SH Limburg: what changed
What changed
SH Limburg
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€101,361
2024 · €104,171-€2,810
Equity
€1.0m
2024 · €901,076+€101,361
Cash
€1.1m
2024 · €1.1m-€45,008
Balance sheet total
€2.9m
2024 · €2.7m+€164,856
Largest movements
Assets
- Receivables within one year +€238,140
up €238,140 (+51.3%), from €464,055 to €702,195
of which Other amounts receivable: +€216,275
- Tangible fixed assets -€51,859
down €51,859 (-4.5%), from €1.1m to €1.1m
of which Other tangible fixed assets: -€50,462
- Cash -€45,008
down €45,008 (-4.1%), from €1.1m to €1.1m
mainly Receivables within one year (-€238,140) and Debts after one year (-€55,260)
Equity and liabilities
- Trade debts +€165,935
up €165,935 (+48.0%), from €345,796 to €511,730
- Profit (loss) carried forward +€110,178
up €110,178 (+16.8%), from €657,047 to €767,225
- Debts after one year -€55,260
down €55,260 (-9.8%), from €564,177 to €508,917
- Tax, wage and social debts -€29,134
down €29,134 (-26.2%), from €111,057 to €81,922
Income statement
- Gross operating margin -€21,734
down €21,734 (-9.2%), from €234,980 to €213,245
- Write-downs -€9,000
no longer reported in 2025 (was €9,000)
- Financial charges -€8,943
down €8,943 (-27.8%), from €32,125 to €23,183
of which Non-recurring financial charges: -€8,145
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€104,171
Gross operating margin
-€21,734
Depreciation
-€508
Write-downs
+€9,000
Other operating charges
+€1,373
Financial income
-€1,458
Financial charges
+€8,943
Taxes
+€1,575
Result 2025
€101,361
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€34,018
Investment
-€24,340
Financing
-€54,686
Cash 2024
€1.1m
From operations (derived)
+€34,018
Net result for the year
+€101,361
Depreciation
+€51,859
Receivables within one year
-€238,140
Deferred charges and accrued income
+€757
Provisions
-€2,939
Trade debts
+€165,935
Tax, wage and social debts
-€29,134
Advances received
-€15,680
Investment (derived)
-€24,340
Investment in fixed assets (net)
-€24,340
Financing
-€54,686
Debts after one year
-€55,260
Current portion of long-term debt
+€574
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,711,238 | €2,876,094 | +€164,856 | +6.1% |
| Fixed assets | 21/28 | €1,141,492 | €1,113,974 | -€27,519 | -2.4% |
| Tangible fixed assets | 22/27 | €1,141,492 | €1,089,634 | -€51,859 | -4.5% |
| Land and buildings | 22 | €310,000 | €310,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,738 | €3,341 | -€1,397 | -29.5% |
| Other tangible fixed assets | 26 | €826,754 | €776,292 | -€50,462 | -6.1% |
| Financial fixed assets | 28 | - | €24,340 | +€24,340 | |
| Current assets | 29/58 | €1,569,745 | €1,762,120 | +€192,375 | +12.3% |
| Amounts receivable within one year | 40/41 | €464,055 | €702,195 | +€238,140 | +51.3% |
| Trade receivables | 40 | €78,595 | €100,460 | +€21,864 | +27.8% |
| Other amounts receivable | 41 | €385,460 | €601,736 | +€216,275 | +56.1% |
| Cash at bank and in hand | 54/58 | €1,104,189 | €1,059,181 | -€45,008 | -4.1% |
| Deferred charges and accrued income | 490/1 | €1,501 | €744 | -€757 | -50.5% |
| Total equity and liabilities | 10/49 | €2,711,238 | €2,876,094 | +€164,856 | +6.1% |
| Equity | 10/15 | €901,076 | €1,002,437 | +€101,361 | +11.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €169,029 | €160,212 | -€8,817 | -5.2% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,529 | €152,712 | -€8,817 | -5.5% |
| Profit (loss) carried forward | 14 | €657,047 | €767,225 | +€110,178 | +16.8% |
| Provisions and deferred taxes | 16 | €53,843 | €50,904 | -€2,939 | -5.5% |
| Deferred taxes | 168 | €53,843 | €50,904 | -€2,939 | -5.5% |
| Amounts payable | 17/49 | €1,756,319 | €1,822,753 | +€66,434 | +3.8% |
| Amounts payable after more than one year | 17 | €564,177 | €508,917 | -€55,260 | -9.8% |
| Financial debts | 170/4 | €564,177 | €508,917 | -€55,260 | -9.8% |
| Amounts payable within one year | 42/48 | €1,192,142 | €1,313,835 | +€121,694 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €54,686 | €55,260 | +€574 | +1.0% |
| Trade debts | 44 | €345,796 | €511,730 | +€165,935 | +48.0% |
| Suppliers | 440/4 | €345,796 | €511,730 | +€165,935 | +48.0% |
| Advances received on contracts in progress | 46 | €680,604 | €664,923 | -€15,680 | -2.3% |
| Taxes, remuneration and social security | 45 | €111,057 | €81,922 | -€29,134 | -26.2% |
| Taxes | 450/3 | €111,057 | €81,922 | -€29,134 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,351 | €51,859 | +€508 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,000 | - | -€9,000 | |
| Other operating charges | 640/8 | €5,581 | €4,208 | -€1,373 | -24.6% |
| Gross operating margin | 9900 | €234,980 | €213,245 | -€21,734 | -9.2% |
| Operating profit (loss) | 9901 | €169,049 | €157,179 | -€11,870 | -7.0% |
| Financial income | 75/76B | €6,057 | €4,599 | -€1,458 | -24.1% |
| Recurring financial income | 75 | €6,057 | €4,599 | -€1,458 | -24.1% |
| Financial charges | 65/66B | €32,125 | €23,183 | -€8,943 | -27.8% |
| Recurring financial charges | 65 | €7,188 | €6,390 | -€797 | -11.1% |
| Non-recurring financial charges | 66B | €24,938 | €16,792 | -€8,145 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €142,981 | €138,596 | -€4,385 | -3.1% |
| Transfer from deferred taxes | 780 | €2,939 | €2,939 | = | 0.0% |
| Income taxes | 67/77 | €41,749 | €40,174 | -€1,575 | -3.8% |
| Profit (loss) for the period | 9904 | €104,171 | €101,361 | -€2,810 | -2.7% |
| Transfer from tax-exempt reserves | 789 | €8,817 | €8,817 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,988 | €110,178 | -€2,810 | -2.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.