SHENG: 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.
SHENG
Largest movements
- Tangible fixed assets -€24,710
down €24,710 (-12.9%), from €190,920 to €166,210
of which Other tangible fixed assets: -€24,710
- Profit (loss) carried forward -€23,071
down €23,071 (-4.0%), from -€583,509 to -€606,579
- Trade debts -€2,527
down €2,527 (-85.3%), from €2,961 to €434
- Gross operating margin -€805
down €805 (-12.6%), from €6,402 to €5,596
- Other operating charges -€311
down €311 (-7.4%), from €4,225 to €3,913
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 | €193,507 | €168,307 | -€25,201 | -13.0% |
| Fixed assets | 21/28 | €190,963 | €166,253 | -€24,710 | -12.9% |
| Tangible fixed assets | 22/27 | €190,920 | €166,210 | -€24,710 | -12.9% |
| Land and buildings | 22 | €23,482 | €23,482 | = | 0.0% |
| Other tangible fixed assets | 26 | €167,439 | €142,728 | -€24,710 | -14.8% |
| Financial fixed assets | 28 | €42 | €42 | = | 0.0% |
| Current assets | 29/58 | €2,545 | €2,054 | -€490 | -19.3% |
| Cash at bank and in hand | 54/58 | €2,545 | €2,054 | -€490 | -19.3% |
| Total equity and liabilities | 10/49 | €193,507 | €168,307 | -€25,201 | -13.0% |
| Equity | 10/15 | -€317,023 | -€340,094 | -€23,071 | -7.3% |
| Contributions | 10/11 | €266,486 | €266,486 | = | 0.0% |
| Capital | 10 | €266,486 | €266,486 | = | 0.0% |
| Issued capital | 100 | €266,486 | €266,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€583,509 | -€606,579 | -€23,071 | -4.0% |
| Amounts payable | 17/49 | €510,530 | €508,401 | -€2,130 | -0.4% |
| Amounts payable after more than one year | 17 | €380,910 | €381,307 | +€397 | +0.1% |
| Financial debts | 170/4 | €380,910 | €381,307 | +€397 | +0.1% |
| Amounts payable within one year | 42/48 | €2,961 | €434 | -€2,527 | -85.3% |
| Trade debts | 44 | €2,961 | €434 | -€2,527 | -85.3% |
| Suppliers | 440/4 | €2,961 | €434 | -€2,527 | -85.3% |
| Accrued charges and deferred income | 492/3 | €126,660 | €126,660 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,710 | €24,710 | = | 0.0% |
| Other operating charges | 640/8 | €4,225 | €3,913 | -€311 | -7.4% |
| Gross operating margin | 9900 | €6,402 | €5,596 | -€805 | -12.6% |
| Operating profit (loss) | 9901 | -€22,533 | -€23,027 | -€494 | -2.2% |
| Financial charges | 65/66B | €29 | €44 | +€15 | +53.2% |
| Recurring financial charges | 65 | €29 | €44 | +€15 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,562 | -€23,071 | -€509 | -2.3% |
| Profit (loss) for the period | 9904 | -€22,562 | -€23,071 | -€509 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,562 | -€23,071 | -€509 | -2.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.