SHA International: what changed
Two financial 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.
What changed
SHA International
NACE 46.879, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.6m-€121,238
Equity
€17.3m
2024 · €15.8m+€1.5m
Cash
€1.6m
2024 · €1.7m-€31,042
Balance sheet total
€19.5m
2024 · €19.0m+€541,221
Largest movements
Assets
- Receivables within one year -€1.5m
down €1.5m (-16.5%), from €9.2m to €7.7m
of which Trade receivables: -€1.5m
- Current investments +€1.2m
up €1.2m (+14.6%), from €8.0m to €9.1m
- Stocks and contracts +€919,261
up €919,261 (+2,356%), from €39,025 to €958,286
Equity and liabilities
- Profit (loss) carried forward +€843,661
up €843,661 (+8.0%), from €10.5m to €11.3m
- Reserves +€631,500
up €631,500 (+13.6%), from €4.7m to €5.3m
of which Distributable reserves: +€631,500
- Trade debts -€422,727
down €422,727 (-17.6%), from €2.4m to €2.0m
- Accrued charges and deferred income -€404,803
down €404,803 (-82.4%), from €491,151 to €86,348
Income statement
- Goods and materials -€626,127
down €626,127 (-2.0%), from €31.2m to €30.6m
of which Change in stocks: decrease (increase): -€1.3m
- Turnover -€355,271
down €355,271 (-1.1%), from €33.4m to €33.0m
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.
Result 2024
€1.6m
Turnover
-€355,271
Other operating income
+€40,062
Goods and materials
+€626,127
Services and other goods
-€54,559
Staff costs
-€6,773
Depreciation
-€1,034
Other operating charges
-€3,238
Financial income
-€189,594
Financial charges
-€190,399
Taxes
+€13,441
Result 2025
€1.5m
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€1.1m
Investment
-€1.2m
Financing
€0
Cash 2024
€1.7m
From operations (derived)
+€1.1m
Net result for the year
+€1.5m
Depreciation
+€25,520
Stocks and contracts
-€919,261
Receivables within one year
+€1.5m
Deferred charges and accrued income
-€41,033
Trade debts
-€422,727
Tax, wage and social debts
-€106,410
Accrued charges and deferred income
-€404,803
Investment (derived)
-€1.2m
Current investments
-€1.2m
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,978,783 | €19,520,004 | +€541,221 | +2.9% |
| Fixed assets | 21/28 | €85,242 | €59,722 | -€25,520 | -29.9% |
| Tangible fixed assets | 22/27 | €34,992 | €9,472 | -€25,520 | -72.9% |
| Land and buildings | 22 | €6,630 | €4,681 | -€1,949 | -29.4% |
| Plant, machinery and equipment | 23 | €9,497 | €4,791 | -€4,706 | -49.6% |
| Furniture and vehicles | 24 | €18,865 | €0 | -€18,865 | -100% |
| Financial fixed assets | 28 | €50,250 | €50,250 | = | 0.0% |
| Affiliated companies | 280/1 | €50,000 | €50,000 | = | 0.0% |
| Participating interests | 280 | €50,000 | €50,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €250 | €250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €18,893,542 | €19,460,282 | +€566,741 | +3.0% |
| Stocks and contracts in progress | 3 | €39,025 | €958,286 | +€919,261 | +2,356% |
| Stocks | 30/36 | €39,025 | €958,286 | +€919,261 | +2,356% |
| Goods purchased for resale | 34 | €39,025 | €958,286 | +€919,261 | +2,356% |
| Amounts receivable within one year | 40/41 | €9,231,984 | €7,709,588 | -€1.5m | -16.5% |
| Trade receivables | 40 | €9,201,295 | €7,695,566 | -€1.5m | -16.4% |
| Other amounts receivable | 41 | €30,689 | €14,022 | -€16,667 | -54.3% |
| Current investments | 50/53 | €7,956,122 | €9,116,007 | +€1.2m | +14.6% |
| Other investments | 51/53 | €7,956,122 | €9,116,007 | +€1.2m | +14.6% |
| Cash at bank and in hand | 54/58 | €1,657,544 | €1,626,502 | -€31,042 | -1.9% |
| Deferred charges and accrued income | 490/1 | €8,867 | €49,900 | +€41,033 | +463% |
| Total equity and liabilities | 10/49 | €18,978,783 | €19,520,004 | +€541,221 | +2.9% |
| Equity | 10/15 | €15,776,033 | €17,251,194 | +€1.5m | +9.4% |
| Contributions | 10/11 | €620,000 | €620,000 | = | 0.0% |
| Reserves | 13 | €4,659,249 | €5,290,749 | +€631,500 | +13.6% |
| Tax-exempt reserves | 132 | €1,368,250 | €1,368,250 | = | 0.0% |
| Distributable reserves | 133 | €3,290,999 | €3,922,499 | +€631,500 | +19.2% |
| Profit (loss) carried forward | 14 | €10,496,784 | €11,340,445 | +€843,661 | +8.0% |
| Amounts payable | 17/49 | €3,202,750 | €2,268,810 | -€933,940 | -29.2% |
| Amounts payable within one year | 42/48 | €2,711,599 | €2,182,462 | -€529,137 | -19.5% |
| Trade debts | 44 | €2,398,282 | €1,975,555 | -€422,727 | -17.6% |
| Suppliers | 440/4 | €2,398,282 | €1,975,555 | -€422,727 | -17.6% |
| Taxes, remuneration and social security | 45 | €313,317 | €206,906 | -€106,410 | -34.0% |
| Taxes | 450/3 | €293,752 | €186,642 | -€107,110 | -36.5% |
| Remuneration and social security | 454/9 | €19,564 | €20,265 | +€700 | +3.6% |
| Accrued charges and deferred income | 492/3 | €491,151 | €86,348 | -€404,803 | -82.4% |
| Operating income | 70/76A | €33,458,693 | €33,143,484 | -€315,209 | -0.9% |
| Turnover | 70 | €33,381,322 | €33,026,051 | -€355,271 | -1.1% |
| Other operating income | 74 | €77,371 | €117,433 | +€40,062 | +51.8% |
| Operating charges | 60/66A | €31,987,492 | €31,426,970 | -€560,523 | -1.8% |
| Goods for resale, raw materials and consumables | 60 | €31,231,831 | €30,605,705 | -€626,127 | -2.0% |
| Purchases | 600/8 | €30,804,611 | €31,524,966 | +€720,354 | +2.3% |
| Change in stocks: decrease (increase) | 609 | €427,220 | -€919,261 | -€1.3m | |
| Services and other goods | 61 | €557,900 | €612,460 | +€54,559 | +9.8% |
| Remuneration, social security and pensions | 62 | €171,473 | €178,246 | +€6,773 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,486 | €25,520 | +€1,034 | +4.2% |
| Other operating charges | 640/8 | €1,801 | €5,039 | +€3,238 | +180% |
| Operating profit (loss) | 9901 | €1,471,201 | €1,716,515 | +€245,314 | +16.7% |
| Financial income | 75/76B | €657,967 | €468,372 | -€189,594 | -28.8% |
| Recurring financial income | 75 | €657,967 | €468,372 | -€189,594 | -28.8% |
| Income from current assets | 751 | €53,972 | €43,206 | -€10,766 | -19.9% |
| Other financial income | 752/9 | €603,995 | €425,167 | -€178,828 | -29.6% |
| Financial charges | 65/66B | €29,255 | €219,653 | +€190,399 | +651% |
| Recurring financial charges | 65 | €29,255 | €219,653 | +€190,399 | +651% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€269,766 | -€39,933 | +€229,833 | +85.2% |
| Other financial charges | 652/9 | €299,020 | €259,586 | -€39,434 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €2,099,913 | €1,965,234 | -€134,679 | -6.4% |
| Income taxes | 67/77 | €503,514 | €490,073 | -€13,441 | -2.7% |
| Taxes | 670/3 | €503,514 | €490,073 | -€13,441 | -2.7% |
| Profit (loss) for the period | 9904 | €1,596,399 | €1,475,161 | -€121,238 | -7.6% |
| Transfer from tax-exempt reserves | 789 | €421,000 | €631,500 | +€210,500 | +50.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €631,500 | +€210,500 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,596,399 | €1,475,161 | -€121,238 | -7.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.