S-GLOBALE: what changed
Two fiscal 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-GLOBALE
Largest movements
- Stocks and contracts -€72,347
down €72,347 (-21.8%), from €332,610 to €260,263
- Cash -€65,005
down €65,005 (-53.2%), from €122,083 to €57,078
mainly Other debts (-€145,051) and Tax, wage and social debts (-€602)
- Other debts -€145,051
down €145,051 (-49.2%), from €294,866 to €149,815
- Reserves +€5,123
up €5,123 (+15.5%), from €33,160 to €38,284
- Gross operating margin -€19,813
down €19,813 (-57.6%), from €34,395 to €14,582
- Taxes -€4,544
down €4,544 (-69.9%), from €6,497 to €1,952
- Other operating charges -€2,796
down €2,796 (-78.7%), from €3,551 to €755
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.
Cash bridge derived
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 | €456,728 | €318,860 | -€137,868 | -30.2% |
| Formation expenses | 20 | €1,133 | €563 | -€570 | -50.3% |
| Current assets | 29/58 | €455,594 | €318,297 | -€137,297 | -30.1% |
| Stocks and contracts in progress | 3 | €332,610 | €260,263 | -€72,347 | -21.8% |
| Stocks | 30/36 | €332,610 | €260,263 | -€72,347 | -21.8% |
| Amounts receivable within one year | 40/41 | €710 | €748 | +€37 | +5.3% |
| Trade receivables | 40 | €0 | €700 | +€700 | |
| Other amounts receivable | 41 | €710 | €48 | -€663 | -93.3% |
| Cash at bank and in hand | 54/58 | €122,083 | €57,078 | -€65,005 | -53.2% |
| Deferred charges and accrued income | 490/1 | €191 | €208 | +€17 | +8.9% |
| Total equity and liabilities | 10/49 | €456,728 | €318,860 | -€137,868 | -30.2% |
| Equity | 10/15 | €153,160 | €158,284 | +€5,123 | +3.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €33,160 | €38,284 | +€5,123 | +15.5% |
| Distributable reserves | 133 | €33,160 | €38,284 | +€5,123 | +15.5% |
| Amounts payable | 17/49 | €303,568 | €160,576 | -€142,991 | -47.1% |
| Amounts payable within one year | 42/48 | €303,568 | €160,576 | -€142,991 | -47.1% |
| Trade debts | 44 | €6,285 | €8,946 | +€2,661 | +42.3% |
| Suppliers | 440/4 | €6,285 | €8,946 | +€2,661 | +42.3% |
| Taxes, remuneration and social security | 45 | €2,417 | €1,815 | -€602 | -24.9% |
| Taxes | 450/3 | €2,417 | €1,815 | -€602 | -24.9% |
| Other amounts payable | 47/48 | €294,866 | €149,815 | -€145,051 | -49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €570 | €570 | = | 0.0% |
| Other operating charges | 640/8 | €3,551 | €755 | -€2,796 | -78.7% |
| Gross operating margin | 9900 | €34,395 | €14,582 | -€19,813 | -57.6% |
| Operating profit (loss) | 9901 | €30,273 | €13,257 | -€17,017 | -56.2% |
| Financial charges | 65/66B | €6,491 | €6,181 | -€310 | -4.8% |
| Recurring financial charges | 65 | €6,491 | €6,181 | -€310 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €23,782 | €7,076 | -€16,706 | -70.2% |
| Income taxes | 67/77 | €6,497 | €1,952 | -€4,544 | -69.9% |
| Profit (loss) for the period | 9904 | €17,286 | €5,123 | -€12,162 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,286 | €5,123 | -€12,162 | -70.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.