SGAF Beheer: 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.
What changed
SGAF Beheer
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€193,501
2024 · -€83,731-€109,769
Equity
€2.1m
2024 · €2.3m-€193,501
Cash
€60,289
2024 · €96,414-€36,125
Balance sheet total
€11.0m
2024 · €7.1m+€3.8m
Largest movements
Assets
- Tangible fixed assets +€3.9m
up €3.9m (+55.8%), from €6.9m to €10.8m
of which Land and buildings: +€4.1m
Equity and liabilities
- Debts after one year +€5.7m
up €5.7m (+316%), from €1.8m to €7.5m
of which Other amounts payable: +€3.5m
- Trade debts -€1.3m
down €1.3m (-98.2%), from €1.4m to €24,064
- Other debts -€504,730
down €504,730 (-93.1%), from €542,116 to €37,386
- Reserves -€193,501
down €193,501 (-9.5%), from €2.0m to €1.8m
of which Distributable reserves: -€100,851
- Current portion of long-term debt +€170,753
up €170,753 (+54.8%), from €311,541 to €482,294
Income statement
- Gross operating margin +€179,128
up €179,128 (+48.0%), from €372,845 to €551,973
- Depreciation +€121,667
up €121,667 (+43.8%), from €277,519 to €399,186
- Financial charges +€87,560
up €87,560 (+125%), from €70,181 to €157,741
- Staff costs +€51,512
up €51,512 (+69.6%), from €74,010 to €125,522
- Other operating charges +€23,365
up €23,365 (+27.5%), from €84,878 to €108,244
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.
Result 2024
-€83,731
Gross operating margin
+€179,128
Staff costs
-€51,512
Depreciation
-€121,667
Other operating charges
-€23,365
Financial income
-€20,118
Financial charges
-€87,560
Deferred taxes and other
+€15,325
Result 2025
-€193,501
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.6m
Investment
-€4.3m
Financing
+€5.9m
Cash 2024
€96,414
From operations (derived)
-€1.6m
Net result for the year
-€193,501
Depreciation
+€399,186
Smaller working-capital items
+€23,835
Provisions
-€44,952
Trade debts
-€1.3m
Advances received
+€39,194
Other debts
-€504,730
Investment (derived)
-€4.3m
Investment in fixed assets (net)
-€4.3m
Financing
+€5.9m
Debts after one year
+€5.7m
Current portion of long-term debt
+€170,753
Cash 2025
€60,289
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,137,502 | €10,968,000 | +€3.8m | +53.7% |
| Fixed assets | 21/28 | €6,942,145 | €10,814,998 | +€3.9m | +55.8% |
| Tangible fixed assets | 22/27 | €6,940,495 | €10,813,398 | +€3.9m | +55.8% |
| Land and buildings | 22 | €6,643,705 | €10,758,472 | +€4.1m | +61.9% |
| Plant, machinery and equipment | 23 | €24,288 | €25,946 | +€1,658 | +6.8% |
| Furniture and vehicles | 24 | €32,859 | €28,980 | -€3,879 | -11.8% |
| Assets under construction and advance payments | 27 | €239,644 | - | -€239,644 | |
| Financial fixed assets | 28 | €1,650 | €1,600 | -€50 | -3.0% |
| Current assets | 29/58 | €195,358 | €153,002 | -€42,356 | -21.7% |
| Amounts receivable within one year | 40/41 | €72,566 | €70,648 | -€1,918 | -2.6% |
| Trade receivables | 40 | €62,962 | €51,396 | -€11,566 | -18.4% |
| Other amounts receivable | 41 | €9,604 | €19,251 | +€9,648 | +100% |
| Cash at bank and in hand | 54/58 | €96,414 | €60,289 | -€36,125 | -37.5% |
| Deferred charges and accrued income | 490/1 | €26,378 | €22,065 | -€4,313 | -16.4% |
| Total equity and liabilities | 10/49 | €7,137,502 | €10,968,000 | +€3.8m | +53.7% |
| Equity | 10/15 | €2,293,452 | €2,099,951 | -€193,501 | -8.4% |
| Contributions | 10/11 | €215,667 | €215,667 | = | 0.0% |
| Capital | 10 | €215,667 | €215,667 | = | 0.0% |
| Issued capital | 100 | €215,667 | €215,667 | = | 0.0% |
| Revaluation surpluses | 12 | €40,997 | €40,997 | = | 0.0% |
| Reserves | 13 | €2,036,787 | €1,843,286 | -€193,501 | -9.5% |
| Non-distributable reserves | 130/1 | €21,567 | €21,567 | = | 0.0% |
| Legal reserve | 130 | €21,567 | €21,567 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,665,870 | €1,573,221 | -€92,649 | -5.6% |
| Distributable reserves | 133 | €349,350 | €248,498 | -€100,851 | -28.9% |
| Provisions and deferred taxes | 16 | €825,207 | €780,254 | -€44,952 | -5.4% |
| Deferred taxes | 168 | €825,207 | €780,254 | -€44,952 | -5.4% |
| Amounts payable | 17/49 | €4,018,844 | €8,087,794 | +€4.1m | +101% |
| Amounts payable after more than one year | 17 | €1,797,225 | €7,476,733 | +€5.7m | +316% |
| Financial debts | 170/4 | €1,797,225 | €4,026,733 | +€2.2m | +124% |
| Other amounts payable | 178/9 | - | €3,450,000 | +€3.5m | |
| Amounts payable within one year | 42/48 | €2,217,994 | €598,170 | -€1.6m | -73.0% |
| Current portion of amounts payable after more than one year | 42 | €311,541 | €482,294 | +€170,753 | +54.8% |
| Trade debts | 44 | €1,357,442 | €24,064 | -€1.3m | -98.2% |
| Suppliers | 440/4 | €1,357,442 | €24,064 | -€1.3m | -98.2% |
| Advances received on contracts in progress | 46 | - | €39,194 | +€39,194 | |
| Taxes, remuneration and social security | 45 | €6,896 | €15,233 | +€8,336 | +121% |
| Taxes | 450/3 | €2,289 | €15 | -€2,274 | -99.3% |
| Remuneration and social security | 454/9 | €4,607 | €15,217 | +€10,610 | +230% |
| Other amounts payable | 47/48 | €542,116 | €37,386 | -€504,730 | -93.1% |
| Accrued charges and deferred income | 492/3 | €3,625 | €12,891 | +€9,267 | +256% |
| Remuneration, social security and pensions | 62 | €74,010 | €125,522 | +€51,512 | +69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,519 | €399,186 | +€121,667 | +43.8% |
| Other operating charges | 640/8 | €84,878 | €108,244 | +€23,365 | +27.5% |
| Gross operating margin | 9900 | €372,845 | €551,973 | +€179,128 | +48.0% |
| Operating profit (loss) | 9901 | -€63,562 | -€80,978 | -€17,417 | -27.4% |
| Financial income | 75/76B | €20,384 | €267 | -€20,118 | -98.7% |
| Recurring financial income | 75 | €20,384 | €267 | -€20,118 | -98.7% |
| Financial charges | 65/66B | €70,181 | €157,741 | +€87,560 | +125% |
| Recurring financial charges | 65 | €70,181 | €157,741 | +€87,560 | +125% |
| Profit (loss) for the period before taxes | 9903 | -€113,358 | -€238,453 | -€125,094 | -110% |
| Transfer from deferred taxes | 780 | €29,627 | €44,952 | +€15,325 | +51.7% |
| Profit (loss) for the period | 9904 | -€83,731 | -€193,501 | -€109,769 | -131% |
| Transfer from tax-exempt reserves | 789 | €65,565 | €92,649 | +€27,084 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,166 | -€100,851 | -€82,685 | -455% |
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 14 October 2026 via checked.be.