S.H: 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.
S.H
Largest movements
- Cash +€50,833
up €50,833 (+132%), from €38,559 to €89,392
mainly Net result for the year (+€44,405) and Tax, wage and social debts (+€20,607)
- Receivables after one year +€8,000
new in 2025: €8,000
- Receivables within one year +€4,069
up €4,069 (+35.4%), from €11,495 to €15,564
- Reserves +€42,739
up €42,739 (+131%), from €32,572 to €75,311
- Tax, wage and social debts +€20,607
up €20,607 (+142%), from €14,554 to €35,161
- Gross operating margin +€13,092
up €13,092 (+26.9%), from €48,693 to €61,785
- Taxes +€2,937
up €2,937 (+31.1%), from €9,448 to €12,385
- Depreciation +€677
up €677 (+112%), from €604 to €1,281
- Financial charges -€647
down €647 (-16.3%), from €3,961 to €3,314
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 | €55,050 | €118,256 | +€63,206 | +115% |
| Fixed assets | 21/28 | €4,996 | €5,300 | +€304 | +6.1% |
| Tangible fixed assets | 22/27 | €4,996 | €5,300 | +€304 | +6.1% |
| Plant, machinery and equipment | 23 | €4,996 | €5,300 | +€304 | +6.1% |
| Current assets | 29/58 | €50,054 | €112,956 | +€62,902 | +126% |
| Amounts receivable after more than one year | 29 | - | €8,000 | +€8,000 | |
| Other amounts receivable | 291 | - | €8,000 | +€8,000 | |
| Amounts receivable within one year | 40/41 | €11,495 | €15,564 | +€4,069 | +35.4% |
| Trade receivables | 40 | €11,495 | €15,564 | +€4,069 | +35.4% |
| Cash at bank and in hand | 54/58 | €38,559 | €89,392 | +€50,833 | +132% |
| Total equity and liabilities | 10/49 | €55,050 | €118,256 | +€63,206 | +115% |
| Equity | 10/15 | €35,572 | €78,311 | +€42,739 | +120% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €32,572 | €75,311 | +€42,739 | +131% |
| Distributable reserves | 133 | €32,572 | €75,311 | +€42,739 | +131% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,478 | €39,945 | +€20,467 | +105% |
| Amounts payable within one year | 42/48 | €19,478 | €39,945 | +€20,467 | +105% |
| Trade debts | 44 | €1,309 | €1,593 | +€284 | +21.7% |
| Suppliers | 440/4 | €1,309 | €1,593 | +€284 | +21.7% |
| Taxes, remuneration and social security | 45 | €14,554 | €35,161 | +€20,607 | +142% |
| Taxes | 450/3 | €14,554 | €35,161 | +€20,607 | +142% |
| Other amounts payable | 47/48 | €3,615 | €3,191 | -€424 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €604 | €1,281 | +€677 | +112% |
| Other operating charges | 640/8 | €442 | €400 | -€43 | -9.6% |
| Gross operating margin | 9900 | €48,693 | €61,785 | +€13,092 | +26.9% |
| Operating profit (loss) | 9901 | €47,646 | €60,104 | +€12,458 | +26.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.0% |
| Financial charges | 65/66B | €3,961 | €3,314 | -€647 | -16.3% |
| Recurring financial charges | 65 | €3,961 | €3,314 | -€647 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €43,685 | €56,790 | +€13,105 | +30.0% |
| Income taxes | 67/77 | €9,448 | €12,385 | +€2,937 | +31.1% |
| Profit (loss) for the period | 9904 | €34,238 | €44,405 | +€10,168 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,238 | €44,405 | +€10,168 | +29.7% |
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 18 October 2026 via checked.be.