SHANG HAI: what changed
SHANG HAI
Largest movements
- Cash +€25,636
up €25,636 (+43.5%), from €58,954 to €84,590
mainly Receivables within one year (+€15,034) and Depreciation (+€13,491)
- Receivables within one year -€15,034
down €15,034 (-36.9%), from €40,795 to €25,760
- Tangible fixed assets -€10,700
down €10,700 (-36.0%), from €29,699 to €18,999
of which Furniture and vehicles: -€7,825
- Debts after one year -€6,469
down €6,469 (-24.6%), from €26,326 to €19,857
- Profit (loss) carried forward +€3,180
up €3,180 (+3.4%), from €93,610 to €96,791
- Trade debts +€2,032
up €2,032 (+62.9%), from €3,229 to €5,262
- Depreciation -€8,551
down €8,551 (-38.8%), from €22,043 to €13,491
- Gross operating margin -€7,438
down €7,438 (-21.3%), from €34,849 to €27,412
- Taxes +€3,476
up €3,476 (+128%), from €2,707 to €6,183
- Financial charges +€1,113
up €1,113 (+55.7%), from €2,000 to €3,113
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 | €139,572 | €139,273 | -€298 | -0.2% |
| Fixed assets | 21/28 | €29,823 | €19,123 | -€10,700 | -35.9% |
| Tangible fixed assets | 22/27 | €29,699 | €18,999 | -€10,700 | -36.0% |
| Plant, machinery and equipment | 23 | €3,258 | €1,319 | -€1,939 | -59.5% |
| Furniture and vehicles | 24 | €19,889 | €12,064 | -€7,825 | -39.3% |
| Other tangible fixed assets | 26 | €6,552 | €5,616 | -€936 | -14.3% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €109,749 | €120,150 | +€10,402 | +9.5% |
| Stocks and contracts in progress | 3 | €10,000 | €9,800 | -€200 | -2.0% |
| Stocks | 30/36 | €10,000 | €9,800 | -€200 | -2.0% |
| Amounts receivable within one year | 40/41 | €40,795 | €25,760 | -€15,034 | -36.9% |
| Other amounts receivable | 41 | €40,795 | €25,760 | -€15,034 | -36.9% |
| Cash at bank and in hand | 54/58 | €58,954 | €84,590 | +€25,636 | +43.5% |
| Total equity and liabilities | 10/49 | €139,572 | €139,273 | -€298 | -0.2% |
| Equity | 10/15 | €102,000 | €105,180 | +€3,180 | +3.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €2,184 | €2,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,184 | €2,184 | = | 0.0% |
| Other | 1319 | €2,184 | €2,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,610 | €96,791 | +€3,180 | +3.4% |
| Amounts payable | 17/49 | €37,572 | €34,094 | -€3,478 | -9.3% |
| Amounts payable after more than one year | 17 | €26,326 | €19,857 | -€6,469 | -24.6% |
| Financial debts | 170/4 | €26,326 | €19,857 | -€6,469 | -24.6% |
| Amounts payable within one year | 42/48 | €11,246 | €14,236 | +€2,990 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €6,103 | €6,469 | +€366 | +6.0% |
| Trade debts | 44 | €3,229 | €5,262 | +€2,032 | +62.9% |
| Suppliers | 440/4 | €3,229 | €5,262 | +€2,032 | +62.9% |
| Taxes, remuneration and social security | 45 | €1,914 | €2,506 | +€593 | +31.0% |
| Taxes | 450/3 | €1,914 | €2,506 | +€593 | +31.0% |
| Non-recurring operating income | 76A | €794 | - | -€794 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,043 | €13,491 | -€8,551 | -38.8% |
| Other operating charges | 640/8 | €1,563 | €1,444 | -€119 | -7.6% |
| Gross operating margin | 9900 | €34,849 | €27,412 | -€7,438 | -21.3% |
| Operating profit (loss) | 9901 | €11,244 | €12,476 | +€1,233 | +11.0% |
| Financial charges | 65/66B | €2,000 | €3,113 | +€1,113 | +55.7% |
| Recurring financial charges | 65 | €2,000 | €3,113 | +€1,113 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €9,243 | €9,363 | +€120 | +1.3% |
| Income taxes | 67/77 | €2,707 | €6,183 | +€3,476 | +128% |
| Profit (loss) for the period | 9904 | €6,537 | €3,180 | -€3,357 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,537 | €3,180 | -€3,357 | -51.3% |
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 5 November 2026 via checked.be.