SHB Projects: 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.
SHB Projects
Largest movements
- Receivables within one year +€57,772
up €57,772 (+34.2%), from €169,075 to €226,847
of which Trade receivables: +€50,427
- Tangible fixed assets -€32,662
down €32,662 (-17.7%), from €184,979 to €152,316
of which Leasing and similar rights: -€24,019
- Deferred charges and accrued income -€8,602
down €8,602 (-98.7%), from €8,716 to €114
- Cash +€6,156
up €6,156 (+1,680%), from €366 to €6,522
mainly Short-term financial debts (+€50,000) and Trade debts (+€38,363)
- Short-term financial debts +€50,000
up €50,000 (+200%), from €25,000 to €75,000
- Debts after one year -€39,889
down €39,889 (-41.8%), from €95,405 to €55,516
- Trade debts +€38,363
up €38,363 (+48.4%), from €79,266 to €117,628
- Profit (loss) carried forward -€26,686
down €26,686 (-42.6%), from €62,611 to €35,925
- Current portion of long-term debt -€14,478
down €14,478 (-26.6%), from €54,367 to €39,889
- Staff costs +€11,042
up €11,042 (+6.4%), from €172,471 to €183,514
- Financial charges +€8,240
up €8,240 (+149%), from €5,516 to €13,756
- Depreciation +€7,171
up €7,171 (+25.5%), from €28,118 to €35,289
- Other operating charges +€3,471
up €3,471 (+500%), from €694 to €4,164
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 | €391,387 | €407,888 | +€16,502 | +4.2% |
| Fixed assets | 21/28 | €192,375 | €157,086 | -€35,289 | -18.3% |
| Intangible fixed assets | 21 | €7,396 | €4,769 | -€2,627 | -35.5% |
| Tangible fixed assets | 22/27 | €184,979 | €152,316 | -€32,662 | -17.7% |
| Plant, machinery and equipment | 23 | €34,981 | €26,337 | -€8,643 | -24.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €149,998 | €125,979 | -€24,019 | -16.0% |
| Current assets | 29/58 | €199,012 | €250,803 | +€51,790 | +26.0% |
| Stocks and contracts in progress | 3 | €20,855 | €17,319 | -€3,536 | -17.0% |
| Stocks | 30/36 | €20,855 | €17,319 | -€3,536 | -17.0% |
| Amounts receivable within one year | 40/41 | €169,075 | €226,847 | +€57,772 | +34.2% |
| Trade receivables | 40 | €157,791 | €208,218 | +€50,427 | +32.0% |
| Other amounts receivable | 41 | €11,284 | €18,629 | +€7,345 | +65.1% |
| Cash at bank and in hand | 54/58 | €366 | €6,522 | +€6,156 | +1,680% |
| Deferred charges and accrued income | 490/1 | €8,716 | €114 | -€8,602 | -98.7% |
| Total equity and liabilities | 10/49 | €391,387 | €407,888 | +€16,502 | +4.2% |
| Equity | 10/15 | €72,611 | €45,925 | -€26,686 | -36.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,611 | €35,925 | -€26,686 | -42.6% |
| Amounts payable | 17/49 | €318,776 | €361,964 | +€43,188 | +13.5% |
| Amounts payable after more than one year | 17 | €95,405 | €55,516 | -€39,889 | -41.8% |
| Financial debts | 170/4 | €95,405 | €55,516 | -€39,889 | -41.8% |
| Amounts payable within one year | 42/48 | €220,624 | €302,181 | +€81,557 | +37.0% |
| Current portion of amounts payable after more than one year | 42 | €54,367 | €39,889 | -€14,478 | -26.6% |
| Financial debts | 43 | €25,000 | €75,000 | +€50,000 | +200% |
| Credit institutions | 430/8 | €25,000 | €75,000 | +€50,000 | +200% |
| Trade debts | 44 | €79,266 | €117,628 | +€38,363 | +48.4% |
| Suppliers | 440/4 | €79,266 | €117,628 | +€38,363 | +48.4% |
| Taxes, remuneration and social security | 45 | €25,690 | €34,846 | +€9,156 | +35.6% |
| Taxes | 450/3 | €9,309 | €3,113 | -€6,196 | -66.6% |
| Remuneration and social security | 454/9 | €16,381 | €31,733 | +€15,352 | +93.7% |
| Other amounts payable | 47/48 | €36,302 | €34,817 | -€1,484 | -4.1% |
| Accrued charges and deferred income | 492/3 | €2,746 | €4,267 | +€1,520 | +55.4% |
| Remuneration, social security and pensions | 62 | €172,471 | €183,514 | +€11,042 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,118 | €35,289 | +€7,171 | +25.5% |
| Other operating charges | 640/8 | €694 | €4,164 | +€3,471 | +500% |
| Gross operating margin | 9900 | €208,943 | €208,591 | -€352 | -0.2% |
| Operating profit (loss) | 9901 | €7,660 | -€14,376 | -€22,036 | |
| Financial income | 75/76B | €743 | €1,490 | +€748 | +101% |
| Recurring financial income | 75 | €743 | €1,490 | +€748 | +101% |
| Financial charges | 65/66B | €5,516 | €13,756 | +€8,240 | +149% |
| Recurring financial charges | 65 | €5,516 | €13,756 | +€8,240 | +149% |
| Profit (loss) for the period before taxes | 9903 | €2,887 | -€26,641 | -€29,528 | |
| Income taxes | 67/77 | €1,486 | €45 | -€1,441 | -97.0% |
| Profit (loss) for the period | 9904 | €1,401 | -€26,686 | -€28,087 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,401 | -€26,686 | -€28,087 |
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 21 October 2026 via checked.be.