SAGI: 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.
SAGI
Largest movements
- Receivables within one year +€3.1m
up €3.1m (+62.5%), from €4.9m to €7.9m
of which Other amounts receivable: +€1.8m
- Cash +€617,623
up €617,623 (+675%), from €91,525 to €709,148
mainly Net result for the year (+€1.3m) and Accrued charges and deferred income (+€920,468)
- Intangible fixed assets -€336,368
down €336,368 (-34.3%), from €980,132 to €643,764
- Deferred charges and accrued income +€268,775
up €268,775 (+116%), from €231,078 to €499,853
- Stocks and contracts +€115,251
up €115,251 (+26.4%), from €437,055 to €552,306
- Profit (loss) carried forward +€1.3m
up €1.3m (+38.0%), from €3.4m to €4.7m
- Accrued charges and deferred income +€920,468
up €920,468 (+64.6%), from €1.4m to €2.3m
- Trade debts +€727,648
up €727,648 (+61.6%), from €1.2m to €1.9m
- Tax, wage and social debts +€689,126
up €689,126 (+233%), from €295,905 to €985,031
of which Taxes: +€684,998
- Gross operating margin +€1.2m
up €1.2m (+83.1%), from €1.5m to €2.7m
- Taxes +€575,487
up €575,487 (+2,398%), from €24,000 to €599,487
- Write-downs +€187,438
new in 2025: €187,438
- Financial income +€121,521
up €121,521 (+201%), from €60,360 to €181,881
- Financial charges -€118,047
down €118,047 (-98.0%), from €120,496 to €2,449
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 | €6,903,002 | €10,525,463 | +€3.6m | +52.5% |
| Fixed assets | 21/28 | €1,261,144 | €831,875 | -€429,269 | -34.0% |
| Intangible fixed assets | 21 | €980,132 | €643,764 | -€336,368 | -34.3% |
| Tangible fixed assets | 22/27 | €281,013 | €188,111 | -€92,901 | -33.1% |
| Plant, machinery and equipment | 23 | €256,500 | €162,791 | -€93,709 | -36.5% |
| Furniture and vehicles | 24 | €6,452 | €1,590 | -€4,862 | -75.4% |
| Assets under construction and advance payments | 27 | €18,060 | €23,730 | +€5,670 | +31.4% |
| Current assets | 29/58 | €5,641,858 | €9,693,588 | +€4.1m | +71.8% |
| Stocks and contracts in progress | 3 | €437,055 | €552,306 | +€115,251 | +26.4% |
| Stocks | 30/36 | €437,055 | €552,306 | +€115,251 | +26.4% |
| Amounts receivable within one year | 40/41 | €4,882,199 | €7,932,281 | +€3.1m | +62.5% |
| Trade receivables | 40 | €2,690,626 | €3,950,400 | +€1.3m | +46.8% |
| Other amounts receivable | 41 | €2,191,573 | €3,981,881 | +€1.8m | +81.7% |
| Cash at bank and in hand | 54/58 | €91,525 | €709,148 | +€617,623 | +675% |
| Deferred charges and accrued income | 490/1 | €231,078 | €499,853 | +€268,775 | +116% |
| Total equity and liabilities | 10/49 | €6,903,002 | €10,525,463 | +€3.6m | +52.5% |
| Equity | 10/15 | €3,472,388 | €4,757,142 | +€1.3m | +37.0% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Capital | 10 | €66,000 | €66,000 | = | 0.0% |
| Issued capital | 100 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €25,350 | €25,350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,600 | €6,600 | = | 0.0% |
| Legal reserve | 130 | €6,600 | €6,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,381,038 | €4,665,792 | +€1.3m | +38.0% |
| Amounts payable | 17/49 | €3,430,613 | €5,768,321 | +€2.3m | +68.1% |
| Amounts payable within one year | 42/48 | €2,006,711 | €3,423,951 | +€1.4m | +70.6% |
| Financial debts | 43 | - | €465 | +€465 | |
| Credit institutions | 430/8 | - | €465 | +€465 | |
| Trade debts | 44 | €1,181,100 | €1,908,748 | +€727,648 | +61.6% |
| Suppliers | 440/4 | €1,181,100 | €1,908,748 | +€727,648 | +61.6% |
| Advances received on contracts in progress | 46 | €529,707 | €529,707 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €295,905 | €985,031 | +€689,126 | +233% |
| Taxes | 450/3 | €258,400 | €943,398 | +€684,998 | +265% |
| Remuneration and social security | 454/9 | €37,505 | €41,633 | +€4,128 | +11.0% |
| Accrued charges and deferred income | 492/3 | €1,423,902 | €2,344,370 | +€920,468 | +64.6% |
| Remuneration, social security and pensions | 62 | €173,308 | €174,706 | +€1,398 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576,628 | €661,890 | +€85,262 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €187,438 | +€187,438 | |
| Other operating charges | 640/8 | €774 | €686 | -€87 | -11.3% |
| Gross operating margin | 9900 | €1,490,866 | €2,729,528 | +€1.2m | +83.1% |
| Operating profit (loss) | 9901 | €740,156 | €1,704,808 | +€964,652 | +130% |
| Financial income | 75/76B | €60,360 | €181,881 | +€121,521 | +201% |
| Recurring financial income | 75 | €60,360 | €181,881 | +€121,521 | +201% |
| Financial charges | 65/66B | €120,496 | €2,449 | -€118,047 | -98.0% |
| Recurring financial charges | 65 | €120,496 | €2,449 | -€118,047 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | €680,021 | €1,884,241 | +€1.2m | +177% |
| Income taxes | 67/77 | €24,000 | €599,487 | +€575,487 | +2,398% |
| Profit (loss) for the period | 9904 | €656,021 | €1,284,754 | +€628,734 | +95.8% |
| Profit (loss) for the period to be appropriated | 9905 | €656,021 | €1,284,754 | +€628,734 | +95.8% |
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 13 October 2026 via checked.be.