SGC Partners: 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.
SGC Partners
Largest movements
- Cash -€31,087
down €31,087 (-69.0%), from €45,068 to €13,981
mainly Contributions, distributions and other (-€91,013) and Debts after one year (-€17,262)
- Receivables within one year -€24,028
down €24,028 (-52.0%), from €46,166 to €22,139
of which Other amounts receivable: -€15,357
- Deferred charges and accrued income -€12,675
down €12,675 (-44.8%), from €28,287 to €15,613
- Tangible fixed assets -€7,364
down €7,364 (-8.5%), from €86,194 to €78,829
of which Land and buildings: -€8,753
- Financial fixed assets +€4,457
new in 2025: €4,457
- Contributions -€86,180
down €86,180 (-99.3%), from €86,800 to €620
- Other debts +€26,277
up €26,277 (+104%), from €25,261 to €51,538
- Reserves +€22,956
up €22,956 (+81.2%), from €28,260 to €51,216
- Debts after one year -€17,262
down €17,262 (-19.6%), from €87,946 to €70,684
- Accrued charges and deferred income -€9,897
down €9,897 (-79.5%), from €12,451 to €2,554
- Gross operating margin -€3,818
down €3,818 (-5.5%), from €69,679 to €65,862
- Depreciation +€2,579
up €2,579 (+16.3%), from €15,809 to €18,388
- Financial charges +€2,127
up €2,127 (+70.7%), from €3,010 to €5,136
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.
Derived cash bridge
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 | €275,684 | €199,517 | -€76,167 | -27.6% |
| Fixed assets | 21/28 | €86,194 | €83,286 | -€2,908 | -3.4% |
| Tangible fixed assets | 22/27 | €86,194 | €78,829 | -€7,364 | -8.5% |
| Land and buildings | 22 | €77,556 | €68,803 | -€8,753 | -11.3% |
| Plant, machinery and equipment | 23 | €2,784 | - | -€2,784 | |
| Furniture and vehicles | 24 | €5,853 | €10,026 | +€4,173 | +71.3% |
| Financial fixed assets | 28 | - | €4,457 | +€4,457 | |
| Current assets | 29/58 | €189,490 | €116,231 | -€73,259 | -38.7% |
| Amounts receivable after more than one year | 29 | €16,782 | €13,443 | -€3,339 | -19.9% |
| Other amounts receivable | 291 | €16,782 | €13,443 | -€3,339 | -19.9% |
| Amounts receivable within one year | 40/41 | €46,166 | €22,139 | -€24,028 | -52.0% |
| Trade receivables | 40 | €27,210 | €18,539 | -€8,671 | -31.9% |
| Other amounts receivable | 41 | €18,957 | €3,600 | -€15,357 | -81.0% |
| Current investments | 50/53 | €53,186 | €51,056 | -€2,130 | -4.0% |
| Cash at bank and in hand | 54/58 | €45,068 | €13,981 | -€31,087 | -69.0% |
| Deferred charges and accrued income | 490/1 | €28,287 | €15,613 | -€12,675 | -44.8% |
| Total equity and liabilities | 10/49 | €275,684 | €199,517 | -€76,167 | -27.6% |
| Equity | 10/15 | €115,060 | €51,836 | -€63,224 | -54.9% |
| Contributions | 10/11 | €86,800 | €620 | -€86,180 | -99.3% |
| Reserves | 13 | €28,260 | €51,216 | +€22,956 | +81.2% |
| Distributable reserves | 133 | €28,260 | €51,216 | +€22,956 | +81.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €160,624 | €147,681 | -€12,943 | -8.1% |
| Amounts payable after more than one year | 17 | €87,946 | €70,684 | -€17,262 | -19.6% |
| Financial debts | 170/4 | €87,946 | €70,684 | -€17,262 | -19.6% |
| Amounts payable within one year | 42/48 | €60,227 | €74,443 | +€14,216 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €17,016 | €17,262 | +€246 | +1.4% |
| Trade debts | 44 | €7,388 | €1,462 | -€5,926 | -80.2% |
| Suppliers | 440/4 | €7,388 | €1,462 | -€5,926 | -80.2% |
| Taxes, remuneration and social security | 45 | €10,563 | €4,181 | -€6,382 | -60.4% |
| Taxes | 450/3 | €10,563 | €4,181 | -€6,382 | -60.4% |
| Other amounts payable | 47/48 | €25,261 | €51,538 | +€26,277 | +104% |
| Accrued charges and deferred income | 492/3 | €12,451 | €2,554 | -€9,897 | -79.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,809 | €18,388 | +€2,579 | +16.3% |
| Other operating charges | 640/8 | €2,367 | €2,295 | -€72 | -3.1% |
| Gross operating margin | 9900 | €69,679 | €65,862 | -€3,818 | -5.5% |
| Operating profit (loss) | 9901 | €51,503 | €45,179 | -€6,324 | -12.3% |
| Financial income | 75/76B | €1,414 | €1,496 | +€83 | +5.9% |
| Recurring financial income | 75 | €1,414 | €1,496 | +€83 | +5.9% |
| Financial charges | 65/66B | €3,010 | €5,136 | +€2,127 | +70.7% |
| Recurring financial charges | 65 | €3,010 | €5,136 | +€2,127 | +70.7% |
| Profit (loss) for the period before taxes | 9903 | €49,907 | €41,539 | -€8,368 | -16.8% |
| Income taxes | 67/77 | €13,660 | €13,750 | +€90 | +0.7% |
| Profit (loss) for the period | 9904 | €36,247 | €27,789 | -€8,458 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,247 | €27,789 | -€8,458 | -23.3% |
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 25 October 2026 via checked.be.