SH GLOBAL
ActiveSummary
SH GLOBAL has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €589,392 and a net result of €489,731. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 44% of 639 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+22
Solvency60▲+7
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 1.55 against 1.38 in 2024; short-term debt: 64.5% and cash: 3.7% of total assets), but 64.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
35.5%
Return on assets
29.5%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €589,392
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
18 d late
2023
92 d late
2022
29 d late
2021
3 d early
2020
2 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 18 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€489,731▲ 609%
2024 · €69,116
Working capital
€588,968▲ 501%
2024 · €98,031
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€55,461▼ 15.5%-€129,422€188,046€125,273▼ 33.4%€668,993▲ 434%
Net result€37,937within the sector's middle half▼ 14.0%-€166,454below the sector's middle half€170,908above the sector's middle half€69,116within the sector's middle half▼ 59.6%€489,731above the sector's middle half▲ 609%
Equity€624,336above the sector's middle half▲ 6.5%€65,943within the sector's middle half▼ 89.4%€94,913within the sector's middle half▲ 43.9%€99,661within the sector's middle half▲ 5.0%€589,392above the sector's middle half▲ 491%
Total assets€640,798within the sector's middle half▲ 7.6%€475,067within the sector's middle half▼ 25.9%€585,484within the sector's middle half▲ 23.2%€358,521within the sector's middle half▼ 38.8%€1.7mabove the sector's middle half▲ 364%
Debt€16,461▲ 80.9%€409,124▲ 2,385%€490,571▲ 19.9%€258,860▼ 47.2%€1.1m▲ 314%
Working capital€570,263above the sector's middle half▲ 7.4%€62,692within the sector's middle half▼ 89.0%€62,533within the sector's middle half▼ 0.3%€98,031within the sector's middle half▲ 56.8%€588,968above the sector's middle half▲ 501%
Solvency97.4%above the sector's middle half▼ 1.0pp13.9%below the sector's middle half▼ 83.6pp16.2%below the sector's middle half▲ 2.3pp27.8%within the sector's middle half▲ 11.6pp35.5%within the sector's middle half▲ 7.7pp
Current ratio35.64above the sector's middle half▼ 23.721.15within the sector's middle half▼ 34.491.13within the sector's middle half▼ 0.031.38within the sector's middle half▲ 0.251.55within the sector's middle half▲ 0.17
Return on assets (ROA)5.9%within the sector's middle half▼ 1.5pp-35.0%below the sector's middle half▼ 41.0pp29.2%above the sector's middle half▲ 64.2pp19.3%above the sector's middle half▼ 9.9pp29.5%above the sector's middle half▲ 10.2pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +609% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 434% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€424 ▼ 74.0%
Current assets
€1.7m ▲ 366%
Equity and liabilities €1.7m
Equity
€589,392 ▲ 491%
Debt
€1.1m ▲ 314%
Debt's share of the balance-sheet total falls from 72.2% to 64.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€670,198▲
2024 · €126,782
Cash flow
€490,937▲
2024 · €70,625
Debt to equity
1.82▼
2024 · 2.60
ROE
83.1%▲
2024 · 69.4%
Interest coverage
40.73▲
2024 · 4.17
Debt ≤ 1 year
€1.1m▲
2024 · €258,860
Income taxes
€163,242▲
2024 · €26,896
Staff costs
€75
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,129 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €4,878 | €1,600 | - | - | €75 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,256 | €2,313 | €10,944 | €1,509 | €1,205 | ▼ 20.1% |
| Other operating charges640/8 | €654 | €619 | €5,297 | €3,818 | €701 | ▼ 81.6% |
| Non-recurring operating charges66A | - | €189,298 | - | - | €0 | - |
| Gross operating margin9900 | €63,249 | €64,407 | €204,288 | €130,600 | €670,973 | ▲ 414% |
| Operating profit (loss)9901 | €55,461 | -€129,422 | €188,046 | €125,273 | €668,993 | ▲ 434% |
| Financial income75/76B | €968 | - | €1,079 | €1,107 | €434 | ▼ 60.8% |
| Recurring financial income75 | €968 | - | €1,079 | €1,107 | €434 | ▼ 60.8% |
| Financial charges65/66B | €387 | €50,591 | €60 | €30,368 | €16,454 | ▼ 45.8% |
| Recurring financial charges65 | €387 | €591 | €60 | €30,368 | €16,454 | ▼ 45.8% |
| Non-recurring financial charges66B | - | €50,000 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €56,043 | -€180,013 | €189,065 | €96,012 | €652,973 | ▲ 580% |
| Income taxes67/77 | €18,106 | -€13,559 | €18,157 | €26,896 | €163,242 | ▲ 507% |
| Profit (loss) for the period9904 | €37,937 | -€166,454 | €170,908 | €69,116 | €489,731 | ▲ 609% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €210,500 | - |
| Profit (loss) for the period to be appropriated9905 | €37,937 | -€166,454 | €170,908 | €69,116 | €279,231 | ▲ 304% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €640,798 | €475,067 | €585,484 | €358,521 | €1.7m | ▲ 364% |
| Fixed assets21/28 | €54,073 | €3,252 | €32,379 | €1,629 | €424 | ▼ 74.0% |
| Tangible fixed assets22/27 | €4,023 | €3,202 | €32,329 | €1,579 | €374 | ▼ 76.3% |
| Plant, machinery and equipment23 | €1,432 | €755 | €444 | €183 | €0 | ▼ 100% |
| Furniture and vehicles24 | €2,591 | €2,447 | €31,885 | €1,396 | €374 | ▼ 73.2% |
| Financial fixed assets28 | €50,050 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €586,724 | €471,816 | €553,105 | €356,891 | €1.7m | ▲ 366% |
| Amounts receivable within one year40/41 | €242,800 | €73,361 | €177,243 | €79,717 | €1.6m | ▲ 1,859% |
| Trade receivables40 | €41,745 | €41,648 | €177,243 | €61,263 | €1.6m | ▲ 2,450% |
| Other amounts receivable41 | €201,055 | €31,713 | - | €18,454 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €338,297 | €396,326 | €361,791 | €262,851 | €60,669 | ▼ 76.9% |
| Deferred charges and accrued income490/1 | €5,627 | €2,128 | €14,071 | €14,324 | €38,838 | ▲ 171% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €640,798 | €475,067 | €585,484 | €358,521 | €1.7m | ▲ 364% |
| Equity10/15 | €624,336 | €65,943 | €94,913 | €99,661 | €589,392 | ▲ 491% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €618,136 | €66,228 | €66,228 | €1,860 | €212,360 | ▲ 11,317% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | - | €210,500 | - |
| Distributable reserves133 | €616,276 | €64,368 | €64,368 | - | - | - |
| Profit (loss) carried forward14 | - | -€6,485 | €22,485 | €91,601 | €370,832 | ▲ 305% |
| Amounts payable17/49 | €16,461 | €409,124 | €490,571 | €258,860 | €1.1m | ▲ 314% |
| Amounts payable within one year42/48 | €16,461 | €409,124 | €490,571 | €258,860 | €1.1m | ▲ 314% |
| Trade debts44 | €7,627 | €5,023 | €6,132 | €28,634 | €0 | ▼ 100% |
| Suppliers440/4 | €7,627 | €5,023 | €6,132 | €28,634 | €0 | ▼ 100% |
| Advances received on contracts in progress46 | - | - | €75,200 | €32,950 | €13,425 | ▼ 59.3% |
| Taxes, remuneration and social security45 | €6,205 | €27,284 | €30,125 | €5,956 | €78,326 | ▲ 1,215% |
| Taxes450/3 | €5,647 | €27,284 | €30,125 | €5,956 | €78,326 | ▲ 1,215% |
| Remuneration and social security454/9 | €559 | - | - | - | - | - |
| Other amounts payable47/48 | €2,629 | €376,817 | €379,115 | €191,320 | €980,712 | ▲ 413% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,937 | -€166,454 | €170,908 | €69,116 | €489,731 | ▲ 609% |
| + Depreciation and write-downs630 | €2,256 | €2,313 | €10,944 | €1,509 | €1,205 | ▼ 20.1% |
| Operating cash flow (approximation) | €40,193 | -€164,141 | €181,853 | €70,625 | €490,937 | ▲ 595% |
| Investment in fixed assets (approximation) | - | €48,509 | -€40,072 | €29,241 | €0 | ▼ 100% |
| Change in cash | - | €58,029 | -€34,535 | -€98,940 | -€202,182 | ▼ 104% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €489,731 ▲609%
Operating result €668,993, net result €489,731, both a record.
31-12
Financial
Equity above €500,000Eq €589,392 ▲491%
3 profitable years in a row build equity to €589,392.
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 18 days late
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 92 days late
2023
31-12
Financial
Back to profitnet €170,908
Net result €170,908 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
31-12
Financial
Weakest financial yearnet -€166,454
Net result drops to -€166,454, the lowest in the series; recovery starts the following year.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity times 8current ratio 83.45
Current ratio from 10.21 to 83.45; short-term debt falls from €50,661 to €5,952.
Show earlier events
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2003
Ground area
286 m²
Building footprint
224 m²
Volume, LiDAR
1,817 m³
Parcel 21612C0001/00M039, Brussels · tallest building 16.9 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Molièrelaan 329, 1180 Ukkel
since 20032.115.245.346
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0001/00M039 | Brussels | 286 m² | 1 · 224 m² | 16.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
984500B762D7478A0845
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Of 6,288 companies in sector 74120 we hold annual accounts for 1,011. 412 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded14-06-2002
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
74120Graphic design and visual communication
47120Other non-specialised retail sale
62100Computer programming
74140Other specialised design activities
74209Other photographic activities
77400Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0477780725
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.