SHE: what changed
Two fiscal 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.
SHE
Largest movements
- Tangible fixed assets +€93,864
up €93,864 (+217.2%), from €43,218 to €137,082
of which Furniture and vehicles: +€54,265
- Cash +€14,835
up €14,835 (+35.3%), from €42,037 to €56,872
mainly Debts after one year (+€60,781) and Net result for the year (+€23,041)
- Current investments -€6,864
down €6,864 (-63.5%), from €10,811 to €3,947
- Receivables within one year -€4,222
down €4,222 (-44.9%), from €9,412 to €5,190
- Debts after one year +€60,781
new in 2025: €60,781
- Reserves +€21,500
up €21,500 (+33.8%), from €63,625 to €85,125
- Current portion of long-term debt +€16,286
up €16,286 (+2367.2%), from €688 to €16,974
- Gross operating margin +€19,779
up €19,779 (+9.8%), from €201,722 to €221,501
- Depreciation +€15,148
up €15,148 (+289.0%), from €5,242 to €20,390
- Staff costs -€5,144
down €5,144 (-3.0%), from €168,852 to €163,708
- Financial charges +€2,920
up €2,920 (+145.1%), from €2,013 to €4,933
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.
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 | €121,115 | €218,522 | +€97,407 | +80.4% |
| Fixed assets | 21/28 | €43,218 | €137,082 | +€93,864 | +217.2% |
| Tangible fixed assets | 22/27 | €43,218 | €137,082 | +€93,864 | +217.2% |
| Land and buildings | 22 | €31,517 | €67,995 | +€36,478 | +115.7% |
| Plant, machinery and equipment | 23 | €3,267 | €6,388 | +€3,121 | +95.5% |
| Furniture and vehicles | 24 | €8,434 | €62,699 | +€54,265 | +643.4% |
| Current assets | 29/58 | €77,897 | €81,440 | +€3,543 | +4.5% |
| Stocks and contracts in progress | 3 | €14,121 | €14,423 | +€302 | +2.1% |
| Stocks | 30/36 | €14,121 | €14,423 | +€302 | +2.1% |
| Amounts receivable within one year | 40/41 | €9,412 | €5,190 | -€4,222 | -44.9% |
| Other amounts receivable | 41 | €9,412 | €5,190 | -€4,222 | -44.9% |
| Current investments | 50/53 | €10,811 | €3,947 | -€6,864 | -63.5% |
| Cash at bank and in hand | 54/58 | €42,037 | €56,872 | +€14,835 | +35.3% |
| Deferred charges and accrued income | 490/1 | €1,516 | €1,008 | -€508 | -33.5% |
| Total equity and liabilities | 10/49 | €121,115 | €218,522 | +€97,407 | +80.4% |
| Equity | 10/15 | €82,382 | €103,823 | +€21,441 | +26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,625 | €85,125 | +€21,500 | +33.8% |
| Distributable reserves | 133 | €63,625 | €85,125 | +€21,500 | +33.8% |
| Profit (loss) carried forward | 14 | €157 | €98 | -€59 | -37.6% |
| Amounts payable | 17/49 | €38,733 | €114,699 | +€75,966 | +196.1% |
| Amounts payable after more than one year | 17 | - | €60,781 | +€60,781 | |
| Financial debts | 170/4 | - | €60,781 | +€60,781 | |
| Amounts payable within one year | 42/48 | €38,310 | €53,410 | +€15,100 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €688 | €16,974 | +€16,286 | +2367.2% |
| Trade debts | 44 | €2,979 | €1,114 | -€1,865 | -62.6% |
| Suppliers | 440/4 | €2,979 | €1,114 | -€1,865 | -62.6% |
| Taxes, remuneration and social security | 45 | €33,043 | €33,722 | +€679 | +2.1% |
| Taxes | 450/3 | €10,501 | €9,966 | -€535 | -5.1% |
| Remuneration and social security | 454/9 | €22,542 | €23,756 | +€1,214 | +5.4% |
| Other amounts payable | 47/48 | €1,600 | €1,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €423 | €508 | +€85 | +20.1% |
| Non-recurring operating income | 76A | - | €18,963 | +€18,963 | |
| Remuneration, social security and pensions | 62 | €168,852 | €163,708 | -€5,144 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,242 | €20,390 | +€15,148 | +289.0% |
| Other operating charges | 640/8 | €4,105 | €2,715 | -€1,390 | -33.9% |
| Gross operating margin | 9900 | €201,722 | €221,501 | +€19,779 | +9.8% |
| Operating profit (loss) | 9901 | €23,523 | €34,688 | +€11,165 | +47.5% |
| Financial income | 75/76B | €91 | €57 | -€34 | -37.4% |
| Recurring financial income | 75 | €91 | €57 | -€34 | -37.4% |
| Financial charges | 65/66B | €2,013 | €4,933 | +€2,920 | +145.1% |
| Recurring financial charges | 65 | €2,013 | €4,933 | +€2,920 | +145.1% |
| Profit (loss) for the period before taxes | 9903 | €21,601 | €29,812 | +€8,211 | +38.0% |
| Income taxes | 67/77 | €7,882 | €6,771 | -€1,111 | -14.1% |
| Profit (loss) for the period | 9904 | €13,719 | €23,041 | +€9,322 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,719 | €23,041 | +€9,322 | +67.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.