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
- Cash -€81,926
down €81,926 (-77.2%), from €106,178 to €24,252
mainly Net result for the year (-€87,872) and Tax, wage and social debts (-€24,322)
- Tangible fixed assets -€19,592
down €19,592 (-27.9%), from €70,226 to €50,633
of which Plant, machinery and equipment: -€12,533
- Profit (loss) carried forward -€87,872
new in 2025: -€87,872
- Tax, wage and social debts -€24,322
down €24,322 (-42.5%), from €57,229 to €32,907
of which Taxes: -€21,645
- Trade debts +€8,690
up €8,690 (+18.4%), from €47,166 to €55,856
- Gross operating margin -€94,433
down €94,433 (-47.3%), from €199,804 to €105,371
- Financial charges +€11,063
up €11,063 (+535%), from €2,069 to €13,131
- Taxes -€5,917
down €5,917 (-79.2%), from €7,475 to €1,557
- Staff costs -€2,132
down €2,132 (-1.4%), from €154,976 to €152,844
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 | €407,152 | €305,010 | -€102,142 | -25.1% |
| Fixed assets | 21/28 | €70,226 | €50,633 | -€19,592 | -27.9% |
| Tangible fixed assets | 22/27 | €70,226 | €50,633 | -€19,592 | -27.9% |
| Plant, machinery and equipment | 23 | €46,662 | €34,129 | -€12,533 | -26.9% |
| Furniture and vehicles | 24 | €23,564 | €16,504 | -€7,060 | -30.0% |
| Current assets | 29/58 | €336,926 | €254,377 | -€82,550 | -24.5% |
| Stocks and contracts in progress | 3 | €33,364 | €33,364 | = | 0.0% |
| Stocks | 30/36 | €33,364 | €33,364 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €197,384 | €194,088 | -€3,297 | -1.7% |
| Trade receivables | 40 | €47,201 | €35,332 | -€11,869 | -25.1% |
| Other amounts receivable | 41 | €150,183 | €158,756 | +€8,573 | +5.7% |
| Cash at bank and in hand | 54/58 | €106,178 | €24,252 | -€81,926 | -77.2% |
| Deferred charges and accrued income | 490/1 | - | €2,673 | +€2,673 | |
| Total equity and liabilities | 10/49 | €407,152 | €305,010 | -€102,142 | -25.1% |
| Equity | 10/15 | €298,785 | €210,913 | -€87,872 | -29.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €268,785 | €268,785 | = | 0.0% |
| Distributable reserves | 133 | €268,785 | €268,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€87,872 | -€87,872 | |
| Amounts payable | 17/49 | €108,367 | €94,097 | -€14,270 | -13.2% |
| Amounts payable within one year | 42/48 | €108,367 | €94,097 | -€14,270 | -13.2% |
| Trade debts | 44 | €47,166 | €55,856 | +€8,690 | +18.4% |
| Suppliers | 440/4 | €47,166 | €55,856 | +€8,690 | +18.4% |
| Taxes, remuneration and social security | 45 | €57,229 | €32,907 | -€24,322 | -42.5% |
| Taxes | 450/3 | €37,189 | €15,543 | -€21,645 | -58.2% |
| Remuneration and social security | 454/9 | €20,040 | €17,364 | -€2,676 | -13.4% |
| Other amounts payable | 47/48 | €3,973 | €5,335 | +€1,362 | +34.3% |
| Remuneration, social security and pensions | 62 | €154,976 | €152,844 | -€2,132 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,520 | €21,061 | +€1,542 | +7.9% |
| Other operating charges | 640/8 | €3,151 | €4,650 | +€1,499 | +47.6% |
| Gross operating margin | 9900 | €199,804 | €105,371 | -€94,433 | -47.3% |
| Operating profit (loss) | 9901 | €22,157 | -€73,185 | -€95,341 | |
| Financial income | 75/76B | €49 | €1 | -€49 | -98.9% |
| Recurring financial income | 75 | €49 | €1 | -€49 | -98.9% |
| Financial charges | 65/66B | €2,069 | €13,131 | +€11,063 | +535% |
| Recurring financial charges | 65 | €2,069 | €13,131 | +€11,063 | +535% |
| Profit (loss) for the period before taxes | 9903 | €20,137 | -€86,315 | -€106,453 | |
| Income taxes | 67/77 | €7,475 | €1,557 | -€5,917 | -79.2% |
| Profit (loss) for the period | 9904 | €12,663 | -€87,872 | -€100,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,663 | -€87,872 | -€100,535 |
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.