SGY: 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.
SGY
Largest movements
- Deferred charges and accrued income -€286,281
no longer reported in 2025 (was €286,281)
- Cash +€216,808
up €216,808 (+708%), from €30,608 to €247,416
mainly Deferred charges and accrued income (+€286,281) and Net result for the year (+€26,925)
- Tangible fixed assets +€28,098
up €28,098 (+21.8%), from €128,687 to €156,785
of which Land and buildings: +€25,729
- Other debts -€50,619
down €50,619 (-38.5%), from €131,623 to €81,004
- Reserves +€28,640
up €28,640 (+18.7%), from €153,212 to €181,852
- Debts after one year -€14,820
down €14,820 (-10.8%), from €137,642 to €122,822
- Provisions +€9,546
up €9,546 (+18.7%), from €51,071 to €60,617
- Accrued charges and deferred income -€8,539
no longer reported in 2025 (was €8,539)
- Gross operating margin -€278,103
down €278,103 (-86.1%), from €323,032 to €44,929
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 | €446,406 | €408,068 | -€38,338 | -8.6% |
| Fixed assets | 21/28 | €128,687 | €156,785 | +€28,098 | +21.8% |
| Tangible fixed assets | 22/27 | €128,687 | €156,785 | +€28,098 | +21.8% |
| Land and buildings | 22 | €128,687 | €154,416 | +€25,729 | +20.0% |
| Plant, machinery and equipment | 23 | - | €2,369 | +€2,369 | |
| Current assets | 29/58 | €317,719 | €251,283 | -€66,436 | -20.9% |
| Amounts receivable within one year | 40/41 | €830 | €3,867 | +€3,037 | +366% |
| Trade receivables | 40 | €830 | - | -€830 | |
| Other amounts receivable | 41 | - | €3,867 | +€3,867 | |
| Cash at bank and in hand | 54/58 | €30,608 | €247,416 | +€216,808 | +708% |
| Deferred charges and accrued income | 490/1 | €286,281 | - | -€286,281 | |
| Total equity and liabilities | 10/49 | €446,406 | €408,068 | -€38,338 | -8.6% |
| Equity | 10/15 | €101,848 | €128,773 | +€26,925 | +26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €153,212 | €181,852 | +€28,640 | +18.7% |
| Tax-exempt reserves | 132 | €153,212 | €181,852 | +€28,640 | +18.7% |
| Profit (loss) carried forward | 14 | -€69,964 | -€71,679 | -€1,715 | -2.5% |
| Provisions and deferred taxes | 16 | €51,071 | €60,617 | +€9,546 | +18.7% |
| Deferred taxes | 168 | €51,071 | €60,617 | +€9,546 | +18.7% |
| Amounts payable | 17/49 | €293,487 | €218,678 | -€74,809 | -25.5% |
| Amounts payable after more than one year | 17 | €137,642 | €122,822 | -€14,820 | -10.8% |
| Financial debts | 170/4 | €137,642 | €122,822 | -€14,820 | -10.8% |
| Amounts payable within one year | 42/48 | €147,306 | €95,856 | -€51,450 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €14,649 | €14,835 | +€186 | +1.3% |
| Trade debts | 44 | €383 | €17 | -€366 | -95.6% |
| Suppliers | 440/4 | €383 | €17 | -€366 | -95.6% |
| Taxes, remuneration and social security | 45 | €651 | - | -€651 | |
| Taxes | 450/3 | €651 | - | -€651 | |
| Other amounts payable | 47/48 | €131,623 | €81,004 | -€50,619 | -38.5% |
| Accrued charges and deferred income | 492/3 | €8,539 | - | -€8,539 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,377 | €4,924 | +€1,547 | +45.8% |
| Other operating charges | 640/8 | €2,322 | €2,395 | +€73 | +3.1% |
| Non-recurring operating charges | 66A | €108,478 | - | -€108,478 | |
| Gross operating margin | 9900 | €323,032 | €44,929 | -€278,103 | -86.1% |
| Operating profit (loss) | 9901 | €208,855 | €37,610 | -€171,245 | -82.0% |
| Financial income | 75/76B | - | €1,063 | +€1,063 | |
| Recurring financial income | 75 | - | €943 | +€943 | |
| Non-recurring financial income | 76B | - | €120 | +€120 | |
| Financial charges | 65/66B | €2,401 | €2,202 | -€199 | -8.3% |
| Recurring financial charges | 65 | €2,401 | €2,202 | -€199 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €206,454 | €36,471 | -€169,983 | -82.3% |
| Transfer from deferred taxes | 780 | - | €268 | +€268 | |
| Transfer to deferred taxes | 680 | €51,071 | €9,814 | -€41,257 | -80.8% |
| Profit (loss) for the period | 9904 | €155,383 | €26,925 | -€128,458 | -82.7% |
| Transfer from tax-exempt reserves | 789 | - | €802 | +€802 | |
| Transfer to tax-exempt reserves | 689 | €153,212 | €29,442 | -€123,770 | -80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,171 | -€1,715 | -€3,886 |
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 18 October 2026 via checked.be.