SAGEM: what changed
SAGEM
Largest movements
- Receivables within one year -€241,145
down €241,145 (-44.6%), from €541,173 to €300,029
of which Trade receivables: -€220,357
- Cash +€45,863
up €45,863 (+19.6%), from €234,199 to €280,063
mainly Receivables within one year (+€241,145) and Net result for the year (+€176,166)
- Tangible fixed assets +€21,201
up €21,201 (+20.8%), from €102,001 to €123,202
of which Furniture and vehicles: +€17,546
- Trade debts -€191,544
down €191,544 (-67.7%), from €283,001 to €91,457
- Reserves +€88,350
up €88,350 (+21.2%), from €415,934 to €504,283
- Tax, wage and social debts -€47,249
down €47,249 (-44.7%), from €105,600 to €58,351
of which Taxes: -€51,626
- Other debts -€13,375
down €13,375 (-66.1%), from €20,225 to €6,850
- Accrued charges and deferred income -€11,313
down €11,313 (-9.3%), from €121,180 to €109,867
- Staff costs +€38,139
up €38,139 (+10.7%), from €355,581 to €393,720
- Other operating charges -€20,980
down €20,980 (-88.1%), from €23,820 to €2,839
- Depreciation +€15,988
up €15,988 (+93.2%), from €17,162 to €33,150
- Taxes -€9,744
down €9,744 (-9.8%), from €99,100 to €89,356
- Gross operating margin -€8,208
down €8,208 (-1.2%), from €703,944 to €695,736
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €945,939 | €770,809 | -€175,130 | -18.5% |
| Fixed assets | 21/28 | €108,016 | €129,217 | +€21,201 | +19.6% |
| Tangible fixed assets | 22/27 | €102,001 | €123,202 | +€21,201 | +20.8% |
| Plant, machinery and equipment | 23 | €431 | €4,085 | +€3,654 | +849% |
| Furniture and vehicles | 24 | €101,571 | €119,117 | +€17,546 | +17.3% |
| Financial fixed assets | 28 | €6,015 | €6,015 | = | 0.0% |
| Current assets | 29/58 | €837,923 | €641,592 | -€196,331 | -23.4% |
| Amounts receivable after more than one year | 29 | €61,500 | €61,500 | = | 0.0% |
| Other amounts receivable | 291 | €61,500 | €61,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €541,173 | €300,029 | -€241,145 | -44.6% |
| Trade receivables | 40 | €492,135 | €271,778 | -€220,357 | -44.8% |
| Other amounts receivable | 41 | €49,038 | €28,251 | -€20,787 | -42.4% |
| Cash at bank and in hand | 54/58 | €234,199 | €280,063 | +€45,863 | +19.6% |
| Deferred charges and accrued income | 490/1 | €1,050 | - | -€1,050 | |
| Total equity and liabilities | 10/49 | €945,939 | €770,809 | -€175,130 | -18.5% |
| Equity | 10/15 | €415,934 | €504,283 | +€88,350 | +21.2% |
| Reserves | 13 | €415,934 | €504,283 | +€88,350 | +21.2% |
| Distributable reserves | 133 | €415,934 | €504,283 | +€88,350 | +21.2% |
| Amounts payable | 17/49 | €530,006 | €266,526 | -€263,480 | -49.7% |
| Amounts payable within one year | 42/48 | €408,826 | €156,658 | -€252,168 | -61.7% |
| Trade debts | 44 | €283,001 | €91,457 | -€191,544 | -67.7% |
| Suppliers | 440/4 | €283,001 | €91,457 | -€191,544 | -67.7% |
| Taxes, remuneration and social security | 45 | €105,600 | €58,351 | -€47,249 | -44.7% |
| Taxes | 450/3 | €62,409 | €10,784 | -€51,626 | -82.7% |
| Remuneration and social security | 454/9 | €43,190 | €47,567 | +€4,377 | +10.1% |
| Other amounts payable | 47/48 | €20,225 | €6,850 | -€13,375 | -66.1% |
| Accrued charges and deferred income | 492/3 | €121,180 | €109,867 | -€11,313 | -9.3% |
| Remuneration, social security and pensions | 62 | €355,581 | €393,720 | +€38,139 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,162 | €33,150 | +€15,988 | +93.2% |
| Other operating charges | 640/8 | €23,820 | €2,839 | -€20,980 | -88.1% |
| Gross operating margin | 9900 | €703,944 | €695,736 | -€8,208 | -1.2% |
| Operating profit (loss) | 9901 | €307,381 | €266,027 | -€41,354 | -13.5% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €607 | €511 | -€96 | -15.9% |
| Recurring financial charges | 65 | €607 | €511 | -€96 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €306,774 | €265,522 | -€41,252 | -13.4% |
| Income taxes | 67/77 | €99,100 | €89,356 | -€9,744 | -9.8% |
| Profit (loss) for the period | 9904 | €207,675 | €176,166 | -€31,508 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €207,675 | €176,166 | -€31,508 | -15.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.