SHIA: 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.
SHIA
Largest movements
- Cash +€118,167
up €118,167 (+18.8%), from €628,014 to €746,181
mainly Net result for the year (+€238,636) and Receivables within one year (+€67,773)
- Receivables within one year -€67,773
down €67,773 (-43.8%), from €154,810 to €87,037
of which Other amounts receivable: -€61,339
- Tangible fixed assets +€9,577
up €9,577 (+29.1%), from €32,936 to €42,513
- Profit (loss) carried forward +€204,061
up €204,061 (+40.6%), from €502,737 to €706,798
- Short-term financial debts -€73,588
down €73,588 (-100.0%), from €73,588 to €0
- Debts after one year -€65,000
down €65,000 (-100.0%), from €65,000 to €0
- Reserves +€31,575
up €31,575 (+28.4%), from €111,320 to €142,895
of which Tax-exempt reserves: +€31,575
- Tax, wage and social debts -€21,206
down €21,206 (-37.9%), from €55,972 to €34,766
of which Taxes: -€21,308
- Gross operating margin +€55,637
up €55,637 (+18.2%), from €306,088 to €361,725
- Taxes +€19,841
up €19,841 (+29.9%), from €66,379 to €86,219
- Financial charges -€7,529
down €7,529 (-44.0%), from €17,103 to €9,574
- Depreciation +€5,356
up €5,356 (+72.2%), from €7,423 to €12,779
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 | €852,641 | €915,133 | +€62,492 | +7.3% |
| Fixed assets | 21/28 | €32,936 | €42,513 | +€9,577 | +29.1% |
| Tangible fixed assets | 22/27 | €32,936 | €42,513 | +€9,577 | +29.1% |
| Furniture and vehicles | 24 | €32,936 | €42,513 | +€9,577 | +29.1% |
| Current assets | 29/58 | €819,705 | €872,620 | +€52,916 | +6.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €154,810 | €87,037 | -€67,773 | -43.8% |
| Trade receivables | 40 | €27,786 | €21,352 | -€6,434 | -23.2% |
| Other amounts receivable | 41 | €127,024 | €65,685 | -€61,339 | -48.3% |
| Cash at bank and in hand | 54/58 | €628,014 | €746,181 | +€118,167 | +18.8% |
| Deferred charges and accrued income | 490/1 | €36,880 | €39,403 | +€2,522 | +6.8% |
| Total equity and liabilities | 10/49 | €852,641 | €915,133 | +€62,492 | +7.3% |
| Equity | 10/15 | €632,657 | €868,293 | +€235,636 | +37.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,320 | €142,895 | +€31,575 | +28.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,460 | €141,035 | +€31,575 | +28.8% |
| Profit (loss) carried forward | 14 | €502,737 | €706,798 | +€204,061 | +40.6% |
| Amounts payable | 17/49 | €219,984 | €46,840 | -€173,144 | -78.7% |
| Amounts payable after more than one year | 17 | €65,000 | €0 | -€65,000 | -100.0% |
| Financial debts | 170/4 | €65,000 | €0 | -€65,000 | -100.0% |
| Amounts payable within one year | 42/48 | €148,230 | €46,048 | -€102,182 | -68.9% |
| Financial debts | 43 | €73,588 | €0 | -€73,588 | -100.0% |
| Credit institutions | 430/8 | €73,588 | €0 | -€73,588 | -100.0% |
| Trade debts | 44 | €10,437 | €4,232 | -€6,206 | -59.5% |
| Suppliers | 440/4 | €10,437 | €4,232 | -€6,206 | -59.5% |
| Taxes, remuneration and social security | 45 | €55,972 | €34,766 | -€21,206 | -37.9% |
| Taxes | 450/3 | €53,133 | €31,825 | -€21,308 | -40.1% |
| Remuneration and social security | 454/9 | €2,839 | €2,941 | +€102 | +3.6% |
| Other amounts payable | 47/48 | €8,233 | €7,050 | -€1,183 | -14.4% |
| Accrued charges and deferred income | 492/3 | €6,754 | €792 | -€5,962 | -88.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €21,936 | €23,298 | +€1,362 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,423 | €12,779 | +€5,356 | +72.2% |
| Other operating charges | 640/8 | €4,341 | €5,038 | +€697 | +16.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €306,088 | €361,725 | +€55,637 | +18.2% |
| Operating profit (loss) | 9901 | €272,389 | €320,610 | +€48,221 | +17.7% |
| Financial income | 75/76B | €15,437 | €13,820 | -€1,618 | -10.5% |
| Recurring financial income | 75 | €15,437 | €13,820 | -€1,618 | -10.5% |
| Financial charges | 65/66B | €17,103 | €9,574 | -€7,529 | -44.0% |
| Recurring financial charges | 65 | €17,103 | €9,574 | -€7,529 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €270,723 | €324,856 | +€54,133 | +20.0% |
| Income taxes | 67/77 | €66,379 | €86,219 | +€19,841 | +29.9% |
| Profit (loss) for the period | 9904 | €204,344 | €238,636 | +€34,292 | +16.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €109,460 | +€109,460 | |
| Transfer to tax-exempt reserves | 689 | €0 | €141,035 | +€141,035 | |
| Profit (loss) for the period to be appropriated | 9905 | €204,344 | €207,061 | +€2,717 | +1.3% |
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 3 October 2026 via checked.be.