SAERGO: 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.
SAERGO
Largest movements
- Receivables within one year -€32,211
down €32,211 (-25.9%), from €124,536 to €92,325
of which Trade receivables: -€29,698
- Short-term financial debts -€22,485
down €22,485 (-47.4%), from €47,485 to €25,000
of which Credit institutions: -€22,485
- Current portion of long-term debt +€7,664
new in 2025: €7,664
- Other debts -€7,604
no longer reported in 2025 (was €7,604)
- Trade debts -€7,596
down €7,596 (-26.0%), from €29,242 to €21,646
- Tax, wage and social debts -€5,153
down €5,153 (-19.5%), from €26,396 to €21,243
of which Remuneration and social security: -€3,805
- Staff costs -€6,084
down €6,084 (-2.4%), from €252,542 to €246,457
- Gross operating margin -€4,721
down €4,721 (-1.8%), from €268,280 to €263,559
- Financial charges +€3,620
up €3,620 (+58.5%), from €6,191 to €9,811
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 | €132,202 | €99,767 | -€32,436 | -24.5% |
| Fixed assets | 21/28 | €6,776 | €5,496 | -€1,280 | -18.9% |
| Tangible fixed assets | 22/27 | €6,776 | €5,496 | -€1,280 | -18.9% |
| Other tangible fixed assets | 26 | €6,776 | €5,496 | -€1,280 | -18.9% |
| Current assets | 29/58 | €125,426 | €94,270 | -€31,156 | -24.8% |
| Amounts receivable within one year | 40/41 | €124,536 | €92,325 | -€32,211 | -25.9% |
| Trade receivables | 40 | €50,796 | €21,098 | -€29,698 | -58.5% |
| Other amounts receivable | 41 | €73,740 | €71,227 | -€2,513 | -3.4% |
| Cash at bank and in hand | 54/58 | €690 | €1,938 | +€1,248 | +181% |
| Deferred charges and accrued income | 490/1 | €200 | €8 | -€192 | -96.1% |
| Total equity and liabilities | 10/49 | €132,202 | €99,767 | -€32,436 | -24.5% |
| Equity | 10/15 | €21,475 | €24,214 | +€2,738 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,875 | €5,614 | +€2,738 | +95.2% |
| Distributable reserves | 133 | €2,875 | €5,614 | +€2,738 | +95.2% |
| Amounts payable | 17/49 | €110,727 | €75,553 | -€35,174 | -31.8% |
| Amounts payable within one year | 42/48 | €110,727 | €75,553 | -€35,174 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,664 | +€7,664 | |
| Financial debts | 43 | €47,485 | €25,000 | -€22,485 | -47.4% |
| Credit institutions | 430/8 | €22,485 | - | -€22,485 | |
| Other loans | 439 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €29,242 | €21,646 | -€7,596 | -26.0% |
| Suppliers | 440/4 | €29,242 | €21,646 | -€7,596 | -26.0% |
| Taxes, remuneration and social security | 45 | €26,396 | €21,243 | -€5,153 | -19.5% |
| Taxes | 450/3 | €22,283 | €20,935 | -€1,348 | -6.1% |
| Remuneration and social security | 454/9 | €4,112 | €308 | -€3,805 | -92.5% |
| Other amounts payable | 47/48 | €7,604 | - | -€7,604 | |
| Remuneration, social security and pensions | 62 | €252,542 | €246,457 | -€6,084 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,311 | €1,280 | -€2,031 | -61.3% |
| Other operating charges | 640/8 | €3,529 | €1,117 | -€2,412 | -68.3% |
| Gross operating margin | 9900 | €268,280 | €263,559 | -€4,721 | -1.8% |
| Operating profit (loss) | 9901 | €8,898 | €14,704 | +€5,806 | +65.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -25.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -25.0% |
| Financial charges | 65/66B | €6,191 | €9,811 | +€3,620 | +58.5% |
| Recurring financial charges | 65 | €6,191 | €9,811 | +€3,620 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €2,708 | €4,894 | +€2,186 | +80.7% |
| Income taxes | 67/77 | €915 | €2,156 | +€1,241 | +136% |
| Profit (loss) for the period | 9904 | €1,793 | €2,738 | +€946 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,793 | €2,738 | +€946 | +52.8% |
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 17 October 2026 via checked.be.