SAGAPHARM: what changed
Two fiscal 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.
What changed
SAGAPHARM
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€19,557
2024 · -€76,029+€56,472
Equity
€196,807
2024 · -€98,436+€295,243
Cash
€10,405
2024 · €32,212-€21,807
Balance sheet total
€2.2m
2024 · €2.2m+€1,897
Largest movements
Assets
- Formation expenses +€24,534
new in 2025: €24,534
Equity and liabilities
- Debts after one year -€374,474
down €374,474 (-17.8%), from €2.1m to €1.7m
- Contributions +€314,800
up €314,800 (+1574.0%), from €20,000 to €334,800
- Other debts +€74,617
up €74,617 (+62.5%), from €119,440 to €194,058
Income statement
- Gross operating margin +€55,429
up €55,429 (+40.4%), from €137,238 to €192,667
- Depreciation +€7,646
up €7,646 (+7.8%), from €97,630 to €105,276
- Financial charges -€2,692
down €2,692 (-2.5%), from €108,364 to €105,672
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.
Result 2024
-€76,029
Gross operating margin
+€55,429
Depreciation
-€7,646
Other operating charges
+€166
Other operating items
+€3,197
Financial income
+€1,139
Financial charges
+€2,692
Taxes
+€1,496
Result 2025
-€19,557
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.
From operations
+€133,917
Investment
-€110,218
Financing
-€45,505
Cash 2024
€32,212
From operations (derived)
+€133,917
Net result for the year
-€19,557
Depreciation
+€105,276
Receivables within one year
-€17,823
Deferred charges and accrued income
-€939
Trade debts
-€7,658
Other debts
+€74,617
Investment (derived)
-€110,218
Investment in fixed assets (net)
-€110,218
Financing
-€45,505
Debts after one year
-€374,474
Current portion of long-term debt
+€14,169
Contributions, distributions and other
+€314,800
Cash 2025
€10,405
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,184,567 | €2,186,464 | +€1,897 | +0.1% |
| Formation expenses | 20 | - | €24,534 | +€24,534 | |
| Fixed assets | 21/28 | €2,108,216 | €2,088,624 | -€19,592 | -0.9% |
| Tangible fixed assets | 22/27 | €2,103,216 | €2,083,624 | -€19,592 | -0.9% |
| Land and buildings | 22 | €2,103,216 | €2,083,624 | -€19,592 | -0.9% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €76,351 | €73,306 | -€3,045 | -4.0% |
| Amounts receivable within one year | 40/41 | €44,139 | €61,962 | +€17,823 | +40.4% |
| Trade receivables | 40 | €42,426 | €58,965 | +€16,539 | +39.0% |
| Other amounts receivable | 41 | €1,713 | €2,997 | +€1,284 | +75.0% |
| Cash at bank and in hand | 54/58 | €32,212 | €10,405 | -€21,807 | -67.7% |
| Deferred charges and accrued income | 490/1 | - | €939 | +€939 | |
| Total equity and liabilities | 10/49 | €2,184,567 | €2,186,464 | +€1,897 | +0.1% |
| Equity | 10/15 | -€98,436 | €196,807 | +€295,243 | |
| Contributions | 10/11 | €20,000 | €334,800 | +€314,800 | +1574.0% |
| Profit (loss) carried forward | 14 | -€118,436 | -€137,993 | -€19,557 | -16.5% |
| Amounts payable | 17/49 | €2,283,003 | €1,989,657 | -€293,346 | -12.8% |
| Amounts payable after more than one year | 17 | €2,102,595 | €1,728,121 | -€374,474 | -17.8% |
| Financial debts | 170/4 | €2,102,595 | €1,728,121 | -€374,474 | -17.8% |
| Amounts payable within one year | 42/48 | €180,407 | €261,536 | +€81,128 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €46,190 | €60,358 | +€14,169 | +30.7% |
| Trade debts | 44 | €13,282 | €5,624 | -€7,658 | -57.7% |
| Suppliers | 440/4 | €13,282 | €5,624 | -€7,658 | -57.7% |
| Taxes, remuneration and social security | 45 | €1,496 | €1,496 | = | 0.0% |
| Taxes | 450/3 | €1,496 | €1,496 | = | 0.0% |
| Other amounts payable | 47/48 | €119,440 | €194,058 | +€74,617 | +62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,630 | €105,276 | +€7,646 | +7.8% |
| Other operating charges | 640/8 | €2,802 | €2,636 | -€166 | -5.9% |
| Non-recurring operating charges | 66A | €3,197 | - | -€3,197 | |
| Gross operating margin | 9900 | €137,238 | €192,667 | +€55,429 | +40.4% |
| Operating profit (loss) | 9901 | €33,609 | €84,755 | +€51,145 | +152.2% |
| Financial income | 75/76B | €221 | €1,361 | +€1,139 | +515.0% |
| Recurring financial income | 75 | €221 | €1,361 | +€1,139 | +515.0% |
| Financial charges | 65/66B | €108,364 | €105,672 | -€2,692 | -2.5% |
| Recurring financial charges | 65 | €108,364 | €105,672 | -€2,692 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | -€74,533 | -€19,557 | +€54,976 | +73.8% |
| Income taxes | 67/77 | €1,496 | - | -€1,496 | |
| Profit (loss) for the period | 9904 | -€76,029 | -€19,557 | +€56,472 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,029 | -€19,557 | +€56,472 | +74.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.