SG: 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.
SG
Largest movements
- Tangible fixed assets +€91,834
up €91,834 (+555%), from €16,549 to €108,383
of which Furniture and vehicles: +€92,063
- Stocks and contracts +€36,920
up €36,920 (+136%), from €27,200 to €64,120
- Receivables within one year +€11,047
up €11,047 (+9.3%), from €118,382 to €129,429
of which Trade receivables: +€23,946
- Cash -€5,320
down €5,320 (-3.2%), from €168,820 to €163,500
mainly Investment in fixed assets (net) (-€108,639) and Contributions, distributions and other (-€40,000)
- Other debts +€61,772
up €61,772 (+52.9%), from €116,774 to €178,545
- Reserves +€54,633
up €54,633 (+33.1%), from €165,259 to €219,892
of which Distributable reserves: +€54,633
- Trade debts +€24,441
up €24,441 (+407%), from €6,012 to €30,453
- Current portion of long-term debt -€6,272
no longer reported in 2025 (was €6,272)
- Gross operating margin -€16,980
down €16,980 (-8.9%), from €191,165 to €174,185
- Write-downs -€7,768
no longer reported in 2025 (was €7,768)
- Staff costs -€7,734
down €7,734 (-13.1%), from €58,911 to €51,177
- Depreciation +€6,830
up €6,830 (+68.5%), from €9,975 to €16,805
- Taxes -€4,539
down €4,539 (-25.1%), from €18,116 to €13,577
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 | €330,981 | €465,462 | +€134,480 | +40.6% |
| Fixed assets | 21/28 | €16,579 | €108,413 | +€91,834 | +554% |
| Tangible fixed assets | 22/27 | €16,549 | €108,383 | +€91,834 | +555% |
| Plant, machinery and equipment | 23 | €661 | €431 | -€230 | -34.8% |
| Furniture and vehicles | 24 | €15,889 | €107,952 | +€92,063 | +579% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €314,402 | €357,049 | +€42,647 | +13.6% |
| Stocks and contracts in progress | 3 | €27,200 | €64,120 | +€36,920 | +136% |
| Contracts in progress | 37 | €27,200 | €64,120 | +€36,920 | +136% |
| Amounts receivable within one year | 40/41 | €118,382 | €129,429 | +€11,047 | +9.3% |
| Trade receivables | 40 | €90,241 | €114,186 | +€23,946 | +26.5% |
| Other amounts receivable | 41 | €28,142 | €15,243 | -€12,899 | -45.8% |
| Cash at bank and in hand | 54/58 | €168,820 | €163,500 | -€5,320 | -3.2% |
| Total equity and liabilities | 10/49 | €330,981 | €465,462 | +€134,480 | +40.6% |
| Equity | 10/15 | €183,809 | €238,442 | +€54,633 | +29.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €165,259 | €219,892 | +€54,633 | +33.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €163,404 | €218,037 | +€54,633 | +33.4% |
| Amounts payable | 17/49 | €147,173 | €227,020 | +€79,847 | +54.3% |
| Amounts payable within one year | 42/48 | €147,173 | €227,020 | +€79,847 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €6,272 | - | -€6,272 | |
| Trade debts | 44 | €6,012 | €30,453 | +€24,441 | +407% |
| Suppliers | 440/4 | €6,012 | €30,453 | +€24,441 | +407% |
| Taxes, remuneration and social security | 45 | €18,115 | €18,022 | -€93 | -0.5% |
| Taxes | 450/3 | €18,115 | €16,311 | -€1,804 | -10.0% |
| Remuneration and social security | 454/9 | - | €1,711 | +€1,711 | |
| Other amounts payable | 47/48 | €116,774 | €178,545 | +€61,772 | +52.9% |
| Remuneration, social security and pensions | 62 | €58,911 | €51,177 | -€7,734 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,975 | €16,805 | +€6,830 | +68.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,768 | - | -€7,768 | |
| Other operating charges | 640/8 | €8,270 | €8,160 | -€110 | -1.3% |
| Non-recurring operating charges | 66A | - | €200 | +€200 | |
| Gross operating margin | 9900 | €191,165 | €174,185 | -€16,980 | -8.9% |
| Operating profit (loss) | 9901 | €106,241 | €97,843 | -€8,398 | -7.9% |
| Financial income | 75/76B | €10,757 | €10,760 | +€3 | 0.0% |
| Recurring financial income | 75 | €10,757 | €10,760 | +€3 | 0.0% |
| Financial charges | 65/66B | €438 | €393 | -€45 | -10.3% |
| Recurring financial charges | 65 | €438 | €393 | -€45 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €116,560 | €108,210 | -€8,350 | -7.2% |
| Income taxes | 67/77 | €18,116 | €13,577 | -€4,539 | -25.1% |
| Profit (loss) for the period | 9904 | €98,444 | €94,633 | -€3,811 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €98,444 | €94,633 | -€3,811 | -3.9% |
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 14 October 2026 via checked.be.