SH IMMO: 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 IMMO
Largest movements
- Cash -€53,968
down €53,968 (-95.6%), from €56,428 to €2,461
mainly Net result for the year (-€125,390) and Investment in fixed assets (net) (-€72,776)
- Tangible fixed assets +€23,600
up €23,600 (+7.0%), from €337,701 to €361,301
- Receivables within one year +€8,600
up €8,600 (+106%), from €8,139 to €16,739
of which Trade receivables: +€8,600
- Profit (loss) carried forward -€125,390
down €125,390 (-298%), from -€42,083 to -€167,473
- Other debts +€72,817
up €72,817 (+17.2%), from €424,352 to €497,168
- Trade debts +€30,806
new in 2025: €30,806
- Other operating charges +€70,175
up €70,175 (+2,812%), from €2,495 to €72,671
- Depreciation +€39,829
up €39,829 (+426%), from €9,348 to €49,176
- Gross operating margin +€5,474
up €5,474 (+61.5%), from -€8,896 to -€3,421
- Financial charges -€93
down €93 (-43.3%), from €215 to €122
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 | €402,269 | €380,501 | -€21,768 | -5.4% |
| Fixed assets | 21/28 | €337,701 | €361,301 | +€23,600 | +7.0% |
| Tangible fixed assets | 22/27 | €337,701 | €361,301 | +€23,600 | +7.0% |
| Land and buildings | 22 | €337,701 | €361,301 | +€23,600 | +7.0% |
| Current assets | 29/58 | €64,568 | €19,200 | -€45,368 | -70.3% |
| Amounts receivable within one year | 40/41 | €8,139 | €16,739 | +€8,600 | +106% |
| Trade receivables | 40 | €149 | €8,749 | +€8,600 | +5,778% |
| Other amounts receivable | 41 | €7,991 | €7,991 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,428 | €2,461 | -€53,968 | -95.6% |
| Total equity and liabilities | 10/49 | €402,269 | €380,501 | -€21,768 | -5.4% |
| Equity | 10/15 | -€22,083 | -€147,473 | -€125,390 | -568% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,083 | -€167,473 | -€125,390 | -298% |
| Amounts payable | 17/49 | €424,352 | €527,974 | +€103,623 | +24.4% |
| Amounts payable within one year | 42/48 | €424,352 | €527,974 | +€103,623 | +24.4% |
| Trade debts | 44 | - | €30,806 | +€30,806 | |
| Suppliers | 440/4 | - | €30,806 | +€30,806 | |
| Other amounts payable | 47/48 | €424,352 | €497,168 | +€72,817 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,348 | €49,176 | +€39,829 | +426% |
| Other operating charges | 640/8 | €2,495 | €72,671 | +€70,175 | +2,812% |
| Gross operating margin | 9900 | -€8,896 | -€3,421 | +€5,474 | +61.5% |
| Operating profit (loss) | 9901 | -€20,738 | -€125,269 | -€104,530 | -504% |
| Financial charges | 65/66B | €215 | €122 | -€93 | -43.3% |
| Recurring financial charges | 65 | €215 | €122 | -€93 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€20,953 | -€125,390 | -€104,437 | -498% |
| Profit (loss) for the period | 9904 | -€20,953 | -€125,390 | -€104,437 | -498% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,953 | -€125,390 | -€104,437 | -498% |
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 15 October 2026 via checked.be.