SHB WORKS: 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 WORKS
Largest movements
- Receivables within one year +€105,075
up €105,075 (+218%), from €48,239 to €153,315
of which Other amounts receivable: +€94,204
- Cash -€28,751
down €28,751 (-69.6%), from €41,294 to €12,543
mainly Receivables within one year (-€105,075) and Contributions, distributions and other (-€50,000)
- Other debts +€56,627
up €56,627 (+1,033%), from €5,480 to €62,107
- Current portion of long-term debt +€40,000
new in 2025: €40,000
- Reserves -€23,235
down €23,235 (-27.6%), from €84,282 to €61,046
- Accrued charges and deferred income +€1,823
new in 2025: €1,823
- Gross operating margin +€6,982
up €6,982 (+21.0%), from €33,316 to €40,299
- Taxes +€4,397
up €4,397 (+54.4%), from €8,081 to €12,479
- Financial charges +€1,824
up €1,824 (+2,642%), from €69 to €1,893
- Financial income +€1,466
up €1,466 (+482%), from €304 to €1,771
- Other operating charges -€701
down €701 (-42.9%), from €1,633 to €933
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 | €99,843 | €177,617 | +€77,774 | +77.9% |
| Fixed assets | 21/28 | €10,000 | €10,000 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €89,843 | €167,617 | +€77,774 | +86.6% |
| Amounts receivable within one year | 40/41 | €48,239 | €153,315 | +€105,075 | +218% |
| Trade receivables | 40 | €32,670 | €43,542 | +€10,872 | +33.3% |
| Other amounts receivable | 41 | €15,569 | €109,773 | +€94,204 | +605% |
| Cash at bank and in hand | 54/58 | €41,294 | €12,543 | -€28,751 | -69.6% |
| Deferred charges and accrued income | 490/1 | €309 | €1,759 | +€1,450 | +469% |
| Total equity and liabilities | 10/49 | €99,843 | €177,617 | +€77,774 | +77.9% |
| Equity | 10/15 | €85,782 | €62,546 | -€23,235 | -27.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €84,282 | €61,046 | -€23,235 | -27.6% |
| Distributable reserves | 133 | €84,282 | €61,046 | -€23,235 | -27.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,061 | €115,071 | +€101,009 | +718% |
| Amounts payable within one year | 42/48 | €14,061 | €113,248 | +€99,187 | +705% |
| Current portion of amounts payable after more than one year | 42 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €1,913 | €3,209 | +€1,296 | +67.7% |
| Suppliers | 440/4 | €1,913 | €3,209 | +€1,296 | +67.7% |
| Taxes, remuneration and social security | 45 | €6,668 | €7,933 | +€1,264 | +19.0% |
| Taxes | 450/3 | €6,668 | €7,008 | +€339 | +5.1% |
| Remuneration and social security | 454/9 | - | €925 | +€925 | |
| Other amounts payable | 47/48 | €5,480 | €62,107 | +€56,627 | +1,033% |
| Accrued charges and deferred income | 492/3 | - | €1,823 | +€1,823 | |
| Other operating charges | 640/8 | €1,633 | €933 | -€701 | -42.9% |
| Gross operating margin | 9900 | €33,316 | €40,299 | +€6,982 | +21.0% |
| Operating profit (loss) | 9901 | €31,683 | €39,366 | +€7,683 | +24.2% |
| Financial income | 75/76B | €304 | €1,771 | +€1,466 | +482% |
| Recurring financial income | 75 | €304 | €1,771 | +€1,466 | +482% |
| Financial charges | 65/66B | €69 | €1,893 | +€1,824 | +2,642% |
| Recurring financial charges | 65 | €69 | €1,893 | +€1,824 | +2,642% |
| Profit (loss) for the period before taxes | 9903 | €31,918 | €39,243 | +€7,325 | +22.9% |
| Income taxes | 67/77 | €8,081 | €12,479 | +€4,397 | +54.4% |
| Profit (loss) for the period | 9904 | €23,837 | €26,765 | +€2,928 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,837 | €26,765 | +€2,928 | +12.3% |
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 16 October 2026 via checked.be.