SG Greenhill: 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 Greenhill
Largest movements
- Receivables within one year -€93,519
down €93,519 (-80.9%), from €115,606 to €22,088
of which Other amounts receivable: -€52,123
- Cash +€39,154
up €39,154 (+21.7%), from €180,796 to €219,951
mainly Net result for the year (+€95,522) and Receivables within one year (+€93,519)
- Tangible fixed assets -€13,194
down €13,194 (-37.7%), from €34,994 to €21,800
of which Furniture and vehicles: -€10,694
- Reserves -€92,775
down €92,775 (-38.5%), from €241,203 to €148,428
- Other debts +€33,631
new in 2025: €33,631
- Debts after one year -€10,425
no longer reported in 2025 (was €10,425)
- Gross operating margin +€7,887
up €7,887 (+6.4%), from €123,609 to €131,496
- Taxes -€4,926
down €4,926 (-15.7%), from €31,384 to €26,458
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 | €332,107 | €264,626 | -€67,481 | -20.3% |
| Fixed assets | 21/28 | €34,994 | €21,800 | -€13,194 | -37.7% |
| Tangible fixed assets | 22/27 | €34,994 | €21,800 | -€13,194 | -37.7% |
| Furniture and vehicles | 24 | €17,345 | €6,651 | -€10,694 | -61.7% |
| Leasing and similar rights | 25 | €916 | €344 | -€573 | -62.5% |
| Other tangible fixed assets | 26 | €16,733 | €14,806 | -€1,927 | -11.5% |
| Current assets | 29/58 | €297,113 | €242,826 | -€54,288 | -18.3% |
| Amounts receivable within one year | 40/41 | €115,606 | €22,088 | -€93,519 | -80.9% |
| Trade receivables | 40 | €63,344 | €21,948 | -€41,396 | -65.4% |
| Other amounts receivable | 41 | €52,263 | €140 | -€52,123 | -99.7% |
| Cash at bank and in hand | 54/58 | €180,796 | €219,951 | +€39,154 | +21.7% |
| Deferred charges and accrued income | 490/1 | €710 | €787 | +€77 | +10.8% |
| Total equity and liabilities | 10/49 | €332,107 | €264,626 | -€67,481 | -20.3% |
| Equity | 10/15 | €243,703 | €150,928 | -€92,775 | -38.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €241,203 | €148,428 | -€92,775 | -38.5% |
| Distributable reserves | 133 | €241,203 | €148,428 | -€92,775 | -38.5% |
| Amounts payable | 17/49 | €88,404 | €113,698 | +€25,293 | +28.6% |
| Amounts payable after more than one year | 17 | €10,425 | - | -€10,425 | |
| Financial debts | 170/4 | €10,425 | - | -€10,425 | |
| Amounts payable within one year | 42/48 | €77,979 | €113,698 | +€35,719 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €7,516 | €10,210 | +€2,694 | +35.8% |
| Trade debts | 44 | €1,348 | €832 | -€516 | -38.3% |
| Suppliers | 440/4 | €1,348 | €832 | -€516 | -38.3% |
| Taxes, remuneration and social security | 45 | €69,115 | €69,025 | -€90 | -0.1% |
| Taxes | 450/3 | €69,115 | €69,025 | -€90 | -0.1% |
| Other amounts payable | 47/48 | - | €33,631 | +€33,631 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,230 | €14,433 | +€202 | +1.4% |
| Other operating charges | 640/8 | €727 | €751 | +€24 | +3.3% |
| Gross operating margin | 9900 | €123,609 | €131,496 | +€7,887 | +6.4% |
| Operating profit (loss) | 9901 | €108,651 | €116,312 | +€7,661 | +7.1% |
| Financial income | 75/76B | €6,074 | €6,147 | +€73 | +1.2% |
| Recurring financial income | 75 | €6,074 | €6,147 | +€73 | +1.2% |
| Financial charges | 65/66B | €78 | €480 | +€402 | +517% |
| Recurring financial charges | 65 | €78 | €480 | +€402 | +517% |
| Profit (loss) for the period before taxes | 9903 | €114,647 | €121,979 | +€7,332 | +6.4% |
| Income taxes | 67/77 | €31,384 | €26,458 | -€4,926 | -15.7% |
| Profit (loss) for the period | 9904 | €83,264 | €95,522 | +€12,258 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,264 | €95,522 | +€12,258 | +14.7% |
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 27 October 2026 via checked.be.