SAGEL: 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
SAGEL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8,066
2024 · -€20,422+€12,356
Equity
€240,283
2024 · €248,349-€8,066
Cash
€43,045
2024 · €30,527+€12,518
Balance sheet total
€3.8m
2024 · €4.0m-€157,063
Largest movements
Assets
- Tangible fixed assets -€161,013
down €161,013 (-4.2%), from €3.8m to €3.7m
of which Land and buildings: -€151,437
Equity and liabilities
- Debts after one year -€150,000
down €150,000 (-4.2%), from €3.6m to €3.4m
Income statement
- Gross operating margin +€51,974
up €51,974 (+10.2%), from €507,142 to €559,116
- Purchases and services -€33,179
down €33,179 (-10.6%), from €313,617 to €280,438
- Taxes +€16,603
up €16,603 (+828.5%), from €2,004 to €18,607
- Staff costs +€16,545
up €16,545 (+8.1%), from €204,465 to €221,010
- Turnover +€13,225
up €13,225 (+1.8%), from €742,114 to €755,339
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
-€20,422
Gross operating margin
+€51,974
Staff costs
-€16,545
Depreciation
-€800
Other operating charges
-€5,895
Other operating items
+€39
Financial charges
+€186
Taxes
-€16,603
Result 2025
-€8,066
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
+€199,595
Investment
-€37,077
Financing
-€150,000
Cash 2024
€30,527
From operations (derived)
+€199,595
Net result for the year
-€8,066
Depreciation
+€193,146
Receivables within one year
+€13,338
Smaller working-capital items
-€292
Trade debts
-€2,049
Tax, wage and social debts
+€3,518
Investment (derived)
-€37,077
Investment in fixed assets (net)
-€37,077
Financing
-€150,000
Debts after one year
-€150,000
Cash 2025
€43,045
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,954,729 | €3,797,666 | -€157,063 | -4.0% |
| Fixed assets | 21/28 | €3,821,701 | €3,665,632 | -€156,069 | -4.1% |
| Intangible fixed assets | 21 | €770 | €5,714 | +€4,944 | +642.1% |
| Tangible fixed assets | 22/27 | €3,820,125 | €3,659,112 | -€161,013 | -4.2% |
| Land and buildings | 22 | €3,776,538 | €3,625,101 | -€151,437 | -4.0% |
| Plant, machinery and equipment | 23 | €3,363 | €1,016 | -€2,347 | -69.8% |
| Furniture and vehicles | 24 | €40,224 | €32,995 | -€7,229 | -18.0% |
| Financial fixed assets | 28 | €806 | €806 | = | 0.0% |
| Current assets | 29/58 | €133,028 | €132,034 | -€994 | -0.7% |
| Amounts receivable within one year | 40/41 | €73,275 | €59,937 | -€13,338 | -18.2% |
| Trade receivables | 40 | €66,912 | €59,937 | -€6,975 | -10.4% |
| Other amounts receivable | 41 | €6,363 | - | -€6,363 | |
| Cash at bank and in hand | 54/58 | €30,527 | €43,045 | +€12,518 | +41.0% |
| Deferred charges and accrued income | 490/1 | €29,226 | €29,052 | -€174 | -0.6% |
| Total equity and liabilities | 10/49 | €3,954,729 | €3,797,666 | -€157,063 | -4.0% |
| Equity | 10/15 | €248,349 | €240,283 | -€8,066 | -3.2% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€351,651 | -€359,717 | -€8,066 | -2.3% |
| Amounts payable | 17/49 | €3,706,380 | €3,557,383 | -€148,997 | -4.0% |
| Amounts payable after more than one year | 17 | €3,580,270 | €3,430,270 | -€150,000 | -4.2% |
| Other amounts payable | 178/9 | €3,580,270 | €3,430,270 | -€150,000 | -4.2% |
| Amounts payable within one year | 42/48 | €125,417 | €126,886 | +€1,469 | +1.2% |
| Trade debts | 44 | €51,977 | €49,928 | -€2,049 | -3.9% |
| Suppliers | 440/4 | €51,977 | €49,928 | -€2,049 | -3.9% |
| Taxes, remuneration and social security | 45 | €73,440 | €76,958 | +€3,518 | +4.8% |
| Taxes | 450/3 | €55,652 | €54,978 | -€674 | -1.2% |
| Remuneration and social security | 454/9 | €17,788 | €21,980 | +€4,192 | +23.6% |
| Accrued charges and deferred income | 492/3 | €693 | €227 | -€466 | -67.2% |
| Turnover | 70 | €742,114 | €755,339 | +€13,225 | +1.8% |
| Non-recurring operating income | 76A | €0 | €510 | +€510 | |
| Goods, raw materials, services and sundry goods | 60/61 | €313,617 | €280,438 | -€33,179 | -10.6% |
| Remuneration, social security and pensions | 62 | €204,465 | €221,010 | +€16,545 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,346 | €193,146 | +€800 | +0.4% |
| Other operating charges | 640/8 | €113,143 | €119,038 | +€5,895 | +5.2% |
| Non-recurring operating charges | 66A | €39 | €0 | -€39 | -100.0% |
| Gross operating margin | 9900 | €507,142 | €559,116 | +€51,974 | +10.2% |
| Operating profit (loss) | 9901 | -€2,851 | €25,922 | +€28,773 | |
| Financial charges | 65/66B | €15,567 | €15,381 | -€186 | -1.2% |
| Recurring financial charges | 65 | €15,567 | €15,381 | -€186 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,418 | €10,541 | +€28,959 | |
| Income taxes | 67/77 | €2,004 | €18,607 | +€16,603 | +828.5% |
| Profit (loss) for the period | 9904 | -€20,422 | -€8,066 | +€12,356 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,422 | -€8,066 | +€12,356 | +60.5% |
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 1 October 2026 via checked.be.