SHMN: 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.
SHMN
Largest movements
- Stocks and contracts +€66,091
up €66,091 (+64.6%), from €102,265 to €168,356
- Receivables within one year +€45,099
up €45,099 (+169.2%), from €26,661 to €71,760
of which Trade receivables: +€41,922
- Intangible fixed assets +€4,589
new in 2025: €4,589
- Cash -€3,179
no longer reported in 2025 (was €3,179)
mainly Stocks and contracts (-€66,091) and Net result for the year (-€51,459)
- Advances received +€98,414
up €98,414 (+1789.3%), from €5,500 to €103,914
- Profit (loss) carried forward -€51,459
down €51,459, from €1,194 to -€50,265
- Other debts +€37,721
up €37,721 (+776.4%), from €4,858 to €42,579
- Trade debts +€27,425
up €27,425 (+39.6%), from €69,252 to €96,677
- Tax, wage and social debts +€3,153
up €3,153 (+17.0%), from €18,568 to €21,721
- Gross operating margin -€52,746
down €52,746, from €6,029 to -€46,717
- Depreciation -€568
down €568 (-16.6%), from €3,431 to €2,863
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 | €138,866 | €252,926 | +€114,060 | +82.1% |
| Fixed assets | 21/28 | €6,761 | €12,810 | +€6,049 | +89.5% |
| Intangible fixed assets | 21 | - | €4,589 | +€4,589 | |
| Tangible fixed assets | 22/27 | €6,761 | €8,221 | +€1,460 | +21.6% |
| Plant, machinery and equipment | 23 | €1,935 | €1,410 | -€525 | -27.1% |
| Furniture and vehicles | 24 | €791 | €584 | -€207 | -26.1% |
| Other tangible fixed assets | 26 | €4,035 | €6,227 | +€2,191 | +54.3% |
| Current assets | 29/58 | €132,105 | €240,116 | +€108,011 | +81.8% |
| Stocks and contracts in progress | 3 | €102,265 | €168,356 | +€66,091 | +64.6% |
| Stocks | 30/36 | €102,265 | €168,356 | +€66,091 | +64.6% |
| Amounts receivable within one year | 40/41 | €26,661 | €71,760 | +€45,099 | +169.2% |
| Trade receivables | 40 | €26,626 | €68,548 | +€41,922 | +157.4% |
| Other amounts receivable | 41 | €35 | €3,212 | +€3,177 | +9077.6% |
| Cash at bank and in hand | 54/58 | €3,179 | - | -€3,179 | |
| Total equity and liabilities | 10/49 | €138,866 | €252,926 | +€114,060 | +82.1% |
| Equity | 10/15 | €31,194 | -€20,265 | -€51,459 | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,194 | -€50,265 | -€51,459 | |
| Amounts payable | 17/49 | €107,673 | €273,191 | +€165,519 | +153.7% |
| Amounts payable after more than one year | 17 | €7,212 | €4,797 | -€2,415 | -33.5% |
| Financial debts | 170/4 | €7,212 | €4,797 | -€2,415 | -33.5% |
| Amounts payable within one year | 42/48 | €100,461 | €268,394 | +€167,934 | +167.2% |
| Current portion of amounts payable after more than one year | 42 | €2,283 | €2,415 | +€132 | +5.8% |
| Financial debts | 43 | - | €1,088 | +€1,088 | |
| Credit institutions | 430/8 | - | €1,088 | +€1,088 | |
| Trade debts | 44 | €69,252 | €96,677 | +€27,425 | +39.6% |
| Suppliers | 440/4 | €69,252 | €96,677 | +€27,425 | +39.6% |
| Advances received on contracts in progress | 46 | €5,500 | €103,914 | +€98,414 | +1789.3% |
| Taxes, remuneration and social security | 45 | €18,568 | €21,721 | +€3,153 | +17.0% |
| Taxes | 450/3 | €18,568 | €21,721 | +€3,153 | +17.0% |
| Other amounts payable | 47/48 | €4,858 | €42,579 | +€37,721 | +776.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,431 | €2,863 | -€568 | -16.6% |
| Other operating charges | 640/8 | €214 | €395 | +€181 | +84.7% |
| Gross operating margin | 9900 | €6,029 | -€46,717 | -€52,746 | |
| Operating profit (loss) | 9901 | €2,384 | -€49,975 | -€52,359 | |
| Financial income | 75/76B | €38 | €10 | -€27 | -72.7% |
| Recurring financial income | 75 | €38 | €10 | -€27 | -72.7% |
| Financial charges | 65/66B | €1,228 | €1,494 | +€266 | +21.6% |
| Recurring financial charges | 65 | €1,228 | €1,494 | +€266 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €1,194 | -€51,459 | -€52,653 | |
| Profit (loss) for the period | 9904 | €1,194 | -€51,459 | -€52,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,194 | -€51,459 | -€52,653 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.