SHT: 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.
SHT
Largest movements
- Tangible fixed assets -€112,728
down €112,728 (-9.5%), from €1.2m to €1.1m
of which Land and buildings: -€97,945
- Receivables within one year +€18,615
up €18,615 (+86.5%), from €21,526 to €40,141
of which Trade receivables: +€20,692
- Reserves -€77,861
down €77,861 (-10.0%), from €777,448 to €699,586
of which Distributable reserves: -€71,572
- Debts after one year -€53,097
down €53,097 (-19.2%), from €276,446 to €223,348
of which Financial debts: -€53,097
- Trade debts +€20,147
up €20,147 (+180.2%), from €11,183 to €31,329
- Other debts +€16,907
up €16,907 (+65.9%), from €25,644 to €42,551
- Gross operating margin -€25,722
down €25,722 (-22.7%), from €113,240 to €87,518
- Depreciation +€5,236
up €5,236 (+3.8%), from €138,910 to €144,146
- Other operating charges +€1,791
up €1,791 (+30.5%), from €5,881 to €7,671
- Financial charges -€1,391
down €1,391 (-8.3%), from €16,820 to €15,429
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 | €1,223,335 | €1,119,369 | -€103,966 | -8.5% |
| Fixed assets | 21/28 | €1,185,744 | €1,073,016 | -€112,728 | -9.5% |
| Tangible fixed assets | 22/27 | €1,185,744 | €1,073,016 | -€112,728 | -9.5% |
| Land and buildings | 22 | €1,090,710 | €992,765 | -€97,945 | -9.0% |
| Furniture and vehicles | 24 | €95,034 | €80,251 | -€14,783 | -15.6% |
| Current assets | 29/58 | €37,591 | €46,353 | +€8,762 | +23.3% |
| Amounts receivable within one year | 40/41 | €21,526 | €40,141 | +€18,615 | +86.5% |
| Trade receivables | 40 | €19,449 | €40,141 | +€20,692 | +106.4% |
| Other amounts receivable | 41 | €2,077 | €0 | -€2,077 | -100.0% |
| Cash at bank and in hand | 54/58 | €13,849 | €3,946 | -€9,902 | -71.5% |
| Deferred charges and accrued income | 490/1 | €2,216 | €2,265 | +€49 | +2.2% |
| Total equity and liabilities | 10/49 | €1,223,335 | €1,119,369 | -€103,966 | -8.5% |
| Equity | 10/15 | €796,048 | €718,186 | -€77,861 | -9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €777,448 | €699,586 | -€77,861 | -10.0% |
| Tax-exempt reserves | 132 | €61,193 | €54,904 | -€6,289 | -10.3% |
| Distributable reserves | 133 | €716,254 | €644,682 | -€71,572 | -10.0% |
| Provisions and deferred taxes | 16 | €20,398 | €18,301 | -€2,096 | -10.3% |
| Deferred taxes | 168 | €20,398 | €18,301 | -€2,096 | -10.3% |
| Amounts payable | 17/49 | €406,890 | €382,881 | -€24,009 | -5.9% |
| Amounts payable after more than one year | 17 | €276,446 | €223,348 | -€53,097 | -19.2% |
| Financial debts | 170/4 | €275,866 | €222,768 | -€53,097 | -19.2% |
| Other amounts payable | 178/9 | €580 | €580 | = | 0.0% |
| Amounts payable within one year | 42/48 | €122,676 | €150,619 | +€27,943 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €76,251 | €69,155 | -€7,095 | -9.3% |
| Trade debts | 44 | €11,183 | €31,329 | +€20,147 | +180.2% |
| Suppliers | 440/4 | €11,183 | €31,329 | +€20,147 | +180.2% |
| Advances received on contracts in progress | 46 | €3,870 | €5,300 | +€1,430 | +37.0% |
| Taxes, remuneration and social security | 45 | €5,728 | €2,283 | -€3,445 | -60.1% |
| Taxes | 450/3 | €5,728 | €2,283 | -€3,445 | -60.1% |
| Other amounts payable | 47/48 | €25,644 | €42,551 | +€16,907 | +65.9% |
| Accrued charges and deferred income | 492/3 | €7,769 | €8,914 | +€1,146 | +14.7% |
| Non-recurring operating income | 76A | €13,373 | €0 | -€13,373 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,910 | €144,146 | +€5,236 | +3.8% |
| Other operating charges | 640/8 | €5,881 | €7,671 | +€1,791 | +30.5% |
| Gross operating margin | 9900 | €113,240 | €87,518 | -€25,722 | -22.7% |
| Operating profit (loss) | 9901 | -€31,550 | -€64,299 | -€32,749 | -103.8% |
| Financial income | 75/76B | €283 | €202 | -€81 | -28.6% |
| Recurring financial income | 75 | €283 | €202 | -€81 | -28.6% |
| Financial charges | 65/66B | €16,820 | €15,429 | -€1,391 | -8.3% |
| Recurring financial charges | 65 | €16,820 | €15,429 | -€1,391 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€48,087 | -€79,526 | -€31,439 | -65.4% |
| Transfer from deferred taxes | 780 | €2,112 | €2,096 | -€15 | -0.7% |
| Income taxes | 67/77 | €423 | €431 | +€9 | +2.1% |
| Profit (loss) for the period | 9904 | -€46,398 | -€77,861 | -€31,463 | -67.8% |
| Transfer from tax-exempt reserves | 789 | €6,335 | €6,289 | -€46 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,063 | -€71,572 | -€31,509 | -78.6% |
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 4 October 2026 via checked.be.