SAGEST: 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.
SAGEST
Largest movements
- Cash -€42,077
down €42,077 (-37.9%), from €110,886 to €68,809
mainly Other debts (-€37,002) and Investment in fixed assets (net) (-€35,564)
- Tangible fixed assets +€29,276
up €29,276 (+176.5%), from €16,586 to €45,862
of which Furniture and vehicles: +€25,028
- Receivables within one year -€7,755
down €7,755 (-11.6%), from €67,103 to €59,348
of which Trade receivables: -€7,040
- Other debts -€37,002
down €37,002 (-52.8%), from €70,108 to €33,107
- Tax, wage and social debts +€11,942
up €11,942 (+60.5%), from €19,739 to €31,682
- Profit (loss) carried forward +€7,903
up €7,903 (+8.5%), from €93,201 to €101,104
- Trade debts -€3,954
down €3,954 (-61.0%), from €6,481 to €2,527
- Other operating charges +€4,600
up €4,600 (+150.5%), from €3,057 to €7,657
- Gross operating margin -€4,412
down €4,412 (-4.9%), from €90,357 to €85,945
- Depreciation +€3,109
up €3,109 (+97.8%), from €3,178 to €6,287
- Taxes -€2,727
down €2,727 (-15.8%), from €17,285 to €14,558
- Financial charges -€2,657
down €2,657 (-47.6%), from €5,576 to €2,919
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 | €201,130 | €180,220 | -€20,910 | -10.4% |
| Fixed assets | 21/28 | €17,286 | €46,562 | +€29,276 | +169.4% |
| Tangible fixed assets | 22/27 | €16,586 | €45,862 | +€29,276 | +176.5% |
| Plant, machinery and equipment | 23 | €6,144 | €8,199 | +€2,055 | +33.5% |
| Furniture and vehicles | 24 | €5,073 | €30,101 | +€25,028 | +493.4% |
| Other tangible fixed assets | 26 | €5,369 | €7,562 | +€2,193 | +40.9% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €183,844 | €133,657 | -€50,187 | -27.3% |
| Amounts receivable after more than one year | 29 | €5,500 | €5,500 | = | 0.0% |
| Other amounts receivable | 291 | €5,500 | €5,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,103 | €59,348 | -€7,755 | -11.6% |
| Trade receivables | 40 | €66,388 | €59,348 | -€7,040 | -10.6% |
| Other amounts receivable | 41 | €715 | - | -€715 | |
| Cash at bank and in hand | 54/58 | €110,886 | €68,809 | -€42,077 | -37.9% |
| Deferred charges and accrued income | 490/1 | €355 | - | -€355 | |
| Total equity and liabilities | 10/49 | €201,130 | €180,220 | -€20,910 | -10.4% |
| Equity | 10/15 | €103,201 | €111,104 | +€7,903 | +7.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,201 | €101,104 | +€7,903 | +8.5% |
| Provisions and deferred taxes | 16 | €1,600 | €1,800 | +€200 | +12.5% |
| Provisions for liabilities and charges | 160/5 | €1,600 | €1,800 | +€200 | +12.5% |
| Other liabilities and charges | 164/5 | €1,600 | €1,800 | +€200 | +12.5% |
| Amounts payable | 17/49 | €96,329 | €67,315 | -€29,014 | -30.1% |
| Amounts payable within one year | 42/48 | €96,329 | €67,315 | -€29,014 | -30.1% |
| Trade debts | 44 | €6,481 | €2,527 | -€3,954 | -61.0% |
| Suppliers | 440/4 | €6,481 | €2,527 | -€3,954 | -61.0% |
| Taxes, remuneration and social security | 45 | €19,739 | €31,682 | +€11,942 | +60.5% |
| Taxes | 450/3 | €19,739 | €31,682 | +€11,942 | +60.5% |
| Other amounts payable | 47/48 | €70,108 | €33,107 | -€37,002 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,178 | €6,287 | +€3,109 | +97.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €200 | +€200 | |
| Other operating charges | 640/8 | €3,057 | €7,657 | +€4,600 | +150.5% |
| Non-recurring operating charges | 66A | - | €16,696 | +€16,696 | |
| Gross operating margin | 9900 | €90,357 | €85,945 | -€4,412 | -4.9% |
| Operating profit (loss) | 9901 | €84,122 | €55,105 | -€29,017 | -34.5% |
| Financial income | 75/76B | €1,750 | €275 | -€1,475 | -84.3% |
| Recurring financial income | 75 | €1,750 | €275 | -€1,475 | -84.3% |
| Financial charges | 65/66B | €5,576 | €2,919 | -€2,657 | -47.6% |
| Recurring financial charges | 65 | €5,576 | €2,919 | -€2,657 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | €80,296 | €52,461 | -€27,835 | -34.7% |
| Income taxes | 67/77 | €17,285 | €14,558 | -€2,727 | -15.8% |
| Profit (loss) for the period | 9904 | €63,012 | €37,903 | -€25,108 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,012 | €37,903 | -€25,108 | -39.8% |
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 4 October 2026 via checked.be.