S.G.M.A.: 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.A.
Largest movements
- Deferred charges and accrued income +€74,914
new in 2025: €74,914
- Profit (loss) carried forward +€72,374
up €72,374, from -€64,390 to €7,984
- Financial income +€74,914
new in 2025: €74,914
- Purchases and services -€1,951
no longer reported in 2025 (was €1,951)
- Other operating charges +€1,251
new in 2025: €1,251
- Gross operating margin +€662
up €662 (+33.9%), from -€1,951 to -€1,289
- Financial charges -€29
no longer reported in 2025 (was €29)
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 | €919,730 | €993,305 | +€73,575 | +8.0% |
| Fixed assets | 21/28 | €917,206 | €917,206 | = | 0.0% |
| Financial fixed assets | 28 | €917,206 | €917,206 | = | 0.0% |
| Current assets | 29/58 | €2,524 | €76,099 | +€73,575 | +2,915% |
| Amounts receivable within one year | 40/41 | €1,251 | - | -€1,251 | |
| Other amounts receivable | 41 | €1,251 | - | -€1,251 | |
| Cash at bank and in hand | 54/58 | €1,273 | €1,185 | -€88 | -6.9% |
| Deferred charges and accrued income | 490/1 | - | €74,914 | +€74,914 | |
| Total equity and liabilities | 10/49 | €919,730 | €993,305 | +€73,575 | +8.0% |
| Equity | 10/15 | €3,810 | €76,184 | +€72,374 | +1,900% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,390 | €7,984 | +€72,374 | |
| Amounts payable | 17/49 | €915,920 | €917,121 | +€1,201 | +0.1% |
| Amounts payable within one year | 42/48 | €915,920 | €917,121 | +€1,201 | +0.1% |
| Trade debts | 44 | €120 | €1,321 | +€1,201 | +1,001% |
| Suppliers | 440/4 | €120 | €1,321 | +€1,201 | +1,001% |
| Other amounts payable | 47/48 | €915,800 | €915,800 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,951 | - | -€1,951 | |
| Other operating charges | 640/8 | - | €1,251 | +€1,251 | |
| Gross operating margin | 9900 | -€1,951 | -€1,289 | +€662 | +33.9% |
| Operating profit (loss) | 9901 | -€1,951 | -€2,540 | -€589 | -30.2% |
| Financial income | 75/76B | - | €74,914 | +€74,914 | |
| Recurring financial income | 75 | - | €74,914 | +€74,914 | |
| Financial charges | 65/66B | €29 | - | -€29 | |
| Recurring financial charges | 65 | €29 | - | -€29 | |
| Profit (loss) for the period before taxes | 9903 | -€1,980 | €72,374 | +€74,354 | |
| Profit (loss) for the period | 9904 | -€1,980 | €72,374 | +€74,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,980 | €72,374 | +€74,354 |
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 27 October 2026 via checked.be.