SHS Willems: 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 Willems
Largest movements
- Current investments +€12,000
up €12,000 (+38.7%), from €31,000 to €43,000
- Tangible fixed assets -€9,287
down €9,287 (-2.9%), from €319,871 to €310,585
of which Land and buildings: -€7,228
- Cash -€5,883
down €5,883 (-6.2%), from €94,876 to €88,992
mainly Contributions, distributions and other (-€33,600) and Current investments (-€12,000)
- Debts after one year -€9,305
down €9,305 (-4.4%), from €212,685 to €203,380
- Gross operating margin -€12,423
down €12,423 (-15.9%), from €77,956 to €65,533
- Financial charges -€2,091
down €2,091 (-19.2%), from €10,877 to €8,786
- Financial income +€2,019
up €2,019 (+128%), from €1,575 to €3,594
- Taxes -€1,766
down €1,766 (-10.6%), from €16,713 to €14,946
- Depreciation -€1,451
down €1,451 (-13.5%), from €10,738 to €9,287
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 | €582,276 | €579,198 | -€3,078 | -0.5% |
| Fixed assets | 21/28 | €319,871 | €310,585 | -€9,287 | -2.9% |
| Tangible fixed assets | 22/27 | €319,871 | €310,585 | -€9,287 | -2.9% |
| Land and buildings | 22 | €316,420 | €309,192 | -€7,228 | -2.3% |
| Furniture and vehicles | 24 | €2,539 | €937 | -€1,602 | -63.1% |
| Other tangible fixed assets | 26 | €912 | €456 | -€456 | -50.0% |
| Current assets | 29/58 | €262,404 | €268,613 | +€6,209 | +2.4% |
| Amounts receivable within one year | 40/41 | €133,572 | €133,896 | +€324 | +0.2% |
| Trade receivables | 40 | €15,763 | €35,542 | +€19,778 | +125% |
| Other amounts receivable | 41 | €117,809 | €98,355 | -€19,454 | -16.5% |
| Current investments | 50/53 | €31,000 | €43,000 | +€12,000 | +38.7% |
| Cash at bank and in hand | 54/58 | €94,876 | €88,992 | -€5,883 | -6.2% |
| Deferred charges and accrued income | 490/1 | €2,957 | €2,725 | -€232 | -7.9% |
| Total equity and liabilities | 10/49 | €582,276 | €579,198 | -€3,078 | -0.5% |
| Equity | 10/15 | €337,726 | €339,331 | +€1,605 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €217,978 | €221,183 | +€3,205 | +1.5% |
| Distributable reserves | 133 | €217,978 | €221,183 | +€3,205 | +1.5% |
| Profit (loss) carried forward | 14 | €113,548 | €111,948 | -€1,600 | -1.4% |
| Amounts payable | 17/49 | €244,550 | €239,867 | -€4,683 | -1.9% |
| Amounts payable after more than one year | 17 | €212,685 | €203,380 | -€9,305 | -4.4% |
| Financial debts | 170/4 | €212,685 | €203,380 | -€9,305 | -4.4% |
| Amounts payable within one year | 42/48 | €31,865 | €36,487 | +€4,622 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €14,970 | €15,305 | +€335 | +2.2% |
| Trade debts | 44 | €8,864 | €11,884 | +€3,020 | +34.1% |
| Suppliers | 440/4 | €8,864 | €11,884 | +€3,020 | +34.1% |
| Taxes, remuneration and social security | 45 | €8,031 | €5,508 | -€2,522 | -31.4% |
| Taxes | 450/3 | €8,031 | €5,508 | -€2,522 | -31.4% |
| Other amounts payable | 47/48 | - | €3,790 | +€3,790 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,738 | €9,287 | -€1,451 | -13.5% |
| Other operating charges | 640/8 | €818 | €903 | +€85 | +10.3% |
| Gross operating margin | 9900 | €77,956 | €65,533 | -€12,423 | -15.9% |
| Operating profit (loss) | 9901 | €66,400 | €55,343 | -€11,056 | -16.7% |
| Financial income | 75/76B | €1,575 | €3,594 | +€2,019 | +128% |
| Recurring financial income | 75 | €1,575 | €3,594 | +€2,019 | +128% |
| Financial charges | 65/66B | €10,877 | €8,786 | -€2,091 | -19.2% |
| Recurring financial charges | 65 | €10,877 | €8,786 | -€2,091 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €57,098 | €50,152 | -€6,946 | -12.2% |
| Income taxes | 67/77 | €16,713 | €14,946 | -€1,766 | -10.6% |
| Profit (loss) for the period | 9904 | €40,385 | €35,205 | -€5,180 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,385 | €35,205 | -€5,180 | -12.8% |
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 30 October 2026 via checked.be.