SAGIMA: 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.
SAGIMA
Largest movements
- Cash +€285,536
up €285,536 (+2020.4%), from €14,133 to €299,669
mainly Current investments (+€141,893) and Net result for the year (+€130,234)
- Current investments -€141,893
down €141,893 (-89.4%), from €158,670 to €16,778
- Tangible fixed assets -€136,545
down €136,545 (-18.4%), from €741,031 to €604,486
of which Land and buildings: -€122,587
- Deferred charges and accrued income -€19,890
down €19,890 (-65.0%), from €30,622 to €10,731
- Debts after one year -€189,206
down €189,206 (-52.5%), from €360,706 to €171,500
of which Other amounts payable: -€143,871
- Other debts +€126,331
up €126,331 (+210.6%), from €59,976 to €186,308
- Reserves +€61,432
up €61,432 (+9.2%), from €666,361 to €727,793
of which Tax-exempt reserves: +€38,512
- Financial income -€268,224
down €268,224 (-65.9%), from €407,031 to €138,807
of which Non-recurring financial income: -€276,561
- Taxes -€56,369
down €56,369 (-48.0%), from €117,392 to €61,023
- Depreciation -€16,536
down €16,536 (-14.8%), from €111,780 to €95,244
- Financial charges -€10,775
down €10,775 (-41.6%), from €25,928 to €15,154
- Gross operating margin -€3,246
down €3,246 (-1.7%), from €189,796 to €186,550
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 | €1,256,476 | €1,242,718 | -€13,757 | -1.1% |
| Fixed assets | 21/28 | €741,987 | €604,486 | -€137,501 | -18.5% |
| Tangible fixed assets | 22/27 | €741,031 | €604,486 | -€136,545 | -18.4% |
| Land and buildings | 22 | €723,446 | €600,858 | -€122,587 | -16.9% |
| Furniture and vehicles | 24 | €3,692 | - | -€3,692 | |
| Leasing and similar rights | 25 | €13,893 | €3,628 | -€10,265 | -73.9% |
| Financial fixed assets | 28 | €956 | - | -€956 | |
| Current assets | 29/58 | €514,489 | €638,232 | +€123,743 | +24.1% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,064 | €11,054 | -€10 | -0.1% |
| Other amounts receivable | 41 | €11,064 | €11,054 | -€10 | -0.1% |
| Current investments | 50/53 | €158,670 | €16,778 | -€141,893 | -89.4% |
| Cash at bank and in hand | 54/58 | €14,133 | €299,669 | +€285,536 | +2020.4% |
| Deferred charges and accrued income | 490/1 | €30,622 | €10,731 | -€19,890 | -65.0% |
| Total equity and liabilities | 10/49 | €1,256,476 | €1,242,718 | -€13,757 | -1.1% |
| Equity | 10/15 | €741,361 | €802,793 | +€61,432 | +8.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €666,361 | €727,793 | +€61,432 | +9.2% |
| Non-distributable reserves | 130/1 | €307,500 | €307,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Financial assistance | 1313 | €300,000 | €300,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,078 | €124,589 | +€38,512 | +44.7% |
| Distributable reserves | 133 | €272,783 | €295,704 | +€22,921 | +8.4% |
| Provisions and deferred taxes | 16 | €28,693 | €23,393 | -€5,299 | -18.5% |
| Deferred taxes | 168 | €28,693 | €23,393 | -€5,299 | -18.5% |
| Amounts payable | 17/49 | €486,423 | €416,532 | -€69,890 | -14.4% |
| Amounts payable after more than one year | 17 | €360,706 | €171,500 | -€189,206 | -52.5% |
| Financial debts | 170/4 | €216,835 | €171,500 | -€45,335 | -20.9% |
| Other amounts payable | 178/9 | €143,871 | - | -€143,871 | |
| Amounts payable within one year | 42/48 | €124,694 | €244,718 | +€120,024 | +96.3% |
| Current portion of amounts payable after more than one year | 42 | €53,229 | €46,078 | -€7,152 | -13.4% |
| Trade debts | 44 | €497 | €4,655 | +€4,158 | +837.0% |
| Suppliers | 440/4 | €497 | €4,655 | +€4,158 | +837.0% |
| Taxes, remuneration and social security | 45 | €10,992 | €7,678 | -€3,314 | -30.1% |
| Taxes | 450/3 | €10,992 | €7,678 | -€3,314 | -30.1% |
| Other amounts payable | 47/48 | €59,976 | €186,308 | +€126,331 | +210.6% |
| Accrued charges and deferred income | 492/3 | €1,022 | €314 | -€708 | -69.2% |
| Non-recurring operating income | 76A | - | €2,506 | +€2,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,780 | €95,244 | -€16,536 | -14.8% |
| Other operating charges | 640/8 | €32,245 | €29,002 | -€3,243 | -10.1% |
| Non-recurring operating charges | 66A | €232 | - | -€232 | |
| Gross operating margin | 9900 | €189,796 | €186,550 | -€3,246 | -1.7% |
| Operating profit (loss) | 9901 | €45,539 | €62,304 | +€16,765 | +36.8% |
| Financial income | 75/76B | €407,031 | €138,807 | -€268,224 | -65.9% |
| Recurring financial income | 75 | €1,491 | €9,828 | +€8,337 | +559.1% |
| Non-recurring financial income | 76B | €405,540 | €128,979 | -€276,561 | -68.2% |
| Financial charges | 65/66B | €25,928 | €15,154 | -€10,775 | -41.6% |
| Recurring financial charges | 65 | €25,928 | €15,154 | -€10,775 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €426,642 | €185,958 | -€240,685 | -56.4% |
| Transfer from deferred taxes | 780 | €4,857 | €5,299 | +€443 | +9.1% |
| Income taxes | 67/77 | €117,392 | €61,023 | -€56,369 | -48.0% |
| Profit (loss) for the period | 9904 | €314,107 | €130,234 | -€183,873 | -58.5% |
| Transfer from tax-exempt reserves | 789 | €14,570 | €14,113 | -€456 | -3.1% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €52,625 | -€136,825 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €139,226 | €91,722 | -€47,504 | -34.1% |
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.