SBHD: 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.
SBHD
Largest movements
- Cash -€60,574
down €60,574 (-33.2%), from €182,635 to €122,061
mainly Net result for the year (-€43,406) and Other debts (-€25,236)
- Receivables within one year +€3,136
up €3,136 (+281%), from €1,116 to €4,253
of which Trade receivables: +€3,127
- Stocks and contracts -€2,050
down €2,050 (-72.4%), from €2,830 to €780
- Profit (loss) carried forward -€43,406
down €43,406 (-42.6%), from €101,923 to €58,517
- Other debts -€25,236
down €25,236 (-33.6%), from €75,180 to €49,944
- Tax, wage and social debts +€5,926
up €5,926 (+46.9%), from €12,641 to €18,567
of which Remuneration and social security: +€4,490
- Trade debts +€2,260
up €2,260 (+56.1%), from €4,028 to €6,288
- Taxes +€41,163
up €41,163, from -€1,809 to €39,354
- Other operating charges +€30,038
up €30,038 (+1,209%), from €2,485 to €32,524
- Gross operating margin -€29,524
down €29,524 (-24.5%), from €120,666 to €91,142
- Staff costs -€17,842
down €17,842 (-22.5%), from €79,148 to €61,305
- Financial charges -€2,570
down €2,570 (-86.4%), from €2,974 to €403
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 | €193,772 | €133,317 | -€60,455 | -31.2% |
| Fixed assets | 21/28 | €7,191 | €6,224 | -€967 | -13.4% |
| Tangible fixed assets | 22/27 | €1,191 | €224 | -€967 | -81.2% |
| Plant, machinery and equipment | 23 | €1,106 | €224 | -€882 | -79.8% |
| Furniture and vehicles | 24 | €85 | - | -€85 | |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €186,581 | €127,094 | -€59,488 | -31.9% |
| Stocks and contracts in progress | 3 | €2,830 | €780 | -€2,050 | -72.4% |
| Stocks | 30/36 | €2,830 | €780 | -€2,050 | -72.4% |
| Amounts receivable within one year | 40/41 | €1,116 | €4,253 | +€3,136 | +281% |
| Trade receivables | 40 | €1,116 | €4,243 | +€3,127 | +280% |
| Other amounts receivable | 41 | - | €9 | +€9 | |
| Cash at bank and in hand | 54/58 | €182,635 | €122,061 | -€60,574 | -33.2% |
| Total equity and liabilities | 10/49 | €193,772 | €133,317 | -€60,455 | -31.2% |
| Equity | 10/15 | €101,923 | €58,517 | -€43,406 | -42.6% |
| Profit (loss) carried forward | 14 | €101,923 | €58,517 | -€43,406 | -42.6% |
| Amounts payable | 17/49 | €91,849 | €74,800 | -€17,049 | -18.6% |
| Amounts payable within one year | 42/48 | €91,849 | €74,800 | -€17,049 | -18.6% |
| Trade debts | 44 | €4,028 | €6,288 | +€2,260 | +56.1% |
| Suppliers | 440/4 | €4,028 | €6,288 | +€2,260 | +56.1% |
| Taxes, remuneration and social security | 45 | €12,641 | €18,567 | +€5,926 | +46.9% |
| Taxes | 450/3 | €5,949 | €7,385 | +€1,436 | +24.1% |
| Remuneration and social security | 454/9 | €6,692 | €11,182 | +€4,490 | +67.1% |
| Other amounts payable | 47/48 | €75,180 | €49,944 | -€25,236 | -33.6% |
| Non-recurring operating income | 76A | €1,572 | - | -€1,572 | |
| Remuneration, social security and pensions | 62 | €79,148 | €61,305 | -€17,842 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,629 | €967 | -€662 | -40.7% |
| Other operating charges | 640/8 | €2,485 | €32,524 | +€30,038 | +1,209% |
| Gross operating margin | 9900 | €120,666 | €91,142 | -€29,524 | -24.5% |
| Operating profit (loss) | 9901 | €37,404 | -€3,654 | -€41,058 | |
| Financial income | 75/76B | €15 | €5 | -€9 | -63.7% |
| Recurring financial income | 75 | €15 | €5 | -€9 | -63.7% |
| Financial charges | 65/66B | €2,974 | €403 | -€2,570 | -86.4% |
| Recurring financial charges | 65 | €2,974 | €403 | -€2,570 | -86.4% |
| Profit (loss) for the period before taxes | 9903 | €34,445 | -€4,052 | -€38,497 | |
| Income taxes | 67/77 | -€1,809 | €39,354 | +€41,163 | |
| Profit (loss) for the period | 9904 | €36,254 | -€43,406 | -€79,660 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,254 | -€43,406 | -€79,660 |
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 17 October 2026 via checked.be.