SHZ: 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.
SHZ
Largest movements
- Cash +€10,721
up €10,721 (+106.2%), from €10,097 to €20,819
mainly Depreciation (+€8,330) and Net result for the year (+€5,570)
- Tangible fixed assets -€7,448
down €7,448 (-25.8%), from €28,877 to €21,429
of which Furniture and vehicles: -€5,977
- Stocks and contracts +€5,542
up €5,542 (+10.3%), from €53,644 to €59,185
- Receivables within one year +€1,351
up €1,351 (+33.8%), from €4,003 to €5,354
of which Trade receivables: +€1,208
- Profit (loss) carried forward +€5,570
up €5,570 (+41.5%), from -€13,417 to -€7,847
- Trade debts +€3,900
up €3,900 (+27.2%), from €14,338 to €18,238
- Tax, wage and social debts +€3,105
up €3,105 (+118.8%), from €2,614 to €5,719
- Other debts -€2,682
down €2,682 (-5.9%), from €45,689 to €43,008
- Purchases and services -€11,065
down €11,065 (-7.5%), from €146,916 to €135,851
- Gross operating margin +€7,786
up €7,786 (+68.7%), from €11,330 to €19,116
- Taxes +€2,010
up €2,010 (+99.2%), from €2,027 to €4,037
- Depreciation +€355
up €355 (+4.5%), from €7,975 to €8,330
- Other operating charges -€341
down €341 (-29.0%), from €1,174 to €833
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 | €97,919 | €107,812 | +€9,893 | +10.1% |
| Fixed assets | 21/28 | €29,218 | €21,769 | -€7,448 | -25.5% |
| Tangible fixed assets | 22/27 | €28,877 | €21,429 | -€7,448 | -25.8% |
| Furniture and vehicles | 24 | €24,464 | €18,487 | -€5,977 | -24.4% |
| Other tangible fixed assets | 26 | €4,413 | €2,942 | -€1,471 | -33.3% |
| Financial fixed assets | 28 | €341 | €341 | = | 0.0% |
| Current assets | 29/58 | €68,701 | €86,043 | +€17,341 | +25.2% |
| Stocks and contracts in progress | 3 | €53,644 | €59,185 | +€5,542 | +10.3% |
| Stocks | 30/36 | €53,644 | €59,185 | +€5,542 | +10.3% |
| Amounts receivable within one year | 40/41 | €4,003 | €5,354 | +€1,351 | +33.8% |
| Trade receivables | 40 | €4,003 | €5,211 | +€1,208 | +30.2% |
| Other amounts receivable | 41 | - | €143 | +€143 | |
| Cash at bank and in hand | 54/58 | €10,097 | €20,819 | +€10,721 | +106.2% |
| Deferred charges and accrued income | 490/1 | €958 | €684 | -€273 | -28.5% |
| Total equity and liabilities | 10/49 | €97,919 | €107,812 | +€9,893 | +10.1% |
| Equity | 10/15 | €35,277 | €40,848 | +€5,570 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,095 | €30,095 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €28,235 | €28,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,417 | -€7,847 | +€5,570 | +41.5% |
| Amounts payable | 17/49 | €62,642 | €66,965 | +€4,323 | +6.9% |
| Amounts payable within one year | 42/48 | €62,642 | €66,965 | +€4,323 | +6.9% |
| Trade debts | 44 | €14,338 | €18,238 | +€3,900 | +27.2% |
| Suppliers | 440/4 | €14,338 | €18,238 | +€3,900 | +27.2% |
| Taxes, remuneration and social security | 45 | €2,614 | €5,719 | +€3,105 | +118.8% |
| Taxes | 450/3 | €2,614 | €5,719 | +€3,105 | +118.8% |
| Other amounts payable | 47/48 | €45,689 | €43,008 | -€2,682 | -5.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €146,916 | €135,851 | -€11,065 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,975 | €8,330 | +€355 | +4.5% |
| Other operating charges | 640/8 | €1,174 | €833 | -€341 | -29.0% |
| Gross operating margin | 9900 | €11,330 | €19,116 | +€7,786 | +68.7% |
| Operating profit (loss) | 9901 | €2,181 | €9,953 | +€7,772 | +356.4% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €519 | €346 | -€173 | -33.4% |
| Recurring financial charges | 65 | €519 | €346 | -€173 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | €1,661 | €9,607 | +€7,946 | +478.3% |
| Income taxes | 67/77 | €2,027 | €4,037 | +€2,010 | +99.2% |
| Profit (loss) for the period | 9904 | -€365 | €5,570 | +€5,936 | |
| Profit (loss) for the period to be appropriated | 9905 | -€365 | €5,570 | +€5,936 |
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 8 October 2026 via checked.be.