SH-OP EDITIONS: what changed
SH-OP EDITIONS
Largest movements
- Intangible fixed assets -€12,000
down €12,000 (-33.4%), from €35,967 to €23,967
- Cash -€11,193
down €11,193 (-47.5%), from €23,567 to €12,374
mainly Other debts (-€15,353) and Trade debts (-€13,566)
- Receivables within one year +€6,434
up €6,434 (+27.5%), from €23,355 to €29,789
of which Trade receivables: +€3,796
- Stocks and contracts -€5,370
down €5,370 (-36.0%), from €14,900 to €9,530
- Other debts -€15,353
down €15,353 (-100%), from €15,353 to €0
- Trade debts -€13,566
down €13,566 (-68.4%), from €19,829 to €6,263
- Reserves +€7,388
up €7,388 (+15.1%), from €48,860 to €56,248
of which Distributable reserves: +€9,248
- Tax, wage and social debts -€1,773
down €1,773 (-16.2%), from €10,943 to €9,170
- Gross operating margin +€12,225
up €12,225 (+89.5%), from €13,664 to €25,889
- Taxes +€3,718
up €3,718 (+2,162%), from €172 to €3,890
- Financial income +€3,600
up €3,600 (+8,609%), from €42 to €3,641
- Other operating charges +€2,783
up €2,783 (+243%), from €1,143 to €3,926
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,718 | €117,158 | -€23,560 | -16.7% |
| Fixed assets | 21/28 | €38,848 | €25,465 | -€13,383 | -34.5% |
| Intangible fixed assets | 21 | €35,967 | €23,967 | -€12,000 | -33.4% |
| Tangible fixed assets | 22/27 | €2,881 | €1,498 | -€1,383 | -48.0% |
| Plant, machinery and equipment | 23 | €1,074 | €578 | -€495 | -46.1% |
| Furniture and vehicles | 24 | €1,807 | €919 | -€888 | -49.1% |
| Current assets | 29/58 | €101,870 | €91,693 | -€10,177 | -10.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Trade receivables | 290 | €40,000 | €40,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,900 | €9,530 | -€5,370 | -36.0% |
| Stocks | 30/36 | €14,900 | €9,530 | -€5,370 | -36.0% |
| Amounts receivable within one year | 40/41 | €23,355 | €29,789 | +€6,434 | +27.5% |
| Trade receivables | 40 | €23,355 | €27,151 | +€3,796 | +16.3% |
| Other amounts receivable | 41 | - | €2,638 | +€2,638 | |
| Cash at bank and in hand | 54/58 | €23,567 | €12,374 | -€11,193 | -47.5% |
| Deferred charges and accrued income | 490/1 | €48 | €0 | -€48 | -100% |
| Total equity and liabilities | 10/49 | €140,718 | €117,158 | -€23,560 | -16.7% |
| Equity | 10/15 | €94,337 | €101,725 | +€7,388 | +7.8% |
| Contributions | 10/11 | €6,600 | €6,600 | = | 0.0% |
| Reserves | 13 | €48,860 | €56,248 | +€7,388 | +15.1% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €47,000 | €56,248 | +€9,248 | +19.7% |
| Profit (loss) carried forward | 14 | €38,877 | €38,877 | = | 0.0% |
| Amounts payable | 17/49 | €46,381 | €15,433 | -€30,948 | -66.7% |
| Amounts payable within one year | 42/48 | €46,381 | €15,433 | -€30,948 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €256 | €0 | -€256 | -100% |
| Trade debts | 44 | €19,829 | €6,263 | -€13,566 | -68.4% |
| Suppliers | 440/4 | €19,829 | €6,263 | -€13,566 | -68.4% |
| Taxes, remuneration and social security | 45 | €10,943 | €9,170 | -€1,773 | -16.2% |
| Taxes | 450/3 | €10,943 | €9,170 | -€1,773 | -16.2% |
| Other amounts payable | 47/48 | €15,353 | €0 | -€15,353 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,302 | €13,383 | +€81 | +0.6% |
| Other operating charges | 640/8 | €1,143 | €3,926 | +€2,783 | +243% |
| Gross operating margin | 9900 | €13,664 | €25,889 | +€12,225 | +89.5% |
| Operating profit (loss) | 9901 | -€781 | €8,580 | +€9,362 | |
| Financial income | 75/76B | €42 | €3,641 | +€3,600 | +8,609% |
| Recurring financial income | 75 | €42 | €3,641 | +€3,600 | +8,609% |
| Financial charges | 65/66B | €702 | €944 | +€242 | +34.5% |
| Recurring financial charges | 65 | €702 | €944 | +€242 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,441 | €11,278 | +€12,719 | |
| Income taxes | 67/77 | €172 | €3,890 | +€3,718 | +2,162% |
| Profit (loss) for the period | 9904 | -€1,613 | €7,388 | +€9,001 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,613 | €7,388 | +€9,001 |
Next steps
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 4 November 2026 via checked.be.