SLG: 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.
SLG
Largest movements
- Tangible fixed assets -€71,122
down €71,122 (-4.1%), from €1.7m to €1.6m
of which Land and buildings: -€65,734
- Receivables within one year +€31,340
up €31,340 (+49.1%), from €63,806 to €95,146
of which Trade receivables: +€31,326
- Profit (loss) carried forward +€116,359
up €116,359 (+118.1%), from €98,537 to €214,896
- Debts after one year -€98,916
down €98,916 (-8.2%), from €1.2m to €1.1m
- Trade debts -€58,282
down €58,282 (-31.7%), from €183,890 to €125,608
- Tax, wage and social debts +€22,920
up €22,920 (+48.6%), from €47,150 to €70,070
of which Remuneration and social security: +€33,127
- Purchases and services +€3.0m
new in 2025: €3.0m
- Gross operating margin +€86,186
up €86,186 (+13.9%), from €617,869 to €704,055
- Staff costs +€53,663
up €53,663 (+16.9%), from €317,020 to €370,683
- Taxes +€15,769
up €15,769 (+234.3%), from €6,731 to €22,500
- Financial charges -€10,826
down €10,826 (-15.4%), from €70,269 to €59,443
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 | €2,009,551 | €1,963,829 | -€45,721 | -2.3% |
| Fixed assets | 21/28 | €1,721,338 | €1,650,216 | -€71,122 | -4.1% |
| Tangible fixed assets | 22/27 | €1,719,378 | €1,648,256 | -€71,122 | -4.1% |
| Land and buildings | 22 | €1,342,673 | €1,276,939 | -€65,734 | -4.9% |
| Plant, machinery and equipment | 23 | €373,448 | €367,463 | -€5,984 | -1.6% |
| Furniture and vehicles | 24 | €3,257 | €3,854 | +€597 | +18.3% |
| Financial fixed assets | 28 | €1,960 | €1,960 | = | 0.0% |
| Current assets | 29/58 | €288,212 | €313,613 | +€25,401 | +8.8% |
| Stocks and contracts in progress | 3 | €108,290 | €111,448 | +€3,159 | +2.9% |
| Stocks | 30/36 | €108,290 | €111,448 | +€3,159 | +2.9% |
| Amounts receivable within one year | 40/41 | €63,806 | €95,146 | +€31,340 | +49.1% |
| Trade receivables | 40 | €63,765 | €95,091 | +€31,326 | +49.1% |
| Other amounts receivable | 41 | €41 | €55 | +€14 | +32.9% |
| Cash at bank and in hand | 54/58 | €109,936 | €96,850 | -€13,087 | -11.9% |
| Deferred charges and accrued income | 490/1 | €6,181 | €10,169 | +€3,989 | +64.5% |
| Total equity and liabilities | 10/49 | €2,009,551 | €1,963,829 | -€45,721 | -2.3% |
| Equity | 10/15 | €389,592 | €505,950 | +€116,359 | +29.9% |
| Contributions | 10/11 | €18,552 | €18,552 | = | 0.0% |
| Outside capital | 11 | €18,552 | - | -€18,552 | |
| Other | 1109/19 | €18,552 | - | -€18,552 | |
| Revaluation surpluses | 12 | €143,000 | €143,000 | = | 0.0% |
| Reserves | 13 | €129,502 | €129,502 | = | 0.0% |
| Distributable reserves | 133 | €129,502 | €129,502 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,537 | €214,896 | +€116,359 | +118.1% |
| Amounts payable | 17/49 | €1,619,959 | €1,457,879 | -€162,080 | -10.0% |
| Amounts payable after more than one year | 17 | €1,204,681 | €1,105,765 | -€98,916 | -8.2% |
| Financial debts | 170/4 | €1,204,681 | €1,105,765 | -€98,916 | -8.2% |
| Amounts payable within one year | 42/48 | €409,133 | €345,707 | -€63,426 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €122,657 | €111,009 | -€11,647 | -9.5% |
| Trade debts | 44 | €183,890 | €125,608 | -€58,282 | -31.7% |
| Suppliers | 440/4 | €183,890 | €125,608 | -€58,282 | -31.7% |
| Advances received on contracts in progress | 46 | €1,000 | €1,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €47,150 | €70,070 | +€22,920 | +48.6% |
| Taxes | 450/3 | €15,802 | €5,595 | -€10,207 | -64.6% |
| Remuneration and social security | 454/9 | €31,348 | €64,475 | +€33,127 | +105.7% |
| Other amounts payable | 47/48 | €54,437 | €38,020 | -€16,417 | -30.2% |
| Accrued charges and deferred income | 492/3 | €6,145 | €6,407 | +€262 | +4.3% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,028,669 | +€3.0m | |
| Remuneration, social security and pensions | 62 | €317,020 | €370,683 | +€53,663 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,742 | €109,432 | -€1,310 | -1.2% |
| Other operating charges | 640/8 | €23,021 | €17,416 | -€5,605 | -24.3% |
| Non-recurring operating charges | 66A | - | €278 | +€278 | |
| Gross operating margin | 9900 | €617,869 | €704,055 | +€86,186 | +13.9% |
| Operating profit (loss) | 9901 | €167,086 | €206,246 | +€39,160 | +23.4% |
| Financial income | 75/76B | €32 | €56 | +€24 | +74.0% |
| Recurring financial income | 75 | €32 | €56 | +€24 | +74.0% |
| Financial charges | 65/66B | €70,269 | €59,443 | -€10,826 | -15.4% |
| Recurring financial charges | 65 | €70,269 | €59,443 | -€10,826 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €96,849 | €146,859 | +€50,009 | +51.6% |
| Income taxes | 67/77 | €6,731 | €22,500 | +€15,769 | +234.3% |
| Profit (loss) for the period | 9904 | €90,119 | €124,359 | +€34,240 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,119 | €124,359 | +€34,240 | +38.0% |
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.