S-H-M Management: 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-M Management
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+207%), from €1.2m to €3.6m
of which Land and buildings: +€2.4m
- Receivables within one year +€54,851
up €54,851 (+16.9%), from €324,881 to €379,732
of which Trade receivables: +€41,576
- Revaluation surpluses +€2.5m
up €2.5m (+626%), from €397,321 to €2.9m
- Financial income -€5,634
no longer reported in 2025 (was €5,634)
of which Financial income: -€5,634
- Gross operating margin +€2,857
up €2,857 (+5.1%), from €56,092 to €58,949
- Taxes +€822
up €822 (+19.8%), from €4,151 to €4,973
- Financial charges -€695
down €695 (-11.6%), from €5,998 to €5,303
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 | €1,510,088 | €4,003,462 | +€2.5m | +165% |
| Fixed assets | 21/28 | €1,180,226 | €3,623,666 | +€2.4m | +207% |
| Tangible fixed assets | 22/27 | €1,180,226 | €3,623,666 | +€2.4m | +207% |
| Land and buildings | 22 | €1,172,576 | €3,617,442 | +€2.4m | +209% |
| Plant, machinery and equipment | 23 | €7,650 | €6,224 | -€1,426 | -18.6% |
| Current assets | 29/58 | €329,862 | €379,796 | +€49,934 | +15.1% |
| Amounts receivable within one year | 40/41 | €324,881 | €379,732 | +€54,851 | +16.9% |
| Trade receivables | 40 | €216,290 | €257,865 | +€41,576 | +19.2% |
| Other amounts receivable | 41 | €108,591 | €121,867 | +€13,276 | +12.2% |
| Cash at bank and in hand | 54/58 | €10 | €64 | +€54 | +538% |
| Deferred charges and accrued income | 490/1 | €4,972 | - | -€4,972 | |
| Total equity and liabilities | 10/49 | €1,510,088 | €4,003,462 | +€2.5m | +165% |
| Equity | 10/15 | €1,283,267 | €3,775,367 | +€2.5m | +194% |
| Contributions | 10/11 | €302,000 | €302,000 | = | 0.0% |
| Capital | 10 | €302,000 | €302,000 | = | 0.0% |
| Issued capital | 100 | €302,000 | €302,000 | = | 0.0% |
| Revaluation surpluses | 12 | €397,321 | €2,885,658 | +€2.5m | +626% |
| Reserves | 13 | €583,947 | €587,709 | +€3,762 | +0.6% |
| Non-distributable reserves | 130/1 | €30,200 | €30,200 | = | 0.0% |
| Legal reserve | 130 | €30,200 | €30,200 | = | 0.0% |
| Distributable reserves | 133 | €553,747 | €557,509 | +€3,762 | +0.7% |
| Amounts payable | 17/49 | €226,821 | €228,095 | +€1,274 | +0.6% |
| Amounts payable after more than one year | 17 | €137,659 | €119,926 | -€17,733 | -12.9% |
| Financial debts | 170/4 | €137,659 | €119,926 | -€17,733 | -12.9% |
| Amounts payable within one year | 42/48 | €89,162 | €108,169 | +€19,007 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €24,885 | €24,911 | +€26 | +0.1% |
| Financial debts | 43 | €3,610 | €3,664 | +€54 | +1.5% |
| Credit institutions | 430/8 | €3,610 | €3,664 | +€54 | +1.5% |
| Trade debts | 44 | €47,899 | €51,126 | +€3,227 | +6.7% |
| Suppliers | 440/4 | €47,899 | €51,126 | +€3,227 | +6.7% |
| Taxes, remuneration and social security | 45 | €7,614 | €19,384 | +€11,770 | +155% |
| Taxes | 450/3 | €7,614 | €19,384 | +€11,770 | +155% |
| Other amounts payable | 47/48 | €5,154 | €9,084 | +€3,930 | +76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,912 | €44,898 | -€14 | 0.0% |
| Other operating charges | 640/8 | €150 | €13 | -€137 | -91.5% |
| Gross operating margin | 9900 | €56,092 | €58,949 | +€2,857 | +5.1% |
| Operating profit (loss) | 9901 | €11,030 | €14,038 | +€3,009 | +27.3% |
| Financial income | 75/76B | €5,634 | - | -€5,634 | |
| Recurring financial income | 75 | €5,634 | - | -€5,634 | |
| Non-recurring financial income | 76B | €5,634 | - | -€5,634 | |
| Financial charges | 65/66B | €5,998 | €5,303 | -€695 | -11.6% |
| Recurring financial charges | 65 | €5,998 | €5,303 | -€695 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €10,666 | €8,735 | -€1,931 | -18.1% |
| Income taxes | 67/77 | €4,151 | €4,973 | +€822 | +19.8% |
| Profit (loss) for the period | 9904 | €6,514 | €3,762 | -€2,752 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,514 | €3,762 | -€2,752 | -42.3% |
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 24 October 2026 via checked.be.