S&H consult: what changed
S&H consult
Largest movements
- Receivables after one year +€98,787
up €98,787 (+62.2%), from €158,880 to €257,667
- Stocks and contracts +€42,030
up €42,030 (+13.7%), from €307,190 to €349,220
- Receivables within one year -€25,726
down €25,726 (-19.2%), from €133,736 to €108,010
of which Other amounts receivable: -€27,127
- Tangible fixed assets -€23,695
down €23,695 (-5.7%), from €413,527 to €389,832
of which Land and buildings: -€21,221
- Cash -€20,280
down €20,280 (-94.8%), from €21,398 to €1,118
mainly Receivables after one year (-€98,787) and Stocks and contracts (-€42,030)
- Short-term financial debts +€126,518
up €126,518 (+2,109%), from €6,000 to €132,518
- Trade debts -€31,114
down €31,114 (-76.2%), from €40,846 to €9,733
- Debts after one year -€20,950
down €20,950 (-11.4%), from €184,497 to €163,547
- Gross operating margin +€40,795
up €40,795 (+96.3%), from €42,370 to €83,165
- Other operating charges +€32,704
up €32,704 (+1,068%), from €3,061 to €35,765
- Financial charges +€16,683
up €16,683 (+364%), from €4,585 to €21,268
- Taxes +€13,298
up €13,298 (+478%), from €2,781 to €16,079
- Financial income -€4,955
down €4,955 (-29.2%), from €16,965 to €12,010
of which Financial income: -€4,955
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,046,484 | €1,121,768 | +€75,284 | +7.2% |
| Fixed assets | 21/28 | €413,527 | €389,832 | -€23,695 | -5.7% |
| Tangible fixed assets | 22/27 | €413,527 | €389,832 | -€23,695 | -5.7% |
| Land and buildings | 22 | €390,720 | €369,499 | -€21,221 | -5.4% |
| Furniture and vehicles | 24 | €9,250 | €11,693 | +€2,444 | +26.4% |
| Other tangible fixed assets | 26 | €13,557 | €8,640 | -€4,918 | -36.3% |
| Current assets | 29/58 | €632,957 | €731,936 | +€98,979 | +15.6% |
| Amounts receivable after more than one year | 29 | €158,880 | €257,667 | +€98,787 | +62.2% |
| Other amounts receivable | 291 | €158,880 | €257,667 | +€98,787 | +62.2% |
| Stocks and contracts in progress | 3 | €307,190 | €349,220 | +€42,030 | +13.7% |
| Stocks | 30/36 | €307,190 | €349,220 | +€42,030 | +13.7% |
| Amounts receivable within one year | 40/41 | €133,736 | €108,010 | -€25,726 | -19.2% |
| Trade receivables | 40 | €41,925 | €43,325 | +€1,400 | +3.3% |
| Other amounts receivable | 41 | €91,811 | €64,684 | -€27,127 | -29.5% |
| Current investments | 50/53 | €10,691 | €11,460 | +€768 | +7.2% |
| Cash at bank and in hand | 54/58 | €21,398 | €1,118 | -€20,280 | -94.8% |
| Deferred charges and accrued income | 490/1 | €1,062 | €4,462 | +€3,400 | +320% |
| Total equity and liabilities | 10/49 | €1,046,484 | €1,121,768 | +€75,284 | +7.2% |
| Equity | 10/15 | €757,902 | €757,437 | -€465 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €737,226 | €737,437 | +€211 | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €718,476 | €718,687 | +€211 | 0.0% |
| Profit (loss) carried forward | 14 | €676 | €0 | -€676 | -100% |
| Amounts payable | 17/49 | €288,582 | €364,331 | +€75,749 | +26.2% |
| Amounts payable after more than one year | 17 | €184,497 | €163,547 | -€20,950 | -11.4% |
| Financial debts | 170/4 | €184,497 | €163,547 | -€20,950 | -11.4% |
| Amounts payable within one year | 42/48 | €104,085 | €200,784 | +€96,699 | +92.9% |
| Current portion of amounts payable after more than one year | 42 | €20,981 | €20,950 | -€31 | -0.1% |
| Financial debts | 43 | €6,000 | €132,518 | +€126,518 | +2,109% |
| Credit institutions | 430/8 | €6,000 | €132,518 | +€126,518 | +2,109% |
| Trade debts | 44 | €40,846 | €9,733 | -€31,114 | -76.2% |
| Suppliers | 440/4 | €40,846 | €9,733 | -€31,114 | -76.2% |
| Taxes, remuneration and social security | 45 | €35,399 | €37,584 | +€2,185 | +6.2% |
| Taxes | 450/3 | €35,399 | €37,584 | +€2,185 | +6.2% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100% |
| Non-recurring operating income | 76A | - | €606 | +€606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,963 | €22,527 | -€2,435 | -9.8% |
| Other operating charges | 640/8 | €3,061 | €35,765 | +€32,704 | +1,068% |
| Gross operating margin | 9900 | €42,370 | €83,165 | +€40,795 | +96.3% |
| Operating profit (loss) | 9901 | €14,346 | €24,872 | +€10,527 | +73.4% |
| Financial income | 75/76B | €16,965 | €12,010 | -€4,955 | -29.2% |
| Recurring financial income | 75 | €16,965 | €12,010 | -€4,955 | -29.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,585 | €21,268 | +€16,683 | +364% |
| Recurring financial charges | 65 | €4,585 | €21,268 | +€16,683 | +364% |
| Profit (loss) for the period before taxes | 9903 | €26,726 | €15,615 | -€11,111 | -41.6% |
| Income taxes | 67/77 | €2,781 | €16,079 | +€13,298 | +478% |
| Profit (loss) for the period | 9904 | €23,944 | -€465 | -€24,409 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €23,944 | -€465 | -€24,409 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.