SHS ISOLATION: 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.
SHS ISOLATION
Largest movements
- Receivables within one year -€38,022
down €38,022 (-30.6%), from €124,191 to €86,169
of which Trade receivables: -€37,535
- Cash +€12,194
up €12,194 (+52.2%), from €23,366 to €35,560
mainly Receivables within one year (+€38,022) and Net result for the year (+€29,615)
- Deferred charges and accrued income -€5,898
down €5,898 (-55.6%), from €10,603 to €4,705
- Stocks and contracts -€5,254
down €5,254 (-30.1%), from €17,479 to €12,225
- Tangible fixed assets -€2,670
down €2,670 (-10.1%), from €26,418 to €23,748
- Trade debts -€68,355
down €68,355 (-51.4%), from €132,918 to €64,562
- Profit (loss) carried forward +€29,615
up €29,615 (+63.5%), from €46,673 to €76,288
- Gross operating margin +€34,580
up €34,580 (+29.2%), from €118,403 to €152,983
- Taxes +€9,291
up €9,291 (+268%), from €3,466 to €12,757
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 | €209,583 | €169,954 | -€39,630 | -18.9% |
| Fixed assets | 21/28 | €33,944 | €31,294 | -€2,650 | -7.8% |
| Tangible fixed assets | 22/27 | €26,418 | €23,748 | -€2,670 | -10.1% |
| Plant, machinery and equipment | 23 | €1,943 | €931 | -€1,012 | -52.1% |
| Furniture and vehicles | 24 | €21,699 | €20,482 | -€1,218 | -5.6% |
| Other tangible fixed assets | 26 | €2,775 | €2,335 | -€440 | -15.9% |
| Financial fixed assets | 28 | €7,526 | €7,545 | +€20 | +0.3% |
| Current assets | 29/58 | €175,640 | €138,660 | -€36,980 | -21.1% |
| Stocks and contracts in progress | 3 | €17,479 | €12,225 | -€5,254 | -30.1% |
| Stocks | 30/36 | €17,479 | €12,225 | -€5,254 | -30.1% |
| Amounts receivable within one year | 40/41 | €124,191 | €86,169 | -€38,022 | -30.6% |
| Trade receivables | 40 | €123,705 | €86,169 | -€37,535 | -30.3% |
| Other amounts receivable | 41 | €487 | - | -€487 | |
| Cash at bank and in hand | 54/58 | €23,366 | €35,560 | +€12,194 | +52.2% |
| Deferred charges and accrued income | 490/1 | €10,603 | €4,705 | -€5,898 | -55.6% |
| Total equity and liabilities | 10/49 | €209,583 | €169,954 | -€39,630 | -18.9% |
| Equity | 10/15 | €51,673 | €81,288 | +€29,615 | +57.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,673 | €76,288 | +€29,615 | +63.5% |
| Amounts payable | 17/49 | €157,910 | €88,666 | -€69,244 | -43.9% |
| Amounts payable within one year | 42/48 | €157,910 | €88,666 | -€69,244 | -43.9% |
| Trade debts | 44 | €132,918 | €64,562 | -€68,355 | -51.4% |
| Suppliers | 440/4 | €132,918 | €64,562 | -€68,355 | -51.4% |
| Advances received on contracts in progress | 46 | €1,830 | €640 | -€1,190 | -65.0% |
| Taxes, remuneration and social security | 45 | €23,163 | €21,645 | -€1,517 | -6.6% |
| Taxes | 450/3 | €13,678 | €16,309 | +€2,631 | +19.2% |
| Remuneration and social security | 454/9 | €9,484 | €5,336 | -€4,148 | -43.7% |
| Other amounts payable | 47/48 | - | €1,818 | +€1,818 | |
| Remuneration, social security and pensions | 62 | €94,744 | €94,842 | +€98 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,769 | €12,624 | +€855 | +7.3% |
| Other operating charges | 640/8 | €2,492 | €2,834 | +€342 | +13.7% |
| Gross operating margin | 9900 | €118,403 | €152,983 | +€34,580 | +29.2% |
| Operating profit (loss) | 9901 | €9,398 | €42,684 | +€33,286 | +354% |
| Financial income | 75/76B | €77 | €67 | -€10 | -12.9% |
| Recurring financial income | 75 | €77 | €67 | -€10 | -12.9% |
| Financial charges | 65/66B | €643 | €379 | -€263 | -41.0% |
| Recurring financial charges | 65 | €643 | €379 | -€263 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €8,832 | €42,372 | +€33,540 | +380% |
| Income taxes | 67/77 | €3,466 | €12,757 | +€9,291 | +268% |
| Profit (loss) for the period | 9904 | €5,366 | €29,615 | +€24,249 | +452% |
| Profit (loss) for the period to be appropriated | 9905 | €5,366 | €29,615 | +€24,249 | +452% |
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 27 October 2026 via checked.be.