SHA - DO: 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.
SHA - DO
Largest movements
- Cash -€34,625
down €34,625 (-20.7%), from €167,561 to €132,936
mainly Investment in fixed assets (net) (-€13,001) and Other debts (-€10,744)
- Tangible fixed assets +€10,191
up €10,191 (+183.1%), from €5,567 to €15,758
of which Other tangible fixed assets: +€12,439
- Other debts -€10,744
down €10,744 (-14.0%), from €76,910 to €66,166
- Profit (loss) carried forward -€8,833
down €8,833 (-13.7%), from €64,539 to €55,707
- Tax, wage and social debts -€4,177
no longer reported in 2025 (was €4,177)
- Gross operating margin -€33,378
down €33,378, from €28,953 to -€4,425
- Taxes -€8,935
down €8,935 (-97.6%), from €9,160 to €224
- Other operating charges -€1,601
down €1,601 (-60.3%), from €2,657 to €1,056
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 | €254,991 | €229,825 | -€25,166 | -9.9% |
| Fixed assets | 21/28 | €5,815 | €16,006 | +€10,191 | +175.3% |
| Tangible fixed assets | 22/27 | €5,567 | €15,758 | +€10,191 | +183.1% |
| Plant, machinery and equipment | 23 | €4,866 | €3,319 | -€1,547 | -31.8% |
| Furniture and vehicles | 24 | €701 | - | -€701 | |
| Other tangible fixed assets | 26 | - | €12,439 | +€12,439 | |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €249,177 | €213,819 | -€35,357 | -14.2% |
| Amounts receivable within one year | 40/41 | €29,465 | €28,459 | -€1,006 | -3.4% |
| Trade receivables | 40 | €17,699 | €12,761 | -€4,938 | -27.9% |
| Other amounts receivable | 41 | €11,766 | €15,698 | +€3,932 | +33.4% |
| Current investments | 50/53 | €52,151 | €52,424 | +€274 | +0.5% |
| Cash at bank and in hand | 54/58 | €167,561 | €132,936 | -€34,625 | -20.7% |
| Total equity and liabilities | 10/49 | €254,991 | €229,825 | -€25,166 | -9.9% |
| Equity | 10/15 | €165,210 | €156,378 | -€8,833 | -5.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €95,671 | €95,671 | = | 0.0% |
| Distributable reserves | 133 | €95,671 | €95,671 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,539 | €55,707 | -€8,833 | -13.7% |
| Amounts payable | 17/49 | €89,781 | €73,447 | -€16,334 | -18.2% |
| Amounts payable within one year | 42/48 | €89,781 | €73,447 | -€16,334 | -18.2% |
| Financial debts | 43 | €1,215 | - | -€1,215 | |
| Credit institutions | 430/8 | €1,215 | - | -€1,215 | |
| Trade debts | 44 | €7,479 | €7,282 | -€197 | -2.6% |
| Suppliers | 440/4 | €7,479 | €7,282 | -€197 | -2.6% |
| Taxes, remuneration and social security | 45 | €4,177 | - | -€4,177 | |
| Taxes | 450/3 | €4,177 | - | -€4,177 | |
| Other amounts payable | 47/48 | €76,910 | €66,166 | -€10,744 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,563 | €2,810 | +€247 | +9.6% |
| Other operating charges | 640/8 | €2,657 | €1,056 | -€1,601 | -60.3% |
| Gross operating margin | 9900 | €28,953 | -€4,425 | -€33,378 | |
| Operating profit (loss) | 9901 | €23,733 | -€8,291 | -€32,023 | |
| Financial income | 75/76B | €9 | €273 | +€264 | +2966.1% |
| Recurring financial income | 75 | €9 | €273 | +€264 | +2966.1% |
| Financial charges | 65/66B | €433 | €591 | +€157 | +36.3% |
| Recurring financial charges | 65 | €433 | €591 | +€157 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €23,308 | -€8,608 | -€31,916 | |
| Income taxes | 67/77 | €9,160 | €224 | -€8,935 | -97.6% |
| Profit (loss) for the period | 9904 | €14,148 | -€8,833 | -€22,981 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,148 | -€8,833 | -€22,981 |
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 4 October 2026 via checked.be.