SHU-LIU: 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.
SHU-LIU
Largest movements
- Tangible fixed assets +€368,399
up €368,399 (+55.7%), from €661,783 to €1.0m
of which Land and buildings: +€337,104
- Receivables within one year +€126,673
up €126,673 (+65.1%), from €194,450 to €321,123
of which Other amounts receivable: +€161,123
- Cash -€93,339
down €93,339 (-36.8%), from €253,708 to €160,369
mainly Investment in fixed assets (net) (-€481,700) and Receivables within one year (-€126,673)
- Debts after one year +€286,250
up €286,250 (+104%), from €275,249 to €561,499
of which Financial debts: +€286,250
- Reserves +€115,594
up €115,594 (+18.0%), from €640,492 to €756,086
of which Distributable reserves: +€115,594
- Current portion of long-term debt +€16,809
up €16,809 (+36.4%), from €46,128 to €62,937
- Depreciation +€64,619
up €64,619 (+133%), from €48,682 to €113,301
- Taxes -€19,786
down €19,786 (-28.7%), from €69,008 to €49,222
- Gross operating margin +€11,469
up €11,469 (+3.0%), from €380,688 to €392,157
- Staff costs +€10,199
up €10,199 (+11.7%), from €87,462 to €97,661
- Financial income +€5,779
new in 2025: €5,779
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 | €1,118,750 | €1,525,298 | +€406,548 | +36.3% |
| Fixed assets | 21/28 | €661,783 | €1,030,182 | +€368,399 | +55.7% |
| Tangible fixed assets | 22/27 | €661,783 | €1,030,182 | +€368,399 | +55.7% |
| Land and buildings | 22 | €388,471 | €725,575 | +€337,104 | +86.8% |
| Plant, machinery and equipment | 23 | €25,543 | €20,526 | -€5,017 | -19.6% |
| Furniture and vehicles | 24 | €20,441 | €58,791 | +€38,350 | +188% |
| Other tangible fixed assets | 26 | €227,328 | €225,290 | -€2,038 | -0.9% |
| Current assets | 29/58 | €456,967 | €495,116 | +€38,149 | +8.3% |
| Stocks and contracts in progress | 3 | €7,327 | €9,478 | +€2,151 | +29.4% |
| Stocks | 30/36 | €7,327 | €9,478 | +€2,151 | +29.4% |
| Amounts receivable within one year | 40/41 | €194,450 | €321,123 | +€126,673 | +65.1% |
| Trade receivables | 40 | €34,450 | - | -€34,450 | |
| Other amounts receivable | 41 | €160,000 | €321,123 | +€161,123 | +101% |
| Cash at bank and in hand | 54/58 | €253,708 | €160,369 | -€93,339 | -36.8% |
| Deferred charges and accrued income | 490/1 | €1,482 | €4,146 | +€2,664 | +180% |
| Total equity and liabilities | 10/49 | €1,118,750 | €1,525,298 | +€406,548 | +36.3% |
| Equity | 10/15 | €729,240 | €844,834 | +€115,594 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €640,492 | €756,086 | +€115,594 | +18.0% |
| Non-distributable reserves | 130/1 | €616 | €616 | = | 0.0% |
| Reserves not available under the articles | 1311 | €616 | €616 | = | 0.0% |
| Distributable reserves | 133 | €639,876 | €755,470 | +€115,594 | +18.1% |
| Profit (loss) carried forward | 14 | €70,148 | €70,148 | = | 0.0% |
| Amounts payable | 17/49 | €389,510 | €680,464 | +€290,954 | +74.7% |
| Amounts payable after more than one year | 17 | €275,249 | €561,499 | +€286,250 | +104% |
| Financial debts | 170/4 | €263,330 | €549,580 | +€286,250 | +109% |
| Other amounts payable | 178/9 | €11,919 | €11,919 | = | 0.0% |
| Amounts payable within one year | 42/48 | €114,261 | €118,965 | +€4,704 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €46,128 | €62,937 | +€16,809 | +36.4% |
| Trade debts | 44 | €27,126 | €23,716 | -€3,410 | -12.6% |
| Suppliers | 440/4 | €27,126 | €23,716 | -€3,410 | -12.6% |
| Taxes, remuneration and social security | 45 | €33,025 | €32,312 | -€713 | -2.2% |
| Taxes | 450/3 | €25,749 | €25,199 | -€550 | -2.1% |
| Remuneration and social security | 454/9 | €7,276 | €7,113 | -€163 | -2.2% |
| Other amounts payable | 47/48 | €7,982 | - | -€7,982 | |
| Remuneration, social security and pensions | 62 | €87,462 | €97,661 | +€10,199 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,682 | €113,301 | +€64,619 | +133% |
| Other operating charges | 640/8 | €8,483 | €8,111 | -€372 | -4.4% |
| Gross operating margin | 9900 | €380,688 | €392,157 | +€11,469 | +3.0% |
| Operating profit (loss) | 9901 | €236,061 | €173,084 | -€62,977 | -26.7% |
| Financial income | 75/76B | - | €5,779 | +€5,779 | |
| Recurring financial income | 75 | - | €5,779 | +€5,779 | |
| Financial charges | 65/66B | €12,884 | €14,047 | +€1,163 | +9.0% |
| Recurring financial charges | 65 | €12,884 | €14,047 | +€1,163 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €223,177 | €164,816 | -€58,361 | -26.2% |
| Income taxes | 67/77 | €69,008 | €49,222 | -€19,786 | -28.7% |
| Profit (loss) for the period | 9904 | €154,169 | €115,594 | -€38,575 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €154,169 | €115,594 | -€38,575 | -25.0% |
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.