S.G.A.M.: 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.
S.G.A.M.
Largest movements
- Receivables within one year +€452,555
up €452,555 (+135%), from €334,191 to €786,745
of which Other amounts receivable: +€455,555
- Financial fixed assets -€200,000
down €200,000 (-18.1%), from €1.1m to €903,811
- Deferred charges and accrued income +€26,206
up €26,206 (+262%), from €9,990 to €36,196
- Profit (loss) carried forward +€258,607
up €258,607 (+24.8%), from €1.0m to €1.3m
- Reserves +€56,250
up €56,250 (+3,025%), from €1,859 to €58,109
of which Tax-exempt reserves: +€56,250
- Debts after one year -€21,671
down €21,671 (-24.5%), from €88,496 to €66,825
- Financial income +€197,070
up €197,070 (+304%), from €64,861 to €261,931
- Taxes +€8,133
up €8,133 (+19.7%), from €41,331 to €49,465
- Other operating charges +€5,838
up €5,838 (+473%), from €1,235 to €7,072
- Gross operating margin -€3,429
down €3,429 (-2.7%), from €127,257 to €123,829
- Depreciation +€3,102
up €3,102 (+427%), from €727 to €3,829
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 | €1,461,437 | €1,744,312 | +€282,876 | +19.4% |
| Fixed assets | 21/28 | €1,107,584 | €915,258 | -€192,326 | -17.4% |
| Tangible fixed assets | 22/27 | €3,773 | €11,447 | +€7,674 | +203% |
| Furniture and vehicles | 24 | €3,773 | €11,447 | +€7,674 | +203% |
| Financial fixed assets | 28 | €1,103,811 | €903,811 | -€200,000 | -18.1% |
| Current assets | 29/58 | €353,853 | €829,055 | +€475,201 | +134% |
| Amounts receivable within one year | 40/41 | €334,191 | €786,745 | +€452,555 | +135% |
| Trade receivables | 40 | €11,780 | €8,780 | -€3,000 | -25.5% |
| Other amounts receivable | 41 | €322,411 | €777,965 | +€455,555 | +141% |
| Cash at bank and in hand | 54/58 | €9,672 | €6,113 | -€3,559 | -36.8% |
| Deferred charges and accrued income | 490/1 | €9,990 | €36,196 | +€26,206 | +262% |
| Total equity and liabilities | 10/49 | €1,461,437 | €1,744,312 | +€282,876 | +19.4% |
| Equity | 10/15 | €1,062,435 | €1,377,292 | +€314,857 | +29.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €58,109 | +€56,250 | +3,025% |
| Tax-exempt reserves | 132 | - | €56,250 | +€56,250 | |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,041,984 | €1,300,590 | +€258,607 | +24.8% |
| Amounts payable | 17/49 | €399,002 | €367,021 | -€31,981 | -8.0% |
| Amounts payable after more than one year | 17 | €88,496 | €66,825 | -€21,671 | -24.5% |
| Other amounts payable | 178/9 | €88,496 | €66,825 | -€21,671 | -24.5% |
| Amounts payable within one year | 42/48 | €302,036 | €294,559 | -€7,477 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €26,908 | €24,399 | -€2,509 | -9.3% |
| Trade debts | 44 | - | €2,968 | +€2,968 | |
| Suppliers | 440/4 | - | €2,968 | +€2,968 | |
| Taxes, remuneration and social security | 45 | €52,715 | €58,655 | +€5,940 | +11.3% |
| Taxes | 450/3 | €52,715 | €58,655 | +€5,940 | +11.3% |
| Other amounts payable | 47/48 | €222,413 | €208,536 | -€13,877 | -6.2% |
| Accrued charges and deferred income | 492/3 | €8,470 | €5,637 | -€2,833 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €727 | €3,829 | +€3,102 | +427% |
| Other operating charges | 640/8 | €1,235 | €7,072 | +€5,838 | +473% |
| Gross operating margin | 9900 | €127,257 | €123,829 | -€3,429 | -2.7% |
| Operating profit (loss) | 9901 | €125,296 | €112,927 | -€12,369 | -9.9% |
| Financial income | 75/76B | €64,861 | €261,931 | +€197,070 | +304% |
| Recurring financial income | 75 | €64,861 | €261,931 | +€197,070 | +304% |
| Financial charges | 65/66B | €12,766 | €10,537 | -€2,228 | -17.5% |
| Recurring financial charges | 65 | €12,766 | €10,537 | -€2,228 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €177,391 | €364,321 | +€186,930 | +105% |
| Income taxes | 67/77 | €41,331 | €49,465 | +€8,133 | +19.7% |
| Profit (loss) for the period | 9904 | €136,060 | €314,857 | +€178,797 | +131% |
| Transfer to tax-exempt reserves | 689 | - | €56,250 | +€56,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €136,060 | €258,607 | +€122,547 | +90.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.