SAGEVAS: 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.
What changed
SAGEVAS
NACE 92.000, Gambling and betting activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.2m
2024 · €1.4m-€2.6m
Equity
€18.2m
2024 · €19.4m-€1.2m
Cash
€2.3m
2024 · €4.5m-€2.2m
Balance sheet total
€23.9m
2024 · €33.4m-€9.5m
Largest movements
Assets
- Receivables after one year -€13.2m
down €13.2m (-98.0%), from €13.5m to €270,000
- Receivables within one year +€6.2m
up €6.2m (+175.0%), from €3.6m to €9.8m
of which Other amounts receivable: +€6.4m
- Cash -€2.2m
down €2.2m (-48.5%), from €4.5m to €2.3m
mainly Other debts (-€8.4m) and Receivables within one year (-€6.2m)
Equity and liabilities
- Other debts -€8.4m
down €8.4m (-72.5%), from €11.5m to €3.2m
- Profit (loss) carried forward -€1.2m
down €1.2m (-12.5%), from €9.4m to €8.2m
Income statement
- Turnover -€10.3m
down €10.3m (-31.7%), from €32.6m to €22.2m
- Services and other goods -€4.7m
down €4.7m (-19.4%), from €24.2m to €19.5m
- Write-downs -€1.9m
down €1.9m, from €169,978 to -€1.7m
- Taxes -€1.2m
down €1.2m (-66.5%), from €1.9m to €621,875
- Other operating charges +€488,440
up €488,440 (+11.7%), from €4.2m to €4.7m
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
€1.4m
Turnover
-€10.3m
Other operating income
+€136,324
Services and other goods
+€4.7m
Staff costs
+€248,850
Depreciation
+€298,681
Write-downs
+€1.9m
Other operating charges
-€488,440
Other operating items
-€68,335
Financial income
-€169,167
Financial charges
-€44,187
Taxes
+€1.2m
Result 2025
-€1.2m
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.
From operations
-€1.9m
Investment
-€343,033
Financing
€0
Cash 2024
€4.5m
From operations (derived)
-€1.9m
Net result for the year
-€1.2m
Depreciation
+€615,156
Receivables after one year
+€13.2m
Receivables within one year
-€6.2m
Smaller working-capital items
+€26,443
Trade debts
+€64,341
Other debts
-€8.4m
Investment (derived)
-€343,033
Investment in fixed assets (net)
-€343,033
Cash 2025
€2.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,400,051 | €23,933,207 | -€9.5m | -28.3% |
| Fixed assets | 21/28 | €11,361,397 | €11,089,274 | -€272,123 | -2.4% |
| Intangible fixed assets | 21 | €16,110 | €74,933 | +€58,823 | +365.1% |
| Tangible fixed assets | 22/27 | €1,002,929 | €701,511 | -€301,418 | -30.1% |
| Plant, machinery and equipment | 23 | €688,092 | €699,960 | +€11,867 | +1.7% |
| Furniture and vehicles | 24 | €1,608 | €1,551 | -€57 | -3.5% |
| Assets under construction and advance payments | 27 | €313,228 | - | -€313,228 | |
| Financial fixed assets | 28 | €10,342,358 | €10,312,829 | -€29,529 | -0.3% |
| Affiliated companies | 280/1 | €10,138,370 | €10,113,370 | -€25,000 | -0.2% |
| Participating interests | 280 | €10,138,370 | €10,113,370 | -€25,000 | -0.2% |
| Other financial fixed assets | 284/8 | €203,988 | €199,460 | -€4,529 | -2.2% |
| Amounts receivable and cash guarantees | 285/8 | €203,988 | €199,460 | -€4,529 | -2.2% |
| Current assets | 29/58 | €22,038,654 | €12,843,933 | -€9.2m | -41.7% |
| Amounts receivable after more than one year | 29 | €13,500,000 | €270,000 | -€13.2m | -98.0% |
| Other amounts receivable | 291 | €13,500,000 | €270,000 | -€13.2m | -98.0% |
| Amounts receivable within one year | 40/41 | €3,565,717 | €9,805,499 | +€6.2m | +175.0% |
| Trade receivables | 40 | €829,755 | €709,028 | -€120,726 | -14.5% |
| Other amounts receivable | 41 | €2,735,962 | €9,096,470 | +€6.4m | +232.5% |
| Cash at bank and in hand | 54/58 | €4,536,512 | €2,338,561 | -€2.2m | -48.5% |
| Deferred charges and accrued income | 490/1 | €436,425 | €429,874 | -€6,551 | -1.5% |
| Total equity and liabilities | 10/49 | €33,400,051 | €23,933,207 | -€9.5m | -28.3% |
| Equity | 10/15 | €19,415,878 | €18,238,646 | -€1.2m | -6.1% |
| Contributions | 10/11 | €2,161,500 | €2,161,500 | = | 0.0% |
| Capital | 10 | €2,161,500 | €2,161,500 | = | 0.0% |
| Issued capital | 100 | €2,161,500 | €2,161,500 | = | 0.0% |
| Revaluation surpluses | 12 | €7,612,170 | €7,612,170 | = | 0.0% |
| Reserves | 13 | €216,150 | €216,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €216,150 | €216,150 | = | 0.0% |
| Legal reserve | 130 | €216,150 | €216,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,426,058 | €8,248,827 | -€1.2m | -12.5% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €13,944,174 | €5,654,561 | -€8.3m | -59.4% |
| Amounts payable within one year | 42/48 | €13,944,174 | €5,651,650 | -€8.3m | -59.5% |
| Trade debts | 44 | €1,527,304 | €1,591,645 | +€64,341 | +4.2% |
| Suppliers | 440/4 | €1,527,304 | €1,591,645 | +€64,341 | +4.2% |
| Taxes, remuneration and social security | 45 | €872,461 | €889,442 | +€16,981 | +1.9% |
| Taxes | 450/3 | €780,359 | €838,026 | +€57,667 | +7.4% |
| Remuneration and social security | 454/9 | €92,102 | €51,416 | -€40,686 | -44.2% |
| Other amounts payable | 47/48 | €11,544,409 | €3,170,563 | -€8.4m | -72.5% |
| Accrued charges and deferred income | 492/3 | - | €2,911 | +€2,911 | |
| Operating income | 70/76A | €32,956,020 | €22,703,913 | -€10.3m | -31.1% |
| Turnover | 70 | €32,553,677 | €22,220,010 | -€10.3m | -31.7% |
| Other operating income | 74 | €345,787 | €482,111 | +€136,324 | +39.4% |
| Non-recurring operating income | 76A | €56,556 | €1,792 | -€54,763 | -96.8% |
| Operating charges | 60/66A | €30,002,278 | €23,379,823 | -€6.6m | -22.1% |
| Services and other goods | 61 | €24,221,886 | €19,525,404 | -€4.7m | -19.4% |
| Remuneration, social security and pensions | 62 | €506,868 | €258,018 | -€248,850 | -49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €913,837 | €615,156 | -€298,681 | -32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €169,978 | -€1,710,477 | -€1.9m | |
| Other operating charges | 640/8 | €4,189,709 | €4,678,149 | +€488,440 | +11.7% |
| Non-recurring operating charges | 66A | - | €13,572 | +€13,572 | |
| Operating profit (loss) | 9901 | €2,953,743 | -€675,910 | -€3.6m | |
| Financial income | 75/76B | €360,100 | €190,934 | -€169,167 | -47.0% |
| Recurring financial income | 75 | €360,100 | €190,934 | -€169,167 | -47.0% |
| Income from current assets | 751 | €359,723 | €190,884 | -€168,838 | -46.9% |
| Other financial income | 752/9 | €378 | €49 | -€328 | -86.9% |
| Financial charges | 65/66B | €26,194 | €70,381 | +€44,187 | +168.7% |
| Recurring financial charges | 65 | €26,194 | €45,381 | +€19,187 | +73.2% |
| Other financial charges | 652/9 | €26,194 | €45,381 | +€19,187 | +73.2% |
| Non-recurring financial charges | 66B | - | €25,000 | +€25,000 | |
| Profit (loss) for the period before taxes | 9903 | €3,287,649 | -€555,357 | -€3.8m | |
| Income taxes | 67/77 | €1,855,192 | €621,875 | -€1.2m | -66.5% |
| Taxes | 670/3 | €1,855,192 | €621,875 | -€1.2m | -66.5% |
| Profit (loss) for the period | 9904 | €1,432,456 | -€1,177,231 | -€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,432,456 | -€1,177,231 | -€2.6m |
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 3 October 2026 via checked.be.