S&G INFRA: 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 INFRA
Largest movements
- Tangible fixed assets +€289,788
up €289,788 (+2,024%), from €14,321 to €304,109
of which Land and buildings: +€286,171
- Cash -€68,767
down €68,767 (-85.1%), from €80,791 to €12,025
mainly Investment in fixed assets (net) (-€302,393) and Contributions, distributions and other (-€35,294)
- Receivables within one year +€31,984
up €31,984 (+91.2%), from €35,081 to €67,065
of which Trade receivables: +€29,774
- Debts after one year +€245,799
up €245,799 (+2,932%), from €8,383 to €254,182
- Tax, wage and social debts +€13,731
up €13,731 (+141%), from €9,766 to €23,497
of which Taxes: +€11,731
- Trade debts -€12,792
down €12,792 (-70.1%), from €18,258 to €5,466
- Current portion of long-term debt +€12,711
up €12,711 (+432%), from €2,939 to €15,651
- Gross operating margin +€42,995
up €42,995 (+73.8%), from €58,241 to €101,236
- Staff costs +€23,971
up €23,971 (+788%), from €3,044 to €27,014
- Taxes +€10,518
up €10,518 (+108%), from €9,766 to €20,284
- Depreciation +€6,764
up €6,764 (+116%), from €5,841 to €12,605
- Financial charges +€3,799
up €3,799 (+155%), from €2,447 to €6,246
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 | €130,837 | €387,351 | +€256,514 | +196% |
| Fixed assets | 21/28 | €14,321 | €304,109 | +€289,788 | +2,024% |
| Tangible fixed assets | 22/27 | €14,321 | €304,109 | +€289,788 | +2,024% |
| Land and buildings | 22 | - | €286,171 | +€286,171 | |
| Plant, machinery and equipment | 23 | €2,307 | €3,706 | +€1,398 | +60.6% |
| Furniture and vehicles | 24 | €12,014 | €14,232 | +€2,218 | +18.5% |
| Current assets | 29/58 | €116,517 | €83,242 | -€33,274 | -28.6% |
| Amounts receivable within one year | 40/41 | €35,081 | €67,065 | +€31,984 | +91.2% |
| Trade receivables | 40 | €27,366 | €57,140 | +€29,774 | +109% |
| Other amounts receivable | 41 | €7,715 | €9,925 | +€2,210 | +28.6% |
| Cash at bank and in hand | 54/58 | €80,791 | €12,025 | -€68,767 | -85.1% |
| Deferred charges and accrued income | 490/1 | €644 | €4,152 | +€3,508 | +545% |
| Total equity and liabilities | 10/49 | €130,837 | €387,351 | +€256,514 | +196% |
| Equity | 10/15 | €90,826 | €88,329 | -€2,497 | -2.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €88,826 | €86,329 | -€2,497 | -2.8% |
| Distributable reserves | 133 | €88,826 | €86,329 | -€2,497 | -2.8% |
| Amounts payable | 17/49 | €40,012 | €299,022 | +€259,011 | +647% |
| Amounts payable after more than one year | 17 | €8,383 | €254,182 | +€245,799 | +2,932% |
| Financial debts | 170/4 | €8,383 | €254,182 | +€245,799 | +2,932% |
| Amounts payable within one year | 42/48 | €31,629 | €44,840 | +€13,211 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €2,939 | €15,651 | +€12,711 | +432% |
| Trade debts | 44 | €18,258 | €5,466 | -€12,792 | -70.1% |
| Suppliers | 440/4 | €18,258 | €5,466 | -€12,792 | -70.1% |
| Taxes, remuneration and social security | 45 | €9,766 | €23,497 | +€13,731 | +141% |
| Taxes | 450/3 | €9,766 | €21,497 | +€11,731 | +120% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €665 | €227 | -€439 | -65.9% |
| Non-recurring operating income | 76A | €4,262 | €36,586 | +€32,324 | +758% |
| Remuneration, social security and pensions | 62 | €3,044 | €27,014 | +€23,971 | +788% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,841 | €12,605 | +€6,764 | +116% |
| Other operating charges | 640/8 | €3,818 | €2,289 | -€1,529 | -40.0% |
| Gross operating margin | 9900 | €58,241 | €101,236 | +€42,995 | +73.8% |
| Operating profit (loss) | 9901 | €45,538 | €59,327 | +€13,789 | +30.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -84.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -84.6% |
| Financial charges | 65/66B | €2,447 | €6,246 | +€3,799 | +155% |
| Recurring financial charges | 65 | €2,447 | €6,246 | +€3,799 | +155% |
| Profit (loss) for the period before taxes | 9903 | €43,091 | €53,081 | +€9,990 | +23.2% |
| Income taxes | 67/77 | €9,766 | €20,284 | +€10,518 | +108% |
| Profit (loss) for the period | 9904 | €33,325 | €32,797 | -€528 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,325 | €32,797 | -€528 | -1.6% |
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.