S GROUP CONSTRUCT: 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 GROUP CONSTRUCT
Largest movements
- Receivables within one year +€291,962
up €291,962 (+48.2%), from €605,859 to €897,821
of which Trade receivables: +€465,641
- Tangible fixed assets -€39,809
down €39,809 (-24.1%), from €165,086 to €125,277
of which Furniture and vehicles: -€28,775
- Trade debts +€441,346
up €441,346 (+102.5%), from €430,615 to €871,961
- Other debts -€137,585
down €137,585 (-100.0%), from €137,608 to €23
- Current portion of long-term debt -€67,410
no longer reported in 2025 (was €67,410)
- Other operating charges +€28,803
up €28,803 (+5528.4%), from €521 to €29,324
- Financial income -€6,798
down €6,798 (-26.8%), from €25,355 to €18,557
- Taxes -€6,143
down €6,143 (-49.6%), from €12,386 to €6,243
- Depreciation -€5,095
down €5,095 (-29.3%), from €17,396 to €12,301
- Financial charges +€704
up €704 (+15.7%), from €4,470 to €5,174
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 | €859,275 | €1,110,944 | +€251,669 | +29.3% |
| Fixed assets | 21/28 | €165,086 | €125,277 | -€39,809 | -24.1% |
| Tangible fixed assets | 22/27 | €165,086 | €125,277 | -€39,809 | -24.1% |
| Land and buildings | 22 | €110,000 | €110,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,040 | €6,972 | -€4,068 | -36.8% |
| Furniture and vehicles | 24 | €32,197 | €3,422 | -€28,775 | -89.4% |
| Leasing and similar rights | 25 | €11,849 | €4,883 | -€6,966 | -58.8% |
| Current assets | 29/58 | €694,189 | €985,667 | +€291,478 | +42.0% |
| Stocks and contracts in progress | 3 | €17,355 | €17,355 | +€0 | 0.0% |
| Stocks | 30/36 | €17,355 | €17,355 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €605,859 | €897,821 | +€291,962 | +48.2% |
| Trade receivables | 40 | €140,901 | €606,542 | +€465,641 | +330.5% |
| Other amounts receivable | 41 | €464,958 | €291,279 | -€173,679 | -37.4% |
| Current investments | 50/53 | €70,490 | €70,490 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €485 | - | -€485 | |
| Total equity and liabilities | 10/49 | €859,275 | €1,110,944 | +€251,669 | +29.3% |
| Equity | 10/15 | €211,255 | €219,698 | +€8,443 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €203,195 | €211,638 | +€8,443 | +4.2% |
| Amounts payable | 17/49 | €648,020 | €891,245 | +€243,225 | +37.5% |
| Amounts payable within one year | 42/48 | €648,020 | €891,245 | +€243,225 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €67,410 | - | -€67,410 | |
| Trade debts | 44 | €430,615 | €871,961 | +€441,346 | +102.5% |
| Suppliers | 440/4 | €430,615 | €871,961 | +€441,346 | +102.5% |
| Taxes, remuneration and social security | 45 | €12,387 | €19,262 | +€6,875 | +55.5% |
| Taxes | 450/3 | €12,387 | €19,262 | +€6,875 | +55.5% |
| Other amounts payable | 47/48 | €137,608 | €23 | -€137,585 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,396 | €12,301 | -€5,095 | -29.3% |
| Other operating charges | 640/8 | €521 | €29,324 | +€28,803 | +5528.4% |
| Gross operating margin | 9900 | €43,118 | €42,929 | -€189 | -0.4% |
| Operating profit (loss) | 9901 | €25,201 | €1,304 | -€23,897 | -94.8% |
| Financial income | 75/76B | €25,355 | €18,557 | -€6,798 | -26.8% |
| Recurring financial income | 75 | €25,355 | €18,557 | -€6,798 | -26.8% |
| Financial charges | 65/66B | €4,470 | €5,174 | +€704 | +15.7% |
| Recurring financial charges | 65 | €4,470 | €5,174 | +€704 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €46,086 | €14,687 | -€31,399 | -68.1% |
| Income taxes | 67/77 | €12,386 | €6,243 | -€6,143 | -49.6% |
| Profit (loss) for the period | 9904 | €33,700 | €8,444 | -€25,256 | -74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,700 | €8,444 | -€25,256 | -74.9% |
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 12 October 2026 via checked.be.