SAGEX: 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.
SAGEX
Largest movements
- Receivables within one year +€47,182
up €47,182 (+31.0%), from €151,992 to €199,174
of which Trade receivables: +€71,325
- Cash -€17,583
down €17,583 (-68.3%), from €25,732 to €8,149
mainly Receivables within one year (-€47,182) and Current portion of long-term debt (-€9,228)
- Financial fixed assets +€2,900
up €2,900 (+48.3%), from €6,000 to €8,900
- Trade debts +€27,075
up €27,075 (+148.5%), from €18,231 to €45,306
- Profit (loss) carried forward +€14,566
up €14,566 (+12.2%), from €119,312 to €133,878
- Current portion of long-term debt -€9,228
down €9,228 (-68.8%), from €13,405 to €4,177
- Tax, wage and social debts -€7,172
down €7,172 (-35.6%), from €20,131 to €12,959
of which Taxes: -€7,316
- Accrued charges and deferred income +€4,539
up €4,539 (+63.3%), from €7,169 to €11,708
- Gross operating margin -€52,338
down €52,338 (-47.5%), from €110,234 to €57,896
- Financial charges -€49,506
down €49,506 (-97.6%), from €50,743 to €1,237
- Staff costs +€8,953
up €8,953 (+55.1%), from €16,252 to €25,205
- Taxes -€2,316
down €2,316 (-17.7%), from €13,074 to €10,759
- Depreciation -€2,235
down €2,235 (-45.4%), from €4,918 to €2,683
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 | €186,621 | €219,329 | +€32,708 | +17.5% |
| Fixed assets | 21/28 | €8,644 | €12,006 | +€3,362 | +38.9% |
| Tangible fixed assets | 22/27 | €2,644 | €3,106 | +€462 | +17.5% |
| Furniture and vehicles | 24 | €2,644 | €3,106 | +€462 | +17.5% |
| Financial fixed assets | 28 | €6,000 | €8,900 | +€2,900 | +48.3% |
| Current assets | 29/58 | €177,977 | €207,323 | +€29,345 | +16.5% |
| Amounts receivable within one year | 40/41 | €151,992 | €199,174 | +€47,182 | +31.0% |
| Trade receivables | 40 | €117,208 | €188,533 | +€71,325 | +60.9% |
| Other amounts receivable | 41 | €34,784 | €10,641 | -€24,143 | -69.4% |
| Cash at bank and in hand | 54/58 | €25,732 | €8,149 | -€17,583 | -68.3% |
| Deferred charges and accrued income | 490/1 | €253 | €0 | -€253 | -100.0% |
| Total equity and liabilities | 10/49 | €186,621 | €219,329 | +€32,708 | +17.5% |
| Equity | 10/15 | €127,372 | €141,938 | +€14,566 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,312 | €133,878 | +€14,566 | +12.2% |
| Amounts payable | 17/49 | €59,249 | €77,390 | +€18,141 | +30.6% |
| Amounts payable within one year | 42/48 | €52,080 | €65,682 | +€13,602 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €13,405 | €4,177 | -€9,228 | -68.8% |
| Trade debts | 44 | €18,231 | €45,306 | +€27,075 | +148.5% |
| Suppliers | 440/4 | €18,231 | €45,306 | +€27,075 | +148.5% |
| Taxes, remuneration and social security | 45 | €20,131 | €12,959 | -€7,172 | -35.6% |
| Taxes | 450/3 | €13,352 | €6,036 | -€7,316 | -54.8% |
| Remuneration and social security | 454/9 | €6,779 | €6,923 | +€144 | +2.1% |
| Other amounts payable | 47/48 | €313 | €3,240 | +€2,927 | +933.9% |
| Accrued charges and deferred income | 492/3 | €7,169 | €11,708 | +€4,539 | +63.3% |
| Remuneration, social security and pensions | 62 | €16,252 | €25,205 | +€8,953 | +55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,918 | €2,683 | -€2,235 | -45.4% |
| Other operating charges | 640/8 | €3,492 | €3,566 | +€74 | +2.1% |
| Gross operating margin | 9900 | €110,234 | €57,896 | -€52,338 | -47.5% |
| Operating profit (loss) | 9901 | €85,572 | €26,442 | -€59,130 | -69.1% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €50,743 | €1,237 | -€49,506 | -97.6% |
| Recurring financial charges | 65 | €50,743 | €1,237 | -€49,506 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | €34,829 | €25,205 | -€9,624 | -27.6% |
| Income taxes | 67/77 | €13,074 | €10,759 | -€2,316 | -17.7% |
| Profit (loss) for the period | 9904 | €21,754 | €14,446 | -€7,308 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,754 | €14,446 | -€7,308 | -33.6% |
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 2 October 2026 via checked.be.