SHEN MEN: 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.
SHEN MEN
Largest movements
- Receivables within one year +€33,513
up €33,513 (+77.9%), from €43,028 to €76,541
of which Other amounts receivable: +€35,922
- Tangible fixed assets -€24,450
down €24,450 (-19.9%), from €122,622 to €98,172
of which Furniture and vehicles: -€20,783
- Cash -€14,504
down €14,504 (-16.9%), from €85,572 to €71,068
mainly Contributions, distributions and other (-€74,375) and Receivables within one year (-€33,513)
- Other debts +€74,375
new in 2025: €74,375
- Reserves -€40,000
down €40,000 (-27.6%), from €145,000 to €105,000
- Trade debts -€22,648
down €22,648 (-55.8%), from €40,572 to €17,924
- Debts after one year -€12,556
down €12,556 (-36.2%), from €34,720 to €22,165
- Tax, wage and social debts -€4,216
down €4,216 (-27.4%), from €15,412 to €11,196
- Gross operating margin -€17,658
down €17,658 (-18.9%), from €93,239 to €75,581
- Other operating charges -€2,834
down €2,834 (-67.9%), from €4,177 to €1,343
- Financial charges -€2,119
down €2,119 (-28.2%), from €7,517 to €5,398
- Taxes -€1,969
down €1,969 (-12.8%), from €15,356 to €13,387
- Financial income +€1,929
up €1,929 (+755%), from €256 to €2,185
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 | €253,591 | €246,477 | -€7,113 | -2.8% |
| Fixed assets | 21/28 | €122,622 | €98,172 | -€24,450 | -19.9% |
| Tangible fixed assets | 22/27 | €122,622 | €98,172 | -€24,450 | -19.9% |
| Plant, machinery and equipment | 23 | €1,527 | €1,027 | -€500 | -32.7% |
| Furniture and vehicles | 24 | €93,203 | €72,420 | -€20,783 | -22.3% |
| Other tangible fixed assets | 26 | €27,892 | €24,725 | -€3,167 | -11.4% |
| Current assets | 29/58 | €130,968 | €148,305 | +€17,337 | +13.2% |
| Amounts receivable within one year | 40/41 | €43,028 | €76,541 | +€33,513 | +77.9% |
| Trade receivables | 40 | €14,865 | €12,456 | -€2,409 | -16.2% |
| Other amounts receivable | 41 | €28,163 | €64,085 | +€35,922 | +128% |
| Cash at bank and in hand | 54/58 | €85,572 | €71,068 | -€14,504 | -16.9% |
| Deferred charges and accrued income | 490/1 | €2,369 | €696 | -€1,673 | -70.6% |
| Total equity and liabilities | 10/49 | €253,591 | €246,477 | -€7,113 | -2.8% |
| Equity | 10/15 | €150,109 | €107,512 | -€42,597 | -28.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €145,000 | €105,000 | -€40,000 | -27.6% |
| Distributable reserves | 133 | €145,000 | €105,000 | -€40,000 | -27.6% |
| Profit (loss) carried forward | 14 | €2,609 | €12 | -€2,597 | -99.5% |
| Amounts payable | 17/49 | €103,482 | €138,965 | +€35,484 | +34.3% |
| Amounts payable after more than one year | 17 | €34,720 | €22,165 | -€12,556 | -36.2% |
| Financial debts | 170/4 | €34,720 | €22,165 | -€12,556 | -36.2% |
| Amounts payable within one year | 42/48 | €68,011 | €116,051 | +€48,040 | +70.6% |
| Current portion of amounts payable after more than one year | 42 | €12,027 | €12,556 | +€529 | +4.4% |
| Trade debts | 44 | €40,572 | €17,924 | -€22,648 | -55.8% |
| Suppliers | 440/4 | €40,572 | €17,924 | -€22,648 | -55.8% |
| Taxes, remuneration and social security | 45 | €15,412 | €11,196 | -€4,216 | -27.4% |
| Taxes | 450/3 | €15,412 | €11,196 | -€4,216 | -27.4% |
| Other amounts payable | 47/48 | - | €74,375 | +€74,375 | |
| Accrued charges and deferred income | 492/3 | €750 | €750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,185 | €25,860 | +€1,675 | +6.9% |
| Other operating charges | 640/8 | €4,177 | €1,343 | -€2,834 | -67.9% |
| Gross operating margin | 9900 | €93,239 | €75,581 | -€17,658 | -18.9% |
| Operating profit (loss) | 9901 | €64,877 | €48,378 | -€16,499 | -25.4% |
| Financial income | 75/76B | €256 | €2,185 | +€1,929 | +755% |
| Recurring financial income | 75 | €256 | €2,185 | +€1,929 | +755% |
| Financial charges | 65/66B | €7,517 | €5,398 | -€2,119 | -28.2% |
| Recurring financial charges | 65 | €7,517 | €5,398 | -€2,119 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €57,616 | €45,165 | -€12,450 | -21.6% |
| Income taxes | 67/77 | €15,356 | €13,387 | -€1,969 | -12.8% |
| Profit (loss) for the period | 9904 | €42,259 | €31,778 | -€10,482 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,259 | €31,778 | -€10,482 | -24.8% |
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 15 October 2026 via checked.be.