SHENQI: 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.
SHENQI
Largest movements
- Tangible fixed assets -€63,395
down €63,395 (-7.7%), from €827,434 to €764,039
of which Land and buildings: -€51,491
- Profit (loss) carried forward -€56,871
down €56,871 (-68.7%), from -€82,839 to -€139,710
- Debts after one year -€22,920
down €22,920 (-5.9%), from €389,367 to €366,447
- Short-term financial debts +€21,243
up €21,243 (+2439.0%), from €871 to €22,114
- Other debts -€12,798
down €12,798 (-2.6%), from €489,560 to €476,763
- Gross operating margin -€37,314
down €37,314 (-55.8%), from €66,816 to €29,503
- Financial charges -€2,722
down €2,722 (-13.3%), from €20,436 to €17,714
- Other operating charges +€1,744
up €1,744 (+203.5%), from €857 to €2,601
- Depreciation -€1,233
down €1,233 (-1.8%), from €67,092 to €65,859
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €839,747 | €775,565 | -€64,182 | -7.6% |
| Fixed assets | 21/28 | €831,656 | €766,883 | -€64,772 | -7.8% |
| Intangible fixed assets | 21 | €4,221 | €2,844 | -€1,377 | -32.6% |
| Tangible fixed assets | 22/27 | €827,434 | €764,039 | -€63,395 | -7.7% |
| Land and buildings | 22 | €792,526 | €741,035 | -€51,491 | -6.5% |
| Furniture and vehicles | 24 | €14,358 | €8,540 | -€5,818 | -40.5% |
| Other tangible fixed assets | 26 | €20,550 | €14,464 | -€6,086 | -29.6% |
| Current assets | 29/58 | €8,091 | €8,682 | +€591 | +7.3% |
| Amounts receivable within one year | 40/41 | €7,645 | €8,058 | +€413 | +5.4% |
| Trade receivables | 40 | €7,645 | €8,058 | +€413 | +5.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €446 | €624 | +€178 | +39.8% |
| Total equity and liabilities | 10/49 | €839,747 | €775,565 | -€64,182 | -7.6% |
| Equity | 10/15 | -€74,779 | -€131,650 | -€56,871 | -76.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,839 | -€139,710 | -€56,871 | -68.7% |
| Amounts payable | 17/49 | €914,526 | €907,215 | -€7,311 | -0.8% |
| Amounts payable after more than one year | 17 | €389,367 | €366,447 | -€22,920 | -5.9% |
| Financial debts | 170/4 | €389,367 | €366,447 | -€22,920 | -5.9% |
| Amounts payable within one year | 42/48 | €522,986 | €539,669 | +€16,683 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €21,889 | €22,920 | +€1,031 | +4.7% |
| Financial debts | 43 | €871 | €22,114 | +€21,243 | +2439.0% |
| Credit institutions | 430/8 | €871 | €22,114 | +€21,243 | +2439.0% |
| Trade debts | 44 | €1,609 | €7,613 | +€6,004 | +373.2% |
| Suppliers | 440/4 | €1,609 | €7,613 | +€6,004 | +373.2% |
| Taxes, remuneration and social security | 45 | €9,057 | €10,260 | +€1,202 | +13.3% |
| Taxes | 450/3 | €5,868 | €4,260 | -€1,608 | -27.4% |
| Remuneration and social security | 454/9 | €3,189 | €6,000 | +€2,811 | +88.1% |
| Other amounts payable | 47/48 | €489,560 | €476,763 | -€12,798 | -2.6% |
| Accrued charges and deferred income | 492/3 | €2,173 | €1,098 | -€1,074 | -49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,092 | €65,859 | -€1,233 | -1.8% |
| Other operating charges | 640/8 | €857 | €2,601 | +€1,744 | +203.5% |
| Gross operating margin | 9900 | €66,816 | €29,503 | -€37,314 | -55.8% |
| Operating profit (loss) | 9901 | -€1,133 | -€38,957 | -€37,824 | -3339.5% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100.0% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100.0% |
| Financial charges | 65/66B | €20,436 | €17,714 | -€2,722 | -13.3% |
| Recurring financial charges | 65 | €20,436 | €17,714 | -€2,722 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,561 | -€56,671 | -€35,110 | -162.8% |
| Income taxes | 67/77 | €163 | €200 | +€37 | +22.6% |
| Profit (loss) for the period | 9904 | -€21,724 | -€56,871 | -€35,147 | -161.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,724 | -€56,871 | -€35,147 | -161.8% |
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 12 October 2026 via checked.be.