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
- Receivables after one year +€500,000
new in 2025: €500,000
- Receivables within one year -€400,200
down €400,200 (-26.8%), from €1.5m to €1.1m
of which Other amounts receivable: -€551,318
- Stocks and contracts -€146,058
down €146,058 (-34.7%), from €420,797 to €274,739
of which Stocks: -€96,058
- Cash -€98,408
down €98,408 (-42.5%), from €231,708 to €133,300
mainly Receivables after one year (-€500,000) and Contributions, distributions and other (-€282,500)
- Tangible fixed assets -€23,665
down €23,665 (-31.1%), from €75,973 to €52,308
of which Plant, machinery and equipment: -€14,880
- Reserves -€419,068
down €419,068 (-29.5%), from €1.4m to €1.0m
- Short-term financial debts +€137,301
up €137,301 (+219%), from €62,699 to €200,000
- Trade debts +€105,903
up €105,903 (+32.5%), from €325,518 to €431,421
- Debts after one year -€47,680
down €47,680 (-23.3%), from €204,439 to €156,759
- Tax, wage and social debts +€34,357
up €34,357 (+84.5%), from €40,667 to €75,024
of which Remuneration and social security: +€38,582
- Gross operating margin -€359,321
down €359,321 (-22.6%), from €1.6m to €1.2m
- Staff costs -€45,094
down €45,094 (-3.4%), from €1.3m to €1.3m
- Financial charges +€24,563
up €24,563 (+138%), from €17,778 to €42,341
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 | €2,292,160 | €2,114,589 | -€177,572 | -7.7% |
| Fixed assets | 21/28 | €104,087 | €72,001 | -€32,086 | -30.8% |
| Intangible fixed assets | 21 | €28,114 | €19,693 | -€8,421 | -30.0% |
| Tangible fixed assets | 22/27 | €75,973 | €52,308 | -€23,665 | -31.1% |
| Plant, machinery and equipment | 23 | €40,930 | €26,050 | -€14,880 | -36.4% |
| Furniture and vehicles | 24 | €25,216 | €18,222 | -€6,994 | -27.7% |
| Other tangible fixed assets | 26 | €9,827 | €8,036 | -€1,791 | -18.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,188,073 | €2,042,588 | -€145,486 | -6.6% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Stocks and contracts in progress | 3 | €420,797 | €274,739 | -€146,058 | -34.7% |
| Stocks | 30/36 | €370,797 | €274,739 | -€96,058 | -25.9% |
| Contracts in progress | 37 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €1,491,728 | €1,091,528 | -€400,200 | -26.8% |
| Trade receivables | 40 | €588,500 | €739,617 | +€151,118 | +25.7% |
| Other amounts receivable | 41 | €903,228 | €351,911 | -€551,318 | -61.0% |
| Cash at bank and in hand | 54/58 | €231,708 | €133,300 | -€98,408 | -42.5% |
| Deferred charges and accrued income | 490/1 | €43,840 | €43,021 | -€820 | -1.9% |
| Total equity and liabilities | 10/49 | €2,292,160 | €2,114,589 | -€177,572 | -7.7% |
| Equity | 10/15 | €1,441,321 | €1,022,253 | -€419,068 | -29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,422,721 | €1,003,653 | -€419,068 | -29.5% |
| Distributable reserves | 133 | €1,422,721 | €1,003,653 | -€419,068 | -29.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €850,839 | €1,092,336 | +€241,496 | +28.4% |
| Amounts payable after more than one year | 17 | €204,439 | €156,759 | -€47,680 | -23.3% |
| Financial debts | 170/4 | €204,439 | €156,759 | -€47,680 | -23.3% |
| Amounts payable within one year | 42/48 | €645,889 | €924,125 | +€278,236 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €45,561 | €47,680 | +€2,119 | +4.6% |
| Financial debts | 43 | €62,699 | €200,000 | +€137,301 | +219% |
| Credit institutions | 430/8 | €62,699 | €200,000 | +€137,301 | +219% |
| Trade debts | 44 | €325,518 | €431,421 | +€105,903 | +32.5% |
| Suppliers | 440/4 | €325,518 | €431,421 | +€105,903 | +32.5% |
| Taxes, remuneration and social security | 45 | €40,667 | €75,024 | +€34,357 | +84.5% |
| Taxes | 450/3 | €15,225 | €10,999 | -€4,226 | -27.8% |
| Remuneration and social security | 454/9 | €25,443 | €64,025 | +€38,582 | +152% |
| Other amounts payable | 47/48 | €171,444 | €170,000 | -€1,444 | -0.8% |
| Accrued charges and deferred income | 492/3 | €511 | €11,452 | +€10,940 | +2,141% |
| Remuneration, social security and pensions | 62 | €1,336,155 | €1,291,061 | -€45,094 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,969 | €40,990 | -€9,978 | -19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€427 | €0 | +€427 | |
| Other operating charges | 640/8 | €14,446 | €12,459 | -€1,987 | -13.8% |
| Gross operating margin | 9900 | €1,588,806 | €1,229,485 | -€359,321 | -22.6% |
| Operating profit (loss) | 9901 | €187,664 | -€115,026 | -€302,689 | |
| Financial income | 75/76B | €19,082 | €21,696 | +€2,614 | +13.7% |
| Recurring financial income | 75 | €19,082 | €21,696 | +€2,614 | +13.7% |
| Financial charges | 65/66B | €17,778 | €42,341 | +€24,563 | +138% |
| Recurring financial charges | 65 | €17,778 | €42,341 | +€24,563 | +138% |
| Profit (loss) for the period before taxes | 9903 | €188,968 | -€135,671 | -€324,639 | |
| Income taxes | 67/77 | €13,831 | €897 | -€12,934 | -93.5% |
| Profit (loss) for the period | 9904 | €175,137 | -€136,568 | -€311,705 | |
| Profit (loss) for the period to be appropriated | 9905 | €175,137 | -€136,568 | -€311,705 |
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.