SGBO: 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.
SGBO
Largest movements
- Current investments +€42,795
up €42,795 (+25.4%), from €168,166 to €210,960
- Cash +€10,957
up €10,957 (+31.5%), from €34,765 to €45,722
mainly Net result for the year (+€50,150) and Depreciation (+€10,025)
- Tangible fixed assets -€10,025
down €10,025 (-24.1%), from €41,566 to €31,541
- Reserves +€50,150
up €50,150 (+21.5%), from €232,899 to €283,050
- Tax, wage and social debts -€5,731
down €5,731 (-37.0%), from €15,478 to €9,746
of which Taxes: -€5,731
- Other debts -€4,026
down €4,026 (-39.7%), from €10,146 to €6,120
- Gross operating margin +€7,982
up €7,982 (+11.1%), from €71,978 to €79,960
- Depreciation +€2,337
up €2,337 (+30.4%), from €7,688 to €10,025
- Taxes -€1,122
down €1,122 (-5.3%), from €21,027 to €19,905
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 | €261,726 | €305,041 | +€43,314 | +16.5% |
| Fixed assets | 21/28 | €41,566 | €31,541 | -€10,025 | -24.1% |
| Tangible fixed assets | 22/27 | €41,566 | €31,541 | -€10,025 | -24.1% |
| Furniture and vehicles | 24 | €41,566 | €31,541 | -€10,025 | -24.1% |
| Current assets | 29/58 | €220,160 | €273,500 | +€53,339 | +24.2% |
| Amounts receivable within one year | 40/41 | €16,980 | €16,818 | -€163 | -1.0% |
| Trade receivables | 40 | €12,962 | €12,705 | -€257 | -2.0% |
| Other amounts receivable | 41 | €4,018 | €4,113 | +€95 | +2.4% |
| Current investments | 50/53 | €168,166 | €210,960 | +€42,795 | +25.4% |
| Cash at bank and in hand | 54/58 | €34,765 | €45,722 | +€10,957 | +31.5% |
| Deferred charges and accrued income | 490/1 | €250 | - | -€250 | |
| Total equity and liabilities | 10/49 | €261,726 | €305,041 | +€43,314 | +16.5% |
| Equity | 10/15 | €232,899 | €283,050 | +€50,150 | +21.5% |
| Reserves | 13 | €232,899 | €283,050 | +€50,150 | +21.5% |
| Distributable reserves | 133 | €232,899 | €283,050 | +€50,150 | +21.5% |
| Amounts payable | 17/49 | €28,827 | €21,991 | -€6,836 | -23.7% |
| Amounts payable within one year | 42/48 | €28,546 | €21,213 | -€7,332 | -25.7% |
| Trade debts | 44 | €2,923 | €5,348 | +€2,425 | +83.0% |
| Suppliers | 440/4 | €2,923 | €5,348 | +€2,425 | +83.0% |
| Taxes, remuneration and social security | 45 | €15,478 | €9,746 | -€5,731 | -37.0% |
| Taxes | 450/3 | €13,178 | €7,446 | -€5,731 | -43.5% |
| Remuneration and social security | 454/9 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 47/48 | €10,146 | €6,120 | -€4,026 | -39.7% |
| Accrued charges and deferred income | 492/3 | €281 | €778 | +€496 | +176.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,688 | €10,025 | +€2,337 | +30.4% |
| Other operating charges | 640/8 | €914 | €520 | -€394 | -43.1% |
| Gross operating margin | 9900 | €71,978 | €79,960 | +€7,982 | +11.1% |
| Operating profit (loss) | 9901 | €63,376 | €69,415 | +€6,039 | +9.5% |
| Financial income | 75/76B | €333 | €795 | +€462 | +138.9% |
| Recurring financial income | 75 | €333 | €795 | +€462 | +138.9% |
| Financial charges | 65/66B | €100 | €155 | +€55 | +55.0% |
| Recurring financial charges | 65 | €100 | €155 | +€55 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €63,609 | €70,056 | +€6,447 | +10.1% |
| Income taxes | 67/77 | €21,027 | €19,905 | -€1,122 | -5.3% |
| Profit (loss) for the period | 9904 | €42,582 | €50,150 | +€7,568 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,582 | €50,150 | +€7,568 | +17.8% |
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 8 October 2026 via checked.be.