SGP: 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.
SGP
Largest movements
- Tangible fixed assets +€270,493
up €270,493 (+9.5%), from €2.8m to €3.1m
of which Assets under construction and advance payments: +€393,796
- Cash -€36,284
down €36,284 (-41.3%), from €87,938 to €51,654
mainly Investment in fixed assets (net) (-€393,796) and Net result for the year (-€160,690)
- Other debts +€369,363
up €369,363 (+51.2%), from €721,912 to €1.1m
- Profit (loss) carried forward -€160,690
down €160,690 (-9.0%), from -€1.8m to -€2.0m
- Financial charges +€22,912
up €22,912 (+83.0%), from €27,616 to €50,529
- Gross operating margin +€20,394
up €20,394 (+411%), from €4,966 to €25,360
- Purchases and services -€14,690
down €14,690 (-18.6%), from €79,034 to €64,344
- Depreciation +€9,348
up €9,348 (+8.2%), from €113,956 to €123,304
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 | €2,932,712 | €3,171,204 | +€238,492 | +8.1% |
| Fixed assets | 21/28 | €2,844,774 | €3,115,267 | +€270,493 | +9.5% |
| Tangible fixed assets | 22/27 | €2,843,561 | €3,114,054 | +€270,493 | +9.5% |
| Land and buildings | 22 | €2,714,704 | €2,591,401 | -€123,304 | -4.5% |
| Assets under construction and advance payments | 27 | €128,857 | €522,653 | +€393,796 | +306% |
| Financial fixed assets | 28 | €1,213 | €1,213 | = | 0.0% |
| Current assets | 29/58 | €87,938 | €55,937 | -€32,001 | -36.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €87,938 | €51,654 | -€36,284 | -41.3% |
| Deferred charges and accrued income | 490/1 | €0 | €4,283 | +€4,283 | |
| Total equity and liabilities | 10/49 | €2,932,712 | €3,171,204 | +€238,492 | +8.1% |
| Equity | 10/15 | €2,207,539 | €2,046,849 | -€160,690 | -7.3% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,792,461 | -€1,953,151 | -€160,690 | -9.0% |
| Amounts payable | 17/49 | €725,172 | €1,124,354 | +€399,182 | +55.0% |
| Amounts payable within one year | 42/48 | €725,172 | €1,124,354 | +€399,182 | +55.0% |
| Trade debts | 44 | €3,260 | €33,079 | +€29,819 | +915% |
| Suppliers | 440/4 | €3,260 | €33,079 | +€29,819 | +915% |
| Other amounts payable | 47/48 | €721,912 | €1,091,275 | +€369,363 | +51.2% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Turnover | 70 | €84,000 | €84,000 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €79,034 | €64,344 | -€14,690 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,956 | €123,304 | +€9,348 | +8.2% |
| Other operating charges | 640/8 | €11,518 | €12,217 | +€699 | +6.1% |
| Gross operating margin | 9900 | €4,966 | €25,360 | +€20,394 | +411% |
| Operating profit (loss) | 9901 | -€120,508 | -€110,161 | +€10,347 | +8.6% |
| Financial charges | 65/66B | €27,616 | €50,529 | +€22,912 | +83.0% |
| Recurring financial charges | 65 | €27,616 | €50,529 | +€22,912 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | -€148,125 | -€160,690 | -€12,565 | -8.5% |
| Profit (loss) for the period | 9904 | -€148,125 | -€160,690 | -€12,565 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,125 | -€160,690 | -€12,565 | -8.5% |
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 14 October 2026 via checked.be.