S.G.M.N.: 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.N.
Largest movements
- Receivables within one year -€78,138
down €78,138 (-60.3%), from €129,641 to €51,503
of which Other amounts receivable: -€69,782
- Cash +€54,488
up €54,488 (+200%), from €27,274 to €81,762
mainly Receivables within one year (+€78,138) and Net result for the year (+€46,972)
- Tangible fixed assets -€3,504
down €3,504 (-10.6%), from €32,949 to €29,445
of which Land and buildings: -€3,357
- Profit (loss) carried forward +€46,972
up €46,972 (+397%), from €11,830 to €58,802
- Other debts -€46,321
no longer reported in 2025 (was €46,321)
- Short-term financial debts -€23,120
no longer reported in 2025 (was €23,120)
- Debts after one year +€12,000
new in 2025: €12,000
- Trade debts -€8,931
down €8,931 (-48.2%), from €18,527 to €9,596
- Other operating charges -€26,627
down €26,627 (-50.1%), from €53,160 to €26,533
- Depreciation -€4,799
down €4,799 (-57.8%), from €8,304 to €3,504
- Gross operating margin +€2,214
up €2,214 (+2.8%), from €78,682 to €80,895
- Financial charges -€992
down €992 (-88.4%), from €1,122 to €130
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 | €191,034 | €163,880 | -€27,154 | -14.2% |
| Fixed assets | 21/28 | €34,119 | €30,614 | -€3,504 | -10.3% |
| Tangible fixed assets | 22/27 | €32,949 | €29,445 | -€3,504 | -10.6% |
| Land and buildings | 22 | €30,603 | €27,246 | -€3,357 | -11.0% |
| Plant, machinery and equipment | 23 | €2,346 | €2,199 | -€148 | -6.3% |
| Financial fixed assets | 28 | €1,170 | €1,170 | = | 0.0% |
| Current assets | 29/58 | €156,916 | €133,265 | -€23,650 | -15.1% |
| Amounts receivable within one year | 40/41 | €129,641 | €51,503 | -€78,138 | -60.3% |
| Trade receivables | 40 | €17,219 | €8,864 | -€8,355 | -48.5% |
| Other amounts receivable | 41 | €112,422 | €42,640 | -€69,782 | -62.1% |
| Cash at bank and in hand | 54/58 | €27,274 | €81,762 | +€54,488 | +200% |
| Total equity and liabilities | 10/49 | €191,034 | €163,880 | -€27,154 | -14.2% |
| Equity | 10/15 | €90,871 | €137,843 | +€46,972 | +51.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €58,581 | €58,581 | = | 0.0% |
| Non-distributable reserves | 130/1 | €58,581 | €58,581 | = | 0.0% |
| Reserves not available under the articles | 1311 | €58,581 | €58,581 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,830 | €58,802 | +€46,972 | +397% |
| Amounts payable | 17/49 | €100,163 | €26,036 | -€74,127 | -74.0% |
| Amounts payable after more than one year | 17 | - | €12,000 | +€12,000 | |
| Other amounts payable | 178/9 | - | €12,000 | +€12,000 | |
| Amounts payable within one year | 42/48 | €100,163 | €14,036 | -€86,127 | -86.0% |
| Financial debts | 43 | €23,120 | - | -€23,120 | |
| Credit institutions | 430/8 | €23,120 | - | -€23,120 | |
| Trade debts | 44 | €18,527 | €9,596 | -€8,931 | -48.2% |
| Suppliers | 440/4 | €18,527 | €9,596 | -€8,931 | -48.2% |
| Taxes, remuneration and social security | 45 | €12,195 | €4,440 | -€7,755 | -63.6% |
| Taxes | 450/3 | €12,195 | €4,440 | -€7,755 | -63.6% |
| Other amounts payable | 47/48 | €46,321 | - | -€46,321 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,304 | €3,504 | -€4,799 | -57.8% |
| Other operating charges | 640/8 | €53,160 | €26,533 | -€26,627 | -50.1% |
| Gross operating margin | 9900 | €78,682 | €80,895 | +€2,214 | +2.8% |
| Operating profit (loss) | 9901 | €17,218 | €50,859 | +€33,640 | +195% |
| Financial income | 75/76B | €1 | €630 | +€629 | +66,253% |
| Recurring financial income | 75 | €1 | €630 | +€629 | +66,253% |
| Financial charges | 65/66B | €1,122 | €130 | -€992 | -88.4% |
| Recurring financial charges | 65 | €1,122 | €130 | -€992 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €16,097 | €51,359 | +€35,262 | +219% |
| Income taxes | 67/77 | €4,572 | €4,386 | -€185 | -4.1% |
| Profit (loss) for the period | 9904 | €11,525 | €46,972 | +€35,447 | +308% |
| Profit (loss) for the period to be appropriated | 9905 | €11,525 | €46,972 | +€35,447 | +308% |
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 31 October 2026 via checked.be.