SKGS: 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.
SKGS
Largest movements
- Tangible fixed assets -€52,067
down €52,067 (-4.5%), from €1.2m to €1.1m
of which Land and buildings: -€58,269
- Current investments +€45,516
new in 2025: €45,516
- Stocks and contracts +€45,166
up €45,166 (+11.8%), from €381,394 to €426,560
- Cash -€28,688
down €28,688 (-71.5%), from €40,107 to €11,420
mainly Other debts (-€138,068) and Investment in fixed assets (net) (-€86,797)
- Other debts -€138,068
down €138,068 (-17.5%), from €790,478 to €652,410
- Profit (loss) carried forward +€101,814
up €101,814, from -€101,814 to €0
- Reserves +€90,976
up €90,976 (+200%), from €45,472 to €136,449
- Debts after one year -€39,114
down €39,114 (-11.9%), from €328,053 to €288,939
- Current portion of long-term debt -€23,159
down €23,159 (-37.2%), from €62,273 to €39,114
- Gross operating margin +€220,683
up €220,683 (+158%), from €139,551 to €360,234
- Taxes +€11,526
new in 2025: €11,526
- Depreciation +€8,373
up €8,373 (+6.3%), from €133,210 to €141,584
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 | €1,609,930 | €1,602,119 | -€7,811 | -0.5% |
| Fixed assets | 21/28 | €1,169,880 | €1,115,094 | -€54,787 | -4.7% |
| Intangible fixed assets | 21 | €2,719 | €0 | -€2,719 | -100% |
| Tangible fixed assets | 22/27 | €1,167,161 | €1,115,094 | -€52,067 | -4.5% |
| Land and buildings | 22 | €925,425 | €867,156 | -€58,269 | -6.3% |
| Plant, machinery and equipment | 23 | €235,718 | €196,965 | -€38,753 | -16.4% |
| Furniture and vehicles | 24 | €6,018 | €50,973 | +€44,955 | +747% |
| Current assets | 29/58 | €440,050 | €487,025 | +€46,975 | +10.7% |
| Stocks and contracts in progress | 3 | €381,394 | €426,560 | +€45,166 | +11.8% |
| Stocks | 30/36 | €381,394 | €426,560 | +€45,166 | +11.8% |
| Amounts receivable within one year | 40/41 | €16,122 | €37 | -€16,085 | -99.8% |
| Trade receivables | 40 | €16,069 | €0 | -€16,069 | -100% |
| Other amounts receivable | 41 | €53 | €37 | -€16 | -29.8% |
| Current investments | 50/53 | - | €45,516 | +€45,516 | |
| Cash at bank and in hand | 54/58 | €40,107 | €11,420 | -€28,688 | -71.5% |
| Deferred charges and accrued income | 490/1 | €2,427 | €3,492 | +€1,065 | +43.9% |
| Total equity and liabilities | 10/49 | €1,609,930 | €1,602,119 | -€7,811 | -0.5% |
| Equity | 10/15 | €407,258 | €600,049 | +€192,791 | +47.3% |
| Contributions | 10/11 | €463,600 | €463,600 | = | 0.0% |
| Reserves | 13 | €45,472 | €136,449 | +€90,976 | +200% |
| Distributable reserves | 133 | €45,472 | €136,449 | +€90,976 | +200% |
| Profit (loss) carried forward | 14 | -€101,814 | €0 | +€101,814 | |
| Amounts payable | 17/49 | €1,202,672 | €1,002,070 | -€200,602 | -16.7% |
| Amounts payable after more than one year | 17 | €328,053 | €288,939 | -€39,114 | -11.9% |
| Financial debts | 170/4 | €328,053 | €288,939 | -€39,114 | -11.9% |
| Amounts payable within one year | 42/48 | €874,619 | €713,131 | -€161,488 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €62,273 | €39,114 | -€23,159 | -37.2% |
| Trade debts | 44 | €9,944 | €13,939 | +€3,995 | +40.2% |
| Suppliers | 440/4 | €9,944 | €13,939 | +€3,995 | +40.2% |
| Taxes, remuneration and social security | 45 | €11,925 | €7,669 | -€4,256 | -35.7% |
| Taxes | 450/3 | €11,925 | €7,669 | -€4,256 | -35.7% |
| Other amounts payable | 47/48 | €790,478 | €652,410 | -€138,068 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,210 | €141,584 | +€8,373 | +6.3% |
| Other operating charges | 640/8 | €7,558 | €7,902 | +€344 | +4.6% |
| Gross operating margin | 9900 | €139,551 | €360,234 | +€220,683 | +158% |
| Operating profit (loss) | 9901 | -€1,217 | €210,748 | +€211,965 | |
| Financial income | 75/76B | €504 | €446 | -€58 | -11.6% |
| Recurring financial income | 75 | €504 | €446 | -€58 | -11.6% |
| Financial charges | 65/66B | €7,604 | €6,877 | -€727 | -9.6% |
| Recurring financial charges | 65 | €7,604 | €6,877 | -€727 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,317 | €204,317 | +€212,634 | |
| Income taxes | 67/77 | - | €11,526 | +€11,526 | |
| Profit (loss) for the period | 9904 | -€8,317 | €192,791 | +€201,108 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,317 | €192,791 | +€201,108 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.