THE SHELL COMPANY: 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 SHELL COMPANY
Largest movements
- Receivables within one year -€47,300
down €47,300 (-40.0%), from €118,388 to €71,088
of which Trade receivables: -€33,480
- Cash -€29,591
down €29,591 (-30.4%), from €97,443 to €67,852
mainly Trade debts (-€85,931)
- Deferred charges and accrued income -€2,422
no longer reported in 2025 (was €2,422)
- Trade debts -€85,931
down €85,931 (-43.0%), from €199,814 to €113,883
- Profit (loss) carried forward +€6,617
up €6,617 (+42.4%), from €15,594 to €22,211
- Gross operating margin +€4,165
up €4,165 (+80.9%), from €5,149 to €9,314
- Taxes +€1,028
up €1,028 (+87.3%), from €1,178 to €2,206
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 | €218,253 | €138,940 | -€79,313 | -36.3% |
| Current assets | 29/58 | €218,253 | €138,940 | -€79,313 | -36.3% |
| Amounts receivable within one year | 40/41 | €118,388 | €71,088 | -€47,300 | -40.0% |
| Trade receivables | 40 | €102,502 | €69,022 | -€33,480 | -32.7% |
| Other amounts receivable | 41 | €15,886 | €2,066 | -€13,820 | -87.0% |
| Cash at bank and in hand | 54/58 | €97,443 | €67,852 | -€29,591 | -30.4% |
| Deferred charges and accrued income | 490/1 | €2,422 | - | -€2,422 | |
| Total equity and liabilities | 10/49 | €218,253 | €138,940 | -€79,313 | -36.3% |
| Equity | 10/15 | €18,366 | €24,983 | +€6,617 | +36.0% |
| Contributions | 10/11 | €2,772 | €2,772 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,594 | €22,211 | +€6,617 | +42.4% |
| Amounts payable | 17/49 | €199,887 | €113,957 | -€85,930 | -43.0% |
| Amounts payable within one year | 42/48 | €199,821 | €113,890 | -€85,931 | -43.0% |
| Trade debts | 44 | €199,814 | €113,883 | -€85,931 | -43.0% |
| Suppliers | 440/4 | €199,814 | €113,883 | -€85,931 | -43.0% |
| Other amounts payable | 47/48 | €7 | €7 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +1.5% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €5,149 | €9,314 | +€4,165 | +80.9% |
| Operating profit (loss) | 9901 | €4,762 | €8,914 | +€4,152 | +87.2% |
| Financial charges | 65/66B | €90 | €91 | +€1 | +1.1% |
| Recurring financial charges | 65 | €90 | €91 | +€1 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €4,672 | €8,823 | +€4,151 | +88.8% |
| Income taxes | 67/77 | €1,178 | €2,206 | +€1,028 | +87.3% |
| Profit (loss) for the period | 9904 | €3,494 | €6,617 | +€3,123 | +89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,494 | €6,617 | +€3,123 | +89.4% |
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 17 October 2026 via checked.be.