SH OPTICS: 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 OPTICS
Largest movements
- Tangible fixed assets -€28,069
down €28,069 (-19.2%), from €146,349 to €118,280
of which Land and buildings: -€16,407
- Stocks and contracts +€21,751
up €21,751 (+17.5%), from €124,108 to €145,859
- Cash -€13,565
no longer reported in 2025 (was €13,565)
mainly Net result for the year (-€45,749) and Debts after one year (-€25,315)
- Profit (loss) carried forward -€45,749
down €45,749, from €2,237 to -€43,512
- Other debts +€29,574
new in 2025: €29,574
- Debts after one year -€25,315
down €25,315 (-17.6%), from €144,013 to €118,698
- Short-term financial debts +€17,243
up €17,243 (+71.9%), from €23,982 to €41,224
- Trade debts -€11,279
down €11,279 (-23.2%), from €48,662 to €37,383
- Staff costs +€38,925
up €38,925 (+1009.9%), from €3,854 to €42,780
- Gross operating margin -€37,858
down €37,858 (-57.6%), from €65,707 to €27,849
- Depreciation -€23,513
down €23,513 (-55.8%), from €42,103 to €18,590
- Taxes -€3,172
down €3,172 (-95.4%), from €3,325 to €153
- Financial charges -€1,844
down €1,844 (-18.8%), from €9,789 to €7,944
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 | €284,958 | €266,324 | -€18,633 | -6.5% |
| Fixed assets | 21/28 | €146,574 | €118,505 | -€28,069 | -19.2% |
| Tangible fixed assets | 22/27 | €146,349 | €118,280 | -€28,069 | -19.2% |
| Land and buildings | 22 | €132,916 | €116,510 | -€16,407 | -12.3% |
| Furniture and vehicles | 24 | €13,433 | €1,770 | -€11,663 | -86.8% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €138,383 | €147,819 | +€9,436 | +6.8% |
| Stocks and contracts in progress | 3 | €124,108 | €145,859 | +€21,751 | +17.5% |
| Stocks | 30/36 | €124,108 | €145,859 | +€21,751 | +17.5% |
| Amounts receivable within one year | 40/41 | €710 | €1,960 | +€1,250 | +176.1% |
| Trade receivables | 40 | - | €1,154 | +€1,154 | |
| Other amounts receivable | 41 | €710 | €807 | +€97 | +13.6% |
| Cash at bank and in hand | 54/58 | €13,565 | - | -€13,565 | |
| Total equity and liabilities | 10/49 | €284,958 | €266,324 | -€18,633 | -6.5% |
| Equity | 10/15 | €52,237 | €6,488 | -€45,749 | -87.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,237 | -€43,512 | -€45,749 | |
| Amounts payable | 17/49 | €232,721 | €259,836 | +€27,115 | +11.7% |
| Amounts payable after more than one year | 17 | €144,013 | €118,698 | -€25,315 | -17.6% |
| Financial debts | 170/4 | €144,013 | €118,698 | -€25,315 | -17.6% |
| Amounts payable within one year | 42/48 | €88,707 | €141,137 | +€52,430 | +59.1% |
| Financial debts | 43 | €23,982 | €41,224 | +€17,243 | +71.9% |
| Credit institutions | 430/8 | €23,982 | €41,224 | +€17,243 | +71.9% |
| Trade debts | 44 | €48,662 | €37,383 | -€11,279 | -23.2% |
| Suppliers | 440/4 | €48,662 | €37,383 | -€11,279 | -23.2% |
| Advances received on contracts in progress | 46 | - | €9,870 | +€9,870 | |
| Taxes, remuneration and social security | 45 | €16,063 | €23,086 | +€7,022 | +43.7% |
| Taxes | 450/3 | €11,585 | €21,338 | +€9,753 | +84.2% |
| Remuneration and social security | 454/9 | €4,478 | €1,748 | -€2,730 | -61.0% |
| Other amounts payable | 47/48 | - | €29,574 | +€29,574 | |
| Remuneration, social security and pensions | 62 | €3,854 | €42,780 | +€38,925 | +1009.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,103 | €18,590 | -€23,513 | -55.8% |
| Other operating charges | 640/8 | €4,399 | €4,431 | +€32 | +0.7% |
| Gross operating margin | 9900 | €65,707 | €27,849 | -€37,858 | -57.6% |
| Operating profit (loss) | 9901 | €15,351 | -€37,951 | -€53,302 | |
| Financial income | 75/76B | - | €300 | +€300 | |
| Recurring financial income | 75 | - | €300 | +€300 | |
| Financial charges | 65/66B | €9,789 | €7,944 | -€1,844 | -18.8% |
| Recurring financial charges | 65 | €9,789 | €7,944 | -€1,844 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €5,562 | -€45,595 | -€51,158 | |
| Income taxes | 67/77 | €3,325 | €153 | -€3,172 | -95.4% |
| Profit (loss) for the period | 9904 | €2,237 | -€45,749 | -€47,986 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,237 | -€45,749 | -€47,986 |
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.