SH-Projects: what changed
SH-Projects
Largest movements
- Receivables within one year +€25,598
up €25,598 (+64.0%), from €39,977 to €65,574
of which Other amounts receivable: +€15,666
- Tangible fixed assets -€10,400
down €10,400 (-31.8%), from €32,683 to €22,283
of which Furniture and vehicles: -€7,818
- Cash -€9,377
down €9,377 (-84.8%), from €11,058 to €1,681
mainly Receivables within one year (-€25,598) and Trade debts (-€12,639)
- Stocks and contracts -€2,625
down €2,625 (-18.4%), from €14,300 to €11,675
- Reserves +€16,796
up €16,796 (+30.3%), from €55,421 to €72,217
- Trade debts -€12,639
down €12,639 (-45.8%), from €27,591 to €14,952
- Gross operating margin +€13,498
up €13,498 (+56.9%), from €23,716 to €37,213
- Taxes +€2,402
up €2,402 (+131%), from €1,838 to €4,240
- Other operating charges +€1,273
up €1,273 (+147%), from €867 to €2,140
- Financial income +€726
up €726 (+197%), from €368 to €1,094
- Financial charges -€689
down €689 (-80.0%), from €862 to €172
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 | €98,017 | €101,213 | +€3,195 | +3.3% |
| Fixed assets | 21/28 | €32,683 | €22,283 | -€10,400 | -31.8% |
| Tangible fixed assets | 22/27 | €32,683 | €22,283 | -€10,400 | -31.8% |
| Plant, machinery and equipment | 23 | €14,597 | €12,015 | -€2,582 | -17.7% |
| Furniture and vehicles | 24 | €18,086 | €10,268 | -€7,818 | -43.2% |
| Current assets | 29/58 | €65,335 | €78,930 | +€13,595 | +20.8% |
| Stocks and contracts in progress | 3 | €14,300 | €11,675 | -€2,625 | -18.4% |
| Stocks | 30/36 | €14,300 | €11,675 | -€2,625 | -18.4% |
| Amounts receivable within one year | 40/41 | €39,977 | €65,574 | +€25,598 | +64.0% |
| Trade receivables | 40 | €16,564 | €26,495 | +€9,931 | +60.0% |
| Other amounts receivable | 41 | €23,413 | €39,079 | +€15,666 | +66.9% |
| Cash at bank and in hand | 54/58 | €11,058 | €1,681 | -€9,377 | -84.8% |
| Total equity and liabilities | 10/49 | €98,017 | €101,213 | +€3,195 | +3.3% |
| Equity | 10/15 | €59,421 | €76,217 | +€16,796 | +28.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €55,421 | €72,217 | +€16,796 | +30.3% |
| Distributable reserves | 133 | €55,421 | €72,217 | +€16,796 | +30.3% |
| Amounts payable | 17/49 | €38,597 | €24,996 | -€13,601 | -35.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €38,597 | €24,996 | -€13,601 | -35.2% |
| Trade debts | 44 | €27,591 | €14,952 | -€12,639 | -45.8% |
| Suppliers | 440/4 | €27,591 | €14,952 | -€12,639 | -45.8% |
| Taxes, remuneration and social security | 45 | €10,247 | €10,044 | -€203 | -2.0% |
| Taxes | 450/3 | €10,247 | €10,044 | -€203 | -2.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €758 | €0 | -€758 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,271 | €14,959 | -€312 | -2.0% |
| Other operating charges | 640/8 | €867 | €2,140 | +€1,273 | +147% |
| Gross operating margin | 9900 | €23,716 | €37,213 | +€13,498 | +56.9% |
| Operating profit (loss) | 9901 | €7,578 | €20,114 | +€12,536 | +165% |
| Financial income | 75/76B | €368 | €1,094 | +€726 | +197% |
| Recurring financial income | 75 | €368 | €1,094 | +€726 | +197% |
| Financial charges | 65/66B | €862 | €172 | -€689 | -80.0% |
| Recurring financial charges | 65 | €862 | €172 | -€689 | -80.0% |
| Profit (loss) for the period before taxes | 9903 | €7,084 | €21,036 | +€13,952 | +197% |
| Income taxes | 67/77 | €1,838 | €4,240 | +€2,402 | +131% |
| Profit (loss) for the period | 9904 | €5,247 | €16,796 | +€11,550 | +220% |
| Profit (loss) for the period to be appropriated | 9905 | €5,247 | €16,796 | +€11,550 | +220% |
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 1 November 2026 via checked.be.