S.H.L.: 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.L.
Largest movements
- Receivables within one year -€3,119
down €3,119 (-40.4%), from €7,722 to €4,603
of which Trade receivables: -€3,708
- Deferred charges and accrued income -€2,835
down €2,835 (-38.1%), from €7,446 to €4,611
- Stocks and contracts +€1,616
up €1,616 (+30.7%), from €5,258 to €6,874
- Cash +€541
up €541 (+3.0%), from €17,925 to €18,467
mainly Depreciation (+€3,674) and Receivables within one year (+€3,119)
- Debts after one year -€2,539
down €2,539 (-44.8%), from €5,671 to €3,132
- Trade debts -€882
down €882 (-14.7%), from €5,996 to €5,113
- Accrued charges and deferred income -€670
down €670 (-93.4%), from €717 to €47
- Gross operating margin -€2,073
down €2,073 (-18.2%), from €11,382 to €9,309
- Taxes -€1,123
down €1,123 (-75.6%), from €1,484 to €362
- Other operating charges +€1,111
up €1,111 (+49.2%), from €2,257 to €3,369
- Depreciation +€1,028
up €1,028 (+38.9%), from €2,646 to €3,674
- Financial income -€267
down €267 (-98.6%), from €270 to €4
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 | €53,035 | €49,316 | -€3,719 | -7.0% |
| Fixed assets | 21/28 | €14,684 | €14,762 | +€78 | +0.5% |
| Tangible fixed assets | 22/27 | €11,932 | €12,010 | +€78 | +0.7% |
| Plant, machinery and equipment | 23 | €8,706 | €6,420 | -€2,285 | -26.3% |
| Furniture and vehicles | 24 | €3,226 | €3,046 | -€180 | -5.6% |
| Other tangible fixed assets | 26 | - | €2,544 | +€2,544 | |
| Financial fixed assets | 28 | €2,752 | €2,752 | = | 0.0% |
| Current assets | 29/58 | €38,352 | €34,554 | -€3,797 | -9.9% |
| Stocks and contracts in progress | 3 | €5,258 | €6,874 | +€1,616 | +30.7% |
| Stocks | 30/36 | €5,258 | €6,874 | +€1,616 | +30.7% |
| Amounts receivable within one year | 40/41 | €7,722 | €4,603 | -€3,119 | -40.4% |
| Trade receivables | 40 | €6,297 | €2,588 | -€3,708 | -58.9% |
| Other amounts receivable | 41 | €1,426 | €2,014 | +€589 | +41.3% |
| Cash at bank and in hand | 54/58 | €17,925 | €18,467 | +€541 | +3.0% |
| Deferred charges and accrued income | 490/1 | €7,446 | €4,611 | -€2,835 | -38.1% |
| Total equity and liabilities | 10/49 | €53,035 | €49,316 | -€3,719 | -7.0% |
| Equity | 10/15 | €29,833 | €29,686 | -€147 | -0.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,241 | €11,241 | = | 0.0% |
| Distributable reserves | 133 | €11,241 | €11,241 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€147 | -€147 | |
| Amounts payable | 17/49 | €23,202 | €19,630 | -€3,572 | -15.4% |
| Amounts payable after more than one year | 17 | €5,671 | €3,132 | -€2,539 | -44.8% |
| Financial debts | 170/4 | €5,671 | €3,132 | -€2,539 | -44.8% |
| Amounts payable within one year | 42/48 | €16,814 | €16,451 | -€363 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €2,412 | €2,539 | +€127 | +5.3% |
| Financial debts | 43 | - | €184 | +€184 | |
| Credit institutions | 430/8 | - | €184 | +€184 | |
| Trade debts | 44 | €5,996 | €5,113 | -€882 | -14.7% |
| Suppliers | 440/4 | €5,996 | €5,113 | -€882 | -14.7% |
| Taxes, remuneration and social security | 45 | €5,583 | €5,785 | +€202 | +3.6% |
| Taxes | 450/3 | €5,583 | €5,785 | +€202 | +3.6% |
| Other amounts payable | 47/48 | €2,823 | €2,829 | +€6 | +0.2% |
| Accrued charges and deferred income | 492/3 | €717 | €47 | -€670 | -93.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,646 | €3,674 | +€1,028 | +38.9% |
| Other operating charges | 640/8 | €2,257 | €3,369 | +€1,111 | +49.2% |
| Gross operating margin | 9900 | €11,382 | €9,309 | -€2,073 | -18.2% |
| Operating profit (loss) | 9901 | €6,479 | €2,266 | -€4,213 | -65.0% |
| Financial income | 75/76B | €270 | €4 | -€267 | -98.6% |
| Recurring financial income | 75 | €270 | €4 | -€267 | -98.6% |
| Financial charges | 65/66B | €2,298 | €2,056 | -€243 | -10.6% |
| Recurring financial charges | 65 | €2,298 | €2,056 | -€243 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €4,451 | €215 | -€4,237 | -95.2% |
| Income taxes | 67/77 | €1,484 | €362 | -€1,123 | -75.6% |
| Profit (loss) for the period | 9904 | €2,967 | -€147 | -€3,114 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,967 | -€147 | -€3,114 |
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 31 October 2026 via checked.be.