SGC: 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.
SGC
Largest movements
- Receivables within one year +€41,054
up €41,054 (+2513.3%), from €1,634 to €42,688
- Receivables after one year -€33,029
down €33,029 (-85.4%), from €38,667 to €5,638
- Tangible fixed assets -€3,379
down €3,379 (-7.1%), from €47,872 to €44,493
of which Furniture and vehicles: -€5,000
- Tax, wage and social debts +€8,427
up €8,427 (+65.7%), from €12,821 to €21,248
of which Taxes: +€9,688
- Reserves +€7,289
up €7,289 (+47.6%), from €15,306 to €22,595
- Short-term financial debts -€4,112
down €4,112 (-31.3%), from €13,155 to €9,043
- Current portion of long-term debt -€3,564
down €3,564 (-53.1%), from €6,708 to €3,144
- Debts after one year -€3,144
down €3,144 (-10.1%), from €31,230 to €28,086
- Gross operating margin +€67,011
up €67,011 (+416.1%), from €16,106 to €83,117
- Financial charges +€56,077
up €56,077 (+1359.5%), from €4,125 to €60,201
- Taxes +€4,034
up €4,034 (+147.0%), from €2,743 to €6,777
- Depreciation +€3,109
up €3,109 (+77.2%), from €4,027 to €7,136
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 | €88,173 | €92,819 | +€4,646 | +5.3% |
| Fixed assets | 21/28 | €47,872 | €44,493 | -€3,379 | -7.1% |
| Tangible fixed assets | 22/27 | €47,872 | €44,493 | -€3,379 | -7.1% |
| Land and buildings | 22 | €38,286 | €37,417 | -€868 | -2.3% |
| Plant, machinery and equipment | 23 | €2,196 | €4,685 | +€2,489 | +113.3% |
| Furniture and vehicles | 24 | €7,391 | €2,391 | -€5,000 | -67.7% |
| Current assets | 29/58 | €40,301 | €48,326 | +€8,025 | +19.9% |
| Amounts receivable after more than one year | 29 | €38,667 | €5,638 | -€33,029 | -85.4% |
| Other amounts receivable | 291 | €38,667 | €5,638 | -€33,029 | -85.4% |
| Amounts receivable within one year | 40/41 | €1,634 | €42,688 | +€41,054 | +2513.3% |
| Trade receivables | 40 | €1,634 | €42,688 | +€41,054 | +2513.3% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €88,173 | €92,819 | +€4,646 | +5.3% |
| Equity | 10/15 | €20,967 | €28,795 | +€7,829 | +37.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,306 | €22,595 | +€7,289 | +47.6% |
| Distributable reserves | 133 | €15,306 | €22,595 | +€7,289 | +47.6% |
| Profit (loss) carried forward | 14 | -€540 | €0 | +€540 | |
| Amounts payable | 17/49 | €67,206 | €64,024 | -€3,183 | -4.7% |
| Amounts payable after more than one year | 17 | €31,230 | €28,086 | -€3,144 | -10.1% |
| Financial debts | 170/4 | €31,230 | €28,086 | -€3,144 | -10.1% |
| Amounts payable within one year | 42/48 | €35,977 | €35,938 | -€38 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €6,708 | €3,144 | -€3,564 | -53.1% |
| Financial debts | 43 | €13,155 | €9,043 | -€4,112 | -31.3% |
| Credit institutions | 430/8 | €13,155 | €9,043 | -€4,112 | -31.3% |
| Trade debts | 44 | €3,292 | €2,503 | -€789 | -24.0% |
| Suppliers | 440/4 | €3,292 | €2,503 | -€789 | -24.0% |
| Taxes, remuneration and social security | 45 | €12,821 | €21,248 | +€8,427 | +65.7% |
| Taxes | 450/3 | €11,560 | €21,248 | +€9,688 | +83.8% |
| Remuneration and social security | 454/9 | €1,261 | €0 | -€1,261 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,027 | €7,136 | +€3,109 | +77.2% |
| Other operating charges | 640/8 | €2,288 | €2,061 | -€227 | -9.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €16,106 | €83,117 | +€67,011 | +416.1% |
| Operating profit (loss) | 9901 | €9,792 | €73,920 | +€64,128 | +654.9% |
| Financial income | 75/76B | €563 | €887 | +€324 | +57.5% |
| Recurring financial income | 75 | €563 | €887 | +€324 | +57.5% |
| Financial charges | 65/66B | €4,125 | €60,201 | +€56,077 | +1359.5% |
| Recurring financial charges | 65 | €4,125 | €60,201 | +€56,077 | +1359.5% |
| Profit (loss) for the period before taxes | 9903 | €6,230 | €14,605 | +€8,375 | +134.4% |
| Income taxes | 67/77 | €2,743 | €6,777 | +€4,034 | +147.0% |
| Profit (loss) for the period | 9904 | €3,487 | €7,829 | +€4,342 | +124.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,487 | €7,829 | +€4,342 | +124.5% |
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 7 October 2026 via checked.be.