SH: what changed
Two fiscal 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.
SH
Largest movements
- Intangible fixed assets +€540,705
new in 2025: €540,705
- Financial fixed assets -€400,000
no longer reported in 2025 (was €400,000)
- Tangible fixed assets +€343,004
up €343,004 (+3955.6%), from €8,671 to €351,675
of which Land and buildings: +€345,937
- Receivables within one year -€268,538
down €268,538 (-87.6%), from €306,610 to €38,073
of which Other amounts receivable: -€191,781
- Other debts +€205,618
up €205,618 (+160.9%), from €127,820 to €333,439
- Profit (loss) carried forward -€122,109
down €122,109 (-22.3%), from €546,637 to €424,527
- Debts after one year +€104,916
new in 2025: €104,916
- Current portion of long-term debt +€27,866
new in 2025: €27,866
- Contributions +€18,120
up €18,120 (+97.4%), from €18,600 to €36,720
- Depreciation +€41,517
up €41,517 (+32291.6%), from €129 to €41,646
- Write-downs +€15,291
new in 2025: €15,291
- Financial income -€8,127
down €8,127 (-88.2%), from €9,210 to €1,083
of which Financial income: -€9,170
- Gross operating margin -€7,666
down €7,666, from €7,600 to -€65
- Financial charges +€1,310
up €1,310 (+130.5%), from €1,004 to €2,315
of which Financial charges: +€746
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.
Cash bridge derived
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 | €718,635 | €941,243 | +€222,607 | +31.0% |
| Fixed assets | 21/28 | €408,671 | €892,381 | +€483,709 | +118.4% |
| Intangible fixed assets | 21 | - | €540,705 | +€540,705 | |
| Tangible fixed assets | 22/27 | €8,671 | €351,675 | +€343,004 | +3955.6% |
| Land and buildings | 22 | - | €345,937 | +€345,937 | |
| Furniture and vehicles | 24 | €8,671 | €5,738 | -€2,933 | -33.8% |
| Financial fixed assets | 28 | €400,000 | - | -€400,000 | |
| Current assets | 29/58 | €309,964 | €48,862 | -€261,102 | -84.2% |
| Amounts receivable within one year | 40/41 | €306,610 | €38,073 | -€268,538 | -87.6% |
| Trade receivables | 40 | €114,829 | €38,073 | -€76,757 | -66.8% |
| Other amounts receivable | 41 | €191,781 | €0 | -€191,781 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,626 | €5,527 | +€2,901 | +110.5% |
| Deferred charges and accrued income | 490/1 | €727 | €5,263 | +€4,536 | +623.6% |
| Total equity and liabilities | 10/49 | €718,635 | €941,243 | +€222,607 | +31.0% |
| Equity | 10/15 | €567,097 | €464,919 | -€102,177 | -18.0% |
| Contributions | 10/11 | €18,600 | €36,720 | +€18,120 | +97.4% |
| Reserves | 13 | €1,860 | €3,672 | +€1,812 | +97.4% |
| Non-distributable reserves | 130/1 | €1,860 | €3,672 | +€1,812 | +97.4% |
| Reserves not available under the articles | 1311 | €1,860 | €3,672 | +€1,812 | +97.4% |
| Profit (loss) carried forward | 14 | €546,637 | €424,527 | -€122,109 | -22.3% |
| Amounts payable | 17/49 | €151,538 | €476,323 | +€324,785 | +214.3% |
| Amounts payable after more than one year | 17 | - | €104,916 | +€104,916 | |
| Financial debts | 170/4 | - | €104,916 | +€104,916 | |
| Amounts payable within one year | 42/48 | €151,408 | €371,407 | +€219,999 | +145.3% |
| Current portion of amounts payable after more than one year | 42 | - | €27,866 | +€27,866 | |
| Trade debts | 44 | €23,259 | €7,567 | -€15,692 | -67.5% |
| Suppliers | 440/4 | €23,259 | €7,567 | -€15,692 | -67.5% |
| Taxes, remuneration and social security | 45 | €329 | €2,536 | +€2,207 | +670.3% |
| Taxes | 450/3 | €329 | €2,536 | +€2,207 | +670.3% |
| Other amounts payable | 47/48 | €127,820 | €333,439 | +€205,618 | +160.9% |
| Accrued charges and deferred income | 492/3 | €130 | - | -€130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129 | €41,646 | +€41,517 | +32291.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,291 | +€15,291 | |
| Other operating charges | 640/8 | €2,776 | €1,509 | -€1,267 | -45.6% |
| Gross operating margin | 9900 | €7,600 | -€65 | -€7,666 | |
| Operating profit (loss) | 9901 | €4,696 | -€58,511 | -€63,207 | |
| Financial income | 75/76B | €9,210 | €1,083 | -€8,127 | -88.2% |
| Recurring financial income | 75 | €9,210 | €40 | -€9,170 | -99.6% |
| Non-recurring financial income | 76B | - | €1,043 | +€1,043 | |
| Financial charges | 65/66B | €1,004 | €2,315 | +€1,310 | +130.5% |
| Recurring financial charges | 65 | €100 | €846 | +€746 | +746.4% |
| Non-recurring financial charges | 66B | €904 | €1,469 | +€564 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €12,902 | -€59,743 | -€72,644 | |
| Income taxes | 67/77 | €330 | -€0 | -€330 | |
| Profit (loss) for the period | 9904 | €12,572 | -€59,743 | -€72,315 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,572 | -€59,743 | -€72,315 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.