SAGA: 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.
SAGA
Largest movements
- Current investments -€135,955
down €135,955 (-44.5%), from €305,575 to €169,620
- Tangible fixed assets -€58,021
down €58,021 (-4.0%), from €1.4m to €1.4m
of which Land and buildings: -€71,196
- Receivables within one year +€41,152
up €41,152 (+160.9%), from €25,584 to €66,736
of which Trade receivables: +€41,307
- Reserves -€351,367
down €351,367 (-27.0%), from €1.3m to €950,860
- Other debts +€256,399
up €256,399 (+872.1%), from €29,401 to €285,800
- Debts after one year -€82,305
down €82,305 (-26.4%), from €311,973 to €229,668
- Tax, wage and social debts +€36,479
up €36,479 (+218.6%), from €16,689 to €53,168
- Gross operating margin -€219,619
down €219,619 (-62.8%), from €349,561 to €129,942
- Taxes -€53,350
down €53,350 (-93.6%), from €56,981 to €3,631
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.
Cash bridge derived
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 | €1,780,796 | €1,634,486 | -€146,310 | -8.2% |
| Fixed assets | 21/28 | €1,448,875 | €1,390,855 | -€58,021 | -4.0% |
| Tangible fixed assets | 22/27 | €1,448,875 | €1,390,855 | -€58,021 | -4.0% |
| Land and buildings | 22 | €1,250,637 | €1,179,441 | -€71,196 | -5.7% |
| Plant, machinery and equipment | 23 | €18,651 | €19,251 | +€600 | +3.2% |
| Furniture and vehicles | 24 | €35,026 | €54,620 | +€19,594 | +55.9% |
| Other tangible fixed assets | 26 | €144,561 | €137,543 | -€7,018 | -4.9% |
| Current assets | 29/58 | €331,921 | €243,632 | -€88,289 | -26.6% |
| Amounts receivable within one year | 40/41 | €25,584 | €66,736 | +€41,152 | +160.9% |
| Trade receivables | 40 | €23,557 | €64,864 | +€41,307 | +175.3% |
| Other amounts receivable | 41 | €2,026 | €1,872 | -€155 | -7.6% |
| Current investments | 50/53 | €305,575 | €169,620 | -€135,955 | -44.5% |
| Cash at bank and in hand | 54/58 | €398 | €1,580 | +€1,182 | +297.3% |
| Deferred charges and accrued income | 490/1 | €364 | €5,696 | +€5,332 | +1464.7% |
| Total equity and liabilities | 10/49 | €1,780,796 | €1,634,486 | -€146,310 | -8.2% |
| Equity | 10/15 | €1,320,827 | €969,460 | -€351,367 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,302,227 | €950,860 | -€351,367 | -27.0% |
| Distributable reserves | 133 | €1,302,227 | €950,860 | -€351,367 | -27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €459,969 | €665,026 | +€205,057 | +44.6% |
| Amounts payable after more than one year | 17 | €311,973 | €229,668 | -€82,305 | -26.4% |
| Financial debts | 170/4 | €311,973 | €229,668 | -€82,305 | -26.4% |
| Amounts payable within one year | 42/48 | €144,503 | €430,724 | +€286,220 | +198.1% |
| Current portion of amounts payable after more than one year | 42 | €81,171 | €82,305 | +€1,134 | +1.4% |
| Financial debts | 43 | €520 | €177 | -€343 | -66.0% |
| Credit institutions | 430/8 | €520 | €177 | -€343 | -66.0% |
| Trade debts | 44 | €16,722 | €9,274 | -€7,449 | -44.5% |
| Suppliers | 440/4 | €16,722 | €9,274 | -€7,449 | -44.5% |
| Taxes, remuneration and social security | 45 | €16,689 | €53,168 | +€36,479 | +218.6% |
| Taxes | 450/3 | €16,689 | €53,168 | +€36,479 | +218.6% |
| Other amounts payable | 47/48 | €29,401 | €285,800 | +€256,399 | +872.1% |
| Accrued charges and deferred income | 492/3 | €3,493 | €4,635 | +€1,142 | +32.7% |
| Non-recurring operating income | 76A | €1,653 | €0 | -€1,653 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,645 | €106,546 | +€2,900 | +2.8% |
| Other operating charges | 640/8 | €8,427 | €11,626 | +€3,199 | +38.0% |
| Non-recurring operating charges | 66A | - | €3,709 | +€3,709 | |
| Gross operating margin | 9900 | €349,561 | €129,942 | -€219,619 | -62.8% |
| Operating profit (loss) | 9901 | €237,489 | €8,061 | -€229,427 | -96.6% |
| Financial income | 75/76B | €4,050 | €6,425 | +€2,375 | +58.7% |
| Recurring financial income | 75 | €4,050 | €6,425 | +€2,375 | +58.7% |
| Financial charges | 65/66B | €9,257 | €9,281 | +€25 | +0.3% |
| Recurring financial charges | 65 | €9,257 | €9,281 | +€25 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €232,282 | €5,205 | -€227,077 | -97.8% |
| Income taxes | 67/77 | €56,981 | €3,631 | -€53,350 | -93.6% |
| Profit (loss) for the period | 9904 | €175,300 | €1,574 | -€173,727 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €175,300 | €1,574 | -€173,727 | -99.1% |
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 12 October 2026 via checked.be.