De Saegher Consultancy: 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.
De Saegher Consultancy
Largest movements
- Tangible fixed assets -€17,572
down €17,572 (-3.7%), from €477,997 to €460,425
of which Land and buildings: -€9,867
- Cash +€11,223
up €11,223 (+40.5%), from €27,722 to €38,944
mainly Net result for the year (+€93,985) and Depreciation (+€25,516)
- Stocks and contracts +€9,352
up €9,352 (+7.9%), from €118,744 to €128,097
- Reserves +€93,985
up €93,985 (+68.1%), from €137,947 to €231,933
- Other debts -€36,019
down €36,019 (-33.6%), from €107,197 to €71,178
- Debts after one year -€24,049
down €24,049 (-8.9%), from €269,122 to €245,074
- Trade debts -€18,891
down €18,891 (-44.7%), from €42,296 to €23,406
- Current portion of long-term debt -€15,013
down €15,013 (-30.8%), from €48,746 to €33,733
- Gross operating margin +€68,892
up €68,892 (+59.3%), from €116,135 to €185,027
- Taxes +€22,200
up €22,200 (+95.9%), from €23,146 to €45,346
- Depreciation +€5,089
up €5,089 (+24.9%), from €20,427 to €25,516
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 | €665,562 | €661,424 | -€4,138 | -0.6% |
| Fixed assets | 21/28 | €478,896 | €461,124 | -€17,772 | -3.7% |
| Intangible fixed assets | 21 | €899 | €699 | -€200 | -22.3% |
| Tangible fixed assets | 22/27 | €477,997 | €460,425 | -€17,572 | -3.7% |
| Land and buildings | 22 | €455,493 | €445,627 | -€9,867 | -2.2% |
| Plant, machinery and equipment | 23 | €1,406 | €1,110 | -€296 | -21.1% |
| Furniture and vehicles | 24 | €15,460 | €9,468 | -€5,992 | -38.8% |
| Other tangible fixed assets | 26 | €5,638 | €4,221 | -€1,417 | -25.1% |
| Current assets | 29/58 | €186,666 | €200,300 | +€13,634 | +7.3% |
| Stocks and contracts in progress | 3 | €118,744 | €128,097 | +€9,352 | +7.9% |
| Stocks | 30/36 | €118,744 | €128,097 | +€9,352 | +7.9% |
| Amounts receivable within one year | 40/41 | €35,016 | €30,718 | -€4,298 | -12.3% |
| Trade receivables | 40 | €34,356 | €30,504 | -€3,851 | -11.2% |
| Other amounts receivable | 41 | €660 | €214 | -€447 | -67.7% |
| Cash at bank and in hand | 54/58 | €27,722 | €38,944 | +€11,223 | +40.5% |
| Deferred charges and accrued income | 490/1 | €5,184 | €2,541 | -€2,643 | -51.0% |
| Total equity and liabilities | 10/49 | €665,562 | €661,424 | -€4,138 | -0.6% |
| Equity | 10/15 | €142,947 | €236,933 | +€93,985 | +65.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €137,947 | €231,933 | +€93,985 | +68.1% |
| Distributable reserves | 133 | €137,947 | €231,933 | +€93,985 | +68.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €522,615 | €424,491 | -€98,124 | -18.8% |
| Amounts payable after more than one year | 17 | €269,122 | €245,074 | -€24,049 | -8.9% |
| Financial debts | 170/4 | €269,122 | €245,074 | -€24,049 | -8.9% |
| Amounts payable within one year | 42/48 | €253,492 | €179,418 | -€74,075 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €48,746 | €33,733 | -€15,013 | -30.8% |
| Financial debts | 43 | €1,146 | €893 | -€253 | -22.0% |
| Credit institutions | 430/8 | €1,146 | €893 | -€253 | -22.0% |
| Trade debts | 44 | €42,296 | €23,406 | -€18,891 | -44.7% |
| Suppliers | 440/4 | €42,296 | €23,406 | -€18,891 | -44.7% |
| Taxes, remuneration and social security | 45 | €54,107 | €50,207 | -€3,900 | -7.2% |
| Taxes | 450/3 | €49,477 | €49,867 | +€390 | +0.8% |
| Remuneration and social security | 454/9 | €4,630 | €340 | -€4,290 | -92.7% |
| Other amounts payable | 47/48 | €107,197 | €71,178 | -€36,019 | -33.6% |
| Remuneration, social security and pensions | 62 | €3,724 | €3,989 | +€265 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,427 | €25,516 | +€5,089 | +24.9% |
| Other operating charges | 640/8 | €3,271 | €4,284 | +€1,014 | +31.0% |
| Non-recurring operating charges | 66A | €872 | €0 | -€872 | -100% |
| Gross operating margin | 9900 | €116,135 | €185,027 | +€68,892 | +59.3% |
| Operating profit (loss) | 9901 | €87,841 | €151,237 | +€63,396 | +72.2% |
| Financial charges | 65/66B | €12,176 | €11,906 | -€270 | -2.2% |
| Recurring financial charges | 65 | €12,176 | €11,906 | -€270 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €75,665 | €139,331 | +€63,666 | +84.1% |
| Income taxes | 67/77 | €23,146 | €45,346 | +€22,200 | +95.9% |
| Profit (loss) for the period | 9904 | €52,519 | €93,985 | +€41,467 | +79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,519 | €93,985 | +€41,467 | +79.0% |
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 31 October 2026 via checked.be.