LE SHANGHAI: 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.
LE SHANGHAI
Largest movements
- Cash +€65,501
up €65,501 (+7.8%), from €842,880 to €908,380
mainly Trade debts (+€77,396) and Receivables within one year (+€30,145)
- Receivables within one year -€30,145
down €30,145 (-12.0%), from €251,466 to €221,321
of which Trade receivables: -€38,622
- Trade debts +€77,396
up €77,396 (+42.8%), from €181,033 to €258,430
- Tax, wage and social debts -€37,720
down €37,720 (-24.4%), from €154,508 to €116,788
of which Remuneration and social security: -€31,048
- Gross operating margin -€44,369
down €44,369 (-4.5%), from €975,483 to €931,115
- Staff costs +€17,445
up €17,445 (+2.0%), from €858,393 to €875,838
- Taxes -€16,218
down €16,218 (-83.3%), from €19,480 to €3,262
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 | €1,138,352 | €1,183,808 | +€45,456 | +4.0% |
| Fixed assets | 21/28 | €33,919 | €46,242 | +€12,323 | +36.3% |
| Tangible fixed assets | 22/27 | €29,704 | €39,447 | +€9,743 | +32.8% |
| Plant, machinery and equipment | 23 | €18,478 | €20,784 | +€2,306 | +12.5% |
| Furniture and vehicles | 24 | €370 | €216 | -€155 | -41.8% |
| Other tangible fixed assets | 26 | €10,855 | €18,447 | +€7,592 | +69.9% |
| Financial fixed assets | 28 | €4,215 | €6,795 | +€2,580 | +61.2% |
| Current assets | 29/58 | €1,104,433 | €1,137,566 | +€33,133 | +3.0% |
| Stocks and contracts in progress | 3 | €3,258 | €2,772 | -€486 | -14.9% |
| Stocks | 30/36 | €3,258 | €2,772 | -€486 | -14.9% |
| Amounts receivable within one year | 40/41 | €251,466 | €221,321 | -€30,145 | -12.0% |
| Trade receivables | 40 | €40,894 | €2,272 | -€38,622 | -94.4% |
| Other amounts receivable | 41 | €210,573 | €219,050 | +€8,477 | +4.0% |
| Cash at bank and in hand | 54/58 | €842,880 | €908,380 | +€65,501 | +7.8% |
| Deferred charges and accrued income | 490/1 | €6,829 | €5,093 | -€1,737 | -25.4% |
| Total equity and liabilities | 10/49 | €1,138,352 | €1,183,808 | +€45,456 | +4.0% |
| Equity | 10/15 | €802,811 | €807,592 | +€4,782 | +0.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €739,559 | €744,340 | +€4,782 | +0.6% |
| Distributable reserves | 133 | €739,559 | €744,340 | +€4,782 | +0.6% |
| Profit (loss) carried forward | 14 | €44,660 | €44,660 | = | 0.0% |
| Amounts payable | 17/49 | €335,541 | €376,216 | +€40,675 | +12.1% |
| Amounts payable within one year | 42/48 | €335,541 | €375,218 | +€39,676 | +11.8% |
| Trade debts | 44 | €181,033 | €258,430 | +€77,396 | +42.8% |
| Suppliers | 440/4 | €181,033 | €258,430 | +€77,396 | +42.8% |
| Taxes, remuneration and social security | 45 | €154,508 | €116,788 | -€37,720 | -24.4% |
| Taxes | 450/3 | €40,108 | €33,436 | -€6,672 | -16.6% |
| Remuneration and social security | 454/9 | €114,400 | €83,352 | -€31,048 | -27.1% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Remuneration, social security and pensions | 62 | €858,393 | €875,838 | +€17,445 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,403 | €13,755 | +€1,352 | +10.9% |
| Other operating charges | 640/8 | €13,510 | €13,015 | -€495 | -3.7% |
| Gross operating margin | 9900 | €975,483 | €931,115 | -€44,369 | -4.5% |
| Operating profit (loss) | 9901 | €91,177 | €28,507 | -€62,670 | -68.7% |
| Financial income | 75/76B | €15 | €7 | -€8 | -52.4% |
| Recurring financial income | 75 | €15 | €7 | -€8 | -52.4% |
| Financial charges | 65/66B | €19,739 | €20,470 | +€731 | +3.7% |
| Recurring financial charges | 65 | €19,739 | €20,470 | +€731 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €71,453 | €8,044 | -€63,409 | -88.7% |
| Income taxes | 67/77 | €19,480 | €3,262 | -€16,218 | -83.3% |
| Profit (loss) for the period | 9904 | €51,973 | €4,782 | -€47,192 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,973 | €4,782 | -€47,192 | -90.8% |
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 29 October 2026 via checked.be.