SHU XI: 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 XI
Largest movements
- Stocks and contracts +€58,434
up €58,434 (+21.5%), from €271,221 to €329,655
- Receivables within one year +€21,818
up €21,818 (+46.3%), from €47,154 to €68,972
of which Other amounts receivable: +€21,389
- Deferred charges and accrued income +€20,535
up €20,535 (+5,801%), from €354 to €20,889
- Cash -€20,160
down €20,160 (-53.7%), from €37,567 to €17,407
mainly Stocks and contracts (-€58,434) and Net result for the year (-€32,413)
- Advances received +€61,957
new in 2024: €61,957
- Trade debts +€40,765
up €40,765 (+11.5%), from €355,205 to €395,970
- Profit (loss) carried forward -€32,414
down €32,414 (-34.6%), from -€93,815 to -€126,229
- Tax, wage and social debts +€26,135
up €26,135 (+370%), from €7,072 to €33,207
of which Remuneration and social security: +€27,703
- Other debts -€16,167
down €16,167 (-21.2%), from €76,185 to €60,018
- Gross operating margin -€20,862
down €20,862 (-49.9%), from €41,766 to €20,904
- Staff costs +€11,515
up €11,515 (+33.5%), from €34,358 to €45,873
- Other operating charges +€1,928
up €1,928 (+52.7%), from €3,658 to €5,586
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €359,902 | €440,178 | +€80,276 | +22.3% |
| Fixed assets | 21/28 | €3,606 | €3,255 | -€351 | -9.7% |
| Tangible fixed assets | 22/27 | €606 | €255 | -€351 | -57.9% |
| Plant, machinery and equipment | 23 | €606 | €255 | -€351 | -57.9% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €356,296 | €436,923 | +€80,627 | +22.6% |
| Stocks and contracts in progress | 3 | €271,221 | €329,655 | +€58,434 | +21.5% |
| Stocks | 30/36 | €271,221 | €329,655 | +€58,434 | +21.5% |
| Amounts receivable within one year | 40/41 | €47,154 | €68,972 | +€21,818 | +46.3% |
| Trade receivables | 40 | €8,214 | €8,643 | +€429 | +5.2% |
| Other amounts receivable | 41 | €38,940 | €60,329 | +€21,389 | +54.9% |
| Cash at bank and in hand | 54/58 | €37,567 | €17,407 | -€20,160 | -53.7% |
| Deferred charges and accrued income | 490/1 | €354 | €20,889 | +€20,535 | +5,801% |
| Total equity and liabilities | 10/49 | €359,902 | €440,178 | +€80,276 | +22.3% |
| Equity | 10/15 | -€78,960 | -€111,374 | -€32,414 | -41.1% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Contributions outside capital | 11 | €13,000 | €13,000 | = | 0.0% |
| Other | 1109/19 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,815 | -€126,229 | -€32,414 | -34.6% |
| Amounts payable | 17/49 | €438,862 | €551,552 | +€112,690 | +25.7% |
| Amounts payable within one year | 42/48 | €438,462 | €551,152 | +€112,690 | +25.7% |
| Trade debts | 44 | €355,205 | €395,970 | +€40,765 | +11.5% |
| Suppliers | 440/4 | €355,205 | €395,970 | +€40,765 | +11.5% |
| Advances received on contracts in progress | 46 | - | €61,957 | +€61,957 | |
| Taxes, remuneration and social security | 45 | €7,072 | €33,207 | +€26,135 | +370% |
| Taxes | 450/3 | €1,568 | - | -€1,568 | |
| Remuneration and social security | 454/9 | €5,504 | €33,207 | +€27,703 | +503% |
| Other amounts payable | 47/48 | €76,185 | €60,018 | -€16,167 | -21.2% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,358 | €45,873 | +€11,515 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351 | €351 | = | 0.0% |
| Other operating charges | 640/8 | €3,658 | €5,586 | +€1,928 | +52.7% |
| Gross operating margin | 9900 | €41,766 | €20,904 | -€20,862 | -49.9% |
| Operating profit (loss) | 9901 | €3,399 | -€30,906 | -€34,305 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €1,167 | €1,507 | +€340 | +29.1% |
| Recurring financial charges | 65 | €1,167 | €1,507 | +€340 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €2,234 | -€32,413 | -€34,647 | |
| Profit (loss) for the period | 9904 | €2,234 | -€32,413 | -€34,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,234 | -€32,413 | -€34,647 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.