SH Concept: 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 Concept
Largest movements
- Cash -€26,387
down €26,387 (-9.2%), from €285,596 to €259,209
mainly Tax, wage and social debts (-€26,446) and Contributions, distributions and other (-€22,727)
- Receivables within one year +€12,391
up €12,391 (+34.0%), from €36,456 to €48,847
of which Other amounts receivable: +€7,969
- Tax, wage and social debts -€26,446
down €26,446 (-93.5%), from €28,298 to €1,852
of which Taxes: -€24,644
- Reserves +€11,414
up €11,414 (+3.9%), from €289,677 to €301,091
of which Distributable reserves: +€13,274
- Trade debts +€4,929
new in 2025: €4,929
- Gross operating margin -€36,235
down €36,235 (-33.0%), from €109,885 to €73,650
- Taxes -€12,205
down €12,205 (-47.6%), from €25,619 to €13,414
- Staff costs +€7,693
up €7,693 (+50.8%), from €15,154 to €22,847
- Financial income -€1,974
down €1,974 (-91.6%), from €2,156 to €182
- Depreciation -€1,427
down €1,427 (-49.7%), from €2,872 to €1,446
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 | €327,778 | €315,111 | -€12,667 | -3.9% |
| Fixed assets | 21/28 | €1,786 | €1,381 | -€405 | -22.7% |
| Tangible fixed assets | 22/27 | €1,776 | €1,371 | -€405 | -22.8% |
| Furniture and vehicles | 24 | €1,776 | €1,371 | -€405 | -22.8% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €325,992 | €313,731 | -€12,262 | -3.8% |
| Stocks and contracts in progress | 3 | €3,940 | €5,002 | +€1,061 | +26.9% |
| Stocks | 30/36 | €3,940 | €5,002 | +€1,061 | +26.9% |
| Amounts receivable within one year | 40/41 | €36,456 | €48,847 | +€12,391 | +34.0% |
| Trade receivables | 40 | €31,658 | €36,080 | +€4,422 | +14.0% |
| Other amounts receivable | 41 | €4,798 | €12,767 | +€7,969 | +166.1% |
| Cash at bank and in hand | 54/58 | €285,596 | €259,209 | -€26,387 | -9.2% |
| Deferred charges and accrued income | 490/1 | - | €673 | +€673 | |
| Total equity and liabilities | 10/49 | €327,778 | €315,111 | -€12,667 | -3.9% |
| Equity | 10/15 | €295,877 | €307,291 | +€11,414 | +3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €289,677 | €301,091 | +€11,414 | +3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €287,817 | €301,091 | +€13,274 | +4.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,901 | €7,820 | -€24,081 | -75.5% |
| Amounts payable within one year | 42/48 | €31,751 | €7,820 | -€23,931 | -75.4% |
| Trade debts | 44 | - | €4,929 | +€4,929 | |
| Suppliers | 440/4 | - | €4,929 | +€4,929 | |
| Taxes, remuneration and social security | 45 | €28,298 | €1,852 | -€26,446 | -93.5% |
| Taxes | 450/3 | €24,912 | €268 | -€24,644 | -98.9% |
| Remuneration and social security | 454/9 | €3,386 | €1,583 | -€1,802 | -53.2% |
| Other amounts payable | 47/48 | €3,454 | €1,039 | -€2,414 | -69.9% |
| Accrued charges and deferred income | 492/3 | €150 | €0 | -€150 | -100.0% |
| Remuneration, social security and pensions | 62 | €15,154 | €22,847 | +€7,693 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,872 | €1,446 | -€1,427 | -49.7% |
| Other operating charges | 640/8 | €321 | €1,504 | +€1,184 | +368.8% |
| Gross operating margin | 9900 | €109,885 | €73,650 | -€36,235 | -33.0% |
| Operating profit (loss) | 9901 | €91,538 | €47,853 | -€43,685 | -47.7% |
| Financial income | 75/76B | €2,156 | €182 | -€1,974 | -91.6% |
| Recurring financial income | 75 | €2,156 | €182 | -€1,974 | -91.6% |
| Financial charges | 65/66B | €502 | €480 | -€23 | -4.5% |
| Recurring financial charges | 65 | €502 | €480 | -€23 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €93,191 | €47,555 | -€45,636 | -49.0% |
| Income taxes | 67/77 | €25,619 | €13,414 | -€12,205 | -47.6% |
| Profit (loss) for the period | 9904 | €67,572 | €34,141 | -€33,431 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,572 | €34,141 | -€33,431 | -49.5% |
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 29 September 2026 via checked.be.