SGU 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.
SGU Management
Largest movements
- Financial fixed assets +€381,818
up €381,818 (+323%), from €118,182 to €500,000
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Debts after one year +€192,877
new in 2025: €192,877
- Other debts +€67,314
up €67,314 (+89.7%), from €75,034 to €142,348
- Reserves +€37,219
up €37,219 (+53.2%), from €69,918 to €107,138
- Current portion of long-term debt +€35,755
new in 2025: €35,755
- Tax, wage and social debts +€9,552
up €9,552 (+43.7%), from €21,851 to €31,403
of which Taxes: +€9,552
- Gross operating margin -€35,288
down €35,288 (-39.6%), from €89,069 to €53,782
- Taxes -€8,350
down €8,350 (-46.4%), from €17,992 to €9,643
- Financial charges +€6,181
up €6,181 (+6,805%), from €91 to €6,271
- Other operating charges -€911
down €911 (-58.1%), from €1,568 to €657
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 | €168,804 | €512,073 | +€343,269 | +203% |
| Fixed assets | 21/28 | €118,182 | €500,000 | +€381,818 | +323% |
| Financial fixed assets | 28 | €118,182 | €500,000 | +€381,818 | +323% |
| Current assets | 29/58 | €50,622 | €12,073 | -€38,549 | -76.2% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 291 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €9,000 | €11,000 | +€2,000 | +22.2% |
| Trade receivables | 40 | €9,000 | €11,000 | +€2,000 | +22.2% |
| Cash at bank and in hand | 54/58 | €1,622 | €1,073 | -€549 | -33.9% |
| Total equity and liabilities | 10/49 | €168,804 | €512,073 | +€343,269 | +203% |
| Equity | 10/15 | €71,918 | €109,138 | +€37,219 | +51.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €69,918 | €107,138 | +€37,219 | +53.2% |
| Distributable reserves | 133 | €69,918 | €107,138 | +€37,219 | +53.2% |
| Amounts payable | 17/49 | €96,886 | €402,935 | +€306,050 | +316% |
| Amounts payable after more than one year | 17 | - | €192,877 | +€192,877 | |
| Financial debts | 170/4 | - | €192,877 | +€192,877 | |
| Amounts payable within one year | 42/48 | €96,886 | €210,058 | +€113,173 | +117% |
| Current portion of amounts payable after more than one year | 42 | - | €35,755 | +€35,755 | |
| Trade debts | 44 | - | €552 | +€552 | |
| Suppliers | 440/4 | - | €552 | +€552 | |
| Taxes, remuneration and social security | 45 | €21,851 | €31,403 | +€9,552 | +43.7% |
| Taxes | 450/3 | €19,851 | €29,403 | +€9,552 | +48.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €75,034 | €142,348 | +€67,314 | +89.7% |
| Other operating charges | 640/8 | €1,568 | €657 | -€911 | -58.1% |
| Gross operating margin | 9900 | €89,069 | €53,782 | -€35,288 | -39.6% |
| Operating profit (loss) | 9901 | €87,502 | €53,125 | -€34,377 | -39.3% |
| Financial income | 75/76B | €500 | €9 | -€491 | -98.2% |
| Recurring financial income | 75 | €500 | €9 | -€491 | -98.2% |
| Financial charges | 65/66B | €91 | €6,271 | +€6,181 | +6,805% |
| Recurring financial charges | 65 | €91 | €6,271 | +€6,181 | +6,805% |
| Profit (loss) for the period before taxes | 9903 | €87,911 | €46,862 | -€41,048 | -46.7% |
| Income taxes | 67/77 | €17,992 | €9,643 | -€8,350 | -46.4% |
| Profit (loss) for the period | 9904 | €69,918 | €37,219 | -€32,699 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,918 | €37,219 | -€32,699 | -46.8% |
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 24 October 2026 via checked.be.