SHG MANAGEMENT: 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.
SHG MANAGEMENT
Largest movements
- Receivables within one year -€10,928
down €10,928 (-75.3%), from €14,520 to €3,593
of which Trade receivables: -€14,520
- Cash +€8,045
up €8,045 (+7.8%), from €102,525 to €110,570
mainly Receivables within one year (+€10,928) and Net result for the year (+€10,734)
- Tax, wage and social debts -€12,146
down €12,146 (-54.1%), from €22,453 to €10,307
of which Taxes: -€9,646
- Reserves +€10,734
up €10,734 (+13.2%), from €81,588 to €92,322
- Other debts -€2,582
no longer reported in 2025 (was €2,582)
- Gross operating margin -€28,516
down €28,516 (-56.0%), from €50,949 to €22,433
- Taxes -€8,951
down €8,951 (-62.7%), from €14,286 to €5,334
- Financial charges +€2,134
up €2,134 (+89.5%), from €2,386 to €4,520
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 | €118,352 | €114,887 | -€3,465 | -2.9% |
| Fixed assets | 21/28 | €1,307 | €724 | -€583 | -44.6% |
| Tangible fixed assets | 22/27 | €1,307 | €724 | -€583 | -44.6% |
| Furniture and vehicles | 24 | €1,307 | €724 | -€583 | -44.6% |
| Current assets | 29/58 | €117,045 | €114,163 | -€2,883 | -2.5% |
| Amounts receivable within one year | 40/41 | €14,520 | €3,593 | -€10,928 | -75.3% |
| Trade receivables | 40 | €14,520 | - | -€14,520 | |
| Other amounts receivable | 41 | - | €3,593 | +€3,593 | |
| Cash at bank and in hand | 54/58 | €102,525 | €110,570 | +€8,045 | +7.8% |
| Total equity and liabilities | 10/49 | €118,352 | €114,887 | -€3,465 | -2.9% |
| Equity | 10/15 | €83,588 | €94,322 | +€10,734 | +12.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €81,588 | €92,322 | +€10,734 | +13.2% |
| Distributable reserves | 133 | €81,588 | €92,322 | +€10,734 | +13.2% |
| Amounts payable | 17/49 | €34,764 | €20,565 | -€14,200 | -40.8% |
| Amounts payable within one year | 42/48 | €34,764 | €20,565 | -€14,200 | -40.8% |
| Trade debts | 44 | €9,729 | €10,258 | +€529 | +5.4% |
| Suppliers | 440/4 | €9,729 | €10,258 | +€529 | +5.4% |
| Taxes, remuneration and social security | 45 | €22,453 | €10,307 | -€12,146 | -54.1% |
| Taxes | 450/3 | €19,953 | €10,307 | -€9,646 | -48.3% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €2,582 | - | -€2,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €441 | €583 | +€142 | +32.1% |
| Other operating charges | 640/8 | €910 | €1,262 | +€352 | +38.7% |
| Gross operating margin | 9900 | €50,949 | €22,433 | -€28,516 | -56.0% |
| Operating profit (loss) | 9901 | €49,598 | €20,588 | -€29,010 | -58.5% |
| Financial charges | 65/66B | €2,386 | €4,520 | +€2,134 | +89.5% |
| Recurring financial charges | 65 | €2,386 | €4,520 | +€2,134 | +89.5% |
| Profit (loss) for the period before taxes | 9903 | €47,213 | €16,069 | -€31,144 | -66.0% |
| Income taxes | 67/77 | €14,286 | €5,334 | -€8,951 | -62.7% |
| Profit (loss) for the period | 9904 | €32,927 | €10,734 | -€22,192 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,927 | €10,734 | -€22,192 | -67.4% |
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 19 October 2026 via checked.be.