Sagerpar: 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.
What changed
Sagerpar
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€60.0m
2024 · -€13.3m+€73.2m
Equity
€133.1m
2024 · €73.1m+€60.0m
Cash
€52,337
2024 · €67,715-€15,378
Balance sheet total
€639.4m
2024 · €591.3m+€48.2m
Largest movements
Assets
- Receivables within one year +€101.3m
up €101.3m (+2,312%), from €4.4m to €105.7m
- Financial fixed assets -€52.3m
down €52.3m (-8.9%), from €585.9m to €533.5m
Equity and liabilities
- Debts after one year -€500.0m
no longer reported in 2025 (was €500.0m)
- Current portion of long-term debt +€500.0m
new in 2025: €500.0m
- Profit (loss) carried forward +€60.0m
up €60.0m, from -€40.7m to €19.3m
- Short-term financial debts -€11.8m
no longer reported in 2025 (was €11.8m)
Income statement
- Financial income +€57.7m
up €57.7m (+341%), from €16.9m to €74.7m
of which Non-recurring financial income: +€47.5m
- Financial charges -€15.4m
down €15.4m (-52.9%), from €29.2m to €13.7m
of which Non-recurring financial charges: -€13.9m
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
-€13.3m
Depreciation
+€60
Other operating charges
-€31
Other operating items
+€84,660
Financial income
+€57.7m
Financial charges
+€15.4m
Result 2025
€60.0m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€40.5m
Investment
+€52.3m
Financing
-€11.8m
Cash 2024
€67,715
From operations (derived)
-€40.5m
Net result for the year
+€60.0m
Depreciation
+€762,553
Receivables within one year
-€101.3m
Trade debts
+€5,970
Investment (derived)
+€52.3m
Investment in fixed assets (net)
+€52.3m
Financing
-€11.8m
Debts after one year
-€500.0m
Current portion of long-term debt
+€500.0m
Short-term financial debts
-€11.8m
Cash 2025
€52,337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €591,257,080 | €639,430,623 | +€48.2m | +8.1% |
| Formation expenses | 20 | €950,655 | €188,102 | -€762,553 | -80.2% |
| Fixed assets | 21/28 | €585,857,894 | €533,529,020 | -€52.3m | -8.9% |
| Financial fixed assets | 28 | €585,857,894 | €533,529,020 | -€52.3m | -8.9% |
| Affiliated companies | 280/1 | €585,857,894 | €533,529,020 | -€52.3m | -8.9% |
| Participating interests | 280 | €585,857,894 | €533,529,020 | -€52.3m | -8.9% |
| Current assets | 29/58 | €4,448,531 | €105,713,502 | +€101.3m | +2,276% |
| Amounts receivable within one year | 40/41 | €4,380,816 | €105,661,165 | +€101.3m | +2,312% |
| Other amounts receivable | 41 | €4,380,816 | €105,661,165 | +€101.3m | +2,312% |
| Cash at bank and in hand | 54/58 | €67,715 | €52,337 | -€15,378 | -22.7% |
| Total equity and liabilities | 10/49 | €591,257,080 | €639,430,623 | +€48.2m | +8.1% |
| Equity | 10/15 | €73,094,520 | €133,059,571 | +€60.0m | +82.0% |
| Contributions | 10/11 | €100,000,000 | €100,000,000 | = | 0.0% |
| Capital | 10 | €100,000,000 | €100,000,000 | = | 0.0% |
| Issued capital | 100 | €100,000,000 | €100,000,000 | = | 0.0% |
| Reserves | 13 | €13,803,000 | €13,803,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000,000 | €10,000,000 | = | 0.0% |
| Legal reserve | 130 | €10,000,000 | €10,000,000 | = | 0.0% |
| Distributable reserves | 133 | €3,803,000 | €3,803,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,708,480 | €19,256,571 | +€60.0m | |
| Amounts payable | 17/49 | €518,162,560 | €506,371,052 | -€11.8m | -2.3% |
| Amounts payable after more than one year | 17 | €500,000,000 | - | -€500.0m | |
| Financial debts | 170/4 | €500,000,000 | - | -€500.0m | |
| Unsubordinated bonds | 171 | €500,000,000 | - | -€500.0m | |
| Amounts payable within one year | 42/48 | €11,797,489 | €500,005,980 | +€488.2m | +4,138% |
| Current portion of amounts payable after more than one year | 42 | - | €500,000,000 | +€500.0m | |
| Financial debts | 43 | €11,797,478 | - | -€11.8m | |
| Other loans | 439 | €11,797,478 | - | -€11.8m | |
| Trade debts | 44 | €10 | €5,980 | +€5,970 | +57,905% |
| Suppliers | 440/4 | €10 | €5,980 | +€5,970 | +57,905% |
| Accrued charges and deferred income | 492/3 | €6,365,071 | €6,365,071 | = | 0.0% |
| Operating charges | 60/66A | €1,043,028 | €958,338 | -€84,689 | -8.1% |
| Services and other goods | 61 | €279,447 | €194,787 | -€84,660 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €762,613 | €762,553 | -€60 | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | -€1,043,028 | -€958,338 | +€84,689 | +8.1% |
| Financial income | 75/76B | €16,938,404 | €74,669,954 | +€57.7m | +341% |
| Recurring financial income | 75 | €14,601,755 | €24,849,459 | +€10.2m | +70.2% |
| Income from financial fixed assets | 750 | €14,601,755 | €23,635,490 | +€9.0m | +61.9% |
| Income from current assets | 751 | - | €1,213,969 | +€1.2m | |
| Non-recurring financial income | 76B | €2,336,649 | €49,820,495 | +€47.5m | +2,032% |
| Financial charges | 65/66B | €29,160,658 | €13,746,564 | -€15.4m | -52.9% |
| Recurring financial charges | 65 | €1,602,862 | €138,627 | -€1.5m | -91.4% |
| Debt charges | 650 | €1,601,707 | €137,426 | -€1.5m | -91.4% |
| Other financial charges | 652/9 | €1,155 | €1,202 | +€47 | +4.0% |
| Non-recurring financial charges | 66B | €27,557,796 | €13,607,937 | -€13.9m | -50.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,265,282 | €59,965,051 | +€73.2m | |
| Profit (loss) for the period | 9904 | -€13,265,282 | €59,965,051 | +€73.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,265,282 | €59,965,051 | +€73.2m |
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 18 October 2026 via checked.be.