Sages: 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.
Sages
Largest movements
- Financial fixed assets +€601,732
up €601,732 (+1478.9%), from €40,688 to €642,420
- Tangible fixed assets -€547,076
down €547,076 (-34.5%), from €1.6m to €1.0m
of which Land and buildings: -€546,576
- Receivables within one year +€74,430
up €74,430 (+55.7%), from €133,515 to €207,945
of which Other amounts receivable: +€86,648
- Cash +€65,565
up €65,565 (+9226.7%), from €711 to €66,276
mainly Debts after one year (+€376,770) and Depreciation (+€86,340)
- Debts after one year +€376,770
up €376,770 (+45.9%), from €820,000 to €1.2m
- Profit (loss) carried forward -€167,093
down €167,093 (-712.4%), from -€23,453 to -€190,547
- Financial charges +€64,128
up €64,128 (+5493.4%), from €1,167 to €65,295
of which Financial charges: +€64,128
- Depreciation +€34,035
up €34,035 (+65.1%), from €52,305 to €86,340
- Other operating charges +€2,074
up €2,074 (+16.3%), from €12,754 to €14,828
- Gross operating margin +€578
up €578 (+1.8%), from -€31,638 to -€31,060
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 | €1,765,606 | €1,956,932 | +€191,327 | +10.8% |
| Fixed assets | 21/28 | €1,627,611 | €1,682,267 | +€54,656 | +3.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,586,923 | €1,039,847 | -€547,076 | -34.5% |
| Land and buildings | 22 | €1,585,608 | €1,039,032 | -€546,576 | -34.5% |
| Furniture and vehicles | 24 | €1,315 | €815 | -€500 | -38.0% |
| Financial fixed assets | 28 | €40,688 | €642,420 | +€601,732 | +1478.9% |
| Current assets | 29/58 | €137,994 | €274,665 | +€136,671 | +99.0% |
| Amounts receivable within one year | 40/41 | €133,515 | €207,945 | +€74,430 | +55.7% |
| Trade receivables | 40 | €48,383 | €36,165 | -€12,218 | -25.3% |
| Other amounts receivable | 41 | €85,132 | €171,780 | +€86,648 | +101.8% |
| Cash at bank and in hand | 54/58 | €711 | €66,276 | +€65,565 | +9226.7% |
| Deferred charges and accrued income | 490/1 | €3,769 | €445 | -€3,324 | -88.2% |
| Total equity and liabilities | 10/49 | €1,765,606 | €1,956,932 | +€191,327 | +10.8% |
| Equity | 10/15 | €756,079 | €569,914 | -€186,166 | -24.6% |
| Contributions | 10/11 | €119,796 | €119,796 | = | 0.0% |
| Capital | 10 | €119,796 | €119,796 | = | 0.0% |
| Issued capital | 100 | €119,796 | €119,796 | = | 0.0% |
| Reserves | 13 | €659,737 | €640,664 | -€19,072 | -2.9% |
| Non-distributable reserves | 130/1 | €11,980 | €11,980 | = | 0.0% |
| Legal reserve | 130 | €11,980 | €11,980 | = | 0.0% |
| Tax-exempt reserves | 132 | €407,757 | €388,685 | -€19,072 | -4.7% |
| Distributable reserves | 133 | €240,000 | €240,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,453 | -€190,547 | -€167,093 | -712.4% |
| Provisions and deferred taxes | 16 | €126,595 | €120,238 | -€6,357 | -5.0% |
| Deferred taxes | 168 | €126,595 | €120,238 | -€6,357 | -5.0% |
| Amounts payable | 17/49 | €882,931 | €1,266,781 | +€383,850 | +43.5% |
| Amounts payable after more than one year | 17 | €820,000 | €1,196,770 | +€376,770 | +45.9% |
| Other amounts payable | 178/9 | €820,000 | €1,196,770 | +€376,770 | +45.9% |
| Amounts payable within one year | 42/48 | €62,931 | €70,011 | +€7,080 | +11.3% |
| Trade debts | 44 | €9,790 | €18,832 | +€9,042 | +92.4% |
| Suppliers | 440/4 | €9,790 | €18,832 | +€9,042 | +92.4% |
| Taxes, remuneration and social security | 45 | €1,631 | €1,178 | -€453 | -27.7% |
| Taxes | 450/3 | €1,631 | €1,178 | -€453 | -27.7% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €51,510 | €50,001 | -€1,510 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,305 | €86,340 | +€34,035 | +65.1% |
| Other operating charges | 640/8 | €12,754 | €14,828 | +€2,074 | +16.3% |
| Gross operating margin | 9900 | -€31,638 | -€31,060 | +€578 | +1.8% |
| Operating profit (loss) | 9901 | -€96,698 | -€132,228 | -€35,530 | -36.7% |
| Financial income | 75/76B | €4,838 | €5,117 | +€280 | +5.8% |
| Recurring financial income | 75 | €4,838 | €5,117 | +€280 | +5.8% |
| Financial charges | 65/66B | €1,167 | €65,295 | +€64,128 | +5493.4% |
| Recurring financial charges | 65 | €1,167 | €65,295 | +€64,128 | +5493.4% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | -€93,027 | -€192,406 | -€99,379 | -106.8% |
| Transfer from deferred taxes | 780 | €6,435 | €6,357 | -€78 | -1.2% |
| Income taxes | 67/77 | €140 | €117 | -€22 | -15.8% |
| Profit (loss) for the period | 9904 | -€86,731 | -€186,166 | -€99,434 | -114.6% |
| Transfer from tax-exempt reserves | 789 | €19,306 | €19,072 | -€233 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,426 | -€167,093 | -€99,668 | -147.8% |
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 30 September 2026 via checked.be.