SG2: 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.
SG2
Largest movements
- Tangible fixed assets +€399,145
up €399,145 (+87.2%), from €457,973 to €857,117
of which Land and buildings: +€387,785
- Receivables within one year +€76,853
up €76,853 (+123.1%), from €62,420 to €139,273
of which Trade receivables: +€77,596
- Cash +€29,215
up €29,215 (+74.2%), from €39,381 to €68,597
mainly Debts after one year (+€377,117) and Other debts (+€138,803)
- Debts after one year +€377,117
up €377,117 (+106.0%), from €355,779 to €732,896
- Reserves -€157,948
no longer reported in 2025 (was €157,948)
- Other debts +€138,803
up €138,803 (+364.1%), from €38,123 to €176,926
- Trade debts +€134,220
up €134,220 (+1264.9%), from €10,611 to €144,831
- Current portion of long-term debt +€15,597
up €15,597 (+57.0%), from €27,367 to €42,965
- Financial income +€45,243
up €45,243 (+90.5%), from €50,000 to €95,243
- Depreciation +€37,786
up €37,786 (+55.8%), from €67,676 to €105,462
- Financial charges +€13,454
up €13,454 (+308.4%), from €4,363 to €17,817
- Gross operating margin -€7,632
down €7,632 (-55.2%), from €13,820 to €6,187
- Taxes +€2,721
up €2,721 (+786.5%), from €346 to €3,066
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 | €614,990 | €1,117,622 | +€502,632 | +81.7% |
| Fixed assets | 21/28 | €507,973 | €907,117 | +€399,145 | +78.6% |
| Tangible fixed assets | 22/27 | €457,973 | €857,117 | +€399,145 | +87.2% |
| Land and buildings | 22 | €311,282 | €699,068 | +€387,785 | +124.6% |
| Plant, machinery and equipment | 23 | €2,934 | €2,559 | -€375 | -12.8% |
| Furniture and vehicles | 24 | €44,467 | €33,438 | -€11,029 | -24.8% |
| Other tangible fixed assets | 26 | - | €122,053 | +€122,053 | |
| Assets under construction and advance payments | 27 | €99,289 | - | -€99,289 | |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €107,017 | €210,504 | +€103,487 | +96.7% |
| Amounts receivable within one year | 40/41 | €62,420 | €139,273 | +€76,853 | +123.1% |
| Trade receivables | 40 | €54,087 | €131,684 | +€77,596 | +143.5% |
| Other amounts receivable | 41 | €8,332 | €7,589 | -€743 | -8.9% |
| Cash at bank and in hand | 54/58 | €39,381 | €68,597 | +€29,215 | +74.2% |
| Deferred charges and accrued income | 490/1 | €5,216 | €2,635 | -€2,582 | -49.5% |
| Total equity and liabilities | 10/49 | €614,990 | €1,117,622 | +€502,632 | +81.7% |
| Equity | 10/15 | €176,548 | €6,269 | -€170,279 | -96.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,948 | - | -€157,948 | |
| Distributable reserves | 133 | €157,948 | - | -€157,948 | |
| Profit (loss) carried forward | 14 | - | -€12,331 | -€12,331 | |
| Amounts payable | 17/49 | €438,442 | €1,111,353 | +€672,911 | +153.5% |
| Amounts payable after more than one year | 17 | €355,779 | €732,896 | +€377,117 | +106.0% |
| Financial debts | 170/4 | €355,779 | €732,896 | +€377,117 | +106.0% |
| Amounts payable within one year | 42/48 | €82,503 | €376,891 | +€294,388 | +356.8% |
| Current portion of amounts payable after more than one year | 42 | €27,367 | €42,965 | +€15,597 | +57.0% |
| Trade debts | 44 | €10,611 | €144,831 | +€134,220 | +1264.9% |
| Suppliers | 440/4 | €10,611 | €144,831 | +€134,220 | +1264.9% |
| Taxes, remuneration and social security | 45 | €6,401 | €12,169 | +€5,768 | +90.1% |
| Taxes | 450/3 | €1,277 | €6,865 | +€5,588 | +437.6% |
| Remuneration and social security | 454/9 | €5,124 | €5,304 | +€180 | +3.5% |
| Other amounts payable | 47/48 | €38,123 | €176,926 | +€138,803 | +364.1% |
| Accrued charges and deferred income | 492/3 | €160 | €1,566 | +€1,406 | +878.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,676 | €105,462 | +€37,786 | +55.8% |
| Other operating charges | 640/8 | €3,181 | €4,280 | +€1,099 | +34.6% |
| Non-recurring operating charges | 66A | - | €1,083 | +€1,083 | |
| Gross operating margin | 9900 | €13,820 | €6,187 | -€7,632 | -55.2% |
| Operating profit (loss) | 9901 | -€57,037 | -€104,639 | -€47,601 | -83.5% |
| Financial income | 75/76B | €50,000 | €95,243 | +€45,243 | +90.5% |
| Recurring financial income | 75 | €50,000 | €95,243 | +€45,243 | +90.5% |
| Financial charges | 65/66B | €4,363 | €17,817 | +€13,454 | +308.4% |
| Recurring financial charges | 65 | €4,363 | €17,817 | +€13,454 | +308.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,400 | -€27,213 | -€15,813 | -138.7% |
| Income taxes | 67/77 | €346 | €3,066 | +€2,721 | +786.5% |
| Profit (loss) for the period | 9904 | -€11,746 | -€30,279 | -€18,533 | -157.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,746 | -€30,279 | -€18,533 | -157.8% |
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 1 October 2026 via checked.be.