SGBC: 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.
SGBC
Largest movements
- Stocks and contracts -€88,282
down €88,282 (-66.8%), from €132,173 to €43,891
- Cash -€9,359
down €9,359 (-28.6%), from €32,701 to €23,342
mainly Net result for the year (-€71,474) and Advances received (-€25,496)
- Intangible fixed assets -€6,586
down €6,586 (-83.7%), from €7,872 to €1,286
- Receivables within one year -€5,968
down €5,968 (-12.6%), from €47,322 to €41,355
of which Other amounts receivable: -€13,299
- Tangible fixed assets -€3,988
down €3,988 (-20.5%), from €19,428 to €15,440
of which Furniture and vehicles: -€2,390
- Profit (loss) carried forward -€71,474
down €71,474 (-42.6%), from -€167,724 to -€239,197
- Advances received -€25,496
no longer reported in 2025 (was €25,496)
- Tax, wage and social debts +€12,417
up €12,417 (+18.1%), from €68,538 to €80,955
of which Remuneration and social security: +€10,668
- Debts after one year -€9,982
down €9,982 (-3.2%), from €310,716 to €300,734
- Short-term financial debts -€8,779
no longer reported in 2025 (was €8,779)
- Gross operating margin +€35,963
up €35,963 (+59.1%), from €60,833 to €96,796
- Staff costs +€35,106
up €35,106 (+55.5%), from €63,247 to €98,353
- Financial charges +€20,925
up €20,925 (+77.2%), from €27,102 to €48,026
- Depreciation +€3,678
up €3,678 (+39.7%), from €9,261 to €12,939
- Other operating charges +€3,426
up €3,426 (+113.9%), from €3,007 to €6,433
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 | €291,186 | €183,048 | -€108,139 | -37.1% |
| Fixed assets | 21/28 | €32,550 | €22,477 | -€10,074 | -30.9% |
| Intangible fixed assets | 21 | €7,872 | €1,286 | -€6,586 | -83.7% |
| Tangible fixed assets | 22/27 | €19,428 | €15,440 | -€3,988 | -20.5% |
| Plant, machinery and equipment | 23 | €11,013 | €9,415 | -€1,598 | -14.5% |
| Furniture and vehicles | 24 | €8,415 | €6,026 | -€2,390 | -28.4% |
| Financial fixed assets | 28 | €5,250 | €5,750 | +€500 | +9.5% |
| Current assets | 29/58 | €258,636 | €160,571 | -€98,065 | -37.9% |
| Amounts receivable after more than one year | 29 | €44,661 | €47,149 | +€2,488 | +5.6% |
| Other amounts receivable | 291 | €44,661 | €47,149 | +€2,488 | +5.6% |
| Stocks and contracts in progress | 3 | €132,173 | €43,891 | -€88,282 | -66.8% |
| Stocks | 30/36 | €132,173 | €43,891 | -€88,282 | -66.8% |
| Amounts receivable within one year | 40/41 | €47,322 | €41,355 | -€5,968 | -12.6% |
| Trade receivables | 40 | €6,189 | €13,520 | +€7,332 | +118.5% |
| Other amounts receivable | 41 | €41,134 | €27,834 | -€13,299 | -32.3% |
| Cash at bank and in hand | 54/58 | €32,701 | €23,342 | -€9,359 | -28.6% |
| Deferred charges and accrued income | 490/1 | €1,779 | €4,836 | +€3,057 | +171.8% |
| Total equity and liabilities | 10/49 | €291,186 | €183,048 | -€108,139 | -37.1% |
| Equity | 10/15 | -€155,324 | -€226,797 | -€71,474 | -46.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,724 | -€239,197 | -€71,474 | -42.6% |
| Amounts payable | 17/49 | €446,510 | €409,845 | -€36,665 | -8.2% |
| Amounts payable after more than one year | 17 | €310,716 | €300,734 | -€9,982 | -3.2% |
| Financial debts | 170/4 | €310,716 | €300,734 | -€9,982 | -3.2% |
| Amounts payable within one year | 42/48 | €132,244 | €109,111 | -€23,133 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €7,897 | €9,131 | +€1,233 | +15.6% |
| Financial debts | 43 | €8,779 | - | -€8,779 | |
| Other loans | 439 | €8,779 | - | -€8,779 | |
| Trade debts | 44 | €14,862 | €11,378 | -€3,484 | -23.4% |
| Suppliers | 440/4 | €14,862 | €11,378 | -€3,484 | -23.4% |
| Advances received on contracts in progress | 46 | €25,496 | - | -€25,496 | |
| Taxes, remuneration and social security | 45 | €68,538 | €80,955 | +€12,417 | +18.1% |
| Taxes | 450/3 | €62,470 | €64,219 | +€1,749 | +2.8% |
| Remuneration and social security | 454/9 | €6,068 | €16,736 | +€10,668 | +175.8% |
| Other amounts payable | 47/48 | €6,673 | €7,648 | +€975 | +14.6% |
| Accrued charges and deferred income | 492/3 | €3,550 | - | -€3,550 | |
| Non-recurring operating income | 76A | €1,417 | €1,122 | -€295 | -20.8% |
| Remuneration, social security and pensions | 62 | €63,247 | €98,353 | +€35,106 | +55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,261 | €12,939 | +€3,678 | +39.7% |
| Other operating charges | 640/8 | €3,007 | €6,433 | +€3,426 | +113.9% |
| Non-recurring operating charges | 66A | - | €6,183 | +€6,183 | |
| Gross operating margin | 9900 | €60,833 | €96,796 | +€35,963 | +59.1% |
| Operating profit (loss) | 9901 | -€14,682 | -€27,112 | -€12,430 | -84.7% |
| Financial income | 75/76B | €6,145 | €4,772 | -€1,373 | -22.3% |
| Recurring financial income | 75 | €6,145 | €4,772 | -€1,373 | -22.3% |
| Financial charges | 65/66B | €27,102 | €48,026 | +€20,925 | +77.2% |
| Recurring financial charges | 65 | €27,102 | €48,026 | +€20,925 | +77.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,639 | -€70,366 | -€34,727 | -97.4% |
| Income taxes | 67/77 | €312 | €1,108 | +€796 | +255.3% |
| Profit (loss) for the period | 9904 | -€35,951 | -€71,474 | -€35,523 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,951 | -€71,474 | -€35,523 | -98.8% |
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 6 October 2026 via checked.be.