SH GLOBAL: 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 GLOBAL
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+1859.3%), from €79,717 to €1.6m
of which Trade receivables: +€1.5m
- Cash -€202,182
down €202,182 (-76.9%), from €262,851 to €60,669
mainly Receivables within one year (-€1.5m) and Trade debts (-€28,634)
- Deferred charges and accrued income +€24,514
up €24,514 (+171.1%), from €14,324 to €38,838
- Other debts +€789,391
up €789,391 (+412.6%), from €191,320 to €980,712
- Profit (loss) carried forward +€279,231
up €279,231 (+304.8%), from €91,601 to €370,832
- Reserves +€210,500
up €210,500 (+11317.2%), from €1,860 to €212,360
of which Tax-exempt reserves: +€210,500
- Tax, wage and social debts +€72,371
up €72,371 (+1215.2%), from €5,956 to €78,326
- Trade debts -€28,634
down €28,634 (-100.0%), from €28,634 to €0
- Gross operating margin +€540,374
up €540,374 (+413.8%), from €130,600 to €670,973
- Taxes +€136,346
up €136,346 (+506.9%), from €26,896 to €163,242
- Financial charges -€13,914
down €13,914 (-45.8%), from €30,368 to €16,454
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 | €358,521 | €1,661,854 | +€1.3m | +363.5% |
| Fixed assets | 21/28 | €1,629 | €424 | -€1,205 | -74.0% |
| Tangible fixed assets | 22/27 | €1,579 | €374 | -€1,205 | -76.3% |
| Plant, machinery and equipment | 23 | €183 | €0 | -€183 | -100.0% |
| Furniture and vehicles | 24 | €1,396 | €374 | -€1,022 | -73.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €356,891 | €1,661,431 | +€1.3m | +365.5% |
| Amounts receivable within one year | 40/41 | €79,717 | €1,561,924 | +€1.5m | +1859.3% |
| Trade receivables | 40 | €61,263 | €1,561,924 | +€1.5m | +2449.5% |
| Other amounts receivable | 41 | €18,454 | €0 | -€18,454 | -100.0% |
| Cash at bank and in hand | 54/58 | €262,851 | €60,669 | -€202,182 | -76.9% |
| Deferred charges and accrued income | 490/1 | €14,324 | €38,838 | +€24,514 | +171.1% |
| Total equity and liabilities | 10/49 | €358,521 | €1,661,854 | +€1.3m | +363.5% |
| Equity | 10/15 | €99,661 | €589,392 | +€489,731 | +491.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €212,360 | +€210,500 | +11317.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €210,500 | +€210,500 | |
| Profit (loss) carried forward | 14 | €91,601 | €370,832 | +€279,231 | +304.8% |
| Amounts payable | 17/49 | €258,860 | €1,072,463 | +€813,603 | +314.3% |
| Amounts payable within one year | 42/48 | €258,860 | €1,072,463 | +€813,603 | +314.3% |
| Trade debts | 44 | €28,634 | €0 | -€28,634 | -100.0% |
| Suppliers | 440/4 | €28,634 | €0 | -€28,634 | -100.0% |
| Advances received on contracts in progress | 46 | €32,950 | €13,425 | -€19,525 | -59.3% |
| Taxes, remuneration and social security | 45 | €5,956 | €78,326 | +€72,371 | +1215.2% |
| Taxes | 450/3 | €5,956 | €78,326 | +€72,371 | +1215.2% |
| Other amounts payable | 47/48 | €191,320 | €980,712 | +€789,391 | +412.6% |
| Remuneration, social security and pensions | 62 | - | €75 | +€75 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,509 | €1,205 | -€304 | -20.1% |
| Other operating charges | 640/8 | €3,818 | €701 | -€3,117 | -81.6% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €130,600 | €670,973 | +€540,374 | +413.8% |
| Operating profit (loss) | 9901 | €125,273 | €668,993 | +€543,720 | +434.0% |
| Financial income | 75/76B | €1,107 | €434 | -€673 | -60.8% |
| Recurring financial income | 75 | €1,107 | €434 | -€673 | -60.8% |
| Financial charges | 65/66B | €30,368 | €16,454 | -€13,914 | -45.8% |
| Recurring financial charges | 65 | €30,368 | €16,454 | -€13,914 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €96,012 | €652,973 | +€556,961 | +580.1% |
| Income taxes | 67/77 | €26,896 | €163,242 | +€136,346 | +506.9% |
| Profit (loss) for the period | 9904 | €69,116 | €489,731 | +€420,615 | +608.6% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,116 | €279,231 | +€210,115 | +304.0% |
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 1 October 2026 via checked.be.