SBGP: 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.
SBGP
Largest movements
- Stocks and contracts +€49,488
up €49,488 (+54.0%), from €91,695 to €141,183
- Cash +€13,228
up €13,228 (+65.4%), from €20,237 to €33,466
mainly Current portion of long-term debt (+€50,234) and Other debts (+€13,371)
- Deferred charges and accrued income -€6,500
down €6,500 (-30.4%), from €21,364 to €14,864
- Tangible fixed assets +€5,249
up €5,249 (+130.8%), from €4,013 to €9,262
of which Furniture and vehicles: +€5,534
- Receivables within one year -€3,636
down €3,636 (-49.4%), from €7,362 to €3,726
of which Trade receivables: -€3,289
- Current portion of long-term debt +€50,234
up €50,234 (+63.7%), from €78,904 to €129,138
- Other debts +€13,371
up €13,371 (+6323.7%), from €211 to €13,583
- Trade debts -€5,838
down €5,838 (-69.1%), from €8,449 to €2,611
- Debts after one year -€4,138
down €4,138 (-13.0%), from €31,782 to €27,644
- Profit (loss) carried forward +€2,837
up €2,837 (+27.5%), from €10,314 to €13,152
- Depreciation -€1,901
down €1,901 (-75.2%), from €2,528 to €628
- Financial charges +€1,663
up €1,663 (+23.2%), from €7,164 to €8,828
- Taxes +€756
new in 2025: €756
- Other operating charges +€712
up €712 (+32.3%), from €2,206 to €2,918
- Gross operating margin -€655
down €655 (-3.9%), from €16,633 to €15,978
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 | €144,821 | €202,651 | +€57,829 | +39.9% |
| Fixed assets | 21/28 | €4,163 | €9,412 | +€5,249 | +126.1% |
| Tangible fixed assets | 22/27 | €4,013 | €9,262 | +€5,249 | +130.8% |
| Plant, machinery and equipment | 23 | €571 | €285 | -€286 | -50.0% |
| Furniture and vehicles | 24 | €3,442 | €8,976 | +€5,534 | +160.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €140,658 | €193,239 | +€52,581 | +37.4% |
| Stocks and contracts in progress | 3 | €91,695 | €141,183 | +€49,488 | +54.0% |
| Stocks | 30/36 | €91,695 | €141,183 | +€49,488 | +54.0% |
| Amounts receivable within one year | 40/41 | €7,362 | €3,726 | -€3,636 | -49.4% |
| Trade receivables | 40 | €4,013 | €724 | -€3,289 | -82.0% |
| Other amounts receivable | 41 | €3,349 | €3,002 | -€346 | -10.3% |
| Cash at bank and in hand | 54/58 | €20,237 | €33,466 | +€13,228 | +65.4% |
| Deferred charges and accrued income | 490/1 | €21,364 | €14,864 | -€6,500 | -30.4% |
| Total equity and liabilities | 10/49 | €144,821 | €202,651 | +€57,829 | +39.9% |
| Equity | 10/15 | €25,314 | €28,152 | +€2,837 | +11.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,314 | €13,152 | +€2,837 | +27.5% |
| Amounts payable | 17/49 | €119,507 | €174,499 | +€54,992 | +46.0% |
| Amounts payable after more than one year | 17 | €31,782 | €27,644 | -€4,138 | -13.0% |
| Financial debts | 170/4 | €31,782 | €27,644 | -€4,138 | -13.0% |
| Amounts payable within one year | 42/48 | €87,725 | €146,855 | +€59,130 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €78,904 | €129,138 | +€50,234 | +63.7% |
| Trade debts | 44 | €8,449 | €2,611 | -€5,838 | -69.1% |
| Suppliers | 440/4 | €8,449 | €2,611 | -€5,838 | -69.1% |
| Taxes, remuneration and social security | 45 | €161 | €1,523 | +€1,362 | +845.8% |
| Taxes | 450/3 | €161 | €1,523 | +€1,362 | +845.8% |
| Other amounts payable | 47/48 | €211 | €13,583 | +€13,371 | +6323.7% |
| Non-recurring operating income | 76A | - | €1,517 | +€1,517 | |
| Remuneration, social security and pensions | 62 | €289 | €19 | -€270 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,528 | €628 | -€1,901 | -75.2% |
| Other operating charges | 640/8 | €2,206 | €2,918 | +€712 | +32.3% |
| Gross operating margin | 9900 | €16,633 | €15,978 | -€655 | -3.9% |
| Operating profit (loss) | 9901 | €11,610 | €12,414 | +€804 | +6.9% |
| Financial income | 75/76B | €8 | €7 | -€1 | -11.1% |
| Recurring financial income | 75 | €8 | €7 | -€1 | -11.1% |
| Financial charges | 65/66B | €7,164 | €8,828 | +€1,663 | +23.2% |
| Recurring financial charges | 65 | €7,164 | €8,828 | +€1,663 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €4,454 | €3,594 | -€860 | -19.3% |
| Income taxes | 67/77 | - | €756 | +€756 | |
| Profit (loss) for the period | 9904 | €4,454 | €2,837 | -€1,617 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,454 | €2,837 | -€1,617 | -36.3% |
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 29 September 2026 via checked.be.