ROGER SAGAERT: 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.
ROGER SAGAERT
Largest movements
- Cash +€58,904
up €58,904 (+53.5%), from €110,164 to €169,068
mainly Depreciation (+€111,534) and Accrued charges and deferred income (+€68,965)
- Tangible fixed assets -€29,305
down €29,305 (-3.6%), from €824,496 to €795,191
of which Land and buildings: -€95,379
- Receivables within one year -€28,723
down €28,723 (-6.3%), from €452,624 to €423,900
of which Other amounts receivable: -€23,240
- Accrued charges and deferred income +€68,965
up €68,965 (+285%), from €24,239 to €93,203
- Investment grants -€60,094
down €60,094 (-19.4%), from €309,530 to €249,436
- Trade debts +€51,976
up €51,976 (+1,477%), from €3,519 to €55,494
- Provisions -€35,387
down €35,387 (-96.6%), from €36,646 to €1,259
of which Provisions for liabilities and charges: -€35,000
- Advances received -€28,302
down €28,302 (-63.9%), from €44,302 to €16,000
- Provisions -€70,000
down €70,000, from €35,000 to -€35,000
- Gross operating margin -€63,461
down €63,461 (-31.5%), from €201,147 to €137,686
- Other operating charges -€11,286
down €11,286 (-24.7%), from €45,626 to €34,339
- Financial income -€4,587
down €4,587 (-10.3%), from €44,347 to €39,760
- Depreciation +€3,078
up €3,078 (+2.8%), from €108,456 to €111,534
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 | €1,642,317 | €1,643,192 | +€876 | +0.1% |
| Fixed assets | 21/28 | €1,079,529 | €1,050,224 | -€29,305 | -2.7% |
| Intangible fixed assets | 21 | €254,709 | €254,709 | = | 0.0% |
| Tangible fixed assets | 22/27 | €824,496 | €795,191 | -€29,305 | -3.6% |
| Land and buildings | 22 | €772,893 | €677,514 | -€95,379 | -12.3% |
| Plant, machinery and equipment | 23 | €48,685 | €39,314 | -€9,371 | -19.2% |
| Furniture and vehicles | 24 | €2,919 | €34,151 | +€31,233 | +1,070% |
| Assets under construction and advance payments | 27 | - | €44,212 | +€44,212 | |
| Financial fixed assets | 28 | €324 | €324 | = | 0.0% |
| Current assets | 29/58 | €562,788 | €592,969 | +€30,181 | +5.4% |
| Amounts receivable within one year | 40/41 | €452,624 | €423,900 | -€28,723 | -6.3% |
| Trade receivables | 40 | €8,100 | €2,616 | -€5,484 | -67.7% |
| Other amounts receivable | 41 | €444,524 | €421,284 | -€23,240 | -5.2% |
| Cash at bank and in hand | 54/58 | €110,164 | €169,068 | +€58,904 | +53.5% |
| Total equity and liabilities | 10/49 | €1,642,317 | €1,643,192 | +€876 | +0.1% |
| Equity | 10/15 | €834,388 | €772,199 | -€62,189 | -7.5% |
| Contributions | 10/11 | €312,346 | €312,346 | = | 0.0% |
| Capital | 10 | €312,346 | €312,346 | = | 0.0% |
| Issued capital | 100 | €312,346 | €312,346 | = | 0.0% |
| Reserves | 13 | €212,513 | €210,417 | -€2,095 | -1.0% |
| Tax-exempt reserves | 132 | €8,938 | €7,778 | -€1,160 | -13.0% |
| Distributable reserves | 133 | €203,575 | €202,639 | -€935 | -0.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €309,530 | €249,436 | -€60,094 | -19.4% |
| Provisions and deferred taxes | 16 | €36,646 | €1,259 | -€35,387 | -96.6% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €0 | -€35,000 | -100% |
| Major repairs and maintenance | 162 | €35,000 | €0 | -€35,000 | -100% |
| Deferred taxes | 168 | €1,646 | €1,259 | -€387 | -23.5% |
| Amounts payable | 17/49 | €771,283 | €869,734 | +€98,451 | +12.8% |
| Amounts payable after more than one year | 17 | €541,112 | €522,710 | -€18,401 | -3.4% |
| Financial debts | 170/4 | €541,112 | €522,710 | -€18,401 | -3.4% |
| Amounts payable within one year | 42/48 | €205,932 | €253,820 | +€47,888 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €42,975 | €48,347 | +€5,372 | +12.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,519 | €55,494 | +€51,976 | +1,477% |
| Suppliers | 440/4 | €3,519 | €55,494 | +€51,976 | +1,477% |
| Advances received on contracts in progress | 46 | €44,302 | €16,000 | -€28,302 | -63.9% |
| Taxes, remuneration and social security | 45 | €5,400 | €7,450 | +€2,050 | +38.0% |
| Taxes | 450/3 | €5,400 | €4,699 | -€701 | -13.0% |
| Remuneration and social security | 454/9 | €0 | €2,751 | +€2,751 | |
| Other amounts payable | 47/48 | €109,737 | €126,529 | +€16,792 | +15.3% |
| Accrued charges and deferred income | 492/3 | €24,239 | €93,203 | +€68,965 | +285% |
| Non-recurring operating income | 76A | €12,041 | €0 | -€12,041 | -100% |
| Remuneration, social security and pensions | 62 | €16,790 | €13,878 | -€2,912 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,456 | €111,534 | +€3,078 | +2.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €35,000 | -€35,000 | -€70,000 | |
| Other operating charges | 640/8 | €45,626 | €34,339 | -€11,286 | -24.7% |
| Gross operating margin | 9900 | €201,147 | €137,686 | -€63,461 | -31.5% |
| Operating profit (loss) | 9901 | -€4,724 | €12,935 | +€17,659 | |
| Financial income | 75/76B | €44,347 | €39,760 | -€4,587 | -10.3% |
| Recurring financial income | 75 | €44,347 | €39,760 | -€4,587 | -10.3% |
| Financial charges | 65/66B | €37,465 | €35,902 | -€1,563 | -4.2% |
| Recurring financial charges | 65 | €37,465 | €35,902 | -€1,563 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €2,158 | €16,794 | +€14,635 | +678% |
| Transfer from deferred taxes | 780 | €741 | €387 | -€354 | -47.8% |
| Income taxes | 67/77 | €3,100 | €5,275 | +€2,176 | +70.2% |
| Profit (loss) for the period | 9904 | -€201 | €11,905 | +€12,105 | |
| Transfer from tax-exempt reserves | 789 | €2,222 | €1,160 | -€1,062 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,022 | €13,065 | +€11,043 | +546% |
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 20 October 2026 via checked.be.