SGFR: what changed
SGFR
Largest movements
- Cash +€31,351
up €31,351 (+100.0%), from €31,351 to €62,701
mainly Trade debts (+€22,604) and Net result for the year (+€21,093)
- Receivables within one year +€3,040
up €3,040 (+18.1%), from €16,753 to €19,793
of which Trade receivables: +€3,762
- Trade debts +€22,604
up €22,604 (+2,167%), from €1,043 to €23,647
- Other debts +€17,591
up €17,591 (+103%), from €16,998 to €34,590
- Tax, wage and social debts -€3,765
down €3,765 (-57.7%), from €6,524 to €2,760
- Reserves -€2,407
down €2,407 (-10.2%), from €23,651 to €21,244
- Depreciation -€3,084
down €3,084 (-85.3%), from €3,615 to €532
- Gross operating margin -€2,581
down €2,581 (-8.3%), from €30,922 to €28,342
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 | €50,217 | €84,240 | +€34,023 | +67.8% |
| Fixed assets | 21/28 | €826 | €789 | -€37 | -4.4% |
| Tangible fixed assets | 22/27 | €826 | €789 | -€37 | -4.4% |
| Furniture and vehicles | 24 | €826 | €789 | -€37 | -4.4% |
| Current assets | 29/58 | €49,391 | €83,451 | +€34,060 | +69.0% |
| Amounts receivable within one year | 40/41 | €16,753 | €19,793 | +€3,040 | +18.1% |
| Trade receivables | 40 | €15,845 | €19,607 | +€3,762 | +23.7% |
| Other amounts receivable | 41 | €908 | €186 | -€723 | -79.5% |
| Cash at bank and in hand | 54/58 | €31,351 | €62,701 | +€31,351 | +100.0% |
| Deferred charges and accrued income | 490/1 | €1,287 | €956 | -€330 | -25.7% |
| Total equity and liabilities | 10/49 | €50,217 | €84,240 | +€34,023 | +67.8% |
| Equity | 10/15 | €25,651 | €23,244 | -€2,407 | -9.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,651 | €21,244 | -€2,407 | -10.2% |
| Distributable reserves | 133 | €23,651 | €21,244 | -€2,407 | -10.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,566 | €60,996 | +€36,430 | +148% |
| Amounts payable within one year | 42/48 | €24,566 | €60,996 | +€36,430 | +148% |
| Trade debts | 44 | €1,043 | €23,647 | +€22,604 | +2,167% |
| Suppliers | 440/4 | €1,043 | €23,647 | +€22,604 | +2,167% |
| Taxes, remuneration and social security | 45 | €6,524 | €2,760 | -€3,765 | -57.7% |
| Taxes | 450/3 | €6,524 | €2,760 | -€3,765 | -57.7% |
| Other amounts payable | 47/48 | €16,998 | €34,590 | +€17,591 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,615 | €532 | -€3,084 | -85.3% |
| Other operating charges | 640/8 | €887 | €849 | -€38 | -4.3% |
| Gross operating margin | 9900 | €30,922 | €28,342 | -€2,581 | -8.3% |
| Operating profit (loss) | 9901 | €26,419 | €26,961 | +€542 | +2.0% |
| Financial charges | 65/66B | €177 | €109 | -€68 | -38.6% |
| Recurring financial charges | 65 | €177 | €109 | -€68 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €26,243 | €26,852 | +€610 | +2.3% |
| Income taxes | 67/77 | €5,814 | €5,760 | -€55 | -0.9% |
| Profit (loss) for the period | 9904 | €20,428 | €21,093 | +€664 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,428 | €21,093 | +€664 | +3.3% |
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 8 November 2026 via checked.be.