SG Systems: 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 Systems
Largest movements
- Tangible fixed assets +€530,371
up €530,371 (+526%), from €100,807 to €631,178
of which Land and buildings: +€535,162
- Receivables within one year +€98,125
up €98,125 (+59.9%), from €163,798 to €261,924
of which Trade receivables: +€83,284
- Stocks and contracts +€51,274
up €51,274 (+59.7%), from €85,909 to €137,183
of which Stocks: +€34,183
- Debts after one year +€407,833
up €407,833 (+914%), from €44,621 to €452,454
- Reserves +€147,420
up €147,420 (+39.3%), from €375,212 to €522,631
- Trade debts +€97,556
up €97,556 (+118%), from €82,780 to €180,336
- Current portion of long-term debt +€27,743
up €27,743 (+152%), from €18,208 to €45,951
- Gross operating margin +€201,566
up €201,566 (+51.6%), from €390,263 to €591,829
- Depreciation +€38,453
up €38,453 (+181%), from €21,270 to €59,723
- Staff costs +€30,199
up €30,199 (+10.6%), from €284,866 to €315,065
- Taxes +€29,340
up €29,340 (+127%), from €23,034 to €52,374
- Financial charges +€10,952
up €10,952 (+342%), from €3,206 to €14,158
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 | €593,651 | €1,273,481 | +€679,830 | +115% |
| Fixed assets | 21/28 | €100,857 | €631,228 | +€530,371 | +526% |
| Tangible fixed assets | 22/27 | €100,807 | €631,178 | +€530,371 | +526% |
| Land and buildings | 22 | - | €535,162 | +€535,162 | |
| Plant, machinery and equipment | 23 | €3,114 | €21,956 | +€18,842 | +605% |
| Furniture and vehicles | 24 | €49,606 | €38,175 | -€11,431 | -23.0% |
| Leasing and similar rights | 25 | €35,086 | €25,933 | -€9,153 | -26.1% |
| Other tangible fixed assets | 26 | €13,001 | €9,952 | -€3,048 | -23.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €492,794 | €642,252 | +€149,459 | +30.3% |
| Stocks and contracts in progress | 3 | €85,909 | €137,183 | +€51,274 | +59.7% |
| Stocks | 30/36 | €35,000 | €69,183 | +€34,183 | +97.7% |
| Contracts in progress | 37 | €50,909 | €68,000 | +€17,091 | +33.6% |
| Amounts receivable within one year | 40/41 | €163,798 | €261,924 | +€98,125 | +59.9% |
| Trade receivables | 40 | €153,926 | €237,210 | +€83,284 | +54.1% |
| Other amounts receivable | 41 | €9,872 | €24,713 | +€14,841 | +150% |
| Current investments | 50/53 | €208,425 | €214,036 | +€5,611 | +2.7% |
| Cash at bank and in hand | 54/58 | €18,284 | €17,089 | -€1,195 | -6.5% |
| Deferred charges and accrued income | 490/1 | €16,378 | €12,021 | -€4,356 | -26.6% |
| Total equity and liabilities | 10/49 | €593,651 | €1,273,481 | +€679,830 | +115% |
| Equity | 10/15 | €375,662 | €523,081 | +€147,420 | +39.2% |
| Contributions | 10/11 | €450 | €450 | = | 0.0% |
| Reserves | 13 | €375,212 | €522,631 | +€147,420 | +39.3% |
| Distributable reserves | 133 | €375,212 | €522,631 | +€147,420 | +39.3% |
| Amounts payable | 17/49 | €217,989 | €750,399 | +€532,410 | +244% |
| Amounts payable after more than one year | 17 | €44,621 | €452,454 | +€407,833 | +914% |
| Financial debts | 170/4 | €44,621 | €452,454 | +€407,833 | +914% |
| Amounts payable within one year | 42/48 | €167,005 | €293,607 | +€126,602 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €18,208 | €45,951 | +€27,743 | +152% |
| Trade debts | 44 | €82,780 | €180,336 | +€97,556 | +118% |
| Suppliers | 440/4 | €82,780 | €180,336 | +€97,556 | +118% |
| Taxes, remuneration and social security | 45 | €46,757 | €57,015 | +€10,257 | +21.9% |
| Taxes | 450/3 | €8,391 | €15,369 | +€6,978 | +83.2% |
| Remuneration and social security | 454/9 | €38,366 | €41,645 | +€3,279 | +8.5% |
| Other amounts payable | 47/48 | €19,259 | €10,305 | -€8,955 | -46.5% |
| Accrued charges and deferred income | 492/3 | €6,363 | €4,338 | -€2,025 | -31.8% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €284,866 | €315,065 | +€30,199 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,270 | €59,723 | +€38,453 | +181% |
| Other operating charges | 640/8 | €2,341 | €4,251 | +€1,910 | +81.6% |
| Gross operating margin | 9900 | €390,263 | €591,829 | +€201,566 | +51.6% |
| Operating profit (loss) | 9901 | €81,786 | €212,790 | +€131,004 | +160% |
| Financial income | 75/76B | €1,954 | €1,162 | -€793 | -40.6% |
| Recurring financial income | 75 | €1,954 | €1,162 | -€793 | -40.6% |
| Financial charges | 65/66B | €3,206 | €14,158 | +€10,952 | +342% |
| Recurring financial charges | 65 | €3,206 | €14,158 | +€10,952 | +342% |
| Profit (loss) for the period before taxes | 9903 | €80,534 | €199,793 | +€119,259 | +148% |
| Income taxes | 67/77 | €23,034 | €52,374 | +€29,340 | +127% |
| Profit (loss) for the period | 9904 | €57,500 | €147,420 | +€89,920 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €57,500 | €147,420 | +€89,920 | +156% |
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 21 October 2026 via checked.be.