W SHEM: 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.
W SHEM
Largest movements
- Tangible fixed assets +€29,251
up €29,251 (+24.1%), from €121,205 to €150,455
of which Land and buildings: +€22,184
- Cash -€6,326
down €6,326 (-8.8%), from €71,558 to €65,232
mainly Contributions, distributions and other (-€170,000) and Investment in fixed assets (net) (-€49,934)
- Other debts +€130,909
up €130,909 (+684.5%), from €19,126 to €150,035
- Profit (loss) carried forward -€124,786
down €124,786 (-72.0%), from €173,279 to €48,493
- Tax, wage and social debts +€8,336
up €8,336 (+115.8%), from €7,199 to €15,535
of which Remuneration and social security: +€5,944
- Trade debts +€5,268
new in 2025: €5,268
- Gross operating margin -€21,295
down €21,295 (-20.0%), from €106,335 to €85,040
- Depreciation +€5,522
up €5,522 (+35.1%), from €15,742 to €21,265
- Taxes -€3,137
down €3,137 (-16.8%), from €18,697 to €15,560
- Staff costs +€1,877
up €1,877 (+475.8%), from €394 to €2,271
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 | €209,603 | €229,330 | +€19,727 | +9.4% |
| Fixed assets | 21/28 | €123,355 | €152,025 | +€28,670 | +23.2% |
| Intangible fixed assets | 21 | €2,150 | €1,569 | -€581 | -27.0% |
| Tangible fixed assets | 22/27 | €121,205 | €150,455 | +€29,251 | +24.1% |
| Land and buildings | 22 | €108,618 | €130,802 | +€22,184 | +20.4% |
| Plant, machinery and equipment | 23 | €11,062 | €11,085 | +€23 | +0.2% |
| Furniture and vehicles | 24 | €1,525 | €8,569 | +€7,044 | +462.0% |
| Current assets | 29/58 | €86,248 | €77,305 | -€8,943 | -10.4% |
| Stocks and contracts in progress | 3 | €6,312 | €4,920 | -€1,392 | -22.0% |
| Stocks | 30/36 | €6,312 | €4,920 | -€1,392 | -22.0% |
| Amounts receivable within one year | 40/41 | €8,378 | €7,152 | -€1,225 | -14.6% |
| Trade receivables | 40 | €4,679 | €6,572 | +€1,893 | +40.5% |
| Other amounts receivable | 41 | €3,698 | €580 | -€3,118 | -84.3% |
| Cash at bank and in hand | 54/58 | €71,558 | €65,232 | -€6,326 | -8.8% |
| Total equity and liabilities | 10/49 | €209,603 | €229,330 | +€19,727 | +9.4% |
| Equity | 10/15 | €183,279 | €58,493 | -€124,786 | -68.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,279 | €48,493 | -€124,786 | -72.0% |
| Amounts payable | 17/49 | €26,324 | €170,837 | +€144,513 | +549.0% |
| Amounts payable within one year | 42/48 | €26,324 | €170,837 | +€144,513 | +549.0% |
| Trade debts | 44 | - | €5,268 | +€5,268 | |
| Suppliers | 440/4 | - | €5,268 | +€5,268 | |
| Taxes, remuneration and social security | 45 | €7,199 | €15,535 | +€8,336 | +115.8% |
| Taxes | 450/3 | €7,199 | €9,591 | +€2,392 | +33.2% |
| Remuneration and social security | 454/9 | - | €5,944 | +€5,944 | |
| Other amounts payable | 47/48 | €19,126 | €150,035 | +€130,909 | +684.5% |
| Remuneration, social security and pensions | 62 | €394 | €2,271 | +€1,877 | +475.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,742 | €21,265 | +€5,522 | +35.1% |
| Other operating charges | 640/8 | €599 | €617 | +€18 | +3.0% |
| Gross operating margin | 9900 | €106,335 | €85,040 | -€21,295 | -20.0% |
| Operating profit (loss) | 9901 | €89,600 | €60,887 | -€28,712 | -32.0% |
| Financial income | 75/76B | €154 | €24 | -€130 | -84.2% |
| Recurring financial income | 75 | €154 | €24 | -€130 | -84.2% |
| Financial charges | 65/66B | - | €137 | +€137 | |
| Recurring financial charges | 65 | - | €137 | +€137 | |
| Profit (loss) for the period before taxes | 9903 | €89,754 | €60,774 | -€28,980 | -32.3% |
| Income taxes | 67/77 | €18,697 | €15,560 | -€3,137 | -16.8% |
| Profit (loss) for the period | 9904 | €71,057 | €45,214 | -€25,843 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,057 | €45,214 | -€25,843 | -36.4% |
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 10 October 2026 via checked.be.