SAGOM: 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.
SAGOM
Largest movements
- Cash +€249,599
up €249,599 (+256.1%), from €97,450 to €347,049
mainly Net result for the year (+€175,712) and Receivables within one year (+€38,841)
- Receivables within one year -€38,841
down €38,841 (-43.5%), from €89,241 to €50,400
of which Other amounts receivable: -€38,300
- Reserves +€175,712
up €175,712 (+107.2%), from €163,894 to €339,606
- Tax, wage and social debts +€29,157
up €29,157 (+120.6%), from €24,185 to €53,342
- Trade debts +€4,632
new in 2025: €4,632
- Depreciation -€12,953
down €12,953 (-72.5%), from €17,870 to €4,917
- Taxes +€3,921
up €3,921 (+5.3%), from €74,185 to €78,107
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 | €197,426 | €405,639 | +€208,214 | +105.5% |
| Fixed assets | 21/28 | €8,667 | €4,793 | -€3,874 | -44.7% |
| Tangible fixed assets | 22/27 | €8,667 | €4,793 | -€3,874 | -44.7% |
| Furniture and vehicles | 24 | €8,667 | €4,793 | -€3,874 | -44.7% |
| Current assets | 29/58 | €188,758 | €400,846 | +€212,088 | +112.4% |
| Amounts receivable within one year | 40/41 | €89,241 | €50,400 | -€38,841 | -43.5% |
| Trade receivables | 40 | €31,374 | €30,833 | -€541 | -1.7% |
| Other amounts receivable | 41 | €57,867 | €19,567 | -€38,300 | -66.2% |
| Cash at bank and in hand | 54/58 | €97,450 | €347,049 | +€249,599 | +256.1% |
| Deferred charges and accrued income | 490/1 | €2,068 | €3,397 | +€1,330 | +64.3% |
| Total equity and liabilities | 10/49 | €197,426 | €405,639 | +€208,214 | +105.5% |
| Equity | 10/15 | €171,954 | €347,666 | +€175,712 | +102.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €163,894 | €339,606 | +€175,712 | +107.2% |
| Distributable reserves | 133 | €163,894 | €339,606 | +€175,712 | +107.2% |
| Amounts payable | 17/49 | €25,472 | €57,974 | +€32,502 | +127.6% |
| Amounts payable within one year | 42/48 | €25,472 | €57,974 | +€32,502 | +127.6% |
| Trade debts | 44 | - | €4,632 | +€4,632 | |
| Suppliers | 440/4 | - | €4,632 | +€4,632 | |
| Taxes, remuneration and social security | 45 | €24,185 | €53,342 | +€29,157 | +120.6% |
| Taxes | 450/3 | €24,185 | €53,342 | +€29,157 | +120.6% |
| Other amounts payable | 47/48 | €1,286 | - | -€1,286 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,870 | €4,917 | -€12,953 | -72.5% |
| Other operating charges | 640/8 | €2,511 | €1,084 | -€1,427 | -56.8% |
| Gross operating margin | 9900 | €258,549 | €260,232 | +€1,682 | +0.7% |
| Operating profit (loss) | 9901 | €238,168 | €254,230 | +€16,062 | +6.7% |
| Financial charges | 65/66B | €89 | €412 | +€323 | +362.8% |
| Recurring financial charges | 65 | €89 | €412 | +€323 | +362.8% |
| Profit (loss) for the period before taxes | 9903 | €238,079 | €253,819 | +€15,739 | +6.6% |
| Income taxes | 67/77 | €74,185 | €78,107 | +€3,921 | +5.3% |
| Profit (loss) for the period | 9904 | €163,894 | €175,712 | +€11,818 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €163,894 | €175,712 | +€11,818 | +7.2% |
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 9 October 2026 via checked.be.