 | €3,731 | +€1,426 | +61.9% |
| Other tangible fixed assets | 26 | €3,890 | €5,794 | +€1,904 | +48.9% |
| Current assets | 29/58 | €523,347 | €866,008 | +€342,661 | +65.5% |
| Stocks and contracts in progress | 3 | €344,224 | €513,031 | +€168,807 | +49.0% |
| Stocks | 30/36 | €344,224 | €513,031 | +€168,807 | +49.0% |
| Amounts receivable within one year | 40/41 | €28,880 | €104,005 | +€75,125 | +260% |
| Trade receivables | 40 | €27,203 | €97,426 | +€70,223 | +258% |
| Other amounts receivable | 41 | €1,677 | €6,579 | +€4,902 | +292% |
| Cash at bank and in hand | 54/58 | €149,771 | €248,236 | +€98,465 | +65.7% |
| Deferred charges and accrued income | 490/1 | €472 | €736 | +€264 | +55.8% |
| Total equity and liabilities | 10/49 | €529,542 | €1,177,108 | +€647,566 | +122% |
| Equity | 10/15 | €332,159 | €447,631 | +€115,471 | +34.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €18,497 | €18,497 | = | 0.0% |
| Tax-exempt reserves | 132 | €537 | €537 | = | 0.0% |
| Distributable reserves | 133 | €17,959 | €17,959 | = | 0.0% |
| Profit (loss) carried forward | 14 | €295,071 | €410,542 | +€115,471 | +39.1% |
| Amounts payable | 17/49 | €197,383 | €729,477 | +€532,094 | +270% |
| Amounts payable after more than one year | 17 | - | €265,751 | +€265,751 | |
| Financial debts | 170/4 | - | €265,751 | +€265,751 | |
| Amounts payable within one year | 42/48 | €196,856 | €461,602 | +€264,746 | +134% |
| Current portion of amounts payable after more than one year | 42 | - | €20,826 | +€20,826 | |
| Trade debts | 44 | €150,241 | €377,723 | +€227,482 | +151% |
| Suppliers | 440/4 | €150,241 | €377,723 | +€227,482 | +151% |
| Advances received on contracts in progress | 46 | €2,110 | €11,170 | +€9,060 | +429% |
| Taxes, remuneration and social security | 45 | €37,380 | €44,536 | +€7,156 | +19.1% |
| Taxes | 450/3 | €21,387 | €24,168 | +€2,782 | +13.0% |
| Remuneration and social security | 454/9 | €15,993 | €20,368 | +€4,374 | +27.3% |
| Other amounts payable | 47/48 | €7,125 | €7,347 | +€222 | +3.1% |
| Accrued charges and deferred income | 492/3 | €527 | €2,124 | +€1,598 | +303% |
| Remuneration, social security and pensions | 62 | €42,088 | €58,705 | +€16,617 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,196 | €30,641 | +€29,444 | +2,462% |
| Other operating charges | 640/8 | €5,812 | €3,507 | -€2,305 | -39.7% |
| Non-recurring operating charges | 66A | - | €741 | +€741 | |
| Gross operating margin | 9900 | €175,098 | €255,220 | +€80,122 | +45.8% |
| Operating profit (loss) | 9901 | €126,003 | €161,626 | +€35,624 | +28.3% |
| Financial income | 75/76B | €5,238 | €121 | -€5,117 | -97.7% |
| Recurring financial income | 75 | €5,238 | €121 | -€5,117 | -97.7% |
| Financial charges | 65/66B | €8,720 | €10,431 | +€1,711 | +19.6% |
| Recurring financial charges | 65 | €8,720 | €10,431 | +€1,711 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €122,521 | €151,316 | +€28,795 | +23.5% |
| Income taxes | 67/77 | €31,550 | €35,845 | +€4,294 | +13.6% |
| Profit (loss) for the period | 9904 | €90,970 | €115,471 | +€24,501 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,970 | €115,471 | +€24,501 | +26.9% |
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 27 October 2026 via checked.be.