S.A.G.: 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.
S.A.G.
Largest movements
- Cash +€37,788
up €37,788 (+16.2%), from €232,732 to €270,520
mainly Net result for the year (+€56,671) and Other debts (+€48,053)
- Receivables within one year -€11,829
down €11,829 (-4.7%), from €251,107 to €239,278
of which Trade receivables: -€11,297
- Tangible fixed assets -€5,897
down €5,897 (-57.0%), from €10,342 to €4,444
- Short-term financial debts -€90,000
no longer reported in 2025 (was €90,000)
- Reserves +€56,671
up €56,671 (+22.6%), from €250,752 to €307,423
- Other debts +€48,053
new in 2025: €48,053
- Tax, wage and social debts +€6,723
up €6,723 (+173%), from €3,890 to €10,613
- Gross operating margin +€17,744
up €17,744 (+21.9%), from €80,954 to €98,698
- Financial charges +€10,577
up €10,577 (+6,312%), from €168 to €10,745
- Taxes +€2,833
up €2,833 (+11.9%), from €23,890 to €26,723
- Financial income +€1,149
up €1,149 (+176%), from €651 to €1,800
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 | €499,881 | €521,296 | +€21,415 | +4.3% |
| Fixed assets | 21/28 | €10,342 | €4,444 | -€5,897 | -57.0% |
| Tangible fixed assets | 22/27 | €10,342 | €4,444 | -€5,897 | -57.0% |
| Plant, machinery and equipment | 23 | €10,342 | €4,444 | -€5,897 | -57.0% |
| Current assets | 29/58 | €489,539 | €516,852 | +€27,313 | +5.6% |
| Amounts receivable within one year | 40/41 | €251,107 | €239,278 | -€11,829 | -4.7% |
| Trade receivables | 40 | €189,976 | €178,679 | -€11,297 | -5.9% |
| Other amounts receivable | 41 | €61,131 | €60,599 | -€532 | -0.9% |
| Cash at bank and in hand | 54/58 | €232,732 | €270,520 | +€37,788 | +16.2% |
| Deferred charges and accrued income | 490/1 | €5,699 | €7,053 | +€1,354 | +23.8% |
| Total equity and liabilities | 10/49 | €499,881 | €521,296 | +€21,415 | +4.3% |
| Equity | 10/15 | €400,752 | €457,423 | +€56,671 | +14.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €250,752 | €307,423 | +€56,671 | +22.6% |
| Distributable reserves | 133 | €250,752 | €307,423 | +€56,671 | +22.6% |
| Amounts payable | 17/49 | €99,129 | €63,873 | -€35,256 | -35.6% |
| Amounts payable within one year | 42/48 | €93,890 | €58,666 | -€35,224 | -37.5% |
| Financial debts | 43 | €90,000 | - | -€90,000 | |
| Other loans | 439 | €90,000 | - | -€90,000 | |
| Taxes, remuneration and social security | 45 | €3,890 | €10,613 | +€6,723 | +173% |
| Taxes | 450/3 | €3,890 | €10,613 | +€6,723 | +173% |
| Other amounts payable | 47/48 | - | €48,053 | +€48,053 | |
| Accrued charges and deferred income | 492/3 | €5,239 | €5,207 | -€32 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,282 | €5,897 | +€616 | +11.7% |
| Other operating charges | 640/8 | €850 | €462 | -€388 | -45.7% |
| Gross operating margin | 9900 | €80,954 | €98,698 | +€17,744 | +21.9% |
| Operating profit (loss) | 9901 | €74,822 | €92,339 | +€17,516 | +23.4% |
| Financial income | 75/76B | €651 | €1,800 | +€1,149 | +176% |
| Recurring financial income | 75 | €651 | €1,800 | +€1,149 | +176% |
| Financial charges | 65/66B | €168 | €10,745 | +€10,577 | +6,312% |
| Recurring financial charges | 65 | €168 | €10,745 | +€10,577 | +6,312% |
| Profit (loss) for the period before taxes | 9903 | €75,306 | €83,394 | +€8,088 | +10.7% |
| Income taxes | 67/77 | €23,890 | €26,723 | +€2,833 | +11.9% |
| Profit (loss) for the period | 9904 | €51,416 | €56,671 | +€5,255 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,416 | €56,671 | +€5,255 | +10.2% |
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 17 October 2026 via checked.be.