SG Distributions: 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.
SG Distributions
Largest movements
- Tangible fixed assets -€87,378
down €87,378 (-13.5%), from €645,544 to €558,166
of which Furniture and vehicles: -€52,394
- Financial fixed assets +€53,200
up €53,200 (+19.3%), from €275,000 to €328,200
- Cash -€29,383
down €29,383 (-17.6%), from €166,519 to €137,136
mainly Investment in fixed assets (net) (-€76,374) and Debts after one year (-€71,781)
- Debts after one year -€71,781
down €71,781 (-19.8%), from €361,718 to €289,937
- Profit (loss) carried forward +€58,461
up €58,461 (+141.1%), from €41,438 to €99,899
- Tax, wage and social debts -€32,252
down €32,252 (-55.8%), from €57,798 to €25,546
of which Taxes: -€32,276
- Reserves -€20,000
down €20,000 (-3.2%), from €620,878 to €600,878
- Other debts +€18,700
new in 2025: €18,700
- Gross operating margin +€25,636
up €25,636 (+7.1%), from €360,490 to €386,126
- Depreciation +€21,898
up €21,898 (+24.7%), from €88,654 to €110,552
- Taxes +€6,085
up €6,085 (+15.1%), from €40,204 to €46,289
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 | €1,219,278 | €1,160,645 | -€58,633 | -4.8% |
| Fixed assets | 21/28 | €920,544 | €886,366 | -€34,178 | -3.7% |
| Tangible fixed assets | 22/27 | €645,544 | €558,166 | -€87,378 | -13.5% |
| Land and buildings | 22 | €330,755 | €308,683 | -€22,072 | -6.7% |
| Plant, machinery and equipment | 23 | €57,358 | €44,446 | -€12,912 | -22.5% |
| Furniture and vehicles | 24 | €257,431 | €205,037 | -€52,394 | -20.4% |
| Financial fixed assets | 28 | €275,000 | €328,200 | +€53,200 | +19.3% |
| Current assets | 29/58 | €298,734 | €274,279 | -€24,455 | -8.2% |
| Stocks and contracts in progress | 3 | €2,871 | €3,916 | +€1,045 | +36.4% |
| Stocks | 30/36 | €2,871 | €3,916 | +€1,045 | +36.4% |
| Amounts receivable within one year | 40/41 | €124,108 | €123,573 | -€535 | -0.4% |
| Trade receivables | 40 | €52,942 | €60,594 | +€7,652 | +14.5% |
| Other amounts receivable | 41 | €71,166 | €62,979 | -€8,187 | -11.5% |
| Cash at bank and in hand | 54/58 | €166,519 | €137,136 | -€29,383 | -17.6% |
| Deferred charges and accrued income | 490/1 | €5,236 | €9,654 | +€4,418 | +84.4% |
| Total equity and liabilities | 10/49 | €1,219,278 | €1,160,645 | -€58,633 | -4.8% |
| Equity | 10/15 | €674,716 | €713,177 | +€38,461 | +5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €620,878 | €600,878 | -€20,000 | -3.2% |
| Distributable reserves | 133 | €620,878 | €600,878 | -€20,000 | -3.2% |
| Profit (loss) carried forward | 14 | €41,438 | €99,899 | +€58,461 | +141.1% |
| Amounts payable | 17/49 | €544,562 | €447,468 | -€97,094 | -17.8% |
| Amounts payable after more than one year | 17 | €361,718 | €289,937 | -€71,781 | -19.8% |
| Financial debts | 170/4 | €361,718 | €289,937 | -€71,781 | -19.8% |
| Amounts payable within one year | 42/48 | €182,595 | €157,531 | -€25,064 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €81,272 | €71,781 | -€9,491 | -11.7% |
| Trade debts | 44 | €28,131 | €29,664 | +€1,533 | +5.4% |
| Suppliers | 440/4 | €28,131 | €29,664 | +€1,533 | +5.4% |
| Advances received on contracts in progress | 46 | €15,394 | €11,840 | -€3,554 | -23.1% |
| Taxes, remuneration and social security | 45 | €57,798 | €25,546 | -€32,252 | -55.8% |
| Taxes | 450/3 | €56,162 | €23,886 | -€32,276 | -57.5% |
| Remuneration and social security | 454/9 | €1,636 | €1,660 | +€24 | +1.5% |
| Other amounts payable | 47/48 | - | €18,700 | +€18,700 | |
| Accrued charges and deferred income | 492/3 | €249 | - | -€249 | |
| Non-recurring operating income | 76A | €413 | €2,000 | +€1,587 | +384.3% |
| Remuneration, social security and pensions | 62 | €97,794 | €100,179 | +€2,385 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,654 | €110,552 | +€21,898 | +24.7% |
| Other operating charges | 640/8 | €6,395 | €6,159 | -€236 | -3.7% |
| Gross operating margin | 9900 | €360,490 | €386,126 | +€25,636 | +7.1% |
| Operating profit (loss) | 9901 | €167,647 | €169,236 | +€1,589 | +0.9% |
| Financial income | 75/76B | €877 | €991 | +€114 | +13.0% |
| Recurring financial income | 75 | €877 | €991 | +€114 | +13.0% |
| Financial charges | 65/66B | €15,234 | €15,477 | +€243 | +1.6% |
| Recurring financial charges | 65 | €15,234 | €15,477 | +€243 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €153,290 | €154,750 | +€1,460 | +1.0% |
| Income taxes | 67/77 | €40,204 | €46,289 | +€6,085 | +15.1% |
| Profit (loss) for the period | 9904 | €113,086 | €108,461 | -€4,625 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €113,086 | €108,461 | -€4,625 | -4.1% |
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 7 October 2026 via checked.be.