SHN: 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.
SHN
Largest movements
- Receivables within one year -€44,958
down €44,958 (-78.4%), from €57,373 to €12,415
of which Other amounts receivable: -€54,400
- Tangible fixed assets +€32,420
up €32,420 (+596.8%), from €5,432 to €37,852
of which Furniture and vehicles: +€32,944
- Stocks and contracts +€7,345
up €7,345 (+27.1%), from €27,136 to €34,481
- Debts after one year -€16,947
down €16,947 (-31.7%), from €53,437 to €36,490
- Other debts +€12,064
new in 2025: €12,064
- Tax, wage and social debts -€7,861
no longer reported in 2025 (was €7,861)
- Current portion of long-term debt +€4,355
up €4,355 (+34.6%), from €12,592 to €16,947
- Profit (loss) carried forward +€2,986
up €2,986 (+21.9%), from -€13,643 to -€10,657
- Gross operating margin +€34,529
up €34,529, from -€9,743 to €24,786
- Depreciation +€8,694
up €8,694 (+368.9%), from €2,357 to €11,051
- Other operating charges +€6,214
up €6,214 (+508.5%), from €1,222 to €7,436
- Financial income -€3,440
no longer reported in 2025 (was €3,440)
of which Non-recurring financial income: -€3,436
- Financial charges -€1,529
down €1,529 (-84.8%), from €1,803 to €274
of which Non-recurring financial charges: -€1,552
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 | €94,345 | €88,942 | -€5,403 | -5.7% |
| Fixed assets | 21/28 | €5,432 | €37,852 | +€32,420 | +596.8% |
| Tangible fixed assets | 22/27 | €5,432 | €37,852 | +€32,420 | +596.8% |
| Plant, machinery and equipment | 23 | €987 | €463 | -€524 | -53.1% |
| Furniture and vehicles | 24 | €4,445 | €37,389 | +€32,944 | +741.1% |
| Current assets | 29/58 | €88,913 | €51,090 | -€37,823 | -42.5% |
| Stocks and contracts in progress | 3 | €27,136 | €34,481 | +€7,345 | +27.1% |
| Stocks | 30/36 | €27,136 | €34,481 | +€7,345 | +27.1% |
| Amounts receivable within one year | 40/41 | €57,373 | €12,415 | -€44,958 | -78.4% |
| Trade receivables | 40 | - | €9,442 | +€9,442 | |
| Other amounts receivable | 41 | €57,373 | €2,973 | -€54,400 | -94.8% |
| Cash at bank and in hand | 54/58 | €4,404 | €4,194 | -€210 | -4.8% |
| Total equity and liabilities | 10/49 | €94,345 | €88,942 | -€5,403 | -5.7% |
| Equity | 10/15 | €20,455 | €23,441 | +€2,986 | +14.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €29,098 | €29,098 | = | 0.0% |
| Distributable reserves | 133 | €29,098 | €29,098 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,643 | -€10,657 | +€2,986 | +21.9% |
| Amounts payable | 17/49 | €73,890 | €65,501 | -€8,389 | -11.4% |
| Amounts payable after more than one year | 17 | €53,437 | €36,490 | -€16,947 | -31.7% |
| Financial debts | 170/4 | €53,437 | €36,490 | -€16,947 | -31.7% |
| Amounts payable within one year | 42/48 | €20,453 | €29,011 | +€8,558 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €12,592 | €16,947 | +€4,355 | +34.6% |
| Taxes, remuneration and social security | 45 | €7,861 | - | -€7,861 | |
| Taxes | 450/3 | €7,861 | - | -€7,861 | |
| Other amounts payable | 47/48 | - | €12,064 | +€12,064 | |
| Remuneration, social security and pensions | 62 | €1,958 | €3,039 | +€1,081 | +55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,357 | €11,051 | +€8,694 | +368.9% |
| Other operating charges | 640/8 | €1,222 | €7,436 | +€6,214 | +508.5% |
| Gross operating margin | 9900 | -€9,743 | €24,786 | +€34,529 | |
| Operating profit (loss) | 9901 | -€15,280 | €3,260 | +€18,540 | |
| Financial income | 75/76B | €3,440 | - | -€3,440 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Non-recurring financial income | 76B | €3,436 | - | -€3,436 | |
| Financial charges | 65/66B | €1,803 | €274 | -€1,529 | -84.8% |
| Recurring financial charges | 65 | €251 | €274 | +€23 | +9.2% |
| Non-recurring financial charges | 66B | €1,552 | - | -€1,552 | |
| Profit (loss) for the period before taxes | 9903 | -€13,643 | €2,986 | +€16,629 | |
| Profit (loss) for the period | 9904 | -€13,643 | €2,986 | +€16,629 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,643 | €2,986 | +€16,629 |
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 30 September 2026 via checked.be.