S.G.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.M.
Largest movements
- Cash -€19,616
down €19,616 (-46.3%), from €42,374 to €22,758
mainly Debts after one year (-€100,906) and Net result for the year (-€14,332)
- Receivables after one year -€15,045
down €15,045 (-100%), from €15,045 to €0
- Receivables within one year -€10,817
down €10,817 (-73.5%), from €14,721 to €3,905
of which Trade receivables: -€11,377
- Tangible fixed assets -€947
down €947 (-37.5%), from €2,523 to €1,576
- Debts after one year -€100,906
down €100,906 (-100%), from €100,906 to €0
- Other debts +€72,927
up €72,927, from €0 to €72,927
- Profit (loss) carried forward -€14,332
down €14,332 (-26.1%), from -€54,960 to -€69,292
- Tax, wage and social debts -€2,468
down €2,468 (-48.9%), from €5,049 to €2,581
- Current portion of long-term debt -€1,434
down €1,434 (-100%), from €1,434 to €0
- Gross operating margin -€42,474
down €42,474, from €33,015 to -€9,458
- Other operating charges -€785
down €785 (-60.2%), from €1,305 to €520
- Financial charges -€447
down €447 (-20.9%), from €2,132 to €1,686
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 | €75,153 | €28,843 | -€46,310 | -61.6% |
| Fixed assets | 21/28 | €2,523 | €1,576 | -€947 | -37.5% |
| Tangible fixed assets | 22/27 | €2,523 | €1,576 | -€947 | -37.5% |
| Furniture and vehicles | 24 | €2,523 | €1,576 | -€947 | -37.5% |
| Current assets | 29/58 | €72,630 | €27,267 | -€45,363 | -62.5% |
| Amounts receivable after more than one year | 29 | €15,045 | €0 | -€15,045 | -100% |
| Other amounts receivable | 291 | €15,045 | €0 | -€15,045 | -100% |
| Amounts receivable within one year | 40/41 | €14,721 | €3,905 | -€10,817 | -73.5% |
| Trade receivables | 40 | €14,721 | €3,344 | -€11,377 | -77.3% |
| Other amounts receivable | 41 | - | €560 | +€560 | |
| Cash at bank and in hand | 54/58 | €42,374 | €22,758 | -€19,616 | -46.3% |
| Deferred charges and accrued income | 490/1 | €490 | €605 | +€115 | +23.5% |
| Total equity and liabilities | 10/49 | €75,153 | €28,843 | -€46,310 | -61.6% |
| Equity | 10/15 | -€34,509 | -€48,841 | -€14,332 | -41.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,960 | -€69,292 | -€14,332 | -26.1% |
| Amounts payable | 17/49 | €109,661 | €77,684 | -€31,978 | -29.2% |
| Amounts payable after more than one year | 17 | €100,906 | €0 | -€100,906 | -100% |
| Financial debts | 170/4 | €100,906 | €0 | -€100,906 | -100% |
| Amounts payable within one year | 42/48 | €8,756 | €77,684 | +€68,928 | +787% |
| Current portion of amounts payable after more than one year | 42 | €1,434 | €0 | -€1,434 | -100% |
| Trade debts | 44 | €2,273 | €2,176 | -€97 | -4.3% |
| Suppliers | 440/4 | €2,273 | €2,176 | -€97 | -4.3% |
| Taxes, remuneration and social security | 45 | €5,049 | €2,581 | -€2,468 | -48.9% |
| Taxes | 450/3 | €5,049 | €2,581 | -€2,468 | -48.9% |
| Other amounts payable | 47/48 | €0 | €72,927 | +€72,927 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,657 | €2,410 | -€247 | -9.3% |
| Other operating charges | 640/8 | €1,305 | €520 | -€785 | -60.2% |
| Gross operating margin | 9900 | €33,015 | -€9,458 | -€42,474 | |
| Operating profit (loss) | 9901 | €29,053 | -€12,388 | -€41,442 | |
| Financial charges | 65/66B | €2,132 | €1,686 | -€447 | -20.9% |
| Recurring financial charges | 65 | €2,132 | €1,686 | -€447 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €26,921 | -€14,074 | -€40,995 | |
| Income taxes | 67/77 | €281 | €258 | -€23 | -8.2% |
| Profit (loss) for the period | 9904 | €26,640 | -€14,332 | -€40,972 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,640 | -€14,332 | -€40,972 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.