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 -€20,320
down €20,320 (-4.0%), from €503,651 to €483,332
- Receivables within one year +€9,874
up €9,874 (+19.8%), from €49,957 to €59,832
- Cash +€6,799
up €6,799 (+713.9%), from €952 to €7,751
mainly Net result for the year (+€21,005) and Depreciation (+€20,320)
- Debts after one year -€38,027
down €38,027 (-56.5%), from €67,261 to €29,234
- Reserves +€21,005
up €21,005 (+9.4%), from €222,473 to €243,477
of which Distributable reserves: +€26,669
- Other debts +€10,216
up €10,216 (+6.9%), from €148,782 to €158,998
- Financial charges -€1,551
down €1,551 (-28.8%), from €5,376 to €3,825
- Gross operating margin +€1,141
up €1,141 (+2.0%), from €57,755 to €58,896
- Taxes +€1,035
up €1,035 (+8.4%), from €12,310 to €13,346
- Financial income +€613
up €613 (+77.7%), from €788 to €1,401
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 | €554,561 | €550,914 | -€3,646 | -0.7% |
| Fixed assets | 21/28 | €503,651 | €483,332 | -€20,320 | -4.0% |
| Tangible fixed assets | 22/27 | €503,651 | €483,332 | -€20,320 | -4.0% |
| Land and buildings | 22 | €503,651 | €483,332 | -€20,320 | -4.0% |
| Current assets | 29/58 | €50,909 | €67,583 | +€16,673 | +32.8% |
| Amounts receivable within one year | 40/41 | €49,957 | €59,832 | +€9,874 | +19.8% |
| Other amounts receivable | 41 | €49,957 | €59,832 | +€9,874 | +19.8% |
| Cash at bank and in hand | 54/58 | €952 | €7,751 | +€6,799 | +713.9% |
| Total equity and liabilities | 10/49 | €554,561 | €550,914 | -€3,646 | -0.7% |
| Equity | 10/15 | €242,473 | €263,477 | +€21,005 | +8.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €222,473 | €243,477 | +€21,005 | +9.4% |
| Tax-exempt reserves | 132 | €112,228 | €106,564 | -€5,664 | -5.0% |
| Distributable reserves | 133 | €110,244 | €136,913 | +€26,669 | +24.2% |
| Provisions and deferred taxes | 16 | €37,409 | €35,521 | -€1,888 | -5.0% |
| Deferred taxes | 168 | €37,409 | €35,521 | -€1,888 | -5.0% |
| Amounts payable | 17/49 | €274,678 | €251,915 | -€22,763 | -8.3% |
| Amounts payable after more than one year | 17 | €67,261 | €29,234 | -€38,027 | -56.5% |
| Financial debts | 170/4 | €67,261 | €29,234 | -€38,027 | -56.5% |
| Amounts payable within one year | 42/48 | €207,417 | €222,681 | +€15,264 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €36,485 | €38,027 | +€1,542 | +4.2% |
| Taxes, remuneration and social security | 45 | €22,150 | €25,656 | +€3,506 | +15.8% |
| Taxes | 450/3 | €22,150 | €25,656 | +€3,506 | +15.8% |
| Other amounts payable | 47/48 | €148,782 | €158,998 | +€10,216 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,320 | €20,320 | -€0 | 0.0% |
| Other operating charges | 640/8 | €4,048 | €3,690 | -€358 | -8.8% |
| Gross operating margin | 9900 | €57,755 | €58,896 | +€1,141 | +2.0% |
| Operating profit (loss) | 9901 | €33,388 | €34,887 | +€1,499 | +4.5% |
| Financial income | 75/76B | €788 | €1,401 | +€613 | +77.7% |
| Recurring financial income | 75 | €788 | €1,401 | +€613 | +77.7% |
| Financial charges | 65/66B | €5,376 | €3,825 | -€1,551 | -28.8% |
| Recurring financial charges | 65 | €5,376 | €3,825 | -€1,551 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €28,801 | €32,463 | +€3,662 | +12.7% |
| Transfer from deferred taxes | 780 | €1,888 | €1,888 | = | 0.0% |
| Income taxes | 67/77 | €12,310 | €13,346 | +€1,035 | +8.4% |
| Profit (loss) for the period | 9904 | €18,378 | €21,005 | +€2,626 | +14.3% |
| Transfer from tax-exempt reserves | 789 | €5,664 | €5,664 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,043 | €26,669 | +€2,626 | +10.9% |
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 10 October 2026 via checked.be.