SAG & S: 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.
SAG & S
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€162,011
down €162,011 (-61.1%), from €265,233 to €103,222
mainly Current investments (-€200,000) and Receivables within one year (-€10,016)
- Receivables within one year +€10,016
up €10,016 (+31.5%), from €31,785 to €41,801
of which Trade receivables: +€9,446
- Tangible fixed assets -€7,902
down €7,902 (-6.7%), from €117,448 to €109,546
- Reserves +€39,938
up €39,938 (+21.5%), from €185,422 to €225,360
of which Distributable reserves: +€39,938
- Financial income +€3,687
up €3,687 (+1,899%), from €194 to €3,881
- Gross operating margin -€3,035
down €3,035 (-4.5%), from €67,532 to €64,497
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 | €650,532 | €690,635 | +€40,103 | +6.2% |
| Fixed assets | 21/28 | €347,039 | €339,137 | -€7,902 | -2.3% |
| Tangible fixed assets | 22/27 | €117,448 | €109,546 | -€7,902 | -6.7% |
| Land and buildings | 22 | €117,448 | €109,546 | -€7,902 | -6.7% |
| Financial fixed assets | 28 | €229,592 | €229,592 | = | 0.0% |
| Current assets | 29/58 | €303,492 | €351,498 | +€48,006 | +15.8% |
| Stocks and contracts in progress | 3 | €6,475 | €6,475 | = | 0.0% |
| Stocks | 30/36 | €6,475 | €6,475 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,785 | €41,801 | +€10,016 | +31.5% |
| Trade receivables | 40 | €31,785 | €41,231 | +€9,446 | +29.7% |
| Other amounts receivable | 41 | €0 | €570 | +€570 | |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €265,233 | €103,222 | -€162,011 | -61.1% |
| Total equity and liabilities | 10/49 | €650,532 | €690,635 | +€40,103 | +6.2% |
| Equity | 10/15 | €617,474 | €657,412 | +€39,938 | +6.5% |
| Contributions | 10/11 | €432,052 | €432,052 | = | 0.0% |
| Reserves | 13 | €185,422 | €225,360 | +€39,938 | +21.5% |
| Non-distributable reserves | 130/1 | €11,155 | €11,155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,155 | €11,155 | = | 0.0% |
| Distributable reserves | 133 | €174,267 | €214,205 | +€39,938 | +22.9% |
| Amounts payable | 17/49 | €33,057 | €33,223 | +€165 | +0.5% |
| Amounts payable within one year | 42/48 | €33,057 | €33,223 | +€165 | +0.5% |
| Trade debts | 44 | €4,534 | €1,928 | -€2,606 | -57.5% |
| Suppliers | 440/4 | €4,534 | €1,928 | -€2,606 | -57.5% |
| Taxes, remuneration and social security | 45 | €9,832 | €9,406 | -€427 | -4.3% |
| Taxes | 450/3 | €5,754 | €5,327 | -€427 | -7.4% |
| Remuneration and social security | 454/9 | €4,078 | €4,078 | = | 0.0% |
| Other amounts payable | 47/48 | €18,691 | €21,889 | +€3,198 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,902 | €7,902 | = | 0.0% |
| Other operating charges | 640/8 | €4,566 | €4,712 | +€146 | +3.2% |
| Gross operating margin | 9900 | €67,532 | €64,497 | -€3,035 | -4.5% |
| Operating profit (loss) | 9901 | €55,064 | €51,883 | -€3,181 | -5.8% |
| Financial income | 75/76B | €194 | €3,881 | +€3,687 | +1,899% |
| Recurring financial income | 75 | €194 | €3,881 | +€3,687 | +1,899% |
| Financial charges | 65/66B | €240 | €255 | +€15 | +6.0% |
| Recurring financial charges | 65 | €240 | €255 | +€15 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €55,018 | €55,509 | +€491 | +0.9% |
| Income taxes | 67/77 | €15,443 | €15,571 | +€128 | +0.8% |
| Profit (loss) for the period | 9904 | €39,575 | €39,938 | +€363 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,575 | €39,938 | +€363 | +0.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.