SHMF: 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.
SHMF
Largest movements
- Receivables within one year +€11,655
up €11,655 (+138%), from €8,436 to €20,091
of which Other amounts receivable: +€6,059
- Tangible fixed assets -€2,790
down €2,790 (-20.9%), from €13,323 to €10,533
- Cash -€2,376
down €2,376 (-91.3%), from €2,603 to €227
mainly Receivables within one year (-€11,655) and Debts after one year (-€3,388)
- Profit (loss) carried forward +€7,372
up €7,372 (+58.8%), from -€12,529 to -€5,156
- Other debts +€3,548
up €3,548 (+41.0%), from €8,650 to €12,198
- Debts after one year -€3,388
down €3,388 (-32.2%), from €10,515 to €7,127
- Trade debts -€1,431
down €1,431 (-16.7%), from €8,547 to €7,116
- Gross operating margin +€25,096
up €25,096, from -€11,566 to €13,530
- Financial charges +€2,834
up €2,834 (+990%), from €286 to €3,120
- Depreciation +€2,163
up €2,163 (+345%), from €627 to €2,790
- Other operating charges +€434
up €434 (+868%), from €50 to €484
- Financial income +€236
new in 2025: €236
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 | €24,362 | €30,851 | +€6,489 | +26.6% |
| Fixed assets | 21/28 | €13,323 | €10,533 | -€2,790 | -20.9% |
| Tangible fixed assets | 22/27 | €13,323 | €10,533 | -€2,790 | -20.9% |
| Furniture and vehicles | 24 | €13,323 | €10,533 | -€2,790 | -20.9% |
| Current assets | 29/58 | €11,039 | €20,318 | +€9,279 | +84.1% |
| Amounts receivable within one year | 40/41 | €8,436 | €20,091 | +€11,655 | +138% |
| Trade receivables | 40 | €3,872 | €9,468 | +€5,596 | +145% |
| Other amounts receivable | 41 | €4,564 | €10,623 | +€6,059 | +133% |
| Cash at bank and in hand | 54/58 | €2,603 | €227 | -€2,376 | -91.3% |
| Total equity and liabilities | 10/49 | €24,362 | €30,851 | +€6,489 | +26.6% |
| Equity | 10/15 | -€6,529 | €844 | +€7,372 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,529 | -€5,156 | +€7,372 | +58.8% |
| Amounts payable | 17/49 | €30,891 | €30,008 | -€883 | -2.9% |
| Amounts payable after more than one year | 17 | €10,515 | €7,127 | -€3,388 | -32.2% |
| Financial debts | 170/4 | €10,515 | €7,127 | -€3,388 | -32.2% |
| Amounts payable within one year | 42/48 | €20,376 | €22,702 | +€2,326 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €3,179 | €3,388 | +€208 | +6.6% |
| Trade debts | 44 | €8,547 | €7,116 | -€1,431 | -16.7% |
| Suppliers | 440/4 | €8,547 | €7,116 | -€1,431 | -16.7% |
| Other amounts payable | 47/48 | €8,650 | €12,198 | +€3,548 | +41.0% |
| Accrued charges and deferred income | 492/3 | - | €179 | +€179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €627 | €2,790 | +€2,163 | +345% |
| Other operating charges | 640/8 | €50 | €484 | +€434 | +868% |
| Gross operating margin | 9900 | -€11,566 | €13,530 | +€25,096 | |
| Operating profit (loss) | 9901 | -€12,242 | €10,257 | +€22,499 | |
| Financial income | 75/76B | - | €236 | +€236 | |
| Recurring financial income | 75 | - | €236 | +€236 | |
| Financial charges | 65/66B | €286 | €3,120 | +€2,834 | +990% |
| Recurring financial charges | 65 | €286 | €3,120 | +€2,834 | +990% |
| Profit (loss) for the period before taxes | 9903 | -€12,529 | €7,372 | +€19,901 | |
| Profit (loss) for the period | 9904 | -€12,529 | €7,372 | +€19,901 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,529 | €7,372 | +€19,901 |
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 15 October 2026 via checked.be.