SG Works: 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 Works
Largest movements
- Cash +€85,155
up €85,155 (+149%), from €57,238 to €142,393
mainly Net result for the year (+€57,321) and Tax, wage and social debts (+€17,479)
- Tangible fixed assets -€9,986
down €9,986 (-22.5%), from €44,340 to €34,354
of which Furniture and vehicles: -€9,587
- Receivables within one year +€5,899
up €5,899 (+23.7%), from €24,924 to €30,823
- Reserves +€57,321
up €57,321 (+140%), from €40,847 to €98,169
- Tax, wage and social debts +€17,479
up €17,479 (+115%), from €15,264 to €32,743
- Other debts +€2,712
up €2,712 (+3.9%), from €68,866 to €71,578
- Trade debts +€2,483
up €2,483 (+2,568%), from €97 to €2,580
- Gross operating margin +€26,455
up €26,455 (+46.2%), from €57,261 to €83,716
- Depreciation +€5,194
up €5,194 (+88.6%), from €5,864 to €11,059
- Taxes +€4,205
up €4,205 (+40.3%), from €10,444 to €14,649
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 | €127,574 | €207,569 | +€79,996 | +62.7% |
| Formation expenses | 20 | €1,073 | €0 | -€1,073 | -100% |
| Fixed assets | 21/28 | €44,340 | €34,354 | -€9,986 | -22.5% |
| Tangible fixed assets | 22/27 | €44,340 | €34,354 | -€9,986 | -22.5% |
| Plant, machinery and equipment | 23 | €1,094 | €695 | -€399 | -36.5% |
| Furniture and vehicles | 24 | €43,246 | €33,659 | -€9,587 | -22.2% |
| Current assets | 29/58 | €82,161 | €173,216 | +€91,054 | +111% |
| Amounts receivable within one year | 40/41 | €24,924 | €30,823 | +€5,899 | +23.7% |
| Trade receivables | 40 | €24,924 | €30,823 | +€5,899 | +23.7% |
| Cash at bank and in hand | 54/58 | €57,238 | €142,393 | +€85,155 | +149% |
| Total equity and liabilities | 10/49 | €127,574 | €207,569 | +€79,996 | +62.7% |
| Equity | 10/15 | €43,347 | €100,669 | +€57,321 | +132% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €40,847 | €98,169 | +€57,321 | +140% |
| Distributable reserves | 133 | €40,847 | €98,169 | +€57,321 | +140% |
| Amounts payable | 17/49 | €84,226 | €106,900 | +€22,674 | +26.9% |
| Amounts payable within one year | 42/48 | €84,226 | €106,900 | +€22,674 | +26.9% |
| Trade debts | 44 | €97 | €2,580 | +€2,483 | +2,568% |
| Suppliers | 440/4 | €97 | €2,580 | +€2,483 | +2,568% |
| Taxes, remuneration and social security | 45 | €15,264 | €32,743 | +€17,479 | +115% |
| Taxes | 450/3 | €15,264 | €32,743 | +€17,479 | +115% |
| Other amounts payable | 47/48 | €68,866 | €71,578 | +€2,712 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,864 | €11,059 | +€5,194 | +88.6% |
| Other operating charges | 640/8 | €106 | €710 | +€605 | +573% |
| Gross operating margin | 9900 | €57,261 | €83,716 | +€26,455 | +46.2% |
| Operating profit (loss) | 9901 | €51,291 | €71,947 | +€20,656 | +40.3% |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | €0 | €38 | +€38 | +375,000% |
| Recurring financial charges | 65 | €0 | €38 | +€38 | +375,000% |
| Profit (loss) for the period before taxes | 9903 | €51,291 | €71,970 | +€20,679 | +40.3% |
| Income taxes | 67/77 | €10,444 | €14,649 | +€4,205 | +40.3% |
| Profit (loss) for the period | 9904 | €40,847 | €57,321 | +€16,474 | +40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,847 | €57,321 | +€16,474 | +40.3% |
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 20 October 2026 via checked.be.