NEW 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.
NEW SHANGHAI
Largest movements
- Current investments -€70,000
no longer reported in 2025 (was €70,000)
- Receivables within one year +€29,685
up €29,685 (+407%), from €7,295 to €36,980
of which Trade receivables: +€20,211
- Cash +€25,422
up €25,422 (+46.5%), from €54,663 to €80,085
mainly Current investments (+€70,000) and Depreciation (+€31,100)
- Tangible fixed assets -€15,084
down €15,084 (-16.7%), from €90,368 to €75,284
of which Furniture and vehicles: -€20,618
- Stocks and contracts +€8,021
up €8,021 (+1,335%), from €601 to €8,621
- Current portion of long-term debt -€16,791
down €16,791 (-71.8%), from €23,381 to €6,589
- Trade debts +€14,692
up €14,692 (+85.0%), from €17,282 to €31,974
- Profit (loss) carried forward -€7,776
down €7,776 (-10.6%), from €73,388 to €65,612
- Debts after one year -€6,589
no longer reported in 2025 (was €6,589)
- Other debts -€5,575
no longer reported in 2025 (was €5,575)
- Gross operating margin -€36,607
down €36,607 (-21.4%), from €170,949 to €134,342
- Staff costs -€8,645
down €8,645 (-7.3%), from €119,060 to €110,416
- Taxes -€3,621
down €3,621 (-773%), from -€469 to -€4,090
- Depreciation +€1,719
up €1,719 (+5.8%), from €29,382 to €31,100
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 | €225,980 | €204,828 | -€21,152 | -9.4% |
| Fixed assets | 21/28 | €90,723 | €75,639 | -€15,084 | -16.6% |
| Tangible fixed assets | 22/27 | €90,368 | €75,284 | -€15,084 | -16.7% |
| Plant, machinery and equipment | 23 | €2,714 | €13,486 | +€10,772 | +397% |
| Furniture and vehicles | 24 | €57,186 | €36,568 | -€20,618 | -36.1% |
| Other tangible fixed assets | 26 | €30,468 | €25,230 | -€5,237 | -17.2% |
| Financial fixed assets | 28 | €355 | €355 | = | 0.0% |
| Current assets | 29/58 | €135,257 | €129,188 | -€6,068 | -4.5% |
| Stocks and contracts in progress | 3 | €601 | €8,621 | +€8,021 | +1,335% |
| Stocks | 30/36 | €601 | €8,621 | +€8,021 | +1,335% |
| Amounts receivable within one year | 40/41 | €7,295 | €36,980 | +€29,685 | +407% |
| Trade receivables | 40 | €2,508 | €22,718 | +€20,211 | +806% |
| Other amounts receivable | 41 | €4,787 | €14,261 | +€9,474 | +198% |
| Current investments | 50/53 | €70,000 | - | -€70,000 | |
| Cash at bank and in hand | 54/58 | €54,663 | €80,085 | +€25,422 | +46.5% |
| Deferred charges and accrued income | 490/1 | €2,698 | €3,503 | +€804 | +29.8% |
| Total equity and liabilities | 10/49 | €225,980 | €204,828 | -€21,152 | -9.4% |
| Equity | 10/15 | €143,436 | €135,659 | -€7,776 | -5.4% |
| Contributions | 10/11 | €19,293 | €19,293 | = | 0.0% |
| Reserves | 13 | €50,754 | €50,754 | = | 0.0% |
| Distributable reserves | 133 | €50,754 | €50,754 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,388 | €65,612 | -€7,776 | -10.6% |
| Amounts payable | 17/49 | €82,544 | €69,168 | -€13,376 | -16.2% |
| Amounts payable after more than one year | 17 | €6,589 | - | -€6,589 | |
| Financial debts | 170/4 | €6,589 | - | -€6,589 | |
| Amounts payable within one year | 42/48 | €75,889 | €69,151 | -€6,738 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €23,381 | €6,589 | -€16,791 | -71.8% |
| Financial debts | 43 | €1,746 | €1,735 | -€10 | -0.6% |
| Credit institutions | 430/8 | €1,746 | €1,735 | -€10 | -0.6% |
| Trade debts | 44 | €17,282 | €31,974 | +€14,692 | +85.0% |
| Suppliers | 440/4 | €17,282 | €31,974 | +€14,692 | +85.0% |
| Taxes, remuneration and social security | 45 | €27,906 | €28,853 | +€947 | +3.4% |
| Taxes | 450/3 | €11,687 | €8,219 | -€3,469 | -29.7% |
| Remuneration and social security | 454/9 | €16,219 | €20,635 | +€4,416 | +27.2% |
| Other amounts payable | 47/48 | €5,575 | - | -€5,575 | |
| Accrued charges and deferred income | 492/3 | €66 | €17 | -€49 | -73.9% |
| Remuneration, social security and pensions | 62 | €119,060 | €110,416 | -€8,645 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,382 | €31,100 | +€1,719 | +5.8% |
| Other operating charges | 640/8 | €4,250 | €2,927 | -€1,324 | -31.1% |
| Gross operating margin | 9900 | €170,949 | €134,342 | -€36,607 | -21.4% |
| Operating profit (loss) | 9901 | €18,257 | -€10,100 | -€28,357 | |
| Financial income | 75/76B | €1,761 | €1,557 | -€204 | -11.6% |
| Recurring financial income | 75 | €1,761 | €1,557 | -€204 | -11.6% |
| Financial charges | 65/66B | €4,596 | €3,323 | -€1,274 | -27.7% |
| Recurring financial charges | 65 | €4,596 | €3,323 | -€1,274 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €15,422 | -€11,866 | -€27,288 | |
| Income taxes | 67/77 | -€469 | -€4,090 | -€3,621 | -773% |
| Profit (loss) for the period | 9904 | €15,891 | -€7,776 | -€23,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,891 | -€7,776 | -€23,667 |
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 25 October 2026 via checked.be.