De Saeger Projects: 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.
De Saeger Projects
Largest movements
- Stocks and contracts +€583,950
up €583,950 (+146.4%), from €398,973 to €982,923
- Cash -€60,390
down €60,390 (-51.6%), from €116,932 to €56,542
mainly Stocks and contracts (-€583,950) and Debts after one year (-€66,310)
- Receivables within one year +€45,353
up €45,353 (+195.9%), from €23,154 to €68,507
of which Other amounts receivable: +€39,414
- Short-term financial debts +€555,841
new in 2025: €555,841
- Debts after one year -€66,310
down €66,310 (-15.4%), from €430,000 to €363,690
- Accrued charges and deferred income +€51,265
up €51,265 (+856.3%), from €5,987 to €57,252
- Profit (loss) carried forward +€16,102
up €16,102, from -€7,503 to €8,599
- Gross operating margin +€43,003
up €43,003, from -€5,596 to €37,407
- Financial charges +€17,368
up €17,368 (+9838.6%), from €177 to €17,545
- Taxes +€2,186
new in 2025: €2,186
- Depreciation -€1,371
down €1,371 (-79.2%), from €1,730 to €360
- Other operating charges +€1,228
new in 2025: €1,228
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 | €540,528 | €1,110,018 | +€569,490 | +105.4% |
| Fixed assets | 21/28 | €1,469 | €1,109 | -€360 | -24.5% |
| Tangible fixed assets | 22/27 | €1,469 | €1,109 | -€360 | -24.5% |
| Furniture and vehicles | 24 | €1,469 | €1,109 | -€360 | -24.5% |
| Current assets | 29/58 | €539,059 | €1,108,909 | +€569,850 | +105.7% |
| Stocks and contracts in progress | 3 | €398,973 | €982,923 | +€583,950 | +146.4% |
| Stocks | 30/36 | €398,973 | €982,923 | +€583,950 | +146.4% |
| Amounts receivable within one year | 40/41 | €23,154 | €68,507 | +€45,353 | +195.9% |
| Trade receivables | 40 | €1,840 | €7,779 | +€5,939 | +322.8% |
| Other amounts receivable | 41 | €21,314 | €60,728 | +€39,414 | +184.9% |
| Cash at bank and in hand | 54/58 | €116,932 | €56,542 | -€60,390 | -51.6% |
| Deferred charges and accrued income | 490/1 | - | €937 | +€937 | |
| Total equity and liabilities | 10/49 | €540,528 | €1,110,018 | +€569,490 | +105.4% |
| Equity | 10/15 | €72,497 | €88,599 | +€16,102 | +22.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,503 | €8,599 | +€16,102 | |
| Amounts payable | 17/49 | €468,031 | €1,021,418 | +€553,388 | +118.2% |
| Amounts payable after more than one year | 17 | €430,000 | €363,690 | -€66,310 | -15.4% |
| Financial debts | 170/4 | €430,000 | €363,690 | -€66,310 | -15.4% |
| Amounts payable within one year | 42/48 | €32,044 | €600,476 | +€568,432 | +1773.9% |
| Current portion of amounts payable after more than one year | 42 | - | €1,403 | +€1,403 | |
| Financial debts | 43 | - | €555,841 | +€555,841 | |
| Credit institutions | 430/8 | - | €555,841 | +€555,841 | |
| Trade debts | 44 | €25,325 | €35,508 | +€10,183 | +40.2% |
| Suppliers | 440/4 | €25,325 | €35,508 | +€10,183 | +40.2% |
| Taxes, remuneration and social security | 45 | €6,719 | €2,794 | -€3,925 | -58.4% |
| Taxes | 450/3 | €6,719 | €2,794 | -€3,925 | -58.4% |
| Other amounts payable | 47/48 | - | €4,930 | +€4,930 | |
| Accrued charges and deferred income | 492/3 | €5,987 | €57,252 | +€51,265 | +856.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,730 | €360 | -€1,371 | -79.2% |
| Other operating charges | 640/8 | - | €1,228 | +€1,228 | |
| Gross operating margin | 9900 | -€5,596 | €37,407 | +€43,003 | |
| Operating profit (loss) | 9901 | -€7,327 | €35,820 | +€43,146 | |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €177 | €17,545 | +€17,368 | +9838.6% |
| Recurring financial charges | 65 | €177 | €17,545 | +€17,368 | +9838.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,503 | €18,289 | +€25,792 | |
| Income taxes | 67/77 | - | €2,186 | +€2,186 | |
| Profit (loss) for the period | 9904 | -€7,503 | €16,102 | +€23,606 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,503 | €16,102 | +€23,606 |
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 2 October 2026 via checked.be.