S&G: what changed
What changed
S&G
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€29,518
2024 · €16,048+€13,470
Equity
€131,739
2024 · €137,559-€5,821
Cash
€68,335
2024 · €70,316-€1,982
Balance sheet total
€439,253
2024 · €471,665-€32,412
Largest movements
Assets
- Receivables within one year -€33,791
down €33,791 (-34.0%), from €99,292 to €65,501
of which Trade receivables: -€27,988
- Tangible fixed assets +€8,997
up €8,997 (+3.3%), from €269,729 to €278,726
of which Land and buildings: +€26,991
Equity and liabilities
- Debts after one year -€19,764
down €19,764 (-10.2%), from €193,140 to €173,376
- Tax, wage and social debts -€11,250
down €11,250 (-49.6%), from €22,702 to €11,452
of which Taxes: -€16,702
- Trade debts +€8,291
up €8,291 (+9.2%), from €90,317 to €98,607
- Reserves -€5,821
down €5,821 (-4.6%), from €125,999 to €120,179
- Other debts -€4,890
down €4,890 (-78.1%), from €6,263 to €1,373
Income statement
- Gross operating margin +€35,448
up €35,448 (+67.0%), from €52,914 to €88,362
- Taxes +€9,044
up €9,044 (+286%), from €3,164 to €12,208
- Financial charges +€5,900
up €5,900 (+79.8%), from €7,390 to €13,291
- Depreciation +€4,467
up €4,467 (+18.1%), from €24,672 to €29,139
- Other operating charges +€2,511
up €2,511 (+147%), from €1,713 to €4,224
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€16,048
Gross operating margin
+€35,448
Depreciation
-€4,467
Other operating charges
-€2,511
Financial income
-€55
Financial charges
-€5,900
Taxes
-€9,044
Result 2025
€29,518
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€89,676
Investment
-€37,506
Financing
-€54,152
Cash 2024
€70,316
From operations (derived)
+€89,676
Net result for the year
+€29,518
Depreciation
+€29,139
Stocks and contracts
+€1,498
Receivables within one year
+€33,791
Deferred charges and accrued income
+€3,508
Trade debts
+€8,291
Tax, wage and social debts
-€11,250
Other debts
-€4,890
Accrued charges and deferred income
+€71
Investment (derived)
-€37,506
Investment in fixed assets (net)
-€37,506
Financing
-€54,152
Debts after one year
-€19,764
Current portion of long-term debt
+€951
Contributions, distributions and other
-€35,338
Cash 2025
€68,335
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,665 | €439,253 | -€32,412 | -6.9% |
| Fixed assets | 21/28 | €270,678 | €279,045 | +€8,367 | +3.1% |
| Intangible fixed assets | 21 | €949 | €319 | -€630 | -66.4% |
| Tangible fixed assets | 22/27 | €269,729 | €278,726 | +€8,997 | +3.3% |
| Land and buildings | 22 | €187,751 | €214,741 | +€26,991 | +14.4% |
| Plant, machinery and equipment | 23 | €14,055 | €10,949 | -€3,106 | -22.1% |
| Furniture and vehicles | 24 | €18,687 | €15,105 | -€3,582 | -19.2% |
| Leasing and similar rights | 25 | €49,235 | €37,930 | -€11,305 | -23.0% |
| Current assets | 29/58 | €200,987 | €160,208 | -€40,780 | -20.3% |
| Stocks and contracts in progress | 3 | €27,532 | €26,034 | -€1,498 | -5.4% |
| Stocks | 30/36 | €27,532 | €26,034 | -€1,498 | -5.4% |
| Amounts receivable within one year | 40/41 | €99,292 | €65,501 | -€33,791 | -34.0% |
| Trade receivables | 40 | €76,870 | €48,882 | -€27,988 | -36.4% |
| Other amounts receivable | 41 | €22,422 | €16,619 | -€5,803 | -25.9% |
| Cash at bank and in hand | 54/58 | €70,316 | €68,335 | -€1,982 | -2.8% |
| Deferred charges and accrued income | 490/1 | €3,846 | €338 | -€3,508 | -91.2% |
| Total equity and liabilities | 10/49 | €471,665 | €439,253 | -€32,412 | -6.9% |
| Equity | 10/15 | €137,559 | €131,739 | -€5,821 | -4.2% |
| Contributions | 10/11 | €11,560 | €11,560 | = | 0.0% |
| Reserves | 13 | €125,999 | €120,179 | -€5,821 | -4.6% |
| Distributable reserves | 133 | €125,999 | €120,179 | -€5,821 | -4.6% |
| Amounts payable | 17/49 | €334,106 | €307,514 | -€26,592 | -8.0% |
| Amounts payable after more than one year | 17 | €193,140 | €173,376 | -€19,764 | -10.2% |
| Financial debts | 170/4 | €193,140 | €173,376 | -€19,764 | -10.2% |
| Amounts payable within one year | 42/48 | €138,804 | €131,905 | -€6,899 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €19,522 | €20,472 | +€951 | +4.9% |
| Trade debts | 44 | €90,317 | €98,607 | +€8,291 | +9.2% |
| Suppliers | 440/4 | €90,317 | €98,607 | +€8,291 | +9.2% |
| Taxes, remuneration and social security | 45 | €22,702 | €11,452 | -€11,250 | -49.6% |
| Taxes | 450/3 | €22,702 | €6,000 | -€16,702 | -73.6% |
| Remuneration and social security | 454/9 | - | €5,452 | +€5,452 | |
| Other amounts payable | 47/48 | €6,263 | €1,373 | -€4,890 | -78.1% |
| Accrued charges and deferred income | 492/3 | €2,162 | €2,233 | +€71 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,672 | €29,139 | +€4,467 | +18.1% |
| Other operating charges | 640/8 | €1,713 | €4,224 | +€2,511 | +147% |
| Gross operating margin | 9900 | €52,914 | €88,362 | +€35,448 | +67.0% |
| Operating profit (loss) | 9901 | €26,529 | €54,999 | +€28,470 | +107% |
| Financial income | 75/76B | €72 | €17 | -€55 | -76.4% |
| Recurring financial income | 75 | €72 | €17 | -€55 | -76.4% |
| Financial charges | 65/66B | €7,390 | €13,291 | +€5,900 | +79.8% |
| Recurring financial charges | 65 | €7,390 | €13,291 | +€5,900 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €19,211 | €41,726 | +€22,514 | +117% |
| Income taxes | 67/77 | €3,164 | €12,208 | +€9,044 | +286% |
| Profit (loss) for the period | 9904 | €16,048 | €29,518 | +€13,470 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,048 | €29,518 | +€13,470 | +83.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.