S.H.A.: 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.A.
Largest movements
- Cash -€49,135
down €49,135 (-28.6%), from €171,784 to €122,649
mainly Investment in fixed assets (net) (-€21,542) and Receivables within one year (-€16,059)
- Tangible fixed assets +€16,148
up €16,148 (+190%), from €8,479 to €24,627
of which Plant, machinery and equipment: +€12,430
- Receivables within one year +€16,059
up €16,059 (+280%), from €5,734 to €21,793
of which Trade receivables: +€16,203
- Deferred charges and accrued income -€1,947
down €1,947 (-60.1%), from €3,242 to €1,295
- Other debts -€10,906
down €10,906 (-20.5%), from €53,165 to €42,259
- Trade debts -€5,995
down €5,995 (-90.3%), from €6,641 to €646
- Profit (loss) carried forward -€2,769
down €2,769 (-80.8%), from €3,428 to €659
- Depreciation +€682
up €682 (+14.5%), from €4,711 to €5,394
- Other operating charges -€331
no longer reported in 2025 (was €331)
- Gross operating margin -€167
down €167 (-5.4%), from €3,070 to €2,903
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 | €189,239 | €170,364 | -€18,875 | -10.0% |
| Fixed assets | 21/28 | €8,479 | €24,627 | +€16,148 | +190% |
| Tangible fixed assets | 22/27 | €8,479 | €24,627 | +€16,148 | +190% |
| Plant, machinery and equipment | 23 | - | €12,430 | +€12,430 | |
| Furniture and vehicles | 24 | €8,479 | €12,197 | +€3,718 | +43.9% |
| Current assets | 29/58 | €180,760 | €145,737 | -€35,023 | -19.4% |
| Amounts receivable within one year | 40/41 | €5,734 | €21,793 | +€16,059 | +280% |
| Trade receivables | 40 | €4,494 | €20,697 | +€16,203 | +361% |
| Other amounts receivable | 41 | €1,239 | €1,096 | -€144 | -11.6% |
| Cash at bank and in hand | 54/58 | €171,784 | €122,649 | -€49,135 | -28.6% |
| Deferred charges and accrued income | 490/1 | €3,242 | €1,295 | -€1,947 | -60.1% |
| Total equity and liabilities | 10/49 | €189,239 | €170,364 | -€18,875 | -10.0% |
| Equity | 10/15 | €129,210 | €126,441 | -€2,769 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,182 | €107,182 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €105,322 | €105,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,428 | €659 | -€2,769 | -80.8% |
| Amounts payable | 17/49 | €60,029 | €43,923 | -€16,105 | -26.8% |
| Amounts payable within one year | 42/48 | €60,029 | €43,923 | -€16,105 | -26.8% |
| Trade debts | 44 | €6,641 | €646 | -€5,995 | -90.3% |
| Suppliers | 440/4 | €6,641 | €646 | -€5,995 | -90.3% |
| Taxes, remuneration and social security | 45 | €222 | €1,018 | +€796 | +358% |
| Taxes | 450/3 | €222 | €1,018 | +€796 | +358% |
| Other amounts payable | 47/48 | €53,165 | €42,259 | -€10,906 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,711 | €5,394 | +€682 | +14.5% |
| Other operating charges | 640/8 | €331 | - | -€331 | |
| Gross operating margin | 9900 | €3,070 | €2,903 | -€167 | -5.4% |
| Operating profit (loss) | 9901 | -€1,973 | -€2,490 | -€518 | -26.3% |
| Financial charges | 65/66B | €90 | €72 | -€18 | -19.9% |
| Recurring financial charges | 65 | €90 | €72 | -€18 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,063 | -€2,563 | -€500 | -24.2% |
| Income taxes | 67/77 | €198 | €207 | +€9 | +4.4% |
| Profit (loss) for the period | 9904 | -€2,261 | -€2,769 | -€508 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,261 | -€2,769 | -€508 | -22.5% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.