SGC: what changed
SGC
Largest movements
- Receivables within one year +€60,322
up €60,322 (+585%), from €10,311 to €70,633
- Tangible fixed assets -€51,422
down €51,422 (-97.6%), from €52,688 to €1,266
- Intangible fixed assets -€11,393
no longer reported in 2025 (was €11,393)
- Deferred charges and accrued income +€6,545
up €6,545 (+2,013%), from €325 to €6,870
- Cash -€4,900
down €4,900 (-40.8%), from €12,009 to €7,110
mainly Receivables within one year (-€60,322) and Current portion of long-term debt (-€10,124)
- Trade debts +€10,814
up €10,814 (+92.3%), from €11,711 to €22,525
- Current portion of long-term debt -€10,124
down €10,124 (-52.8%), from €19,169 to €9,045
- Debts after one year -€9,045
down €9,045 (-35.2%), from €25,718 to €16,673
- Other debts -€7,781
no longer reported in 2025 (was €7,781)
- Reserves +€7,398
up €7,398 (+83.7%), from €8,841 to €16,239
- Depreciation -€15,842
down €15,842 (-93.1%), from €17,017 to €1,175
- Gross operating margin -€12,187
down €12,187 (-28.7%), from €42,506 to €30,319
- Financial charges +€9,921
up €9,921 (+251%), from €3,958 to €13,880
- Other operating charges -€1,106
down €1,106 (-43.1%), from €2,569 to €1,463
- Taxes +€811
up €811 (+14.3%), from €5,671 to €6,482
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,326 | €85,878 | -€4,448 | -4.9% |
| Fixed assets | 21/28 | €67,681 | €1,266 | -€66,415 | -98.1% |
| Intangible fixed assets | 21 | €11,393 | - | -€11,393 | |
| Tangible fixed assets | 22/27 | €52,688 | €1,266 | -€51,422 | -97.6% |
| Land and buildings | 22 | €12,289 | - | -€12,289 | |
| Plant, machinery and equipment | 23 | €21,614 | - | -€21,614 | |
| Furniture and vehicles | 24 | €18,785 | €1,266 | -€17,519 | -93.3% |
| Financial fixed assets | 28 | €3,600 | - | -€3,600 | |
| Current assets | 29/58 | €22,645 | €84,612 | +€61,967 | +274% |
| Amounts receivable within one year | 40/41 | €10,311 | €70,633 | +€60,322 | +585% |
| Trade receivables | 40 | €10,311 | €70,633 | +€60,322 | +585% |
| Cash at bank and in hand | 54/58 | €12,009 | €7,110 | -€4,900 | -40.8% |
| Deferred charges and accrued income | 490/1 | €325 | €6,870 | +€6,545 | +2,013% |
| Total equity and liabilities | 10/49 | €90,326 | €85,878 | -€4,448 | -4.9% |
| Equity | 10/15 | €10,841 | €18,239 | +€7,398 | +68.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €8,841 | €16,239 | +€7,398 | +83.7% |
| Distributable reserves | 133 | €8,841 | €16,239 | +€7,398 | +83.7% |
| Amounts payable | 17/49 | €79,485 | €67,640 | -€11,846 | -14.9% |
| Amounts payable after more than one year | 17 | €25,718 | €16,673 | -€9,045 | -35.2% |
| Financial debts | 170/4 | €25,718 | €16,673 | -€9,045 | -35.2% |
| Amounts payable within one year | 42/48 | €53,768 | €50,967 | -€2,801 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €19,169 | €9,045 | -€10,124 | -52.8% |
| Trade debts | 44 | €11,711 | €22,525 | +€10,814 | +92.3% |
| Suppliers | 440/4 | €11,711 | €22,525 | +€10,814 | +92.3% |
| Taxes, remuneration and social security | 45 | €15,107 | €19,397 | +€4,289 | +28.4% |
| Taxes | 450/3 | €15,107 | €19,397 | +€4,289 | +28.4% |
| Other amounts payable | 47/48 | €7,781 | - | -€7,781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,017 | €1,175 | -€15,842 | -93.1% |
| Other operating charges | 640/8 | €2,569 | €1,463 | -€1,106 | -43.1% |
| Gross operating margin | 9900 | €42,506 | €30,319 | -€12,187 | -28.7% |
| Operating profit (loss) | 9901 | €22,920 | €27,681 | +€4,761 | +20.8% |
| Financial income | 75/76B | - | €78 | +€78 | |
| Recurring financial income | 75 | - | €78 | +€78 | |
| Financial charges | 65/66B | €3,958 | €13,880 | +€9,921 | +251% |
| Recurring financial charges | 65 | €3,958 | €13,880 | +€9,921 | +251% |
| Profit (loss) for the period before taxes | 9903 | €18,962 | €13,880 | -€5,082 | -26.8% |
| Income taxes | 67/77 | €5,671 | €6,482 | +€811 | +14.3% |
| Profit (loss) for the period | 9904 | €13,291 | €7,398 | -€5,894 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,291 | €7,398 | -€5,894 | -44.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.