SHJ: 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.
SHJ
Largest movements
- Current investments +€205,848
new in 2025: €205,848
- Tangible fixed assets +€34,376
up €34,376 (+95.7%), from €35,916 to €70,291
of which Leasing and similar rights: +€41,361
- Cash +€28,262
up €28,262 (+31.3%), from €90,334 to €118,597
mainly Net result for the year (+€213,102) and Short-term financial debts (+€44,027)
- Receivables within one year +€24,716
up €24,716 (+30.8%), from €80,221 to €104,937
of which Other amounts receivable: +€26,644
- Reserves +€213,102
up €213,102 (+129.9%), from €164,062 to €377,165
- Short-term financial debts +€44,027
new in 2025: €44,027
- Debts after one year +€32,260
new in 2025: €32,260
- Current portion of long-term debt +€9,482
new in 2025: €9,482
- Gross operating margin +€161,786
up €161,786 (+61.8%), from €261,648 to €423,433
- Staff costs +€77,433
up €77,433 (+480.2%), from €16,125 to €93,558
- Taxes +€21,891
up €21,891 (+28.1%), from €77,796 to €99,687
- Depreciation +€11,363
up €11,363 (+310.3%), from €3,662 to €15,024
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 | €209,061 | €501,893 | +€292,832 | +140.1% |
| Fixed assets | 21/28 | €37,153 | €71,528 | +€34,376 | +92.5% |
| Tangible fixed assets | 22/27 | €35,916 | €70,291 | +€34,376 | +95.7% |
| Plant, machinery and equipment | 23 | €12,740 | €11,403 | -€1,337 | -10.5% |
| Furniture and vehicles | 24 | €23,175 | €17,528 | -€5,648 | -24.4% |
| Leasing and similar rights | 25 | - | €41,361 | +€41,361 | |
| Financial fixed assets | 28 | €1,237 | €1,237 | = | 0.0% |
| Current assets | 29/58 | €171,909 | €430,365 | +€258,456 | +150.3% |
| Amounts receivable within one year | 40/41 | €80,221 | €104,937 | +€24,716 | +30.8% |
| Trade receivables | 40 | €52,922 | €50,994 | -€1,928 | -3.6% |
| Other amounts receivable | 41 | €27,300 | €53,943 | +€26,644 | +97.6% |
| Current investments | 50/53 | - | €205,848 | +€205,848 | |
| Cash at bank and in hand | 54/58 | €90,334 | €118,597 | +€28,262 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,353 | €983 | -€371 | -27.4% |
| Total equity and liabilities | 10/49 | €209,061 | €501,893 | +€292,832 | +140.1% |
| Equity | 10/15 | €165,062 | €378,165 | +€213,102 | +129.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €164,062 | €377,165 | +€213,102 | +129.9% |
| Distributable reserves | 133 | €164,062 | €377,165 | +€213,102 | +129.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €43,999 | €123,728 | +€79,729 | +181.2% |
| Amounts payable after more than one year | 17 | - | €32,260 | +€32,260 | |
| Financial debts | 170/4 | - | €32,260 | +€32,260 | |
| Amounts payable within one year | 42/48 | €43,999 | €91,468 | +€47,469 | +107.9% |
| Current portion of amounts payable after more than one year | 42 | - | €9,482 | +€9,482 | |
| Financial debts | 43 | - | €44,027 | +€44,027 | |
| Credit institutions | 430/8 | - | €44,027 | +€44,027 | |
| Trade debts | 44 | €5,572 | €2,065 | -€3,507 | -62.9% |
| Suppliers | 440/4 | €5,572 | €2,065 | -€3,507 | -62.9% |
| Taxes, remuneration and social security | 45 | €38,427 | €35,893 | -€2,534 | -6.6% |
| Taxes | 450/3 | €36,832 | €21,334 | -€15,498 | -42.1% |
| Remuneration and social security | 454/9 | €1,595 | €14,559 | +€12,964 | +812.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €16,125 | €93,558 | +€77,433 | +480.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,662 | €15,024 | +€11,363 | +310.3% |
| Other operating charges | 640/8 | €126 | €1,001 | +€875 | +694.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €261,648 | €423,433 | +€161,786 | +61.8% |
| Operating profit (loss) | 9901 | €241,735 | €313,850 | +€72,115 | +29.8% |
| Financial income | 75/76B | €406 | €1,204 | +€798 | +196.6% |
| Recurring financial income | 75 | €406 | €1,204 | +€798 | +196.6% |
| Financial charges | 65/66B | €9 | €2,265 | +€2,256 | +24876.2% |
| Recurring financial charges | 65 | €9 | €2,265 | +€2,256 | +24876.2% |
| Profit (loss) for the period before taxes | 9903 | €242,132 | €312,789 | +€70,657 | +29.2% |
| Income taxes | 67/77 | €77,796 | €99,687 | +€21,891 | +28.1% |
| Profit (loss) for the period | 9904 | €164,336 | €213,102 | +€48,766 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €164,336 | €213,102 | +€48,766 | +29.7% |
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 7 October 2026 via checked.be.