SAGESSE: 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
SAGESSE
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€185,114
2024 · €411,145-€596,259
Equity
€42.6m
2024 · €42.9m-€298,114
Cash
€1.4m
2024 · €1.5m-€76,680
Balance sheet total
€44.5m
2024 · €43.7m+€832,646
Largest movements
Assets
- Current investments +€1.4m
up €1.4m (+3.7%), from €37.3m to €38.7m
Equity and liabilities
- Provisions +€1.3m
up €1.3m (+327%), from €392,059 to €1.7m
of which Provisions for liabilities and charges: +€1.3m
Income statement
- Provisions +€1.3m
new in 2025: €1.3m
- Financial income +€463,672
up €463,672 (+43.8%), from €1.1m to €1.5m
of which Financial income: +€561,418
- Financial charges +€318,233
up €318,233 (+135%), from €236,258 to €554,490
- Gross operating margin +€294,768
up €294,768 (+481%), from €61,236 to €356,004
- Taxes -€232,112
down €232,112 (-95.1%), from €244,153 to €12,041
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
€411,145
Gross operating margin
+€294,768
Depreciation
+€16,082
Provisions
-€1.3m
Other operating charges
+€16,965
Other operating items
+€800
Financial income
+€463,672
Financial charges
-€318,233
Taxes
+€232,112
Deferred taxes and other
+€4,374
Result 2025
-€185,114
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
+€1.3m
Investment
-€1.3m
Financing
-€112,700
Cash 2024
€1.5m
From operations (derived)
+€1.3m
Net result for the year
-€185,114
Depreciation
+€131,754
Receivables after one year
+€400,000
Receivables within one year
-€193,508
Deferred charges and accrued income
+€36,878
Provisions
+€1.3m
Trade debts
+€9,135
Tax, wage and social debts
+€36,001
Other debts
-€156,010
Accrued charges and deferred income
-€40,879
Investment (derived)
-€1.3m
Investment in fixed assets (net)
+€111,217
Current investments
-€1.4m
Financing
-€112,700
Debts after one year
+€300
Contributions, distributions and other
-€113,000
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,656,142 | €44,488,788 | +€832,646 | +1.9% |
| Fixed assets | 21/28 | €3,819,314 | €3,576,342 | -€242,971 | -6.4% |
| Tangible fixed assets | 22/27 | €3,813,375 | €3,571,955 | -€241,420 | -6.3% |
| Land and buildings | 22 | €3,764,690 | €3,530,872 | -€233,818 | -6.2% |
| Furniture and vehicles | 24 | €40,994 | €23,775 | -€17,219 | -42.0% |
| Other tangible fixed assets | 26 | €7,691 | €17,308 | +€9,616 | +125% |
| Financial fixed assets | 28 | €5,938 | €4,387 | -€1,551 | -26.1% |
| Current assets | 29/58 | €39,836,828 | €40,912,445 | +€1.1m | +2.7% |
| Amounts receivable after more than one year | 29 | €600,000 | €200,000 | -€400,000 | -66.7% |
| Other amounts receivable | 291 | €600,000 | €200,000 | -€400,000 | -66.7% |
| Amounts receivable within one year | 40/41 | €392,748 | €586,256 | +€193,508 | +49.3% |
| Trade receivables | 40 | €3,329 | €2,336 | -€992 | -29.8% |
| Other amounts receivable | 41 | €389,419 | €583,919 | +€194,500 | +49.9% |
| Current investments | 50/53 | €37,327,035 | €38,722,703 | +€1.4m | +3.7% |
| Cash at bank and in hand | 54/58 | €1,465,932 | €1,389,252 | -€76,680 | -5.2% |
| Deferred charges and accrued income | 490/1 | €51,113 | €14,235 | -€36,878 | -72.2% |
| Total equity and liabilities | 10/49 | €43,656,142 | €44,488,788 | +€832,646 | +1.9% |
| Equity | 10/15 | €42,878,168 | €42,580,054 | -€298,114 | -0.7% |
| Contributions | 10/11 | €1,090,000 | €1,090,000 | = | 0.0% |
| Capital | 10 | €1,090,000 | €1,090,000 | = | 0.0% |
| Issued capital | 100 | €1,090,000 | €1,090,000 | = | 0.0% |
| Reserves | 13 | €41,787,014 | €41,490,054 | -€296,960 | -0.7% |
| Non-distributable reserves | 130/1 | €109,000 | €109,000 | = | 0.0% |
| Legal reserve | 130 | €109,000 | €109,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,130,741 | €1,056,982 | -€73,759 | -6.5% |
| Distributable reserves | 133 | €40,547,273 | €40,324,072 | -€223,201 | -0.6% |
| Profit (loss) carried forward | 14 | €1,154 | - | -€1,154 | |
| Provisions and deferred taxes | 16 | €392,059 | €1,674,273 | +€1.3m | +327% |
| Provisions for liabilities and charges | 160/5 | - | €1,306,800 | +€1.3m | |
| Environmental obligations | 163 | - | €1,306,800 | +€1.3m | |
| Deferred taxes | 168 | €392,059 | €367,473 | -€24,586 | -6.3% |
| Amounts payable | 17/49 | €385,914 | €234,461 | -€151,453 | -39.2% |
| Amounts payable after more than one year | 17 | - | €300 | +€300 | |
| Other amounts payable | 178/9 | - | €300 | +€300 | |
| Amounts payable within one year | 42/48 | €341,858 | €230,984 | -€110,874 | -32.4% |
| Trade debts | 44 | €14,514 | €23,649 | +€9,135 | +62.9% |
| Suppliers | 440/4 | €14,514 | €23,649 | +€9,135 | +62.9% |
| Taxes, remuneration and social security | 45 | €47,564 | €83,566 | +€36,001 | +75.7% |
| Taxes | 450/3 | €47,564 | €83,566 | +€36,001 | +75.7% |
| Other amounts payable | 47/48 | €279,780 | €123,770 | -€156,010 | -55.8% |
| Accrued charges and deferred income | 492/3 | €44,056 | €3,177 | -€40,879 | -92.8% |
| Non-recurring operating income | 76A | - | €398,711 | +€398,711 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,836 | €131,754 | -€16,082 | -10.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,306,800 | +€1.3m | |
| Other operating charges | 640/8 | €98,815 | €81,850 | -€16,965 | -17.2% |
| Non-recurring operating charges | 66A | €800 | - | -€800 | |
| Gross operating margin | 9900 | €61,236 | €356,004 | +€294,768 | +481% |
| Operating profit (loss) | 9901 | -€186,215 | -€1,164,400 | -€978,185 | -525% |
| Financial income | 75/76B | €1,057,558 | €1,521,230 | +€463,672 | +43.8% |
| Recurring financial income | 75 | €959,812 | €1,521,230 | +€561,418 | +58.5% |
| Non-recurring financial income | 76B | €97,746 | - | -€97,746 | |
| Financial charges | 65/66B | €236,258 | €554,490 | +€318,233 | +135% |
| Recurring financial charges | 65 | €236,258 | €554,490 | +€318,233 | +135% |
| Profit (loss) for the period before taxes | 9903 | €635,085 | -€197,660 | -€832,746 | |
| Transfer from deferred taxes | 780 | €20,212 | €24,586 | +€4,374 | +21.6% |
| Income taxes | 67/77 | €244,153 | €12,041 | -€232,112 | -95.1% |
| Profit (loss) for the period | 9904 | €411,145 | -€185,114 | -€596,259 | |
| Transfer from tax-exempt reserves | 789 | €60,637 | €73,759 | +€13,122 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €471,782 | -€111,355 | -€583,138 |
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 16 October 2026 via checked.be.