SG MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables after one year -€125,000
down €125,000 (-43.6%), from €287,000 to €162,000
- Cash -€18,904
down €18,904 (-11.0%), from €172,218 to €153,315
mainly Contributions, distributions and other (-€170,000) and Debts after one year (-€11,500)
- Receivables within one year -€18,697
down €18,697 (-97.5%), from €19,181 to €484
of which Other amounts receivable: -€17,309
- Tangible fixed assets -€10,325
down €10,325 (-5.4%), from €191,070 to €180,744
- Reserves -€170,000
down €170,000 (-24.8%), from €684,852 to €514,852
- Other debts +€22,927
new in 2025: €22,927
- Debts after one year -€11,500
down €11,500 (-38.7%), from €29,709 to €18,209
- Profit (loss) carried forward -€10,096
down €10,096 (-24.8%), from €40,745 to €30,649
- Tax, wage and social debts -€8,697
down €8,697 (-98.3%), from €8,845 to €148
- Gross operating margin -€143,311
down €143,311, from €136,459 to -€6,852
- Taxes -€40,612
down €40,612, from €38,147 to -€2,465
- Financial income -€2,124
down €2,124 (-22.0%), from €9,647 to €7,524
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 | €789,667 | €616,348 | -€173,318 | -21.9% |
| Fixed assets | 21/28 | €191,099 | €180,773 | -€10,325 | -5.4% |
| Tangible fixed assets | 22/27 | €191,070 | €180,744 | -€10,325 | -5.4% |
| Land and buildings | 22 | €169,908 | €165,055 | -€4,852 | -2.9% |
| Plant, machinery and equipment | 23 | €670 | €280 | -€390 | -58.2% |
| Furniture and vehicles | 24 | €7,647 | €6,231 | -€1,416 | -18.5% |
| Other tangible fixed assets | 26 | €12,845 | €9,177 | -€3,668 | -28.6% |
| Financial fixed assets | 28 | €29 | €29 | = | 0.0% |
| Current assets | 29/58 | €598,568 | €435,575 | -€162,993 | -27.2% |
| Amounts receivable after more than one year | 29 | €287,000 | €162,000 | -€125,000 | -43.6% |
| Other amounts receivable | 291 | €287,000 | €162,000 | -€125,000 | -43.6% |
| Amounts receivable within one year | 40/41 | €19,181 | €484 | -€18,697 | -97.5% |
| Trade receivables | 40 | €1,618 | €230 | -€1,389 | -85.8% |
| Other amounts receivable | 41 | €17,563 | €254 | -€17,309 | -98.6% |
| Current investments | 50/53 | €119,106 | €119,106 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €172,218 | €153,315 | -€18,904 | -11.0% |
| Deferred charges and accrued income | 490/1 | €1,062 | €670 | -€392 | -36.9% |
| Total equity and liabilities | 10/49 | €789,667 | €616,348 | -€173,318 | -21.9% |
| Equity | 10/15 | €737,996 | €557,900 | -€180,096 | -24.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €684,852 | €514,852 | -€170,000 | -24.8% |
| Distributable reserves | 133 | €684,852 | €514,852 | -€170,000 | -24.8% |
| Profit (loss) carried forward | 14 | €40,745 | €30,649 | -€10,096 | -24.8% |
| Amounts payable | 17/49 | €51,670 | €58,448 | +€6,778 | +13.1% |
| Amounts payable after more than one year | 17 | €29,709 | €18,209 | -€11,500 | -38.7% |
| Financial debts | 170/4 | €29,709 | €18,209 | -€11,500 | -38.7% |
| Amounts payable within one year | 42/48 | €21,954 | €36,378 | +€14,425 | +65.7% |
| Current portion of amounts payable after more than one year | 42 | €11,500 | €12,782 | +€1,282 | +11.1% |
| Trade debts | 44 | €1,609 | €522 | -€1,087 | -67.5% |
| Suppliers | 440/4 | €1,609 | €522 | -€1,087 | -67.5% |
| Taxes, remuneration and social security | 45 | €8,845 | €148 | -€8,697 | -98.3% |
| Taxes | 450/3 | €8,845 | €148 | -€8,697 | -98.3% |
| Other amounts payable | 47/48 | - | €22,927 | +€22,927 | |
| Accrued charges and deferred income | 492/3 | €8 | €3,861 | +€3,853 | +48341.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,552 | €10,325 | -€227 | -2.1% |
| Other operating charges | 640/8 | €2,078 | €1,017 | -€1,062 | -51.1% |
| Gross operating margin | 9900 | €136,459 | -€6,852 | -€143,311 | |
| Operating profit (loss) | 9901 | €123,829 | -€18,195 | -€142,023 | |
| Financial income | 75/76B | €9,647 | €7,524 | -€2,124 | -22.0% |
| Recurring financial income | 75 | €9,647 | €7,524 | -€2,124 | -22.0% |
| Financial charges | 65/66B | €2,711 | €1,890 | -€820 | -30.3% |
| Recurring financial charges | 65 | €2,711 | €1,890 | -€820 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €130,765 | -€12,561 | -€143,327 | |
| Income taxes | 67/77 | €38,147 | -€2,465 | -€40,612 | |
| Profit (loss) for the period | 9904 | €92,619 | -€10,096 | -€102,714 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,619 | -€10,096 | -€102,714 |
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 6 October 2026 via checked.be.