SAGAM: 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.
SAGAM
Largest movements
- Receivables within one year -€51,584
down €51,584 (-18.0%), from €286,246 to €234,662
of which Trade receivables: -€41,197
- Cash +€46,316
up €46,316 (+37.0%), from €125,085 to €171,401
mainly Receivables within one year (+€51,584) and Depreciation (+€33,744)
- Tangible fixed assets -€14,554
down €14,554 (-3.2%), from €453,037 to €438,483
of which Land and buildings: -€31,371
- Reserves -€38,578
down €38,578 (-7.6%), from €506,943 to €468,365
- Other debts +€18,501
new in 2025: €18,501
- Trade debts +€10,806
up €10,806 (+3675.5%), from €294 to €11,100
- Tax, wage and social debts -€9,724
down €9,724 (-46.3%), from €21,006 to €11,282
- Gross operating margin -€14,963
down €14,963 (-13.9%), from €107,505 to €92,542
- Taxes -€9,991
down €9,991 (-53.6%), from €18,627 to €8,636
- Depreciation +€1,604
up €1,604 (+5.0%), from €32,140 to €33,744
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 | €867,778 | €849,361 | -€18,417 | -2.1% |
| Fixed assets | 21/28 | €453,037 | €438,483 | -€14,554 | -3.2% |
| Tangible fixed assets | 22/27 | €453,037 | €438,483 | -€14,554 | -3.2% |
| Land and buildings | 22 | €451,498 | €420,127 | -€31,371 | -6.9% |
| Furniture and vehicles | 24 | €1,539 | €18,356 | +€16,817 | +1092.7% |
| Current assets | 29/58 | €414,742 | €410,878 | -€3,864 | -0.9% |
| Amounts receivable within one year | 40/41 | €286,246 | €234,662 | -€51,584 | -18.0% |
| Trade receivables | 40 | €134,367 | €93,170 | -€41,197 | -30.7% |
| Other amounts receivable | 41 | €151,879 | €141,492 | -€10,387 | -6.8% |
| Cash at bank and in hand | 54/58 | €125,085 | €171,401 | +€46,316 | +37.0% |
| Deferred charges and accrued income | 490/1 | €3,410 | €4,814 | +€1,404 | +41.2% |
| Total equity and liabilities | 10/49 | €867,778 | €849,361 | -€18,417 | -2.1% |
| Equity | 10/15 | €826,076 | €787,498 | -€38,578 | -4.7% |
| Contributions | 10/11 | €98,051 | €98,051 | = | 0.0% |
| Reserves | 13 | €506,943 | €468,365 | -€38,578 | -7.6% |
| Distributable reserves | 133 | €506,943 | €468,365 | -€38,578 | -7.6% |
| Profit (loss) carried forward | 14 | €221,082 | €221,082 | = | 0.0% |
| Amounts payable | 17/49 | €41,702 | €61,863 | +€20,160 | +48.3% |
| Amounts payable within one year | 42/48 | €21,300 | €40,883 | +€19,583 | +91.9% |
| Trade debts | 44 | €294 | €11,100 | +€10,806 | +3675.5% |
| Suppliers | 440/4 | €294 | €11,100 | +€10,806 | +3675.5% |
| Taxes, remuneration and social security | 45 | €21,006 | €11,282 | -€9,724 | -46.3% |
| Taxes | 450/3 | €21,006 | €11,282 | -€9,724 | -46.3% |
| Other amounts payable | 47/48 | - | €18,501 | +€18,501 | |
| Accrued charges and deferred income | 492/3 | €20,402 | €20,980 | +€578 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,140 | €33,744 | +€1,604 | +5.0% |
| Other operating charges | 640/8 | €19,599 | €19,984 | +€385 | +2.0% |
| Non-recurring operating charges | 66A | - | €15,649 | +€15,649 | |
| Gross operating margin | 9900 | €107,505 | €92,542 | -€14,963 | -13.9% |
| Operating profit (loss) | 9901 | €55,766 | €23,165 | -€32,601 | -58.5% |
| Financial income | 75/76B | €244 | - | -€244 | |
| Recurring financial income | 75 | €244 | - | -€244 | |
| Financial charges | 65/66B | €162 | €185 | +€23 | +14.3% |
| Recurring financial charges | 65 | €162 | €185 | +€23 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €55,848 | €22,980 | -€32,868 | -58.9% |
| Income taxes | 67/77 | €18,627 | €8,636 | -€9,991 | -53.6% |
| Profit (loss) for the period | 9904 | €37,221 | €14,344 | -€22,877 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,221 | €14,344 | -€22,877 | -61.5% |
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 9 October 2026 via checked.be.