SH CREDITS: 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.
SH CREDITS
Largest movements
- Cash +€10,872
up €10,872 (+102%), from €10,671 to €21,543
mainly Net result for the year (+€17,574) and Tax, wage and social debts (+€7,875)
- Tangible fixed assets +€1,256
up €1,256 (+11.5%), from €10,909 to €12,165
of which Furniture and vehicles: +€1,404
- Deferred charges and accrued income -€577
down €577 (-54.4%), from €1,062 to €485
- Tax, wage and social debts +€7,875
up €7,875 (+210%), from €3,750 to €11,625
of which Taxes: +€6,445
- Other debts +€1,859
up €1,859 (+411%), from €452 to €2,311
- Profit (loss) carried forward +€1,574
up €1,574 (+9.8%), from €16,075 to €17,649
- Purchases and services -€154,484
no longer reported in 2025 (was €154,484)
- Gross operating margin +€12,625
up €12,625 (+66.2%), from €19,079 to €31,703
- Depreciation -€2,338
down €2,338 (-34.1%), from €6,858 to €4,520
- Staff costs -€1,260
no longer reported in 2025 (was €1,260)
- Taxes +€877
up €877 (+15.8%), from €5,568 to €6,445
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 | €22,641 | €34,192 | +€11,551 | +51.0% |
| Fixed assets | 21/28 | €10,909 | €12,165 | +€1,256 | +11.5% |
| Tangible fixed assets | 22/27 | €10,909 | €12,165 | +€1,256 | +11.5% |
| Plant, machinery and equipment | 23 | €874 | €725 | -€148 | -17.0% |
| Furniture and vehicles | 24 | €10,036 | €11,440 | +€1,404 | +14.0% |
| Current assets | 29/58 | €11,732 | €22,027 | +€10,295 | +87.7% |
| Cash at bank and in hand | 54/58 | €10,671 | €21,543 | +€10,872 | +102% |
| Deferred charges and accrued income | 490/1 | €1,062 | €485 | -€577 | -54.4% |
| Total equity and liabilities | 10/49 | €22,641 | €34,192 | +€11,551 | +51.0% |
| Equity | 10/15 | €18,075 | €19,649 | +€1,574 | +8.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,075 | €17,649 | +€1,574 | +9.8% |
| Amounts payable | 17/49 | €4,567 | €14,544 | +€9,977 | +218% |
| Amounts payable within one year | 42/48 | €4,567 | €14,544 | +€9,977 | +218% |
| Trade debts | 44 | €365 | €609 | +€244 | +67.0% |
| Suppliers | 440/4 | €365 | €609 | +€244 | +67.0% |
| Taxes, remuneration and social security | 45 | €3,750 | €11,625 | +€7,875 | +210% |
| Taxes | 450/3 | €3,750 | €10,195 | +€6,445 | +172% |
| Remuneration and social security | 454/9 | - | €1,430 | +€1,430 | |
| Other amounts payable | 47/48 | €452 | €2,311 | +€1,859 | +411% |
| Goods, raw materials, services and sundry goods | 60/61 | €154,484 | - | -€154,484 | |
| Remuneration, social security and pensions | 62 | €1,260 | - | -€1,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,858 | €4,520 | -€2,338 | -34.1% |
| Other operating charges | 640/8 | €662 | €1,415 | +€753 | +114% |
| Gross operating margin | 9900 | €19,079 | €31,703 | +€12,625 | +66.2% |
| Operating profit (loss) | 9901 | €10,298 | €25,768 | +€15,470 | +150% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €1,775 | €1,754 | -€21 | -1.2% |
| Recurring financial charges | 65 | €1,775 | €1,754 | -€21 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €8,523 | €24,019 | +€15,496 | +182% |
| Income taxes | 67/77 | €5,568 | €6,445 | +€877 | +15.8% |
| Profit (loss) for the period | 9904 | €2,955 | €17,574 | +€14,619 | +495% |
| Profit (loss) for the period to be appropriated | 9905 | €2,955 | €17,574 | +€14,619 | +495% |
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.