SHENGDE: 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.
SHENGDE
Largest movements
- Tangible fixed assets -€17,405
down €17,405 (-5.7%), from €307,361 to €289,956
of which Plant, machinery and equipment: -€66,754
- Reserves +€88,568
up €88,568 (+26.8%), from €330,917 to €419,485
- Debts after one year -€65,787
down €65,787 (-33.7%), from €195,398 to €129,611
- Contributions -€60,000
no longer reported in 2025 (was €60,000)
- Trade debts +€50,153
up €50,153 (+260.1%), from €19,283 to €69,436
- Other debts -€7,404
down €7,404 (-40.7%), from €18,179 to €10,775
- Gross operating margin -€20,627
down €20,627 (-5.9%), from €346,734 to €326,108
- Taxes -€6,288
down €6,288 (-12.3%), from €51,265 to €44,977
- Depreciation +€4,907
up €4,907 (+5.9%), from €82,997 to €87,904
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 | €674,015 | €677,210 | +€3,195 | +0.5% |
| Fixed assets | 21/28 | €307,361 | €289,956 | -€17,405 | -5.7% |
| Tangible fixed assets | 22/27 | €307,361 | €289,956 | -€17,405 | -5.7% |
| Plant, machinery and equipment | 23 | €267,627 | €200,874 | -€66,754 | -24.9% |
| Furniture and vehicles | 24 | €39,734 | €89,082 | +€49,349 | +124.2% |
| Current assets | 29/58 | €366,654 | €387,254 | +€20,600 | +5.6% |
| Stocks and contracts in progress | 3 | €19,360 | €22,772 | +€3,412 | +17.6% |
| Stocks | 30/36 | €19,360 | €22,772 | +€3,412 | +17.6% |
| Amounts receivable within one year | 40/41 | €34,474 | €39,424 | +€4,950 | +14.4% |
| Trade receivables | 40 | €11,221 | €16,170 | +€4,950 | +44.1% |
| Other amounts receivable | 41 | €23,254 | €23,254 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €307,236 | €313,548 | +€6,313 | +2.1% |
| Deferred charges and accrued income | 490/1 | €5,584 | €11,510 | +€5,926 | +106.1% |
| Total equity and liabilities | 10/49 | €674,015 | €677,210 | +€3,195 | +0.5% |
| Equity | 10/15 | €390,917 | €419,485 | +€28,568 | +7.3% |
| Contributions | 10/11 | €60,000 | - | -€60,000 | |
| Reserves | 13 | €330,917 | €419,485 | +€88,568 | +26.8% |
| Distributable reserves | 133 | €330,917 | €419,485 | +€88,568 | +26.8% |
| Amounts payable | 17/49 | €283,098 | €257,725 | -€25,373 | -9.0% |
| Amounts payable after more than one year | 17 | €195,398 | €129,611 | -€65,787 | -33.7% |
| Financial debts | 170/4 | €195,398 | €129,611 | -€65,787 | -33.7% |
| Amounts payable within one year | 42/48 | €85,776 | €125,678 | +€39,901 | +46.5% |
| Trade debts | 44 | €19,283 | €69,436 | +€50,153 | +260.1% |
| Suppliers | 440/4 | €19,283 | €69,436 | +€50,153 | +260.1% |
| Taxes, remuneration and social security | 45 | €48,314 | €45,466 | -€2,848 | -5.9% |
| Taxes | 450/3 | €43,026 | €38,464 | -€4,562 | -10.6% |
| Remuneration and social security | 454/9 | €5,288 | €7,002 | +€1,714 | +32.4% |
| Other amounts payable | 47/48 | €18,179 | €10,775 | -€7,404 | -40.7% |
| Accrued charges and deferred income | 492/3 | €1,924 | €2,436 | +€512 | +26.6% |
| Non-recurring operating income | 76A | €5,116 | €13,866 | +€8,751 | +171.0% |
| Remuneration, social security and pensions | 62 | €95,323 | €98,322 | +€2,999 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,997 | €87,904 | +€4,907 | +5.9% |
| Non-recurring operating charges | 66A | €5,428 | €121 | -€5,307 | -97.8% |
| Gross operating margin | 9900 | €346,734 | €326,108 | -€20,627 | -5.9% |
| Operating profit (loss) | 9901 | €162,986 | €139,761 | -€23,226 | -14.3% |
| Financial income | 75/76B | €764 | €1,581 | +€817 | +106.9% |
| Recurring financial income | 75 | €764 | €1,581 | +€817 | +106.9% |
| Financial charges | 65/66B | €8,987 | €7,797 | -€1,190 | -13.2% |
| Recurring financial charges | 65 | €8,987 | €7,797 | -€1,190 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €154,764 | €133,545 | -€21,219 | -13.7% |
| Income taxes | 67/77 | €51,265 | €44,977 | -€6,288 | -12.3% |
| Profit (loss) for the period | 9904 | €103,499 | €88,568 | -€14,930 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,499 | €88,568 | -€14,930 | -14.4% |
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 6 October 2026 via checked.be.