Shadel: 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.
Shadel
Largest movements
- Cash -€33,212
down €33,212 (-25.0%), from €132,630 to €99,419
mainly Debts after one year (-€116,667) and Tax, wage and social debts (-€12,305)
- Debts after one year -€116,667
down €116,667 (-16.7%), from €700,556 to €583,889
- Profit (loss) carried forward +€95,776
up €95,776 (+25.3%), from €379,214 to €474,991
- Gross operating margin -€151,484
down €151,484, from €138,867 to -€12,616
- Financial income +€25,000
up €25,000 (+20.0%), from €125,000 to €150,000
- Taxes +€4,929
up €4,929 (+17.2%), from €28,733 to €33,662
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 | €1,242,319 | €1,209,107 | -€33,212 | -2.7% |
| Fixed assets | 21/28 | €1,109,689 | €1,109,689 | = | 0.0% |
| Financial fixed assets | 28 | €1,109,689 | €1,109,689 | = | 0.0% |
| Current assets | 29/58 | €132,630 | €99,419 | -€33,212 | -25.0% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €132,630 | €99,419 | -€33,212 | -25.0% |
| Total equity and liabilities | 10/49 | €1,242,319 | €1,209,107 | -€33,212 | -2.7% |
| Equity | 10/15 | €389,214 | €484,991 | +€95,776 | +24.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,214 | €474,991 | +€95,776 | +25.3% |
| Amounts payable | 17/49 | €853,105 | €724,116 | -€128,988 | -15.1% |
| Amounts payable after more than one year | 17 | €700,556 | €583,889 | -€116,667 | -16.7% |
| Financial debts | 170/4 | €700,556 | €583,889 | -€116,667 | -16.7% |
| Amounts payable within one year | 42/48 | €148,469 | €140,227 | -€8,242 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €116,667 | €116,667 | = | 0.0% |
| Financial debts | 43 | - | €1,575 | +€1,575 | |
| Credit institutions | 430/8 | - | €1,575 | +€1,575 | |
| Trade debts | 44 | €1,531 | €2,990 | +€1,459 | +95.3% |
| Suppliers | 440/4 | €1,531 | €2,990 | +€1,459 | +95.3% |
| Taxes, remuneration and social security | 45 | €17,728 | €5,422 | -€12,305 | -69.4% |
| Taxes | 450/3 | €17,728 | €5,422 | -€12,305 | -69.4% |
| Other amounts payable | 47/48 | €12,544 | €13,574 | +€1,030 | +8.2% |
| Accrued charges and deferred income | 492/3 | €4,080 | - | -€4,080 | |
| Other operating charges | 640/8 | €132 | €285 | +€153 | +116% |
| Gross operating margin | 9900 | €138,867 | -€12,616 | -€151,484 | |
| Operating profit (loss) | 9901 | €138,736 | -€12,901 | -€151,637 | |
| Financial income | 75/76B | €125,000 | €150,000 | +€25,000 | +20.0% |
| Recurring financial income | 75 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Financial charges | 65/66B | €7,438 | €7,661 | +€223 | +3.0% |
| Recurring financial charges | 65 | €7,438 | €7,661 | +€223 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €256,298 | €129,439 | -€126,859 | -49.5% |
| Income taxes | 67/77 | €28,733 | €33,662 | +€4,929 | +17.2% |
| Profit (loss) for the period | 9904 | €227,565 | €95,776 | -€131,789 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €227,565 | €95,776 | -€131,789 | -57.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.