Group SHJM: 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.
Group SHJM
Largest movements
- Cash -€87,069
down €87,069 (-27.1%), from €321,080 to €234,011
mainly Contributions, distributions and other (-€135,000) and Other debts (-€87,856)
- Receivables within one year +€31,627
up €31,627 (+49.1%), from €64,395 to €96,022
of which Other amounts receivable: +€44,279
- Tangible fixed assets +€23,932
up €23,932 (+6.4%), from €373,463 to €397,395
of which Land and buildings: +€28,920
- Other debts -€87,856
down €87,856 (-39.4%), from €222,856 to €135,000
- Debts after one year +€74,954
up €74,954 (+115%), from €65,114 to €140,068
of which Other amounts payable: +€58,927
- Provisions -€47,650
down €47,650 (-75.7%), from €62,970 to €15,320
- Trade debts -€40,050
down €40,050 (-19.1%), from €209,680 to €169,630
- Reserves +€35,215
up €35,215 (+59.8%), from €58,931 to €94,147
of which Distributable reserves: +€35,215
- Gross operating margin +€126,357
up €126,357 (+50.4%), from €250,519 to €376,877
- Taxes +€34,616
up €34,616 (+137%), from €25,249 to €59,865
- Staff costs -€23,432
down €23,432 (-15.0%), from €156,137 to €132,705
- Depreciation +€17,100
up €17,100 (+64.0%), from €26,715 to €43,815
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 | €867,693 | €845,958 | -€21,735 | -2.5% |
| Fixed assets | 21/28 | €378,203 | €405,907 | +€27,704 | +7.3% |
| Intangible fixed assets | 21 | €2,610 | €6,292 | +€3,682 | +141% |
| Tangible fixed assets | 22/27 | €373,463 | €397,395 | +€23,932 | +6.4% |
| Land and buildings | 22 | €283,274 | €312,194 | +€28,920 | +10.2% |
| Plant, machinery and equipment | 23 | €15,761 | €19,291 | +€3,530 | +22.4% |
| Furniture and vehicles | 24 | €74,428 | €65,909 | -€8,519 | -11.4% |
| Financial fixed assets | 28 | €2,130 | €2,220 | +€90 | +4.2% |
| Current assets | 29/58 | €489,490 | €440,051 | -€49,439 | -10.1% |
| Stocks and contracts in progress | 3 | €101,159 | €101,193 | +€34 | 0.0% |
| Stocks | 30/36 | €101,159 | €101,193 | +€34 | 0.0% |
| Amounts receivable within one year | 40/41 | €64,395 | €96,022 | +€31,627 | +49.1% |
| Trade receivables | 40 | €29,522 | €16,870 | -€12,652 | -42.9% |
| Other amounts receivable | 41 | €34,873 | €79,152 | +€44,279 | +127% |
| Cash at bank and in hand | 54/58 | €321,080 | €234,011 | -€87,069 | -27.1% |
| Deferred charges and accrued income | 490/1 | €2,856 | €8,825 | +€5,969 | +209% |
| Total equity and liabilities | 10/49 | €867,693 | €845,958 | -€21,735 | -2.5% |
| Equity | 10/15 | €233,667 | €268,883 | +€35,215 | +15.1% |
| Contributions | 10/11 | €26,000 | €26,000 | = | 0.0% |
| Revaluation surpluses | 12 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €58,931 | €94,147 | +€35,215 | +59.8% |
| Tax-exempt reserves | 132 | €5,736 | €5,736 | = | 0.0% |
| Distributable reserves | 133 | €53,195 | €88,410 | +€35,215 | +66.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €62,970 | €15,320 | -€47,650 | -75.7% |
| Provisions for liabilities and charges | 160/5 | €62,970 | €15,320 | -€47,650 | -75.7% |
| Environmental obligations | 163 | €62,970 | €15,320 | -€47,650 | -75.7% |
| Amounts payable | 17/49 | €571,055 | €561,755 | -€9,300 | -1.6% |
| Amounts payable after more than one year | 17 | €65,114 | €140,068 | +€74,954 | +115% |
| Financial debts | 170/4 | €53,564 | €69,591 | +€16,027 | +29.9% |
| Other amounts payable | 178/9 | €11,549 | €70,476 | +€58,927 | +510% |
| Amounts payable within one year | 42/48 | €505,942 | €421,539 | -€84,403 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €16,446 | €28,479 | +€12,034 | +73.2% |
| Financial debts | 43 | €22,917 | €24,114 | +€1,198 | +5.2% |
| Credit institutions | 430/8 | €22,917 | €24,114 | +€1,198 | +5.2% |
| Trade debts | 44 | €209,680 | €169,630 | -€40,050 | -19.1% |
| Suppliers | 440/4 | €209,680 | €169,630 | -€40,050 | -19.1% |
| Taxes, remuneration and social security | 45 | €34,044 | €64,316 | +€30,272 | +88.9% |
| Taxes | 450/3 | €1,442 | €34,731 | +€33,290 | +2,309% |
| Remuneration and social security | 454/9 | €32,602 | €29,585 | -€3,018 | -9.3% |
| Other amounts payable | 47/48 | €222,856 | €135,000 | -€87,856 | -39.4% |
| Accrued charges and deferred income | 492/3 | - | €148 | +€148 | |
| Remuneration, social security and pensions | 62 | €156,137 | €132,705 | -€23,432 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,715 | €43,815 | +€17,100 | +64.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€49,990 | -€47,650 | +€2,340 | +4.7% |
| Other operating charges | 640/8 | €4,154 | €7,048 | +€2,894 | +69.7% |
| Gross operating margin | 9900 | €250,519 | €376,877 | +€126,357 | +50.4% |
| Operating profit (loss) | 9901 | €113,503 | €240,959 | +€127,456 | +112% |
| Financial income | 75/76B | €420 | €3,300 | +€2,880 | +686% |
| Recurring financial income | 75 | €420 | €3,300 | +€2,880 | +686% |
| Financial charges | 65/66B | €14,884 | €14,179 | -€706 | -4.7% |
| Recurring financial charges | 65 | €14,884 | €14,179 | -€706 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €99,038 | €230,080 | +€131,042 | +132% |
| Income taxes | 67/77 | €25,249 | €59,865 | +€34,616 | +137% |
| Profit (loss) for the period | 9904 | €73,790 | €170,215 | +€96,425 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €73,790 | €170,215 | +€96,425 | +131% |
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 19 October 2026 via checked.be.