SGM: 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.
SGM
Largest movements
- Cash -€96,779
down €96,779 (-86.9%), from €111,415 to €14,636
mainly Trade debts (-€168,084) and Short-term financial debts (-€46,471)
- Tangible fixed assets +€31,517
up €31,517 (+12.6%), from €249,785 to €281,302
of which Furniture and vehicles: +€16,657
- Receivables within one year +€30,226
up €30,226 (+4.2%), from €714,017 to €744,243
of which Other amounts receivable: +€30,226
- Trade debts -€168,084
down €168,084 (-40.1%), from €418,644 to €250,560
- Profit (loss) carried forward +€137,362
up €137,362 (+41.8%), from €328,254 to €465,616
- Other debts +€89,969
up €89,969 (+2194.4%), from €4,100 to €94,069
- Short-term financial debts -€46,471
no longer reported in 2025 (was €46,471)
- Tax, wage and social debts -€28,670
down €28,670 (-9.8%), from €291,810 to €263,140
of which Taxes: -€34,371
- Gross operating margin -€182,764
down €182,764 (-24.5%), from €745,533 to €562,769
- Staff costs -€52,647
down €52,647 (-15.9%), from €331,041 to €278,394
- Taxes +€19,823
up €19,823 (+31.1%), from €63,695 to €83,518
- Depreciation -€17,433
down €17,433 (-62.8%), from €27,773 to €10,340
- Other operating charges +€10,778
up €10,778 (+274.0%), from €3,933 to €14,711
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 | €1,572,041 | €1,535,603 | -€36,438 | -2.3% |
| Fixed assets | 21/28 | €506,250 | €537,767 | +€31,517 | +6.2% |
| Tangible fixed assets | 22/27 | €249,785 | €281,302 | +€31,517 | +12.6% |
| Land and buildings | 22 | €207,563 | €207,563 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €11,500 | +€11,500 | |
| Furniture and vehicles | 24 | €17,988 | €34,645 | +€16,657 | +92.6% |
| Other tangible fixed assets | 26 | €24,235 | €27,595 | +€3,360 | +13.9% |
| Financial fixed assets | 28 | €256,465 | €256,465 | = | 0.0% |
| Current assets | 29/58 | €1,065,791 | €997,836 | -€67,955 | -6.4% |
| Amounts receivable after more than one year | 29 | €198,647 | €198,647 | = | 0.0% |
| Other amounts receivable | 291 | €198,647 | €198,647 | = | 0.0% |
| Stocks and contracts in progress | 3 | €34,515 | €34,515 | = | 0.0% |
| Stocks | 30/36 | €34,515 | €34,515 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €714,017 | €744,243 | +€30,226 | +4.2% |
| Trade receivables | 40 | €26,000 | €26,000 | = | 0.0% |
| Other amounts receivable | 41 | €688,017 | €718,243 | +€30,226 | +4.4% |
| Cash at bank and in hand | 54/58 | €111,415 | €14,636 | -€96,779 | -86.9% |
| Deferred charges and accrued income | 490/1 | €7,198 | €5,796 | -€1,402 | -19.5% |
| Total equity and liabilities | 10/49 | €1,572,041 | €1,535,603 | -€36,438 | -2.3% |
| Equity | 10/15 | €536,319 | €673,681 | +€137,362 | +25.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €158,065 | €158,065 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €137,455 | €137,455 | = | 0.0% |
| Profit (loss) carried forward | 14 | €328,254 | €465,616 | +€137,362 | +41.8% |
| Amounts payable | 17/49 | €1,035,722 | €861,923 | -€173,800 | -16.8% |
| Amounts payable after more than one year | 17 | €225,211 | €222,455 | -€2,756 | -1.2% |
| Financial debts | 170/4 | €225,211 | €222,455 | -€2,756 | -1.2% |
| Amounts payable within one year | 42/48 | €778,830 | €607,786 | -€171,044 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €17,805 | €17 | -€17,788 | -99.9% |
| Financial debts | 43 | €46,471 | - | -€46,471 | |
| Credit institutions | 430/8 | €46,471 | - | -€46,471 | |
| Trade debts | 44 | €418,644 | €250,560 | -€168,084 | -40.1% |
| Suppliers | 440/4 | €418,644 | €250,560 | -€168,084 | -40.1% |
| Taxes, remuneration and social security | 45 | €291,810 | €263,140 | -€28,670 | -9.8% |
| Taxes | 450/3 | €172,405 | €138,035 | -€34,371 | -19.9% |
| Remuneration and social security | 454/9 | €119,405 | €125,106 | +€5,701 | +4.8% |
| Other amounts payable | 47/48 | €4,100 | €94,069 | +€89,969 | +2194.4% |
| Accrued charges and deferred income | 492/3 | €31,682 | €31,682 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €331,041 | €278,394 | -€52,647 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,773 | €10,340 | -€17,433 | -62.8% |
| Other operating charges | 640/8 | €3,933 | €14,711 | +€10,778 | +274.0% |
| Non-recurring operating charges | 66A | €81,422 | - | -€81,422 | |
| Gross operating margin | 9900 | €745,533 | €562,769 | -€182,764 | -24.5% |
| Operating profit (loss) | 9901 | €301,363 | €259,324 | -€42,039 | -13.9% |
| Financial charges | 65/66B | €9,042 | €8,444 | -€597 | -6.6% |
| Recurring financial charges | 65 | €9,042 | €8,444 | -€597 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €292,322 | €250,880 | -€41,442 | -14.2% |
| Income taxes | 67/77 | €63,695 | €83,518 | +€19,823 | +31.1% |
| Profit (loss) for the period | 9904 | €228,627 | €167,362 | -€61,265 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €228,627 | €167,362 | -€61,265 | -26.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.