SHM BELGIUM: 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.
SHM BELGIUM
Largest movements
- Tangible fixed assets +€113,231
up €113,231 (+1,858%), from €6,094 to €119,324
of which Assets under construction and advance payments: +€107,500
- Receivables within one year -€64,687
down €64,687 (-68.1%), from €95,005 to €30,318
of which Trade receivables: -€84,872
- Current investments +€24,047
new in 2025: €24,047
- Cash +€19,417
up €19,417 (+66.7%), from €29,128 to €48,545
mainly Receivables within one year (+€64,687) and Net result for the year (+€60,792)
- Financial fixed assets -€7,500
down €7,500 (-87.0%), from €8,625 to €1,125
- Profit (loss) carried forward +€60,792
up €60,792 (+51.6%), from €117,747 to €178,539
- Current portion of long-term debt +€50,000
new in 2025: €50,000
- Advances received -€20,576
no longer reported in 2025 (was €20,576)
- Tax, wage and social debts -€12,995
down €12,995 (-24.8%), from €52,396 to €39,401
of which Remuneration and social security: -€6,996
- Trade debts +€6,379
up €6,379 (+8.0%), from €80,078 to €86,457
- Gross operating margin -€30,988
down €30,988 (-16.9%), from €182,822 to €151,834
- Taxes -€28,975
no longer reported in 2025 (was €28,975)
- Staff costs +€16,001
up €16,001 (+30.5%), from €52,527 to €68,528
- Other operating charges +€13,338
up €13,338 (+887%), from €1,504 to €14,841
- Depreciation +€2,435
up €2,435 (+48.5%), from €5,016 to €7,450
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 | €275,829 | €359,397 | +€83,568 | +30.3% |
| Fixed assets | 21/28 | €20,641 | €124,572 | +€103,931 | +504% |
| Intangible fixed assets | 21 | €5,923 | €4,123 | -€1,800 | -30.4% |
| Tangible fixed assets | 22/27 | €6,094 | €119,324 | +€113,231 | +1,858% |
| Plant, machinery and equipment | 23 | €931 | €3,661 | +€2,730 | +293% |
| Furniture and vehicles | 24 | €5,162 | €8,163 | +€3,001 | +58.1% |
| Assets under construction and advance payments | 27 | - | €107,500 | +€107,500 | |
| Financial fixed assets | 28 | €8,625 | €1,125 | -€7,500 | -87.0% |
| Current assets | 29/58 | €255,187 | €234,825 | -€20,362 | -8.0% |
| Amounts receivable after more than one year | 29 | €121,100 | €121,100 | = | 0.0% |
| Other amounts receivable | 291 | €121,100 | €121,100 | = | 0.0% |
| Stocks and contracts in progress | 3 | €7,712 | €8,573 | +€860 | +11.2% |
| Stocks | 30/36 | €7,712 | €8,573 | +€860 | +11.2% |
| Amounts receivable within one year | 40/41 | €95,005 | €30,318 | -€64,687 | -68.1% |
| Trade receivables | 40 | €95,005 | €10,133 | -€84,872 | -89.3% |
| Other amounts receivable | 41 | - | €20,185 | +€20,185 | |
| Current investments | 50/53 | - | €24,047 | +€24,047 | |
| Cash at bank and in hand | 54/58 | €29,128 | €48,545 | +€19,417 | +66.7% |
| Deferred charges and accrued income | 490/1 | €2,242 | €2,242 | = | 0.0% |
| Total equity and liabilities | 10/49 | €275,829 | €359,397 | +€83,568 | +30.3% |
| Equity | 10/15 | €122,747 | €183,539 | +€60,792 | +49.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,747 | €178,539 | +€60,792 | +51.6% |
| Amounts payable | 17/49 | €153,081 | €175,858 | +€22,777 | +14.9% |
| Amounts payable within one year | 42/48 | €153,081 | €175,858 | +€22,777 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €80,078 | €86,457 | +€6,379 | +8.0% |
| Suppliers | 440/4 | €80,078 | €86,457 | +€6,379 | +8.0% |
| Advances received on contracts in progress | 46 | €20,576 | - | -€20,576 | |
| Taxes, remuneration and social security | 45 | €52,396 | €39,401 | -€12,995 | -24.8% |
| Taxes | 450/3 | €43,237 | €37,238 | -€5,999 | -13.9% |
| Remuneration and social security | 454/9 | €9,160 | €2,163 | -€6,996 | -76.4% |
| Other amounts payable | 47/48 | €31 | - | -€31 | |
| Remuneration, social security and pensions | 62 | €52,527 | €68,528 | +€16,001 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,016 | €7,450 | +€2,435 | +48.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7 | +€7 | |
| Other operating charges | 640/8 | €1,504 | €14,841 | +€13,338 | +887% |
| Gross operating margin | 9900 | €182,822 | €151,834 | -€30,988 | -16.9% |
| Operating profit (loss) | 9901 | €123,775 | €61,007 | -€62,768 | -50.7% |
| Financial income | 75/76B | €2,243 | €50 | -€2,193 | -97.8% |
| Recurring financial income | 75 | €2,243 | €50 | -€2,193 | -97.8% |
| Financial charges | 65/66B | €1,831 | €266 | -€1,565 | -85.5% |
| Recurring financial charges | 65 | €1,831 | €266 | -€1,565 | -85.5% |
| Profit (loss) for the period before taxes | 9903 | €124,188 | €60,792 | -€63,396 | -51.0% |
| Income taxes | 67/77 | €28,975 | - | -€28,975 | |
| Profit (loss) for the period | 9904 | €95,213 | €60,792 | -€34,421 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,213 | €60,792 | -€34,421 | -36.2% |
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 31 October 2026 via checked.be.