SHGS: 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.
SHGS
Largest movements
- Cash +€17,748
up €17,748 (+40.8%), from €43,497 to €61,246
mainly Other debts (+€8,753) and Receivables within one year (+€6,018)
- Receivables within one year -€6,018
down €6,018 (-53.8%), from €11,178 to €5,160
of which Trade receivables: -€3,280
- Tangible fixed assets -€5,571
down €5,571 (-44.2%), from €12,597 to €7,027
- Other debts +€8,753
up €8,753 (+18.8%), from €46,495 to €55,248
- Reserves -€2,231
down €2,231 (-13.4%), from €16,620 to €14,389
- Gross operating margin -€6,671
down €6,671 (-62.9%), from €10,598 to €3,927
- Depreciation -€1,999
down €1,999 (-26.4%), from €7,570 to €5,571
- Taxes -€661
no longer reported in 2025 (was €661)
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 | €67,273 | €73,432 | +€6,159 | +9.2% |
| Fixed assets | 21/28 | €12,597 | €7,027 | -€5,571 | -44.2% |
| Tangible fixed assets | 22/27 | €12,597 | €7,027 | -€5,571 | -44.2% |
| Plant, machinery and equipment | 23 | €12,597 | €7,027 | -€5,571 | -44.2% |
| Current assets | 29/58 | €54,675 | €66,405 | +€11,730 | +21.5% |
| Amounts receivable within one year | 40/41 | €11,178 | €5,160 | -€6,018 | -53.8% |
| Trade receivables | 40 | €8,439 | €5,160 | -€3,280 | -38.9% |
| Other amounts receivable | 41 | €2,739 | - | -€2,739 | |
| Cash at bank and in hand | 54/58 | €43,497 | €61,246 | +€17,748 | +40.8% |
| Total equity and liabilities | 10/49 | €67,273 | €73,432 | +€6,159 | +9.2% |
| Equity | 10/15 | €17,620 | €15,389 | -€2,231 | -12.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €16,620 | €14,389 | -€2,231 | -13.4% |
| Distributable reserves | 133 | €16,620 | €14,389 | -€2,231 | -13.4% |
| Amounts payable | 17/49 | €49,653 | €58,043 | +€8,390 | +16.9% |
| Amounts payable within one year | 42/48 | €49,653 | €57,748 | +€8,095 | +16.3% |
| Trade debts | 44 | €270 | €319 | +€50 | +18.5% |
| Suppliers | 440/4 | €270 | €319 | +€50 | +18.5% |
| Taxes, remuneration and social security | 45 | €2,888 | €2,180 | -€708 | -24.5% |
| Taxes | 450/3 | €2,888 | €2,180 | -€708 | -24.5% |
| Other amounts payable | 47/48 | €46,495 | €55,248 | +€8,753 | +18.8% |
| Accrued charges and deferred income | 492/3 | - | €295 | +€295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,570 | €5,571 | -€1,999 | -26.4% |
| Other operating charges | 640/8 | €488 | €587 | +€99 | +20.4% |
| Gross operating margin | 9900 | €10,598 | €3,927 | -€6,671 | -62.9% |
| Operating profit (loss) | 9901 | €2,541 | -€2,231 | -€4,771 | |
| Financial charges | 65/66B | €47 | - | -€47 | |
| Recurring financial charges | 65 | €47 | - | -€47 | |
| Profit (loss) for the period before taxes | 9903 | €2,494 | -€2,231 | -€4,725 | |
| Income taxes | 67/77 | €661 | - | -€661 | |
| Profit (loss) for the period | 9904 | €1,833 | -€2,231 | -€4,064 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,833 | -€2,231 | -€4,064 |
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 3 October 2026 via checked.be.