SH HOLDING: 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 HOLDING
Largest movements
- Tangible fixed assets +€334,373
up €334,373 (+1307.1%), from €25,581 to €359,954
of which Land and buildings: +€340,411
- Intangible fixed assets -€30,284
down €30,284 (-13.6%), from €221,861 to €191,578
- Stocks and contracts +€10,132
up €10,132 (+22.2%), from €45,598 to €55,730
- Debts after one year +€323,632
up €323,632 (+324.0%), from €99,883 to €423,515
of which Financial debts: +€212,665
- Contributions -€60,000
down €60,000 (-75.0%), from €80,000 to €20,000
- Profit (loss) carried forward +€34,771
up €34,771 (+74.5%), from €46,692 to €81,463
- Current portion of long-term debt +€14,718
up €14,718 (+43.5%), from €33,834 to €48,552
- Turnover -€194,385
down €194,385 (-28.6%), from €678,542 to €484,157
- Purchases and services -€131,639
down €131,639 (-27.2%), from €483,456 to €351,817
- Staff costs -€47,996
down €47,996 (-34.7%), from €138,498 to €90,502
- Gross operating margin -€28,656
down €28,656 (-13.4%), from €213,074 to €184,418
- Depreciation +€7,847
up €7,847 (+22.9%), from €34,337 to €42,184
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 | €311,412 | €622,515 | +€311,102 | +99.9% |
| Fixed assets | 21/28 | €247,643 | €551,732 | +€304,089 | +122.8% |
| Intangible fixed assets | 21 | €221,861 | €191,578 | -€30,284 | -13.6% |
| Tangible fixed assets | 22/27 | €25,581 | €359,954 | +€334,373 | +1307.1% |
| Land and buildings | 22 | - | €340,411 | +€340,411 | |
| Plant, machinery and equipment | 23 | €2,028 | €1,298 | -€730 | -36.0% |
| Furniture and vehicles | 24 | €20,904 | €15,950 | -€4,954 | -23.7% |
| Other tangible fixed assets | 26 | €2,649 | €2,294 | -€354 | -13.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €63,770 | €70,783 | +€7,013 | +11.0% |
| Stocks and contracts in progress | 3 | €45,598 | €55,730 | +€10,132 | +22.2% |
| Stocks | 30/36 | €45,598 | €55,730 | +€10,132 | +22.2% |
| Amounts receivable within one year | 40/41 | €10,672 | €10,536 | -€135 | -1.3% |
| Trade receivables | 40 | - | €9,611 | +€9,611 | |
| Other amounts receivable | 41 | €10,672 | €925 | -€9,746 | -91.3% |
| Cash at bank and in hand | 54/58 | €5,758 | €3,254 | -€2,504 | -43.5% |
| Deferred charges and accrued income | 490/1 | €1,742 | €1,263 | -€479 | -27.5% |
| Total equity and liabilities | 10/49 | €311,412 | €622,515 | +€311,102 | +99.9% |
| Equity | 10/15 | €126,692 | €101,463 | -€25,229 | -19.9% |
| Contributions | 10/11 | €80,000 | €20,000 | -€60,000 | -75.0% |
| Profit (loss) carried forward | 14 | €46,692 | €81,463 | +€34,771 | +74.5% |
| Amounts payable | 17/49 | €184,720 | €521,051 | +€336,331 | +182.1% |
| Amounts payable after more than one year | 17 | €99,883 | €423,515 | +€323,632 | +324.0% |
| Financial debts | 170/4 | €99,883 | €312,548 | +€212,665 | +212.9% |
| Other amounts payable | 178/9 | - | €110,967 | +€110,967 | |
| Amounts payable within one year | 42/48 | €84,837 | €97,536 | +€12,699 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €33,834 | €48,552 | +€14,718 | +43.5% |
| Trade debts | 44 | €26,987 | €29,181 | +€2,193 | +8.1% |
| Suppliers | 440/4 | €26,987 | €29,181 | +€2,193 | +8.1% |
| Taxes, remuneration and social security | 45 | €19,926 | €19,804 | -€123 | -0.6% |
| Taxes | 450/3 | €8,733 | €7,126 | -€1,607 | -18.4% |
| Remuneration and social security | 454/9 | €11,194 | €12,678 | +€1,484 | +13.3% |
| Other amounts payable | 47/48 | €4,090 | - | -€4,090 | |
| Turnover | 70 | €678,542 | €484,157 | -€194,385 | -28.6% |
| Non-recurring operating income | 76A | €4,292 | €452 | -€3,840 | -89.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €483,456 | €351,817 | -€131,639 | -27.2% |
| Remuneration, social security and pensions | 62 | €138,498 | €90,502 | -€47,996 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,337 | €42,184 | +€7,847 | +22.9% |
| Other operating charges | 640/8 | €2,293 | €2,433 | +€140 | +6.1% |
| Non-recurring operating charges | 66A | €440 | - | -€440 | |
| Gross operating margin | 9900 | €213,074 | €184,418 | -€28,656 | -13.4% |
| Operating profit (loss) | 9901 | €37,506 | €49,298 | +€11,793 | +31.4% |
| Financial income | 75/76B | - | €58 | +€58 | |
| Recurring financial income | 75 | - | €58 | +€58 | |
| Financial charges | 65/66B | €8,840 | €14,585 | +€5,745 | +65.0% |
| Recurring financial charges | 65 | €8,840 | €14,585 | +€5,745 | +65.0% |
| Profit (loss) for the period before taxes | 9903 | €28,666 | €34,771 | +€6,105 | +21.3% |
| Income taxes | 67/77 | €3,343 | - | -€3,343 | |
| Profit (loss) for the period | 9904 | €25,323 | €34,771 | +€9,449 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,323 | €34,771 | +€9,449 | +37.3% |
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 5 October 2026 via checked.be.