SHM: 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.
What changed
SHM
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,411
2024 · €7,382+€21,029
Equity
€14.0m
2024 · €7.0m+€7.0m
Cash
€7,919
2024 · €11,699-€3,780
Balance sheet total
€14.1m
2024 · €7.0m+€7.0m
Largest movements
Assets
- Financial fixed assets +€7.0m
up €7.0m (+100.2%), from €7.0m to €14.0m
Equity and liabilities
- Contributions +€7.0m
up €7.0m (+122.4%), from €5.7m to €12.7m
Income statement
- Turnover +€120,000
up €120,000 (+40.0%), from €300,000 to €420,000
- Services and other goods +€91,743
up €91,743 (+31.8%), from €288,330 to €380,073
- Taxes +€7,783
up €7,783 (+304.2%), from €2,559 to €10,342
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.
Result 2024
€7,382
Turnover
+€120,000
Services and other goods
-€91,743
Other operating charges
-€32
Financial income
-€46
Financial charges
+€634
Taxes
-€7,783
Result 2025
€28,411
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.
From operations
+€15,557
Investment
-€7.0m
Financing
+€7.0m
Cash 2024
€11,699
From operations (derived)
+€15,557
Net result for the year
+€28,411
Receivables within one year
-€812
Trade debts
+€42,308
Tax, wage and social debts
+€18,851
Other debts
-€73,201
Investment (derived)
-€7.0m
Investment in fixed assets (net)
-€7.0m
Financing
+€7.0m
Contributions, distributions and other
+€7.0m
Cash 2025
€7,919
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,043,710 | €14,070,465 | +€7.0m | +99.8% |
| Fixed assets | 21/28 | €7,017,423 | €14,047,146 | +€7.0m | +100.2% |
| Financial fixed assets | 28 | €7,017,423 | €14,047,146 | +€7.0m | +100.2% |
| Affiliated companies | 280/1 | €7,017,423 | €14,047,146 | +€7.0m | +100.2% |
| Participating interests | 280 | €7,017,423 | €14,027,810 | +€7.0m | +99.9% |
| Amounts receivable | 281 | - | €19,336 | +€19,336 | |
| Current assets | 29/58 | €26,287 | €23,319 | -€2,968 | -11.3% |
| Amounts receivable within one year | 40/41 | €14,588 | €15,400 | +€812 | +5.6% |
| Other amounts receivable | 41 | €14,588 | €15,400 | +€812 | +5.6% |
| Cash at bank and in hand | 54/58 | €11,699 | €7,919 | -€3,780 | -32.3% |
| Total equity and liabilities | 10/49 | €7,043,710 | €14,070,465 | +€7.0m | +99.8% |
| Equity | 10/15 | €6,960,621 | €13,999,418 | +€7.0m | +101.1% |
| Contributions | 10/11 | €5,728,400 | €12,738,786 | +€7.0m | +122.4% |
| Capital | 10 | €5,728,400 | €12,738,786 | +€7.0m | +122.4% |
| Issued capital | 100 | €5,728,400 | €12,738,786 | +€7.0m | +122.4% |
| Reserves | 13 | €1,232,221 | €1,260,632 | +€28,411 | +2.3% |
| Non-distributable reserves | 130/1 | €64,710 | €66,210 | +€1,500 | +2.3% |
| Legal reserve | 130 | €64,710 | €66,210 | +€1,500 | +2.3% |
| Distributable reserves | 133 | €1,167,511 | €1,194,422 | +€26,911 | +2.3% |
| Amounts payable | 17/49 | €83,090 | €71,047 | -€12,043 | -14.5% |
| Amounts payable within one year | 42/48 | €83,090 | €71,047 | -€12,043 | -14.5% |
| Trade debts | 44 | €9,619 | €51,927 | +€42,308 | +439.8% |
| Suppliers | 440/4 | €9,619 | €51,927 | +€42,308 | +439.8% |
| Taxes, remuneration and social security | 45 | €269 | €19,120 | +€18,851 | +7011.2% |
| Taxes | 450/3 | €269 | €19,120 | +€18,851 | +7011.2% |
| Other amounts payable | 47/48 | €73,201 | - | -€73,201 | |
| Operating income | 70/76A | €300,000 | €420,000 | +€120,000 | +40.0% |
| Turnover | 70 | €300,000 | €420,000 | +€120,000 | +40.0% |
| Operating charges | 60/66A | €289,416 | €381,191 | +€91,775 | +31.7% |
| Services and other goods | 61 | €288,330 | €380,073 | +€91,743 | +31.8% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€32 | +3.0% |
| Operating profit (loss) | 9901 | €10,584 | €38,809 | +€28,225 | +266.7% |
| Financial income | 75/76B | €858 | €812 | -€46 | -5.4% |
| Recurring financial income | 75 | €858 | €812 | -€46 | -5.4% |
| Other financial income | 752/9 | €858 | €812 | -€46 | -5.4% |
| Financial charges | 65/66B | €1,502 | €868 | -€634 | -42.2% |
| Recurring financial charges | 65 | €1,502 | €868 | -€634 | -42.2% |
| Debt charges | 650 | €1,450 | €663 | -€787 | -54.3% |
| Other financial charges | 652/9 | €51 | €205 | +€154 | +299.1% |
| Profit (loss) for the period before taxes | 9903 | €9,941 | €38,753 | +€28,812 | +289.8% |
| Income taxes | 67/77 | €2,559 | €10,342 | +€7,783 | +304.2% |
| Taxes | 670/3 | €2,559 | €10,342 | +€7,783 | +304.2% |
| Profit (loss) for the period | 9904 | €7,382 | €28,411 | +€21,029 | +284.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,382 | €28,411 | +€21,029 | +284.9% |
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 6 October 2026 via checked.be.