Shanghai: 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.
Shanghai
Largest movements
- Tangible fixed assets -€2,772
down €2,772 (-15.5%), from €17,891 to €15,120
of which Plant, machinery and equipment: -€2,648
- Deferred charges and accrued income +€2,031
up €2,031 (+1,090%), from €186 to €2,218
- Tax, wage and social debts -€6,343
down €6,343 (-35.7%), from €17,763 to €11,420
of which Remuneration and social security: -€5,832
- Trade debts +€4,510
up €4,510 (+98.8%), from €4,564 to €9,074
- Profit (loss) carried forward +€1,529
up €1,529 (+2.8%), from €55,389 to €56,918
- Gross operating margin -€34,588
down €34,588 (-32.9%), from €105,053 to €70,465
- Staff costs -€18,569
down €18,569 (-23.7%), from €78,270 to €59,700
- Other operating charges -€4,869
down €4,869 (-46.1%), from €10,554 to €5,685
- Depreciation -€4,798
down €4,798 (-63.4%), from €7,570 to €2,772
- Taxes -€1,883
down €1,883, from €1,629 to -€254
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 | €98,855 | €98,552 | -€304 | -0.3% |
| Fixed assets | 21/28 | €19,401 | €16,630 | -€2,772 | -14.3% |
| Tangible fixed assets | 22/27 | €17,891 | €15,120 | -€2,772 | -15.5% |
| Plant, machinery and equipment | 23 | €16,830 | €14,181 | -€2,648 | -15.7% |
| Furniture and vehicles | 24 | €1,062 | €938 | -€123 | -11.6% |
| Financial fixed assets | 28 | €1,510 | €1,510 | = | 0.0% |
| Current assets | 29/58 | €79,454 | €81,922 | +€2,468 | +3.1% |
| Stocks and contracts in progress | 3 | €12,666 | €13,201 | +€535 | +4.2% |
| Stocks | 30/36 | €12,666 | €13,201 | +€535 | +4.2% |
| Amounts receivable within one year | 40/41 | €4,939 | €3,991 | -€949 | -19.2% |
| Other amounts receivable | 41 | €4,939 | €3,991 | -€949 | -19.2% |
| Cash at bank and in hand | 54/58 | €61,662 | €62,512 | +€850 | +1.4% |
| Deferred charges and accrued income | 490/1 | €186 | €2,218 | +€2,031 | +1,090% |
| Total equity and liabilities | 10/49 | €98,855 | €98,552 | -€304 | -0.3% |
| Equity | 10/15 | €76,529 | €78,058 | +€1,529 | +2.0% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €2,240 | €2,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,240 | €2,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,240 | €2,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,389 | €56,918 | +€1,529 | +2.8% |
| Amounts payable | 17/49 | €22,327 | €20,494 | -€1,833 | -8.2% |
| Amounts payable within one year | 42/48 | €22,327 | €20,494 | -€1,833 | -8.2% |
| Trade debts | 44 | €4,564 | €9,074 | +€4,510 | +98.8% |
| Suppliers | 440/4 | €4,564 | €9,074 | +€4,510 | +98.8% |
| Taxes, remuneration and social security | 45 | €17,763 | €11,420 | -€6,343 | -35.7% |
| Taxes | 450/3 | €6,621 | €6,110 | -€511 | -7.7% |
| Remuneration and social security | 454/9 | €11,141 | €5,310 | -€5,832 | -52.3% |
| Remuneration, social security and pensions | 62 | €78,270 | €59,700 | -€18,569 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,570 | €2,772 | -€4,798 | -63.4% |
| Other operating charges | 640/8 | €10,554 | €5,685 | -€4,869 | -46.1% |
| Gross operating margin | 9900 | €105,053 | €70,465 | -€34,588 | -32.9% |
| Operating profit (loss) | 9901 | €8,660 | €2,308 | -€6,351 | -73.3% |
| Financial income | 75/76B | €594 | €634 | +€41 | +6.9% |
| Recurring financial income | 75 | €594 | €634 | +€41 | +6.9% |
| Financial charges | 65/66B | €2,671 | €1,668 | -€1,003 | -37.6% |
| Recurring financial charges | 65 | €2,671 | €1,668 | -€1,003 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €6,582 | €1,275 | -€5,307 | -80.6% |
| Income taxes | 67/77 | €1,629 | -€254 | -€1,883 | |
| Profit (loss) for the period | 9904 | €4,953 | €1,529 | -€3,424 | -69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,953 | €1,529 | -€3,424 | -69.1% |
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 13 October 2026 via checked.be.