SGLaw: 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.
SGLaw
Largest movements
- Current investments +€270,811
new in 2025: €270,811
- Cash -€155,557
down €155,557 (-36.5%), from €425,785 to €270,228
mainly Current investments (-€270,811) and Receivables within one year (-€48,055)
- Receivables within one year +€48,055
up €48,055 (+119%), from €40,309 to €88,364
of which Trade receivables: +€44,170
- Tangible fixed assets -€16,412
down €16,412 (-11.4%), from €143,791 to €127,380
of which Land and buildings: -€10,408
- Reserves +€130,000
up €130,000 (+50.6%), from €256,860 to €386,860
of which Distributable reserves: +€130,000
- Other debts +€16,400
new in 2025: €16,400
- Profit (loss) carried forward +€10,299
up €10,299 (+4.0%), from €259,618 to €269,917
- Trade debts -€9,639
down €9,639 (-37.4%), from €25,793 to €16,154
- Debts after one year -€9,430
down €9,430 (-16.4%), from €57,423 to €47,994
- Gross operating margin +€36,500
up €36,500 (+16.7%), from €219,163 to €255,662
- Taxes +€19,634
up €19,634 (+35.0%), from €56,168 to €75,802
- Financial charges +€2,643
up €2,643 (+996%), from €265 to €2,908
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 | €657,877 | €804,353 | +€146,476 | +22.3% |
| Fixed assets | 21/28 | €143,791 | €127,380 | -€16,412 | -11.4% |
| Tangible fixed assets | 22/27 | €143,791 | €127,380 | -€16,412 | -11.4% |
| Land and buildings | 22 | €134,589 | €124,182 | -€10,408 | -7.7% |
| Plant, machinery and equipment | 23 | €1,530 | €1,372 | -€159 | -10.4% |
| Furniture and vehicles | 24 | €7,672 | €1,826 | -€5,845 | -76.2% |
| Current assets | 29/58 | €514,085 | €676,973 | +€162,888 | +31.7% |
| Amounts receivable after more than one year | 29 | €46,800 | €46,800 | = | 0.0% |
| Other amounts receivable | 291 | €46,800 | €46,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,309 | €88,364 | +€48,055 | +119% |
| Trade receivables | 40 | €26,158 | €70,328 | +€44,170 | +169% |
| Other amounts receivable | 41 | €14,151 | €18,036 | +€3,885 | +27.5% |
| Current investments | 50/53 | - | €270,811 | +€270,811 | |
| Cash at bank and in hand | 54/58 | €425,785 | €270,228 | -€155,557 | -36.5% |
| Deferred charges and accrued income | 490/1 | €1,192 | €770 | -€422 | -35.4% |
| Total equity and liabilities | 10/49 | €657,877 | €804,353 | +€146,476 | +22.3% |
| Equity | 10/15 | €528,878 | €669,177 | +€140,299 | +26.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €256,860 | €386,860 | +€130,000 | +50.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €255,000 | €385,000 | +€130,000 | +51.0% |
| Profit (loss) carried forward | 14 | €259,618 | €269,917 | +€10,299 | +4.0% |
| Amounts payable | 17/49 | €128,999 | €135,176 | +€6,177 | +4.8% |
| Amounts payable after more than one year | 17 | €57,423 | €47,994 | -€9,430 | -16.4% |
| Financial debts | 170/4 | €57,423 | €47,994 | -€9,430 | -16.4% |
| Amounts payable within one year | 42/48 | €71,576 | €87,183 | +€15,607 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €3,342 | €6,201 | +€2,860 | +85.6% |
| Financial debts | 43 | - | €1,409 | +€1,409 | |
| Credit institutions | 430/8 | - | €1,409 | +€1,409 | |
| Trade debts | 44 | €25,793 | €16,154 | -€9,639 | -37.4% |
| Suppliers | 440/4 | €25,793 | €16,154 | -€9,639 | -37.4% |
| Taxes, remuneration and social security | 45 | €42,441 | €47,019 | +€4,577 | +10.8% |
| Taxes | 450/3 | €42,441 | €47,019 | +€4,577 | +10.8% |
| Other amounts payable | 47/48 | - | €16,400 | +€16,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,107 | €16,412 | -€1,696 | -9.4% |
| Other operating charges | 640/8 | €1,192 | €1,087 | -€105 | -8.8% |
| Gross operating margin | 9900 | €219,163 | €255,662 | +€36,500 | +16.7% |
| Operating profit (loss) | 9901 | €199,863 | €238,164 | +€38,301 | +19.2% |
| Financial income | 75/76B | - | €846 | +€846 | |
| Recurring financial income | 75 | - | €846 | +€846 | |
| Financial charges | 65/66B | €265 | €2,908 | +€2,643 | +996% |
| Recurring financial charges | 65 | €265 | €2,908 | +€2,643 | +996% |
| Profit (loss) for the period before taxes | 9903 | €199,598 | €236,101 | +€36,503 | +18.3% |
| Income taxes | 67/77 | €56,168 | €75,802 | +€19,634 | +35.0% |
| Profit (loss) for the period | 9904 | €143,430 | €160,299 | +€16,869 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €143,430 | €160,299 | +€16,869 | +11.8% |
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 16 October 2026 via checked.be.