SG Group: 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 Group
Largest movements
- Receivables within one year -€23,827
down €23,827 (-29.3%), from €81,221 to €57,395
of which Trade receivables: -€26,511
- Tangible fixed assets -€19,870
down €19,870 (-22.7%), from €87,421 to €67,552
of which Furniture and vehicles: -€15,791
- Cash -€17,658
down €17,658 (-94.5%), from €18,680 to €1,022
mainly Trade debts (-€41,322) and Stocks and contracts (-€15,065)
- Stocks and contracts +€15,065
new in 2025: €15,065
- Trade debts -€41,322
down €41,322 (-59.9%), from €69,037 to €27,716
- Short-term financial debts +€16,186
new in 2025: €16,186
- Debts after one year -€12,459
down €12,459 (-27.0%), from €46,190 to €33,731
- Tax, wage and social debts -€11,076
no longer reported in 2025 (was €11,076)
- Other debts +€4,574
up €4,574 (+165%), from €2,778 to €7,352
- Gross operating margin -€30,340
down €30,340 (-46.1%), from €65,777 to €35,438
- Depreciation +€13,323
up €13,323 (+204%), from €6,547 to €19,870
- Taxes -€11,041
no longer reported in 2025 (was €11,041)
- Other operating charges +€7,551
up €7,551 (+769%), from €982 to €8,534
- Financial charges +€7,475
up €7,475 (+549%), from €1,361 to €8,836
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 | €187,322 | €142,223 | -€45,099 | -24.1% |
| Fixed assets | 21/28 | €87,421 | €67,552 | -€19,870 | -22.7% |
| Tangible fixed assets | 22/27 | €87,421 | €67,552 | -€19,870 | -22.7% |
| Plant, machinery and equipment | 23 | €13,975 | €9,896 | -€4,079 | -29.2% |
| Furniture and vehicles | 24 | €73,446 | €57,656 | -€15,791 | -21.5% |
| Current assets | 29/58 | €99,901 | €74,672 | -€25,229 | -25.3% |
| Stocks and contracts in progress | 3 | - | €15,065 | +€15,065 | |
| Stocks | 30/36 | - | €15,065 | +€15,065 | |
| Amounts receivable within one year | 40/41 | €81,221 | €57,395 | -€23,827 | -29.3% |
| Trade receivables | 40 | €62,344 | €35,833 | -€26,511 | -42.5% |
| Other amounts receivable | 41 | €18,877 | €21,562 | +€2,684 | +14.2% |
| Cash at bank and in hand | 54/58 | €18,680 | €1,022 | -€17,658 | -94.5% |
| Deferred charges and accrued income | 490/1 | - | €1,189 | +€1,189 | |
| Total equity and liabilities | 10/49 | €187,322 | €142,223 | -€45,099 | -24.1% |
| Equity | 10/15 | €46,349 | €44,654 | -€1,695 | -3.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,349 | €39,654 | -€1,695 | -4.1% |
| Distributable reserves | 133 | €41,349 | €39,654 | -€1,695 | -4.1% |
| Amounts payable | 17/49 | €140,974 | €97,569 | -€43,405 | -30.8% |
| Amounts payable after more than one year | 17 | €46,190 | €33,731 | -€12,459 | -27.0% |
| Financial debts | 170/4 | €46,190 | €33,731 | -€12,459 | -27.0% |
| Amounts payable within one year | 42/48 | €94,784 | €63,838 | -€30,946 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €11,892 | €12,584 | +€691 | +5.8% |
| Financial debts | 43 | - | €16,186 | +€16,186 | |
| Credit institutions | 430/8 | - | €16,186 | +€16,186 | |
| Trade debts | 44 | €69,037 | €27,716 | -€41,322 | -59.9% |
| Suppliers | 440/4 | €69,037 | €27,716 | -€41,322 | -59.9% |
| Taxes, remuneration and social security | 45 | €11,076 | - | -€11,076 | |
| Taxes | 450/3 | €11,076 | - | -€11,076 | |
| Other amounts payable | 47/48 | €2,778 | €7,352 | +€4,574 | +165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,547 | €19,870 | +€13,323 | +204% |
| Other operating charges | 640/8 | €982 | €8,534 | +€7,551 | +769% |
| Gross operating margin | 9900 | €65,777 | €35,438 | -€30,340 | -46.1% |
| Operating profit (loss) | 9901 | €58,248 | €7,034 | -€51,214 | -87.9% |
| Financial income | 75/76B | €168 | €107 | -€62 | -36.6% |
| Recurring financial income | 75 | €168 | €107 | -€62 | -36.6% |
| Financial charges | 65/66B | €1,361 | €8,836 | +€7,475 | +549% |
| Recurring financial charges | 65 | €1,361 | €8,836 | +€7,475 | +549% |
| Profit (loss) for the period before taxes | 9903 | €57,056 | -€1,695 | -€58,751 | |
| Income taxes | 67/77 | €11,041 | - | -€11,041 | |
| Profit (loss) for the period | 9904 | €46,015 | -€1,695 | -€47,709 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,015 | -€1,695 | -€47,709 |
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 31 October 2026 via checked.be.