SHsolutions: 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.
SHsolutions
Largest movements
- Receivables within one year +€11,559
up €11,559 (+78.9%), from €14,645 to €26,204
of which Trade receivables: +€10,521
- Cash +€4,062
up €4,062 (+18.3%), from €22,251 to €26,313
mainly Net result for the year (+€14,289) and Trade debts (+€9,701)
- Intangible fixed assets +€4,062
new in 2025: €4,062
- Deferred charges and accrued income -€2,442
down €2,442 (-39.0%), from €6,261 to €3,819
- Stocks and contracts +€1,079
up €1,079 (+260.3%), from €415 to €1,493
- Reserves +€14,289
up €14,289 (+54.7%), from €26,127 to €40,415
- Trade debts +€9,701
up €9,701 (+186.4%), from €5,204 to €14,905
- Other debts -€3,742
down €3,742 (-39.6%), from €9,459 to €5,717
- Debts after one year -€1,635
down €1,635 (-79.5%), from €2,055 to €420
- Accrued charges and deferred income -€1,225
down €1,225 (-100.0%), from €1,225 to €0
- Gross operating margin +€11,628
up €11,628 (+45.0%), from €25,827 to €37,455
- Write-downs +€9,585
new in 2025: €9,585
- Other operating charges +€3,550
up €3,550 (+835.7%), from €425 to €3,975
- Financial charges -€983
down €983 (-38.9%), from €2,529 to €1,546
- Depreciation +€833
up €833 (+30.6%), from €2,722 to €3,556
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 | €58,439 | €76,736 | +€18,296 | +31.3% |
| Fixed assets | 21/28 | €14,868 | €18,906 | +€4,038 | +27.2% |
| Intangible fixed assets | 21 | - | €4,062 | +€4,062 | |
| Tangible fixed assets | 22/27 | €14,868 | €14,784 | -€84 | -0.6% |
| Land and buildings | 22 | €6,487 | €5,730 | -€757 | -11.7% |
| Plant, machinery and equipment | 23 | €786 | €1,566 | +€780 | +99.3% |
| Furniture and vehicles | 24 | €7,595 | €7,488 | -€107 | -1.4% |
| Financial fixed assets | 28 | - | €60 | +€60 | |
| Current assets | 29/58 | €43,571 | €57,830 | +€14,259 | +32.7% |
| Stocks and contracts in progress | 3 | €415 | €1,493 | +€1,079 | +260.3% |
| Stocks | 30/36 | €415 | €1,493 | +€1,079 | +260.3% |
| Amounts receivable within one year | 40/41 | €14,645 | €26,204 | +€11,559 | +78.9% |
| Trade receivables | 40 | €14,551 | €25,071 | +€10,521 | +72.3% |
| Other amounts receivable | 41 | €94 | €1,133 | +€1,039 | +1103.4% |
| Cash at bank and in hand | 54/58 | €22,251 | €26,313 | +€4,062 | +18.3% |
| Deferred charges and accrued income | 490/1 | €6,261 | €3,819 | -€2,442 | -39.0% |
| Total equity and liabilities | 10/49 | €58,439 | €76,736 | +€18,296 | +31.3% |
| Equity | 10/15 | €31,127 | €45,415 | +€14,289 | +45.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,127 | €40,415 | +€14,289 | +54.7% |
| Distributable reserves | 133 | €26,127 | €40,415 | +€14,289 | +54.7% |
| Amounts payable | 17/49 | €27,313 | €31,320 | +€4,008 | +14.7% |
| Amounts payable after more than one year | 17 | €2,055 | €420 | -€1,635 | -79.5% |
| Financial debts | 170/4 | €2,055 | €420 | -€1,635 | -79.5% |
| Amounts payable within one year | 42/48 | €24,032 | €30,900 | +€6,868 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €1,563 | €1,635 | +€72 | +4.6% |
| Financial debts | 43 | €28 | €277 | +€249 | +881.2% |
| Credit institutions | 430/8 | €28 | €277 | +€249 | +881.2% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €5,204 | €14,905 | +€9,701 | +186.4% |
| Suppliers | 440/4 | €5,204 | €14,905 | +€9,701 | +186.4% |
| Taxes, remuneration and social security | 45 | €7,779 | €8,366 | +€588 | +7.6% |
| Taxes | 450/3 | €1,267 | €4,648 | +€3,382 | +267.0% |
| Remuneration and social security | 454/9 | €6,512 | €3,718 | -€2,794 | -42.9% |
| Other amounts payable | 47/48 | €9,459 | €5,717 | -€3,742 | -39.6% |
| Accrued charges and deferred income | 492/3 | €1,225 | €0 | -€1,225 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,722 | €3,556 | +€833 | +30.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,585 | +€9,585 | |
| Other operating charges | 640/8 | €425 | €3,975 | +€3,550 | +835.7% |
| Gross operating margin | 9900 | €25,827 | €37,455 | +€11,628 | +45.0% |
| Operating profit (loss) | 9901 | €22,680 | €20,340 | -€2,341 | -10.3% |
| Financial charges | 65/66B | €2,529 | €1,546 | -€983 | -38.9% |
| Recurring financial charges | 65 | €2,529 | €1,546 | -€983 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €20,151 | €18,793 | -€1,358 | -6.7% |
| Income taxes | 67/77 | €4,952 | €4,505 | -€448 | -9.0% |
| Profit (loss) for the period | 9904 | €15,199 | €14,289 | -€910 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,199 | €14,289 | -€910 | -6.0% |
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 3 October 2026 via checked.be.