Sagesi: 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.
Sagesi
Largest movements
- Tangible fixed assets -€72,380
down €72,380 (-3.2%), from €2.2m to €2.2m
of which Land and buildings: -€69,426
- Cash +€41,470
up €41,470 (+17.7%), from €234,457 to €275,927
mainly Depreciation (+€77,396) and Tax, wage and social debts (+€6,800)
- Reserves -€36,090
down €36,090 (-4.2%), from €849,840 to €813,750
of which Tax-exempt reserves: -€36,090
- Gross operating margin +€21,772
up €21,772 (+47.7%), from €45,597 to €67,369
- Taxes +€6,617
up €6,617 (+883%), from €749 to €7,366
- Depreciation -€2,747
down €2,747 (-3.4%), from €80,143 to €77,396
- Financial income -€2,282
down €2,282 (-59.5%), from €3,834 to €1,552
- Other operating charges +€1,187
up €1,187 (+7.0%), from €17,046 to €18,233
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,492,798 | €2,470,063 | -€22,735 | -0.9% |
| Fixed assets | 21/28 | €2,240,306 | €2,167,926 | -€72,380 | -3.2% |
| Tangible fixed assets | 22/27 | €2,239,362 | €2,166,982 | -€72,380 | -3.2% |
| Land and buildings | 22 | €2,232,532 | €2,163,106 | -€69,426 | -3.1% |
| Furniture and vehicles | 24 | - | €3,876 | +€3,876 | |
| Leasing and similar rights | 25 | €6,830 | - | -€6,830 | |
| Financial fixed assets | 28 | €944 | €944 | = | 0.0% |
| Current assets | 29/58 | €252,492 | €302,137 | +€49,645 | +19.7% |
| Amounts receivable within one year | 40/41 | €5,016 | €13,536 | +€8,520 | +170% |
| Other amounts receivable | 41 | €5,016 | €13,536 | +€8,520 | +170% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €234,457 | €275,927 | +€41,470 | +17.7% |
| Deferred charges and accrued income | 490/1 | €3,019 | €2,674 | -€345 | -11.4% |
| Total equity and liabilities | 10/49 | €2,492,798 | €2,470,063 | -€22,735 | -0.9% |
| Equity | 10/15 | €1,105,390 | €1,088,678 | -€16,712 | -1.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €849,840 | €813,750 | -€36,090 | -4.2% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €831,374 | €795,284 | -€36,090 | -4.3% |
| Distributable reserves | 133 | €5,966 | €5,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,550 | €149,928 | +€19,378 | +14.8% |
| Provisions and deferred taxes | 16 | €388,868 | €371,045 | -€17,823 | -4.6% |
| Deferred taxes | 168 | €388,868 | €371,045 | -€17,823 | -4.6% |
| Amounts payable | 17/49 | €998,540 | €1,010,340 | +€11,800 | +1.2% |
| Amounts payable within one year | 42/48 | €988,395 | €998,890 | +€10,495 | +1.1% |
| Trade debts | 44 | €1,500 | €2,498 | +€998 | +66.5% |
| Suppliers | 440/4 | €1,500 | €2,498 | +€998 | +66.5% |
| Taxes, remuneration and social security | 45 | €200 | €7,000 | +€6,800 | +3,400% |
| Taxes | 450/3 | €200 | €7,000 | +€6,800 | +3,400% |
| Other amounts payable | 47/48 | €986,695 | €989,392 | +€2,697 | +0.3% |
| Accrued charges and deferred income | 492/3 | €10,145 | €11,450 | +€1,305 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,143 | €77,396 | -€2,747 | -3.4% |
| Other operating charges | 640/8 | €17,046 | €18,233 | +€1,187 | +7.0% |
| Non-recurring operating charges | 66A | €1,109 | - | -€1,109 | |
| Gross operating margin | 9900 | €45,597 | €67,369 | +€21,772 | +47.7% |
| Operating profit (loss) | 9901 | -€52,701 | -€28,260 | +€24,441 | +46.4% |
| Financial income | 75/76B | €3,834 | €1,552 | -€2,282 | -59.5% |
| Recurring financial income | 75 | €3,834 | €1,552 | -€2,282 | -59.5% |
| Financial charges | 65/66B | €410 | €461 | +€51 | +12.4% |
| Recurring financial charges | 65 | €410 | €461 | +€51 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | -€49,277 | -€27,169 | +€22,108 | +44.9% |
| Transfer from deferred taxes | 780 | €17,811 | €17,823 | +€12 | +0.1% |
| Income taxes | 67/77 | €749 | €7,366 | +€6,617 | +883% |
| Profit (loss) for the period | 9904 | -€32,215 | -€16,712 | +€15,503 | +48.1% |
| Transfer from tax-exempt reserves | 789 | €33,927 | €36,090 | +€2,163 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,712 | €19,378 | +€17,666 | +1,032% |
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 17 October 2026 via checked.be.