ERWIN SEGERS: 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.
ERWIN SEGERS
Largest movements
- Cash -€9,703
down €9,703 (-84.9%), from €11,428 to €1,726
mainly Debts after one year (-€13,484) and Receivables within one year (-€4,959)
- Receivables within one year +€4,959
up €4,959 (+17.1%), from €28,972 to €33,931
of which Trade receivables: +€4,733
- Stocks and contracts +€3,324
up €3,324 (+65.1%), from €5,104 to €8,428
of which Stocks: +€3,324
- Debts after one year -€13,484
down €13,484 (-25.1%), from €53,755 to €40,271
- Trade debts +€6,754
up €6,754 (+474%), from €1,426 to €8,180
- Tax, wage and social debts +€2,847
up €2,847 (+85.9%), from €3,316 to €6,163
of which Taxes: +€2,656
- Other debts +€2,665
up €2,665 (+180%), from €1,482 to €4,146
- Gross operating margin -€17,701
down €17,701 (-29.3%), from €60,344 to €42,644
- Depreciation -€16,730
down €16,730 (-100%), from €16,730 to €0
- Staff costs +€10,484
up €10,484 (+40.4%), from €25,945 to €36,430
- Taxes -€3,137
down €3,137 (-72.0%), from €4,359 to €1,222
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 | €117,205 | €115,785 | -€1,421 | -1.2% |
| Fixed assets | 21/28 | €71,701 | €71,701 | = | 0.0% |
| Intangible fixed assets | 21 | €138 | €138 | = | 0.0% |
| Tangible fixed assets | 22/27 | €71,563 | €71,563 | = | 0.0% |
| Land and buildings | 22 | €41,458 | €41,458 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,924 | €6,924 | = | 0.0% |
| Furniture and vehicles | 24 | €23,181 | €23,181 | = | 0.0% |
| Current assets | 29/58 | €45,505 | €44,084 | -€1,421 | -3.1% |
| Stocks and contracts in progress | 3 | €5,104 | €8,428 | +€3,324 | +65.1% |
| Stocks | 30/36 | €5,104 | €8,428 | +€3,324 | +65.1% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €28,972 | €33,931 | +€4,959 | +17.1% |
| Trade receivables | 40 | €26,659 | €31,391 | +€4,733 | +17.8% |
| Other amounts receivable | 41 | €2,313 | €2,539 | +€226 | +9.8% |
| Cash at bank and in hand | 54/58 | €11,428 | €1,726 | -€9,703 | -84.9% |
| Total equity and liabilities | 10/49 | €117,205 | €115,785 | -€1,421 | -1.2% |
| Equity | 10/15 | €42,577 | €43,540 | +€963 | +2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €30,177 | €31,140 | +€963 | +3.2% |
| Distributable reserves | 133 | €30,177 | €31,140 | +€963 | +3.2% |
| Amounts payable | 17/49 | €74,628 | €72,245 | -€2,384 | -3.2% |
| Amounts payable after more than one year | 17 | €53,755 | €40,271 | -€13,484 | -25.1% |
| Financial debts | 170/4 | €53,755 | €40,271 | -€13,484 | -25.1% |
| Amounts payable within one year | 42/48 | €20,873 | €31,973 | +€11,100 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €14,650 | €13,484 | -€1,166 | -8.0% |
| Trade debts | 44 | €1,426 | €8,180 | +€6,754 | +474% |
| Suppliers | 440/4 | €1,426 | €8,180 | +€6,754 | +474% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,316 | €6,163 | +€2,847 | +85.9% |
| Taxes | 450/3 | €894 | €3,550 | +€2,656 | +297% |
| Remuneration and social security | 454/9 | €2,422 | €2,613 | +€191 | +7.9% |
| Other amounts payable | 47/48 | €1,482 | €4,146 | +€2,665 | +180% |
| Remuneration, social security and pensions | 62 | €25,945 | €36,430 | +€10,484 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,730 | €0 | -€16,730 | -100% |
| Other operating charges | 640/8 | €1,742 | €1,770 | +€28 | +1.6% |
| Gross operating margin | 9900 | €60,344 | €42,644 | -€17,701 | -29.3% |
| Operating profit (loss) | 9901 | €15,927 | €4,444 | -€11,483 | -72.1% |
| Financial income | 75/76B | €2 | €1 | -€1 | -56.0% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -56.0% |
| Financial charges | 65/66B | €2,050 | €2,259 | +€209 | +10.2% |
| Recurring financial charges | 65 | €2,050 | €2,259 | +€209 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €13,879 | €2,186 | -€11,694 | -84.3% |
| Income taxes | 67/77 | €4,359 | €1,222 | -€3,137 | -72.0% |
| Profit (loss) for the period | 9904 | €9,520 | €963 | -€8,557 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,520 | €963 | -€8,557 | -89.9% |
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 16 October 2026 via checked.be.