GUSTAAF SEGHERS: 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.
GUSTAAF SEGHERS
Largest movements
- Intangible fixed assets -€10,459
down €10,459 (-100%), from €10,459 to €0
- Receivables within one year -€7,008
down €7,008 (-20.3%), from €34,592 to €27,584
of which Other amounts receivable: -€7,085
- Tangible fixed assets -€5,466
down €5,466 (-63.4%), from €8,623 to €3,157
of which Plant, machinery and equipment: -€3,264
- Deferred charges and accrued income -€2,795
down €2,795 (-59.5%), from €4,697 to €1,902
- Short-term financial debts -€15,771
down €15,771 (-40.1%), from €39,368 to €23,598
- Current portion of long-term debt -€7,980
down €7,980 (-57.6%), from €13,864 to €5,884
- Debts after one year -€5,884
down €5,884 (-100%), from €5,884 to €0
- Tax, wage and social debts +€5,860
up €5,860 (+228%), from €2,569 to €8,429
of which Remuneration and social security: +€4,705
- Other debts +€5,000
new in 2025: €5,000
- Gross operating margin +€58,531
up €58,531 (+133%), from €44,075 to €102,606
- Staff costs -€21,177
down €21,177 (-20.6%), from €103,038 to €81,861
- Depreciation -€2,550
down €2,550 (-14.8%), from €17,256 to €14,706
- Financial charges +€2,395
up €2,395 (+63.9%), from €3,747 to €6,141
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 | €76,634 | €52,039 | -€24,595 | -32.1% |
| Fixed assets | 21/28 | €19,082 | €3,157 | -€15,925 | -83.5% |
| Intangible fixed assets | 21 | €10,459 | €0 | -€10,459 | -100% |
| Tangible fixed assets | 22/27 | €8,623 | €3,157 | -€5,466 | -63.4% |
| Plant, machinery and equipment | 23 | €4,206 | €942 | -€3,264 | -77.6% |
| Furniture and vehicles | 24 | €4,417 | €2,215 | -€2,202 | -49.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €57,552 | €48,882 | -€8,670 | -15.1% |
| Stocks and contracts in progress | 3 | €17,496 | €18,231 | +€735 | +4.2% |
| Stocks | 30/36 | €17,496 | €18,231 | +€735 | +4.2% |
| Amounts receivable within one year | 40/41 | €34,592 | €27,584 | -€7,008 | -20.3% |
| Trade receivables | 40 | €26,610 | €26,687 | +€76 | +0.3% |
| Other amounts receivable | 41 | €7,982 | €897 | -€7,085 | -88.8% |
| Cash at bank and in hand | 54/58 | €767 | €1,165 | +€398 | +51.9% |
| Deferred charges and accrued income | 490/1 | €4,697 | €1,902 | -€2,795 | -59.5% |
| Total equity and liabilities | 10/49 | €76,634 | €52,039 | -€24,595 | -32.1% |
| Equity | 10/15 | -€9,013 | -€10,017 | -€1,003 | -11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€15,213 | -€16,217 | -€1,003 | -6.6% |
| Amounts payable | 17/49 | €85,648 | €62,056 | -€23,592 | -27.5% |
| Amounts payable after more than one year | 17 | €5,884 | €0 | -€5,884 | -100% |
| Financial debts | 170/4 | €5,884 | €0 | -€5,884 | -100% |
| Amounts payable within one year | 42/48 | €78,014 | €60,270 | -€17,744 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €13,864 | €5,884 | -€7,980 | -57.6% |
| Financial debts | 43 | €39,368 | €23,598 | -€15,771 | -40.1% |
| Credit institutions | 430/8 | €39,368 | €23,598 | -€15,771 | -40.1% |
| Trade debts | 44 | €22,212 | €17,359 | -€4,854 | -21.9% |
| Suppliers | 440/4 | €22,212 | €17,359 | -€4,854 | -21.9% |
| Taxes, remuneration and social security | 45 | €2,569 | €8,429 | +€5,860 | +228% |
| Taxes | 450/3 | €69 | €1,224 | +€1,155 | +1,670% |
| Remuneration and social security | 454/9 | €2,500 | €7,205 | +€4,705 | +188% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Accrued charges and deferred income | 492/3 | €1,750 | €1,786 | +€36 | +2.1% |
| Non-recurring operating income | 76A | - | €1,680 | +€1,680 | |
| Remuneration, social security and pensions | 62 | €103,038 | €81,861 | -€21,177 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,256 | €14,706 | -€2,550 | -14.8% |
| Other operating charges | 640/8 | €1,194 | €897 | -€297 | -24.8% |
| Gross operating margin | 9900 | €44,075 | €102,606 | +€58,531 | +133% |
| Operating profit (loss) | 9901 | -€77,413 | €5,142 | +€82,555 | |
| Financial income | 75/76B | €379 | €205 | -€175 | -46.1% |
| Recurring financial income | 75 | €379 | €205 | -€175 | -46.1% |
| Financial charges | 65/66B | €3,747 | €6,141 | +€2,395 | +63.9% |
| Recurring financial charges | 65 | €3,747 | €6,141 | +€2,395 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | -€80,780 | -€795 | +€79,985 | +99.0% |
| Income taxes | 67/77 | €199 | €208 | +€10 | +4.8% |
| Profit (loss) for the period | 9904 | -€80,979 | -€1,003 | +€79,976 | +98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,979 | -€1,003 | +€79,976 | +98.8% |
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.