SGV MANAGEMENT SERVICES: 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.
SGV MANAGEMENT SERVICES
Largest movements
- Cash -€246,389
down €246,389 (-4.6%), from €5.4m to €5.2m
mainly Contributions, distributions and other (-€350,000) and Other debts (-€24,000)
- Reserves -€210,000
down €210,000 (-10.6%), from €2.0m to €1.8m
of which Distributable reserves: -€210,000
- Financial income -€1.5m
down €1.5m (-91.4%), from €1.7m to €144,384
of which Non-recurring financial income: -€1.6m
- Gross operating margin +€43,800
up €43,800 (+22.2%), from €197,061 to €240,861
- Staff costs +€8,677
up €8,677 (+10.3%), from €84,295 to €92,972
- Financial charges -€3,903
down €3,903 (-21.0%), from €18,622 to €14,719
of which Financial charges: -€3,878
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 | €6,748,936 | €6,507,095 | -€241,841 | -3.6% |
| Fixed assets | 21/28 | €196,877 | €201,429 | +€4,552 | +2.3% |
| Tangible fixed assets | 22/27 | €29,859 | €29,000 | -€859 | -2.9% |
| Land and buildings | 22 | €29,000 | €29,000 | = | 0.0% |
| Furniture and vehicles | 24 | €859 | - | -€859 | |
| Financial fixed assets | 28 | €167,018 | €172,429 | +€5,411 | +3.2% |
| Current assets | 29/58 | €6,552,059 | €6,305,666 | -€246,393 | -3.8% |
| Amounts receivable within one year | 40/41 | €1,149,318 | €1,149,314 | -€4 | 0.0% |
| Other amounts receivable | 41 | €1,149,318 | €1,149,314 | -€4 | 0.0% |
| Cash at bank and in hand | 54/58 | €5,402,741 | €5,156,352 | -€246,389 | -4.6% |
| Total equity and liabilities | 10/49 | €6,748,936 | €6,507,095 | -€241,841 | -3.6% |
| Equity | 10/15 | €6,575,543 | €6,366,470 | -€209,073 | -3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,985,610 | €1,775,610 | -€210,000 | -10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,965,000 | €1,755,000 | -€210,000 | -10.7% |
| Profit (loss) carried forward | 14 | €4,583,733 | €4,584,660 | +€927 | 0.0% |
| Amounts payable | 17/49 | €173,393 | €140,625 | -€32,768 | -18.9% |
| Amounts payable after more than one year | 17 | €3,000 | €3,000 | = | 0.0% |
| Financial debts | 170/4 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €170,393 | €137,625 | -€32,768 | -19.2% |
| Trade debts | 44 | €2,513 | €3,639 | +€1,126 | +44.8% |
| Suppliers | 440/4 | €2,513 | €3,639 | +€1,126 | +44.8% |
| Taxes, remuneration and social security | 45 | €50,380 | €40,486 | -€9,894 | -19.6% |
| Taxes | 450/3 | €38,970 | €24,930 | -€14,040 | -36.0% |
| Remuneration and social security | 454/9 | €11,410 | €15,556 | +€4,146 | +36.3% |
| Other amounts payable | 47/48 | €117,500 | €93,500 | -€24,000 | -20.4% |
| Remuneration, social security and pensions | 62 | €84,295 | €92,972 | +€8,677 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,679 | €858 | -€821 | -48.9% |
| Other operating charges | 640/8 | €1,127 | €1,539 | +€412 | +36.6% |
| Gross operating margin | 9900 | €197,061 | €240,861 | +€43,800 | +22.2% |
| Operating profit (loss) | 9901 | €109,960 | €145,492 | +€35,532 | +32.3% |
| Financial income | 75/76B | €1,678,911 | €144,384 | -€1.5m | -91.4% |
| Recurring financial income | 75 | €103,466 | €136,906 | +€33,440 | +32.3% |
| Non-recurring financial income | 76B | €1,575,445 | €7,478 | -€1.6m | -99.5% |
| Financial charges | 65/66B | €18,622 | €14,719 | -€3,903 | -21.0% |
| Recurring financial charges | 65 | €18,597 | €14,719 | -€3,878 | -20.9% |
| Non-recurring financial charges | 66B | €25 | - | -€25 | |
| Profit (loss) for the period before taxes | 9903 | €1,770,249 | €275,157 | -€1.5m | -84.5% |
| Income taxes | 67/77 | €135,691 | €134,230 | -€1,461 | -1.1% |
| Profit (loss) for the period | 9904 | €1,634,558 | €140,927 | -€1.5m | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,634,558 | €140,927 | -€1.5m | -91.4% |
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 16 October 2026 via checked.be.