SHA MANAGEMENT: 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.
SHA MANAGEMENT
Largest movements
- Tangible fixed assets +€26,691
up €26,691 (+3.1%), from €865,661 to €892,352
of which Land and buildings: +€27,239
- Receivables within one year -€26,084
down €26,084 (-25.5%), from €102,183 to €76,099
of which Trade receivables: -€32,999
- Debts after one year -€44,468
down €44,468 (-5.6%), from €788,931 to €744,463
- Profit (loss) carried forward +€32,492
up €32,492 (+95.9%), from €33,892 to €66,384
- Trade debts -€11,254
down €11,254 (-38.1%), from €29,570 to €18,316
- Turnover +€17,310
up €17,310 (+9.6%), from €180,077 to €197,387
- Gross operating margin +€7,480
up €7,480 (+8.3%), from €90,275 to €97,756
- Purchases and services +€6,171
up €6,171 (+4.5%), from €135,946 to €142,118
- Taxes +€3,711
up €3,711 (+24.4%), from €15,215 to €18,925
- Financial charges +€2,613
up €2,613 (+23.0%), from €11,362 to €13,975
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,027,560 | €1,010,521 | -€17,039 | -1.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €865,661 | €892,352 | +€26,691 | +3.1% |
| Tangible fixed assets | 22/27 | €865,661 | €892,352 | +€26,691 | +3.1% |
| Land and buildings | 22 | €864,470 | €891,710 | +€27,239 | +3.2% |
| Furniture and vehicles | 24 | €1,191 | €642 | -€549 | -46.1% |
| Current assets | 29/58 | €161,899 | €118,169 | -€43,730 | -27.0% |
| Amounts receivable after more than one year | 29 | €14,243 | €10,600 | -€3,643 | -25.6% |
| Trade receivables | 290 | €14,243 | €10,600 | -€3,643 | -25.6% |
| Amounts receivable within one year | 40/41 | €102,183 | €76,099 | -€26,084 | -25.5% |
| Trade receivables | 40 | €102,183 | €69,184 | -€32,999 | -32.3% |
| Other amounts receivable | 41 | €0 | €6,916 | +€6,916 | |
| Cash at bank and in hand | 54/58 | €32,830 | €28,912 | -€3,918 | -11.9% |
| Deferred charges and accrued income | 490/1 | €12,643 | €2,558 | -€10,085 | -79.8% |
| Total equity and liabilities | 10/49 | €1,027,560 | €1,010,521 | -€17,039 | -1.7% |
| Equity | 10/15 | €128,321 | €160,813 | +€32,492 | +25.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €74,429 | €74,429 | = | 0.0% |
| Distributable reserves | 133 | €74,429 | €74,429 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,892 | €66,384 | +€32,492 | +95.9% |
| Amounts payable | 17/49 | €899,239 | €849,708 | -€49,531 | -5.5% |
| Amounts payable after more than one year | 17 | €788,931 | €744,463 | -€44,468 | -5.6% |
| Financial debts | 170/4 | €788,931 | €744,463 | -€44,468 | -5.6% |
| Amounts payable within one year | 42/48 | €109,235 | €105,205 | -€4,031 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €43,913 | €44,468 | +€555 | +1.3% |
| Trade debts | 44 | €29,570 | €18,316 | -€11,254 | -38.1% |
| Suppliers | 440/4 | €29,570 | €18,316 | -€11,254 | -38.1% |
| Taxes, remuneration and social security | 45 | €34,372 | €42,421 | +€8,049 | +23.4% |
| Taxes | 450/3 | €34,372 | €42,421 | +€8,049 | +23.4% |
| Other amounts payable | 47/48 | €1,380 | €0 | -€1,380 | -100% |
| Accrued charges and deferred income | 492/3 | €1,072 | €40 | -€1,032 | -96.2% |
| Turnover | 70 | €180,077 | €197,387 | +€17,310 | +9.6% |
| Non-recurring operating income | 76A | €528 | - | -€528 | |
| Goods, raw materials, services and sundry goods | 60/61 | €135,946 | €142,118 | +€6,171 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,795 | €25,396 | +€1,601 | +6.7% |
| Other operating charges | 640/8 | €6,449 | €7,428 | +€980 | +15.2% |
| Gross operating margin | 9900 | €90,275 | €97,756 | +€7,480 | +8.3% |
| Operating profit (loss) | 9901 | €60,032 | €64,931 | +€4,900 | +8.2% |
| Financial income | 75/76B | €437 | €461 | +€25 | +5.6% |
| Recurring financial income | 75 | €437 | €461 | +€25 | +5.6% |
| Financial charges | 65/66B | €11,362 | €13,975 | +€2,613 | +23.0% |
| Recurring financial charges | 65 | €11,362 | €13,975 | +€2,613 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €49,106 | €51,417 | +€2,311 | +4.7% |
| Income taxes | 67/77 | €15,215 | €18,925 | +€3,711 | +24.4% |
| Profit (loss) for the period | 9904 | €33,892 | €32,492 | -€1,400 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,892 | €32,492 | -€1,400 | -4.1% |
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 15 October 2026 via checked.be.