We have prepared crystallographically ordered and disorder specimens of the double perovskite, Sr$_2$FeMoO$_6$ and investigated their magnetoresistance behaviour. The extent of ordering between the Fe and Mo sites in the two samples is determined by Rietveld analysis of powder x-ray diffraction patterns and reconfirmed by M{o}ssbauer studies. While the ordered sample exhibits the sharp low-field response, followed by moderate changes in the magnetoresistance at higher fields, the disordered sample is characterised by the absence of the spectacular low-field response. We argue that the low field response depends crucially on the half-metallic ferromagnetism, while the high-field response follows from the overall magnetic nature of the sample, even in absence of the half-metallic state.