SGVN: what changed
Two fiscal 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.
SGVN
Largest movements
- Cash -€9,982
down €9,982 (-86.5%), from €11,542 to €1,560
mainly Contributions, distributions and other (-€22,226) and Receivables within one year (-€3,869)
- Tangible fixed assets -€4,155
down €4,155 (-100.0%), from €4,155 to €0
of which Land and buildings: -€2,513
- Deferred charges and accrued income -€4,073
down €4,073 (-100.0%), from €4,073 to €0
- Receivables within one year +€3,869
up €3,869 (+15.0%), from €25,827 to €29,696
of which Trade receivables: +€7,076
- Stocks and contracts -€3,563
down €3,563 (-41.5%), from €8,588 to €5,025
- Reserves -€16,871
down €16,871 (-40.8%), from €41,350 to €24,478
of which Distributable reserves: -€15,011
- Trade debts -€2,280
down €2,280 (-63.0%), from €3,621 to €1,341
- Other debts +€1,105
up €1,105 (+138.2%), from €800 to €1,905
- Gross operating margin +€9,139
up €9,139 (+683.5%), from €1,337 to €10,476
- Taxes +€2,372
up €2,372 (+489.7%), from €484 to €2,856
- Write-downs +€1,963
new in 2025: €1,963
- Depreciation -€723
down €723 (-39.5%), from €1,829 to €1,106
- Financial income -€614
down €614 (-28.1%), from €2,187 to €1,573
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 | €54,225 | €36,281 | -€17,944 | -33.1% |
| Fixed assets | 21/28 | €4,195 | €0 | -€4,195 | -100.0% |
| Tangible fixed assets | 22/27 | €4,155 | €0 | -€4,155 | -100.0% |
| Land and buildings | 22 | €2,513 | €0 | -€2,513 | -100.0% |
| Furniture and vehicles | 24 | €1,642 | €0 | -€1,642 | -100.0% |
| Financial fixed assets | 28 | €40 | €0 | -€40 | -100.0% |
| Current assets | 29/58 | €50,030 | €36,281 | -€13,749 | -27.5% |
| Stocks and contracts in progress | 3 | €8,588 | €5,025 | -€3,563 | -41.5% |
| Stocks | 30/36 | €8,588 | €5,025 | -€3,563 | -41.5% |
| Amounts receivable within one year | 40/41 | €25,827 | €29,696 | +€3,869 | +15.0% |
| Trade receivables | 40 | €55 | €7,131 | +€7,076 | +12927.4% |
| Other amounts receivable | 41 | €25,772 | €22,564 | -€3,207 | -12.4% |
| Cash at bank and in hand | 54/58 | €11,542 | €1,560 | -€9,982 | -86.5% |
| Deferred charges and accrued income | 490/1 | €4,073 | €0 | -€4,073 | -100.0% |
| Total equity and liabilities | 10/49 | €54,225 | €36,281 | -€17,944 | -33.1% |
| Equity | 10/15 | €47,550 | €30,678 | -€16,871 | -35.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,350 | €24,478 | -€16,871 | -40.8% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €39,490 | €24,478 | -€15,011 | -38.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,675 | €5,602 | -€1,072 | -16.1% |
| Amounts payable within one year | 42/48 | €6,675 | €5,602 | -€1,072 | -16.1% |
| Trade debts | 44 | €3,621 | €1,341 | -€2,280 | -63.0% |
| Suppliers | 440/4 | €3,621 | €1,341 | -€2,280 | -63.0% |
| Taxes, remuneration and social security | 45 | €2,254 | €2,356 | +€102 | +4.5% |
| Taxes | 450/3 | €2,254 | €2,356 | +€102 | +4.5% |
| Other amounts payable | 47/48 | €800 | €1,905 | +€1,105 | +138.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,829 | €1,106 | -€723 | -39.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,963 | +€1,963 | |
| Other operating charges | 640/8 | €942 | €646 | -€297 | -31.5% |
| Gross operating margin | 9900 | €1,337 | €10,476 | +€9,139 | +683.5% |
| Operating profit (loss) | 9901 | -€1,434 | €6,762 | +€8,196 | |
| Financial income | 75/76B | €2,187 | €1,573 | -€614 | -28.1% |
| Recurring financial income | 75 | €2,187 | €1,573 | -€614 | -28.1% |
| Financial charges | 65/66B | €192 | €124 | -€68 | -35.5% |
| Recurring financial charges | 65 | €192 | €124 | -€68 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €560 | €8,210 | +€7,650 | +1365.9% |
| Income taxes | 67/77 | €484 | €2,856 | +€2,372 | +489.7% |
| Profit (loss) for the period | 9904 | €76 | €5,355 | +€5,279 | +6962.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76 | €5,355 | +€5,279 | +6962.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.