SGB: 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.
SGB
Largest movements
- Receivables within one year +€43,142
up €43,142 (+52.1%), from €82,740 to €125,882
of which Other amounts receivable: +€42,383
- Cash +€34,396
up €34,396 (+49.7%), from €69,236 to €103,631
mainly Depreciation (+€65,117) and Net result for the year (+€56,338)
- Tangible fixed assets -€25,871
down €25,871 (-2.6%), from €989,924 to €964,053
of which Other tangible fixed assets: -€16,450
- Reserves +€56,338
up €56,338 (+6.0%), from €939,685 to €996,023
of which Distributable reserves: +€58,784
- Trade debts -€14,649
down €14,649 (-93.6%), from €15,658 to €1,010
- Gross operating margin +€84,115
up €84,115 (+107.7%), from €78,072 to €162,187
- Taxes +€19,757
up €19,757 (+8475.6%), from €233 to €19,991
- Depreciation +€5,120
up €5,120 (+8.5%), from €59,996 to €65,117
- Other operating charges +€4,012
up €4,012 (+21.1%), from €19,030 to €23,042
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 | €1,192,446 | €1,244,337 | +€51,891 | +4.4% |
| Fixed assets | 21/28 | €989,924 | €964,053 | -€25,871 | -2.6% |
| Tangible fixed assets | 22/27 | €989,924 | €964,053 | -€25,871 | -2.6% |
| Land and buildings | 22 | €872,812 | €858,028 | -€14,784 | -1.7% |
| Plant, machinery and equipment | 23 | €552 | €0 | -€552 | -100.0% |
| Furniture and vehicles | 24 | €0 | €5,915 | +€5,915 | |
| Other tangible fixed assets | 26 | €116,560 | €100,109 | -€16,450 | -14.1% |
| Current assets | 29/58 | €202,522 | €280,284 | +€77,762 | +38.4% |
| Amounts receivable within one year | 40/41 | €82,740 | €125,882 | +€43,142 | +52.1% |
| Trade receivables | 40 | €4,562 | €5,321 | +€759 | +16.6% |
| Other amounts receivable | 41 | €78,178 | €120,561 | +€42,383 | +54.2% |
| Current investments | 50/53 | €44,530 | €44,530 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,236 | €103,631 | +€34,396 | +49.7% |
| Deferred charges and accrued income | 490/1 | €6,017 | €6,240 | +€223 | +3.7% |
| Total equity and liabilities | 10/49 | €1,192,446 | €1,244,337 | +€51,891 | +4.4% |
| Equity | 10/15 | €1,140,087 | €1,196,425 | +€56,338 | +4.9% |
| Contributions | 10/11 | €200,402 | €200,402 | = | 0.0% |
| Reserves | 13 | €939,685 | €996,023 | +€56,338 | +6.0% |
| Tax-exempt reserves | 132 | €92,854 | €90,408 | -€2,446 | -2.6% |
| Distributable reserves | 133 | €846,832 | €905,616 | +€58,784 | +6.9% |
| Provisions and deferred taxes | 16 | €36,468 | €35,209 | -€1,259 | -3.5% |
| Deferred taxes | 168 | €36,468 | €35,209 | -€1,259 | -3.5% |
| Amounts payable | 17/49 | €15,891 | €12,703 | -€3,188 | -20.1% |
| Amounts payable within one year | 42/48 | €15,891 | €10,668 | -€5,223 | -32.9% |
| Trade debts | 44 | €15,658 | €1,010 | -€14,649 | -93.6% |
| Suppliers | 440/4 | €15,658 | €1,010 | -€14,649 | -93.6% |
| Taxes, remuneration and social security | 45 | €233 | €5,224 | +€4,991 | +2140.8% |
| Taxes | 450/3 | €233 | €5,224 | +€4,991 | +2140.8% |
| Other amounts payable | 47/48 | €0 | €4,435 | +€4,435 | |
| Accrued charges and deferred income | 492/3 | - | €2,035 | +€2,035 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,996 | €65,117 | +€5,120 | +8.5% |
| Other operating charges | 640/8 | €19,030 | €23,042 | +€4,012 | +21.1% |
| Gross operating margin | 9900 | €78,072 | €162,187 | +€84,115 | +107.7% |
| Operating profit (loss) | 9901 | -€954 | €74,029 | +€74,983 | |
| Financial income | 75/76B | €0 | €1,149 | +€1,149 | +11491600.0% |
| Recurring financial income | 75 | €0 | €1,149 | +€1,149 | +11491600.0% |
| Financial charges | 65/66B | €187 | €108 | -€78 | -42.0% |
| Recurring financial charges | 65 | €187 | €108 | -€78 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,141 | €75,069 | +€76,210 | |
| Transfer from deferred taxes | 780 | €1,259 | €1,259 | = | 0.0% |
| Income taxes | 67/77 | €233 | €19,991 | +€19,757 | +8475.6% |
| Profit (loss) for the period | 9904 | -€115 | €56,338 | +€56,453 | |
| Transfer from tax-exempt reserves | 789 | €2,446 | €2,446 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,331 | €58,784 | +€56,453 | +2421.8% |
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 9 October 2026 via checked.be.