SGConstruct: 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.
SGConstruct
Largest movements
- Tangible fixed assets +€76,332
up €76,332 (+193.9%), from €39,368 to €115,700
of which Furniture and vehicles: +€51,317
- Cash -€70,005
down €70,005 (-52.0%), from €134,689 to €64,683
mainly Contributions, distributions and other (-€151,399) and Investment in fixed assets (net) (-€103,876)
- Receivables within one year +€47,955
up €47,955 (+572.8%), from €8,372 to €56,326
of which Trade receivables: +€45,345
- Deferred charges and accrued income +€2,500
up €2,500 (+1020.4%), from €245 to €2,745
- Other debts +€114,716
up €114,716 (+4615.8%), from €2,485 to €117,201
- Reserves -€101,593
down €101,593 (-87.3%), from €116,399 to €14,805
- Debts after one year +€25,451
up €25,451 (+153.6%), from €16,572 to €42,023
- Current portion of long-term debt +€17,139
up €17,139 (+107.5%), from €15,937 to €33,076
- Depreciation +€13,922
up €13,922 (+102.2%), from €13,622 to €27,544
- Gross operating margin -€12,634
down €12,634 (-11.7%), from €108,155 to €95,521
- Taxes -€4,921
down €4,921 (-25.7%), from €19,166 to €14,246
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 | €182,673 | €239,455 | +€56,781 | +31.1% |
| Fixed assets | 21/28 | €39,368 | €115,700 | +€76,332 | +193.9% |
| Tangible fixed assets | 22/27 | €39,368 | €115,700 | +€76,332 | +193.9% |
| Plant, machinery and equipment | 23 | €746 | €402 | -€344 | -46.1% |
| Furniture and vehicles | 24 | €38,622 | €89,938 | +€51,317 | +132.9% |
| Other tangible fixed assets | 26 | - | €25,359 | +€25,359 | |
| Current assets | 29/58 | €143,305 | €123,755 | -€19,551 | -13.6% |
| Amounts receivable within one year | 40/41 | €8,372 | €56,326 | +€47,955 | +572.8% |
| Trade receivables | 40 | €7,727 | €53,072 | +€45,345 | +586.8% |
| Other amounts receivable | 41 | €645 | €3,254 | +€2,610 | +404.9% |
| Cash at bank and in hand | 54/58 | €134,689 | €64,683 | -€70,005 | -52.0% |
| Deferred charges and accrued income | 490/1 | €245 | €2,745 | +€2,500 | +1020.4% |
| Total equity and liabilities | 10/49 | €182,673 | €239,455 | +€56,781 | +31.1% |
| Equity | 10/15 | €121,399 | €19,805 | -€101,593 | -83.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €116,399 | €14,805 | -€101,593 | -87.3% |
| Distributable reserves | 133 | €116,399 | €14,805 | -€101,593 | -87.3% |
| Amounts payable | 17/49 | €61,275 | €219,649 | +€158,375 | +258.5% |
| Amounts payable after more than one year | 17 | €16,572 | €42,023 | +€25,451 | +153.6% |
| Financial debts | 170/4 | €16,572 | €42,023 | +€25,451 | +153.6% |
| Amounts payable within one year | 42/48 | €44,703 | €177,626 | +€132,923 | +297.3% |
| Current portion of amounts payable after more than one year | 42 | €15,937 | €33,076 | +€17,139 | +107.5% |
| Trade debts | 44 | - | €91 | +€91 | |
| Suppliers | 440/4 | - | €91 | +€91 | |
| Taxes, remuneration and social security | 45 | €26,280 | €27,258 | +€978 | +3.7% |
| Taxes | 450/3 | €26,280 | €27,258 | +€978 | +3.7% |
| Other amounts payable | 47/48 | €2,485 | €117,201 | +€114,716 | +4615.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,622 | €27,544 | +€13,922 | +102.2% |
| Other operating charges | 640/8 | €2,146 | €1,418 | -€727 | -33.9% |
| Gross operating margin | 9900 | €108,155 | €95,521 | -€12,634 | -11.7% |
| Operating profit (loss) | 9901 | €92,387 | €66,559 | -€25,828 | -28.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,016 | €2,509 | +€492 | +24.4% |
| Recurring financial charges | 65 | €2,016 | €2,509 | +€492 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €90,371 | €64,051 | -€26,320 | -29.1% |
| Income taxes | 67/77 | €19,166 | €14,246 | -€4,921 | -25.7% |
| Profit (loss) for the period | 9904 | €71,205 | €49,805 | -€21,399 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,205 | €49,805 | -€21,399 | -30.1% |
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.