SHERGIL: 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.
SHERGIL
Largest movements
- Stocks and contracts +€34,336
new in 2025: €34,336
- Receivables within one year +€10,440
up €10,440 (+39.3%), from €26,598 to €37,038
of which Trade receivables: +€33,659
- Cash +€6,606
up €6,606 (+70.5%), from €9,375 to €15,981
mainly Trade debts (+€26,830) and Other debts (+€14,569)
- Trade debts +€26,830
up €26,830 (+4503.3%), from €596 to €27,426
- Other debts +€14,569
new in 2025: €14,569
- Tax, wage and social debts +€6,391
up €6,391 (+40.4%), from €15,804 to €22,195
of which Taxes: +€4,515
- Profit (loss) carried forward +€3,591
up €3,591 (+19.9%), from €18,073 to €21,664
- Gross operating margin -€24,350
down €24,350 (-26.5%), from €91,943 to €67,593
- Staff costs -€8,026
down €8,026 (-9.8%), from €82,096 to €74,070
- Taxes -€1,785
no longer reported in 2025 (was €1,785)
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 | €35,973 | €87,354 | +€51,381 | +142.8% |
| Current assets | 29/58 | €35,973 | €87,354 | +€51,381 | +142.8% |
| Stocks and contracts in progress | 3 | - | €34,336 | +€34,336 | |
| Stocks | 30/36 | - | €34,336 | +€34,336 | |
| Amounts receivable within one year | 40/41 | €26,598 | €37,038 | +€10,440 | +39.3% |
| Trade receivables | 40 | €3,370 | €37,029 | +€33,659 | +998.9% |
| Other amounts receivable | 41 | €23,228 | €9 | -€23,219 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,375 | €15,981 | +€6,606 | +70.5% |
| Total equity and liabilities | 10/49 | €35,973 | €87,354 | +€51,381 | +142.8% |
| Equity | 10/15 | €19,573 | €23,164 | +€3,591 | +18.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,073 | €21,664 | +€3,591 | +19.9% |
| Amounts payable | 17/49 | €16,400 | €64,190 | +€47,790 | +291.4% |
| Amounts payable within one year | 42/48 | €16,400 | €64,190 | +€47,790 | +291.4% |
| Trade debts | 44 | €596 | €27,426 | +€26,830 | +4503.3% |
| Suppliers | 440/4 | €596 | €27,426 | +€26,830 | +4503.3% |
| Taxes, remuneration and social security | 45 | €15,804 | €22,195 | +€6,391 | +40.4% |
| Taxes | 450/3 | €3,024 | €7,539 | +€4,515 | +149.3% |
| Remuneration and social security | 454/9 | €12,781 | €14,656 | +€1,876 | +14.7% |
| Other amounts payable | 47/48 | - | €14,569 | +€14,569 | |
| Remuneration, social security and pensions | 62 | €82,096 | €74,070 | -€8,026 | -9.8% |
| Other operating charges | 640/8 | €440 | €1,099 | +€659 | +149.7% |
| Gross operating margin | 9900 | €91,943 | €67,593 | -€24,350 | -26.5% |
| Operating profit (loss) | 9901 | €9,407 | -€7,576 | -€16,983 | |
| Financial income | 75/76B | €11,834 | €12,639 | +€805 | +6.8% |
| Recurring financial income | 75 | €11,834 | €12,639 | +€805 | +6.8% |
| Financial charges | 65/66B | €1,383 | €1,472 | +€89 | +6.4% |
| Recurring financial charges | 65 | €1,383 | €1,472 | +€89 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €19,858 | €3,591 | -€16,267 | -81.9% |
| Income taxes | 67/77 | €1,785 | - | -€1,785 | |
| Profit (loss) for the period | 9904 | €18,073 | €3,591 | -€14,481 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,073 | €3,591 | -€14,481 | -80.1% |
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 9 October 2026 via checked.be.