SGT Management: 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.
SGT Management
Largest movements
- Tangible fixed assets +€34,743
up €34,743 (+965%), from €3,601 to €38,345
of which Furniture and vehicles: +€35,010
- Deferred charges and accrued income +€23,725
up €23,725 (+15.4%), from €154,046 to €177,771
- Cash +€13,835
up €13,835 (+11.6%), from €119,349 to €133,184
mainly Net result for the year (+€73,158) and Depreciation (+€12,273)
- Reserves +€73,158
up €73,158 (+48.7%), from €150,110 to €223,268
of which Tax-exempt reserves: +€58,940
- Debts after one year -€9,948
down €9,948 (-37.6%), from €26,487 to €16,539
- Tax, wage and social debts +€7,714
up €7,714 (+16.0%), from €48,100 to €55,814
- Other debts +€4,904
new in 2025: €4,904
- Trade debts -€4,246
down €4,246 (-11.2%), from €38,072 to €33,827
- Gross operating margin -€63,560
down €63,560 (-30.6%), from €207,762 to €144,202
- Financial charges +€34,050
up €34,050 (+5,212%), from €653 to €34,703
- Taxes -€31,850
down €31,850 (-57.1%), from €55,821 to €23,971
- Depreciation +€12,026
up €12,026 (+4,865%), from €247 to €12,273
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 | €277,349 | €349,300 | +€71,951 | +25.9% |
| Fixed assets | 21/28 | €3,601 | €38,345 | +€34,743 | +965% |
| Tangible fixed assets | 22/27 | €3,601 | €38,345 | +€34,743 | +965% |
| Plant, machinery and equipment | 23 | €997 | €729 | -€267 | -26.8% |
| Furniture and vehicles | 24 | €2,605 | €37,615 | +€35,010 | +1,344% |
| Current assets | 29/58 | €273,748 | €310,955 | +€37,208 | +13.6% |
| Amounts receivable within one year | 40/41 | €353 | - | -€353 | |
| Trade receivables | 40 | €353 | - | -€353 | |
| Cash at bank and in hand | 54/58 | €119,349 | €133,184 | +€13,835 | +11.6% |
| Deferred charges and accrued income | 490/1 | €154,046 | €177,771 | +€23,725 | +15.4% |
| Total equity and liabilities | 10/49 | €277,349 | €349,300 | +€71,951 | +25.9% |
| Equity | 10/15 | €155,110 | €228,268 | +€73,158 | +47.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €150,110 | €223,268 | +€73,158 | +48.7% |
| Tax-exempt reserves | 132 | €58,940 | €117,880 | +€58,940 | +100% |
| Distributable reserves | 133 | €91,170 | €105,388 | +€14,218 | +15.6% |
| Amounts payable | 17/49 | €122,239 | €121,032 | -€1,207 | -1.0% |
| Amounts payable after more than one year | 17 | €26,487 | €16,539 | -€9,948 | -37.6% |
| Financial debts | 170/4 | €26,487 | €16,539 | -€9,948 | -37.6% |
| Amounts payable within one year | 42/48 | €95,752 | €104,493 | +€8,741 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €9,579 | €9,948 | +€368 | +3.8% |
| Trade debts | 44 | €38,072 | €33,827 | -€4,246 | -11.2% |
| Suppliers | 440/4 | €38,072 | €33,827 | -€4,246 | -11.2% |
| Taxes, remuneration and social security | 45 | €48,100 | €55,814 | +€7,714 | +16.0% |
| Taxes | 450/3 | €48,100 | €55,814 | +€7,714 | +16.0% |
| Other amounts payable | 47/48 | - | €4,904 | +€4,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247 | €12,273 | +€12,026 | +4,865% |
| Other operating charges | 640/8 | €934 | €590 | -€344 | -36.9% |
| Gross operating margin | 9900 | €207,762 | €144,202 | -€63,560 | -30.6% |
| Operating profit (loss) | 9901 | €206,581 | €131,339 | -€75,241 | -36.4% |
| Financial income | 75/76B | €3 | €493 | +€489 | +14,225% |
| Recurring financial income | 75 | €3 | €493 | +€489 | +14,225% |
| Financial charges | 65/66B | €653 | €34,703 | +€34,050 | +5,212% |
| Recurring financial charges | 65 | €653 | €34,703 | +€34,050 | +5,212% |
| Profit (loss) for the period before taxes | 9903 | €205,931 | €97,129 | -€108,802 | -52.8% |
| Income taxes | 67/77 | €55,821 | €23,971 | -€31,850 | -57.1% |
| Profit (loss) for the period | 9904 | €150,110 | €73,158 | -€76,952 | -51.3% |
| Transfer to tax-exempt reserves | 689 | €58,940 | €58,940 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,170 | €14,218 | -€76,952 | -84.4% |
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 28 October 2026 via checked.be.