DR. SEGERS INGE: 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.
DR. SEGERS INGE
Largest movements
- Cash -€51,298
down €51,298 (-32.4%), from €158,092 to €106,794
mainly Investment in fixed assets (net) (-€70,950) and Debts after one year (-€23,502)
- Tangible fixed assets +€37,393
up €37,393 (+15.6%), from €239,575 to €276,968
of which Plant, machinery and equipment: +€29,360
- Deferred charges and accrued income +€10,049
new in 2025: €10,049
- Reserves +€34,430
up €34,430 (+12.6%), from €273,952 to €308,382
of which Distributable reserves: +€34,430
- Debts after one year -€23,502
down €23,502 (-39.1%), from €60,148 to €36,647
- Tax, wage and social debts -€19,224
no longer reported in 2025 (was €19,224)
- Other debts +€4,363
up €4,363 (+67.5%), from €6,466 to €10,829
- Gross operating margin -€13,843
down €13,843 (-13.6%), from €101,460 to €87,617
- Taxes -€5,960
down €5,960 (-30.8%), from €19,322 to €13,362
- Financial charges +€2,251
up €2,251 (+68.8%), from €3,270 to €5,521
- Depreciation +€1,782
up €1,782 (+5.6%), from €31,775 to €33,557
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 | €397,667 | €395,687 | -€1,980 | -0.5% |
| Fixed assets | 21/28 | €239,575 | €276,968 | +€37,393 | +15.6% |
| Tangible fixed assets | 22/27 | €239,575 | €276,968 | +€37,393 | +15.6% |
| Land and buildings | 22 | €179,096 | €175,975 | -€3,122 | -1.7% |
| Plant, machinery and equipment | 23 | €9,525 | €38,885 | +€29,360 | +308% |
| Furniture and vehicles | 24 | €50,954 | €39,609 | -€11,345 | -22.3% |
| Assets under construction and advance payments | 27 | - | €22,500 | +€22,500 | |
| Current assets | 29/58 | €158,092 | €118,719 | -€39,373 | -24.9% |
| Amounts receivable within one year | 40/41 | - | €1,877 | +€1,877 | |
| Other amounts receivable | 41 | - | €1,877 | +€1,877 | |
| Cash at bank and in hand | 54/58 | €158,092 | €106,794 | -€51,298 | -32.4% |
| Deferred charges and accrued income | 490/1 | - | €10,049 | +€10,049 | |
| Total equity and liabilities | 10/49 | €397,667 | €395,687 | -€1,980 | -0.5% |
| Equity | 10/15 | €286,352 | €320,782 | +€34,430 | +12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €273,952 | €308,382 | +€34,430 | +12.6% |
| Tax-exempt reserves | 132 | €472 | €472 | = | 0.0% |
| Distributable reserves | 133 | €273,480 | €307,909 | +€34,430 | +12.6% |
| Amounts payable | 17/49 | €111,315 | €74,906 | -€36,409 | -32.7% |
| Amounts payable after more than one year | 17 | €60,148 | €36,647 | -€23,502 | -39.1% |
| Financial debts | 170/4 | €60,148 | €36,647 | -€23,502 | -39.1% |
| Amounts payable within one year | 42/48 | €51,167 | €37,884 | -€13,282 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €24,521 | €23,502 | -€1,019 | -4.2% |
| Trade debts | 44 | €955 | €3,553 | +€2,598 | +272% |
| Suppliers | 440/4 | €955 | €3,553 | +€2,598 | +272% |
| Taxes, remuneration and social security | 45 | €19,224 | - | -€19,224 | |
| Taxes | 450/3 | €19,224 | - | -€19,224 | |
| Other amounts payable | 47/48 | €6,466 | €10,829 | +€4,363 | +67.5% |
| Accrued charges and deferred income | 492/3 | - | €375 | +€375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,775 | €33,557 | +€1,782 | +5.6% |
| Other operating charges | 640/8 | €1,666 | €1,543 | -€124 | -7.4% |
| Gross operating margin | 9900 | €101,460 | €87,617 | -€13,843 | -13.6% |
| Operating profit (loss) | 9901 | €68,019 | €52,517 | -€15,502 | -22.8% |
| Financial income | 75/76B | €327 | €796 | +€469 | +143% |
| Recurring financial income | 75 | €327 | €796 | +€469 | +143% |
| Financial charges | 65/66B | €3,270 | €5,521 | +€2,251 | +68.8% |
| Recurring financial charges | 65 | €3,270 | €5,521 | +€2,251 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | €65,076 | €47,792 | -€17,284 | -26.6% |
| Income taxes | 67/77 | €19,322 | €13,362 | -€5,960 | -30.8% |
| Profit (loss) for the period | 9904 | €45,754 | €34,430 | -€11,324 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,754 | €34,430 | -€11,324 | -24.7% |
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 18 October 2026 via checked.be.