SJG 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.
SJG MANAGEMENT
Largest movements
- Receivables within one year +€116,294
up €116,294 (+4,153%), from €2,800 to €119,094
of which Other amounts receivable: +€60,700
- Cash -€88,720
down €88,720 (-81.7%), from €108,560 to €19,840
mainly Receivables within one year (-€116,294) and Debts after one year (-€54,482)
- Current investments +€33,827
up €33,827 (+51.5%), from €65,691 to €99,518
- Reserves +€147,057
up €147,057 (+144%), from €101,869 to €248,926
- Debts after one year -€54,482
down €54,482 (-17.4%), from €313,255 to €258,773
- Trade debts -€54,418
down €54,418 (-99.9%), from €54,450 to €32
- Tax, wage and social debts +€21,270
up €21,270 (+39.2%), from €54,218 to €75,488
- Gross operating margin +€61,204
up €61,204 (+38.7%), from €158,174 to €219,378
- Taxes +€19,737
up €19,737 (+41.5%), from €47,554 to €67,291
- Financial income +€7,573
up €7,573 (+1,292%), from €586 to €8,159
- Financial charges +€3,685
up €3,685 (+39.6%), from €9,296 to €12,981
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 | €578,445 | €639,750 | +€61,305 | +10.6% |
| Fixed assets | 21/28 | €401,394 | €401,298 | -€96 | 0.0% |
| Tangible fixed assets | 22/27 | €248 | €152 | -€96 | -38.7% |
| Furniture and vehicles | 24 | €248 | €152 | -€96 | -38.7% |
| Financial fixed assets | 28 | €401,146 | €401,146 | = | 0.0% |
| Current assets | 29/58 | €177,051 | €238,452 | +€61,401 | +34.7% |
| Amounts receivable within one year | 40/41 | €2,800 | €119,094 | +€116,294 | +4,153% |
| Trade receivables | 40 | - | €55,594 | +€55,594 | |
| Other amounts receivable | 41 | €2,800 | €63,500 | +€60,700 | +2,168% |
| Current investments | 50/53 | €65,691 | €99,518 | +€33,827 | +51.5% |
| Cash at bank and in hand | 54/58 | €108,560 | €19,840 | -€88,720 | -81.7% |
| Total equity and liabilities | 10/49 | €578,445 | €639,750 | +€61,305 | +10.6% |
| Equity | 10/15 | €103,869 | €250,926 | +€147,057 | +142% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €101,869 | €248,926 | +€147,057 | +144% |
| Distributable reserves | 133 | €101,869 | €248,926 | +€147,057 | +144% |
| Amounts payable | 17/49 | €474,576 | €388,824 | -€85,752 | -18.1% |
| Amounts payable after more than one year | 17 | €313,255 | €258,773 | -€54,482 | -17.4% |
| Financial debts | 170/4 | €313,255 | €258,773 | -€54,482 | -17.4% |
| Amounts payable within one year | 42/48 | €161,321 | €130,051 | -€31,270 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €52,653 | €54,481 | +€1,828 | +3.5% |
| Trade debts | 44 | €54,450 | €32 | -€54,418 | -99.9% |
| Suppliers | 440/4 | €54,450 | €32 | -€54,418 | -99.9% |
| Taxes, remuneration and social security | 45 | €54,218 | €75,488 | +€21,270 | +39.2% |
| Taxes | 450/3 | €54,218 | €75,488 | +€21,270 | +39.2% |
| Other amounts payable | 47/48 | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €96 | +€55 | +134% |
| Other operating charges | 640/8 | - | €112 | +€112 | |
| Gross operating margin | 9900 | €158,174 | €219,378 | +€61,204 | +38.7% |
| Operating profit (loss) | 9901 | €158,133 | €219,170 | +€61,037 | +38.6% |
| Financial income | 75/76B | €586 | €8,159 | +€7,573 | +1,292% |
| Recurring financial income | 75 | €586 | €8,159 | +€7,573 | +1,292% |
| Financial charges | 65/66B | €9,296 | €12,981 | +€3,685 | +39.6% |
| Recurring financial charges | 65 | €9,296 | €12,981 | +€3,685 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €149,423 | €214,348 | +€64,925 | +43.5% |
| Income taxes | 67/77 | €47,554 | €67,291 | +€19,737 | +41.5% |
| Profit (loss) for the period | 9904 | €101,869 | €147,057 | +€45,188 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,869 | €147,057 | +€45,188 | +44.4% |
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 23 October 2026 via checked.be.