SG - E3: 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 - E3
Largest movements
- Cash -€35,847
down €35,847 (-15.8%), from €226,979 to €191,132
mainly Contributions, distributions and other (-€49,344) and Investment in fixed assets (net) (-€35,340)
- Receivables within one year -€28,208
down €28,208 (-36.2%), from €77,849 to €49,641
of which Trade receivables: -€38,935
- Tangible fixed assets +€13,581
up €13,581 (+4.1%), from €331,003 to €344,584
of which Land and buildings: +€14,896
- Reserves -€31,631
down €31,631 (-8.9%), from €355,282 to €323,651
of which Distributable reserves: -€31,631
- Debts after one year -€10,539
down €10,539 (-20.4%), from €51,695 to €41,156
- Tax, wage and social debts -€8,167
down €8,167 (-52.0%), from €15,715 to €7,548
of which Taxes: -€8,200
- Gross operating margin -€67,393
down €67,393 (-58.1%), from €116,010 to €48,617
- Taxes -€17,535
down €17,535 (-68.6%), from €25,546 to €8,011
- Depreciation -€5,589
down €5,589 (-20.4%), from €27,348 to €21,759
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 | €662,331 | €612,307 | -€50,024 | -7.6% |
| Fixed assets | 21/28 | €331,003 | €344,584 | +€13,581 | +4.1% |
| Tangible fixed assets | 22/27 | €331,003 | €344,584 | +€13,581 | +4.1% |
| Land and buildings | 22 | €329,087 | €343,983 | +€14,896 | +4.5% |
| Furniture and vehicles | 24 | €1,916 | €601 | -€1,315 | -68.6% |
| Current assets | 29/58 | €331,328 | €267,723 | -€63,605 | -19.2% |
| Stocks and contracts in progress | 3 | €26,500 | €26,500 | = | 0.0% |
| Stocks | 30/36 | €26,500 | €26,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €77,849 | €49,641 | -€28,208 | -36.2% |
| Trade receivables | 40 | €71,555 | €32,620 | -€38,935 | -54.4% |
| Other amounts receivable | 41 | €6,294 | €17,021 | +€10,727 | +170.4% |
| Cash at bank and in hand | 54/58 | €226,979 | €191,132 | -€35,847 | -15.8% |
| Deferred charges and accrued income | 490/1 | - | €450 | +€450 | |
| Total equity and liabilities | 10/49 | €662,331 | €612,307 | -€50,024 | -7.6% |
| Equity | 10/15 | €576,963 | €545,332 | -€31,631 | -5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €355,282 | €323,651 | -€31,631 | -8.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €353,422 | €321,791 | -€31,631 | -8.9% |
| Profit (loss) carried forward | 14 | €209,281 | €209,281 | = | 0.0% |
| Amounts payable | 17/49 | €85,368 | €66,975 | -€18,393 | -21.5% |
| Amounts payable after more than one year | 17 | €51,695 | €41,156 | -€10,539 | -20.4% |
| Financial debts | 170/4 | €51,695 | €41,156 | -€10,539 | -20.4% |
| Amounts payable within one year | 42/48 | €33,673 | €25,819 | -€7,854 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €10,362 | €10,539 | +€177 | +1.7% |
| Trade debts | 44 | €7,596 | €6,832 | -€764 | -10.1% |
| Suppliers | 440/4 | €7,596 | €6,832 | -€764 | -10.1% |
| Taxes, remuneration and social security | 45 | €15,715 | €7,548 | -€8,167 | -52.0% |
| Taxes | 450/3 | €11,424 | €3,224 | -€8,200 | -71.8% |
| Remuneration and social security | 454/9 | €4,291 | €4,324 | +€33 | +0.8% |
| Other amounts payable | 47/48 | - | €900 | +€900 | |
| Non-recurring operating income | 76A | €467 | €573 | +€106 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,348 | €21,759 | -€5,589 | -20.4% |
| Other operating charges | 640/8 | €849 | €1,001 | +€152 | +17.9% |
| Gross operating margin | 9900 | €116,010 | €48,617 | -€67,393 | -58.1% |
| Operating profit (loss) | 9901 | €87,813 | €25,857 | -€61,956 | -70.6% |
| Financial income | 75/76B | €1,381 | €1,048 | -€333 | -24.1% |
| Recurring financial income | 75 | €1,381 | €1,048 | -€333 | -24.1% |
| Financial charges | 65/66B | €1,403 | €1,181 | -€222 | -15.8% |
| Recurring financial charges | 65 | €1,403 | €1,181 | -€222 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €87,791 | €25,724 | -€62,067 | -70.7% |
| Income taxes | 67/77 | €25,546 | €8,011 | -€17,535 | -68.6% |
| Profit (loss) for the period | 9904 | €62,245 | €17,713 | -€44,532 | -71.5% |
| Profit (loss) for the period to be appropriated | 9905 | €62,245 | €17,713 | -€44,532 | -71.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.