S.G. Holdco: what changed
What changed
S.G. Holdco
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€374,497
2024 · €205,450+€169,047
Equity
€760,874
2024 · €386,377+€374,497
Cash
€3,617
2024 · €10,131-€6,514
Balance sheet total
€3.3m
2024 · €3.1m+€161,947
Largest movements
Assets
- Receivables within one year +€168,793
up €168,793 (+8,875%), from €1,902 to €170,695
of which Other amounts receivable: +€170,695
Equity and liabilities
- Other debts -€500,000
down €500,000 (-63.0%), from €793,602 to €293,602
- Profit (loss) carried forward +€374,497
up €374,497 (+1,029%), from €36,377 to €410,874
- Debts after one year +€243,166
up €243,166 (+15.0%), from €1.6m to €1.9m
- Accrued charges and deferred income +€40,281
up €40,281 (+136%), from €29,643 to €69,925
Income statement
- Gross operating margin +€173,430
up €173,430, from -€6,718 to €166,711
- Financial income -€2,500
down €2,500 (-0.9%), from €285,000 to €282,500
- Financial charges +€1,846
up €1,846 (+2.6%), from €71,728 to €73,574
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
€205,450
Gross operating margin
+€173,430
Depreciation
-€0
Other operating charges
-€36
Financial income
-€2,500
Financial charges
-€1,846
Result 2025
€374,497
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
-€255,895
Investment
€0
Financing
+€249,381
Cash 2024
€10,131
From operations (derived)
-€255,895
Net result for the year
+€374,497
Depreciation
+€332
Receivables within one year
-€168,793
Trade debts
-€1,902
Tax, wage and social debts
-€310
Other debts
-€500,000
Accrued charges and deferred income
+€40,281
Financing
+€249,381
Debts after one year
+€243,166
Current portion of long-term debt
+€6,215
Cash 2025
€3,617
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,089,644 | €3,251,591 | +€161,947 | +5.2% |
| Formation expenses | 20 | €861 | €529 | -€332 | -38.6% |
| Fixed assets | 21/28 | €3,076,750 | €3,076,750 | = | 0.0% |
| Financial fixed assets | 28 | €3,076,750 | €3,076,750 | = | 0.0% |
| Current assets | 29/58 | €12,033 | €174,312 | +€162,279 | +1,349% |
| Amounts receivable within one year | 40/41 | €1,902 | €170,695 | +€168,793 | +8,875% |
| Trade receivables | 40 | €1,902 | €0 | -€1,902 | -100% |
| Other amounts receivable | 41 | - | €170,695 | +€170,695 | |
| Cash at bank and in hand | 54/58 | €10,131 | €3,617 | -€6,514 | -64.3% |
| Total equity and liabilities | 10/49 | €3,089,644 | €3,251,591 | +€161,947 | +5.2% |
| Equity | 10/15 | €386,377 | €760,874 | +€374,497 | +96.9% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,377 | €410,874 | +€374,497 | +1,029% |
| Amounts payable | 17/49 | €2,703,267 | €2,490,717 | -€212,550 | -7.9% |
| Amounts payable after more than one year | 17 | €1,626,191 | €1,869,356 | +€243,166 | +15.0% |
| Financial debts | 170/4 | €1,626,191 | €1,869,356 | +€243,166 | +15.0% |
| Amounts payable within one year | 42/48 | €1,047,433 | €551,436 | -€495,997 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €250,619 | €256,834 | +€6,215 | +2.5% |
| Trade debts | 44 | €2,902 | €1,000 | -€1,902 | -65.5% |
| Suppliers | 440/4 | €2,902 | €1,000 | -€1,902 | -65.5% |
| Taxes, remuneration and social security | 45 | €310 | €0 | -€310 | -100% |
| Taxes | 450/3 | €310 | €0 | -€310 | -100% |
| Other amounts payable | 47/48 | €793,602 | €293,602 | -€500,000 | -63.0% |
| Accrued charges and deferred income | 492/3 | €29,643 | €69,925 | +€40,281 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332 | €332 | +€0 | 0.0% |
| Other operating charges | 640/8 | €772 | €808 | +€36 | +4.7% |
| Gross operating margin | 9900 | -€6,718 | €166,711 | +€173,430 | |
| Operating profit (loss) | 9901 | -€7,822 | €165,571 | +€173,393 | |
| Financial income | 75/76B | €285,000 | €282,500 | -€2,500 | -0.9% |
| Recurring financial income | 75 | €285,000 | €282,500 | -€2,500 | -0.9% |
| Financial charges | 65/66B | €71,728 | €73,574 | +€1,846 | +2.6% |
| Recurring financial charges | 65 | €71,728 | €73,574 | +€1,846 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €205,450 | €374,497 | +€169,047 | +82.3% |
| Profit (loss) for the period | 9904 | €205,450 | €374,497 | +€169,047 | +82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €205,450 | €374,497 | +€169,047 | +82.3% |
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 4 November 2026 via checked.be.