SHA & SAR: 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 & SAR
Largest movements
- Receivables within one year +€14,077
up €14,077 (+2610.7%), from €539 to €14,616
of which Trade receivables: +€13,774
- Stocks and contracts +€3,171
up €3,171 (+21.6%), from €14,672 to €17,844
- Cash -€2,897
down €2,897 (-38.1%), from €7,607 to €4,710
mainly Receivables within one year (-€14,077) and Trade debts (-€8,265)
- Tangible fixed assets -€950
down €950 (-68.0%), from €1,396 to €446
- Profit (loss) carried forward +€21,040
up €21,040 (+80.4%), from -€26,176 to -€5,136
- Trade debts -€8,265
no longer reported in 2025 (was €8,265)
- Other debts +€2,753
up €2,753 (+7.2%), from €38,170 to €40,923
- Tax, wage and social debts -€1,876
down €1,876 (-48.4%), from €3,874 to €1,999
- Gross operating margin +€50,523
up €50,523, from -€22,172 to €28,351
- Financial charges +€3,833
up €3,833 (+201.2%), from €1,905 to €5,737
- Depreciation -€941
down €941 (-46.3%), from €2,033 to €1,093
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 | €27,929 | €41,283 | +€13,355 | +47.8% |
| Fixed assets | 21/28 | €5,110 | €4,017 | -€1,093 | -21.4% |
| Intangible fixed assets | 21 | €489 | €346 | -€143 | -29.2% |
| Tangible fixed assets | 22/27 | €1,396 | €446 | -€950 | -68.0% |
| Plant, machinery and equipment | 23 | €1,396 | €446 | -€950 | -68.0% |
| Financial fixed assets | 28 | €3,225 | €3,225 | = | 0.0% |
| Current assets | 29/58 | €22,818 | €37,266 | +€14,447 | +63.3% |
| Stocks and contracts in progress | 3 | €14,672 | €17,844 | +€3,171 | +21.6% |
| Stocks | 30/36 | €14,672 | €17,844 | +€3,171 | +21.6% |
| Amounts receivable within one year | 40/41 | €539 | €14,616 | +€14,077 | +2610.7% |
| Trade receivables | 40 | €539 | €14,313 | +€13,774 | +2554.5% |
| Other amounts receivable | 41 | - | €303 | +€303 | |
| Cash at bank and in hand | 54/58 | €7,607 | €4,710 | -€2,897 | -38.1% |
| Deferred charges and accrued income | 490/1 | - | €96 | +€96 | |
| Total equity and liabilities | 10/49 | €27,929 | €41,283 | +€13,355 | +47.8% |
| Equity | 10/15 | -€23,176 | -€2,136 | +€21,040 | +90.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,176 | -€5,136 | +€21,040 | +80.4% |
| Amounts payable | 17/49 | €51,105 | €43,419 | -€7,686 | -15.0% |
| Amounts payable within one year | 42/48 | €50,309 | €42,922 | -€7,388 | -14.7% |
| Trade debts | 44 | €8,265 | - | -€8,265 | |
| Suppliers | 440/4 | €8,265 | - | -€8,265 | |
| Taxes, remuneration and social security | 45 | €3,874 | €1,999 | -€1,876 | -48.4% |
| Taxes | 450/3 | €3,874 | €1,999 | -€1,876 | -48.4% |
| Other amounts payable | 47/48 | €38,170 | €40,923 | +€2,753 | +7.2% |
| Accrued charges and deferred income | 492/3 | €795 | €497 | -€298 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,033 | €1,093 | -€941 | -46.3% |
| Other operating charges | 640/8 | €503 | €480 | -€23 | -4.5% |
| Gross operating margin | 9900 | -€22,172 | €28,351 | +€50,523 | |
| Operating profit (loss) | 9901 | -€24,709 | €26,778 | +€51,487 | |
| Financial income | 75/76B | €27 | - | -€27 | |
| Recurring financial income | 75 | €27 | - | -€27 | |
| Financial charges | 65/66B | €1,905 | €5,737 | +€3,833 | +201.2% |
| Recurring financial charges | 65 | €1,905 | €5,737 | +€3,833 | +201.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,587 | €21,040 | +€47,627 | |
| Profit (loss) for the period | 9904 | -€26,587 | €21,040 | +€47,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,587 | €21,040 | +€47,627 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.